Acct 202 ac speed project

June 1

Signed a 3 year 7.1% , $210000 note payable with First Bank.

June 1

Purchased 3100 GPS units on credit from Navistar for $35.5 per unit.

June 1

Issued 5,000 shares of common stock for $10 per share (Refer to General ledger for description of common stock).

June 1

Sold 1983 DVD players on account to Toyota for $75 per unit, Invoice #5555

June 2

Sold 3400 GPS units on account to Kia for $58 per unit, Invoice #5556.

June 2

Purchased office supplies from Office Max on credit for $1150

June 2

Sold 975 docking stations for $66 per unit and 1925 GPS units for $82 per unit on account to Nissan, Invoice #5557.

June 3

The Board of Directors declared a cash dividend of $5 per share for shareholders of record on June 5th, payable on June 12th.

June 4

Received payment from Toyota for May 11th sale.

June 4

Rented part of the warehouse to a new tenant and received $5400 for three months rent starting in June

June 5

Paid $2,100 to Michigan Utility Co. for utilities bill that was recorded in May as an Account Payable, Check #5278.

June 7

Received and paid expense reports for travel and entertainment totaling $900 , Check #5279.

June 8

Paid for office supplies purchased on June 2nd, Check #5280.

June 11

Paid in full for the June 1 purchase from Navistar, Check #5281.

June 11

Received a bill from the law firm of Larry, Moe & Curly for $5400 , payable upon receipt, for bond consulting fees, Check #5282.

June 12

Paid the dividend that was declared on June 3, Check #5283.

June 13

Took advantage of a special deal to purchase 3250 DVD players on account from JVC for $48 per unit.

June 13

Purchased 850 GPS units on credit from Magellan for $33 per unit.

June 15

Sold 2000 DVD players on credit to Ford Motor Co. for $89 per unit, Invoice 5558.

June 15

Check # 5284 was issued for payroll: $14500 for salaried and $4750 for wages (wage expense)

June 16

Purchased 1800 docking stations on credit from Samsung for $42 per unit.

June 17

Issued a credit to Kia for the return of 350 defective units from the June 2nd sale. These units has a cost basis of $36 per unit.

June 17

Returned the 350 defective units received