Accounting Information Systems Cycle Project #2 ACCT 3320 Watson Part A: Journal Entries Watson sales was incorporated on 5/1/Y1 and began operations on 8/1/81. The last time any bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 15,376,54 Decor Cash on Hand 600.00 forming changes to the Accounts Receivable 3.900.00 Som1300 un to MME 1100 CM Inversy 50.195.00 Office Suppliers 998.00 Prepaid Insurance 3,000.00 3 montaring at 1cionih Land 20 000 00 Pachy Building 100,000.00 Purch 5,000 20 Acoum Depre-Building 21.025.00 Date Decine Equipment 40,000.00 Acoum DepEquip 71.000.00 Accounts Payable 6,225 45 1120016 ADIM XYZ w Coco Salaries Pamble 1,584,00 Adeyer 1913 Sales Tax Payable 520.13 Unearned Revenue 1,800.00 Paddy Warmban Nolas Payable 70,912.30 to 0.00 m 2 Commonsi 36,000.00 for 3.0 feet and Additional Paidin Capital 70,000.00 Retained Taming 51.70 Dividendes 22.000.00 Sales Rever 285,000.00 C Goods Sold 114 000.00 Depreciation Expense 1942000 Insurance Exam 20.000.00 59122 Calaratuma 525000 ShE D5000 Sun Expanse 13:00 0500 SG.716:42 5613 You are the Excel template provided on lechen to complete this projet Save your work as a wel Workho, nel template Make sure all of your dollar ment show hio del Nuceni dhe area Record December Transactions in General Journal 12/16/Y Pad. Piippaid by Check) [Hit Salaries Puyable 12/12 Paid clore bill paid by the 12/1X/Y2 Dividende 2000 (paid hy check Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable) 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of S2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) 12/20/Y2 Purchased office supplies for $400 (paid by check) 12/22/Y2 Received phone bill for $275 from AT&T (didn't pay it) 12/24/Y2 Weekly cash sales included: 1001 (17@$125), 1002 ( 15190), 1003 (6@$250). 1004 (3@5500) Sales tax of 9.125% is added to all sales Cash deposited into checking account on transaction date Watson Sales uses a perpetual inventory system 12/24/42 The following sale was made on account to A. McMullen: 1001 (3@$125), 1004 (1@5500) Sales tax of 9.125% is added to all sales Watson Sales uses a perpetual inventory system Shipping cost of S16 was paid by Watson's for this order. 12/28/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (32 units @ $250 plus shipping of 524) from MNO, Inc.on account Watson Sales uses a perpetual inventory system. (Hint: Shipping is part of the cost of inventory. This is important now and later for COGS.) 12/28/Y2 Received $1000 from C McKnight deposited. 12/30/Y2 Weekly Sales included: 1001 (162$125), 1002 (1025190), 1003 (3@$250), 1004 (3@$500). 1005 (1@5620) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system. 12/30/Y2 The following sales were made on account To K. Oxner 1002(385190) To L. Young1005 (1@5620) Shipping cost of $28 was paid by Watson for these two orders but not charged to customers. Sales tax of 9.125% is added to all sales Watson Sales uns a perpetual inventory system 12/31/72 Paid all Sales tax due (paid by check) Post from Journal to T-accounts As you post a transaction, record a check mark or an X in the post reference column of the journal For each entry in the general ledger (f-accounts), include a date Keep the General Ledger and Subsidiaries where appropriate on a different tab in the GL Excel file Prepare a Trial Balance Remember, you don't have to list accounts with a zero balance. When your trial balance is in balance, highlight your traccent balances in YELLOW Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of S2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) 12/20/Y2 Purchased office supplies for $400 (paid by check) 12/22/Y2 Received phone bill for $275 from AT&T (didn't pay it) 12/24/Y2 Weekly cash sales included: 1001 (17@$125), 1002 (795190), 1003 (6@$250). 1004 (3@5500) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/24/42 The following sale was made on account to A. McMullen: 1001 (@$125), 1004 (@S500) Sales tax of 9.125% is added to all sales. Watson Sales uses a perpetual inventory system Shipping cost of S16 was paid by Watson's for this order. 12/28/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (32 units @ $250 plus shipping of $24) from MNO, Inc. on account Watson Sales uses a perpetual inventory system. (Hint: Shipping is part of the cost of inventory This is important now and later for COGS.) 12/28/Y2 Received $1000 from C McKnight: deposited. 12/30/Y2 Weekly Sales included: 1001 (1695125), 1002 (10@5190), 1003 (3@5250), 1004 (@$500). 1005 (1@5620) Sales tax of 9.125% is added to all sales Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/30/Y2 The following sales were made on account: To K Oxner 1002 (385190) To L. Young1005 (1@5620) Shipping cost of $28 was paid by Watson for these two anders but not charged to customers Sales tax of 9.125% is added to all sales Watson Sales usos n perpetual inventory system 12/31/72 Paid all Sales tax due (paid by check) Post from Journal to T-accounts As you post a transaction, record a check muric or an X in the post reference column of the journal For each entry in the general ledger (f-accounts), include a date Keep the General Ledger and Subtidiaries where appropriate on a different tab in the Gl. Excel file Prepare a Trial Balance Remember, you don't have to list accounts with a zero balance When your trial balance is in balance, highlight your t-account balances in YELLOW 11,000.00 Smaline bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/Y2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 15,376,54 Checking Account Cash on Hand 500.00 For making carente Accounts Receivable 3,900.00 $900 due from JSimer: 51300 due from MNIE 51700 due from C.McKee Inventory 50,195,00 Cost: 10012309. mm.100 mm 1215950200 Office Supplies 998.00 Prepaid Insurance 3.000.00 month $100 Land 20,000.00 Purchase 301 Building 180,000.00 Purchased Yavage = $35.00020 Accum Der Building 21,825.00 Double Decking Balance Equipment 48,000.00 Purchased Usuas Accum Dopr-Equip Accounts Payable 6,225.43 $ ABC 5200 de ton XY2.825.431 Enco Salaries Payablo 1,584,00 Alar in only enden A Pies 121-125 Sales Tax Payable 520.13 Uneamed Revenue 1,800.00 Paid by customer for custom do vaistomary dry som Notes Payable 78.912.16 Borowed 10.00 on Mystery Common Slook 35,000.00 110 VE 10.000 per horised3 500 shares hored and outstanding Additional Paid in Capital 70,000.00 Retained Earnings 44.851.70 Dividends 22.000.00 Sales Revenue 265,000.00 Cost of Goods Sold 114,000.00 Deprecieron Experte 19,425.00 Insurance Excento 26,000.00 Interest Expo 5912.88 Salin Expanse 35,856,00 Shipping Expono 950.00 Sur Espent 5.100.00 Us Expense 9,405.00 Total 556 718 42 560.71842 You must use the Excel template provided on Blackboard to complete this project Saw your work as an Excel Worth, or a template Make sure all of your dollar amount show two decimal places even if they are ser Record December Transactions in General Journal 12 TOY PRIDA, Phillips (paid by cheese Salones Payable! 12/1Y2 Paid electric bill paid by check 12/18/Y2 Paid Dividence of S2000, chand hy check) Accounting Information Systems Cycle Project #2 ACCT 3320 Watson Part A: Journal Entries Watson sales was incorporated on 5/1/Y1 and began operations on 8/1/81. The last time any bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 15,376,54 Decor Cash on Hand 600.00 forming changes to the Accounts Receivable 3.900.00 Som1300 un to MME 1100 CM Inversy 50.195.00 Office Suppliers 998.00 Prepaid Insurance 3,000.00 3 montaring at 1cionih Land 20 000 00 Pachy Building 100,000.00 Purch 5,000 20 Acoum Depre-Building 21.025.00 Date Decine Equipment 40,000.00 Acoum DepEquip 71.000.00 Accounts Payable 6,225 45 1120016 ADIM XYZ w Coco Salaries Pamble 1,584,00 Adeyer 1913 Sales Tax Payable 520.13 Unearned Revenue 1,800.00 Paddy Warmban Nolas Payable 70,912.30 to 0.00 m 2 Commonsi 36,000.00 for 3.0 feet and Additional Paidin Capital 70,000.00 Retained Taming 51.70 Dividendes 22.000.00 Sales Rever 285,000.00 C Goods Sold 114 000.00 Depreciation Expense 1942000 Insurance Exam 20.000.00 59122 Calaratuma 525000 ShE D5000 Sun Expanse 13:00 0500 SG.716:42 5613 You are the Excel template provided on lechen to complete this projet Save your work as a wel Workho, nel template Make sure all of your dollar ment show hio del Nuceni dhe area Record December Transactions in General Journal 12/16/Y Pad. Piippaid by Check) [Hit Salaries Puyable 12/12 Paid clore bill paid by the 12/1X/Y2 Dividende 2000 (paid hy check Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable) 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of S2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) 12/20/Y2 Purchased office supplies for $400 (paid by check) 12/22/Y2 Received phone bill for $275 from AT&T (didn't pay it) 12/24/Y2 Weekly cash sales included: 1001 (17@$125), 1002 ( 15190), 1003 (6@$250). 1004 (3@5500) Sales tax of 9.125% is added to all sales Cash deposited into checking account on transaction date Watson Sales uses a perpetual inventory system 12/24/42 The following sale was made on account to A. McMullen: 1001 (3@$125), 1004 (1@5500) Sales tax of 9.125% is added to all sales Watson Sales uses a perpetual inventory system Shipping cost of S16 was paid by Watson's for this order. 12/28/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (32 units @ $250 plus shipping of 524) from MNO, Inc.on account Watson Sales uses a perpetual inventory system. (Hint: Shipping is part of the cost of inventory. This is important now and later for COGS.) 12/28/Y2 Received $1000 from C McKnight deposited. 12/30/Y2 Weekly Sales included: 1001 (162$125), 1002 (1025190), 1003 (3@$250), 1004 (3@$500). 1005 (1@5620) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system. 12/30/Y2 The following sales were made on account To K. Oxner 1002(385190) To L. Young1005 (1@5620) Shipping cost of $28 was paid by Watson for these two orders but not charged to customers. Sales tax of 9.125% is added to all sales Watson Sales uns a perpetual inventory system 12/31/72 Paid all Sales tax due (paid by check) Post from Journal to T-accounts As you post a transaction, record a check mark or an X in the post reference column of the journal For each entry in the general ledger (f-accounts), include a date Keep the General Ledger and Subsidiaries where appropriate on a different tab in the GL Excel file Prepare a Trial Balance Remember, you don't have to list accounts with a zero balance. When your trial balance is in balance, highlight your traccent balances in YELLOW Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of S2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) 12/20/Y2 Purchased office supplies for $400 (paid by check) 12/22/Y2 Received phone bill for $275 from AT&T (didn't pay it) 12/24/Y2 Weekly cash sales included: 1001 (17@$125), 1002 (795190), 1003 (6@$250). 1004 (3@5500) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/24/42 The following sale was made on account to A. McMullen: 1001 (@$125), 1004 (@S500) Sales tax of 9.125% is added to all sales. Watson Sales uses a perpetual inventory system Shipping cost of S16 was paid by Watson's for this order. 12/28/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (32 units @ $250 plus shipping of $24) from MNO, Inc. on account Watson Sales uses a perpetual inventory system. (Hint: Shipping is part of the cost of inventory This is important now and later for COGS.) 12/28/Y2 Received $1000 from C McKnight: deposited. 12/30/Y2 Weekly Sales included: 1001 (1695125), 1002 (10@5190), 1003 (3@5250), 1004 (@$500). 1005 (1@5620) Sales tax of 9.125% is added to all sales Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/30/Y2 The following sales were made on account: To K Oxner 1002 (385190) To L. Young1005 (1@5620) Shipping cost of $28 was paid by Watson for these two anders but not charged to customers Sales tax of 9.125% is added to all sales Watson Sales usos n perpetual inventory system 12/31/72 Paid all Sales tax due (paid by check) Post from Journal to T-accounts As you post a transaction, record a check muric or an X in the post reference column of the journal For each entry in the general ledger (f-accounts), include a date Keep the General Ledger and Subtidiaries where appropriate on a different tab in the Gl. Excel file Prepare a Trial Balance Remember, you don't have to list accounts with a zero balance When your trial balance is in balance, highlight your t-account balances in YELLOW 11,000.00 Smaline bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/Y2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 15,376,54 Checking Account Cash on Hand 500.00 For making carente Accounts Receivable 3,900.00 $900 due from JSimer: 51300 due from MNIE 51700 due from C.McKee Inventory 50,195,00 Cost: 10012309. mm.100 mm 1215950200 Office Supplies 998.00 Prepaid Insurance 3.000.00 month $100 Land 20,000.00 Purchase 301 Building 180,000.00 Purchased Yavage = $35.00020 Accum Der Building 21,825.00 Double Decking Balance Equipment 48,000.00 Purchased Usuas Accum Dopr-Equip Accounts Payable 6,225.43 $ ABC 5200 de ton XY2.825.431 Enco Salaries Payablo 1,584,00 Alar in only enden A Pies 121-125 Sales Tax Payable 520.13 Uneamed Revenue 1,800.00 Paid by customer for custom do vaistomary dry som Notes Payable 78.912.16 Borowed 10.00 on Mystery Common Slook 35,000.00 110 VE 10.000 per horised3 500 shares hored and outstanding Additional Paid in Capital 70,000.00 Retained Earnings 44.851.70 Dividends 22.000.00 Sales Revenue 265,000.00 Cost of Goods Sold 114,000.00 Deprecieron Experte 19,425.00 Insurance Excento 26,000.00 Interest Expo 5912.88 Salin Expanse 35,856,00 Shipping Expono 950.00 Sur Espent 5.100.00 Us Expense 9,405.00 Total 556 718 42 560.71842 You must use the Excel template provided on Blackboard to complete this project Saw your work as an Excel Worth, or a template Make sure all of your dollar amount show two decimal places even if they are ser Record December Transactions in General Journal 12 TOY PRIDA, Phillips (paid by cheese Salones Payable! 12/1Y2 Paid electric bill paid by check 12/18/Y2 Paid Dividence of S2000, chand hy check)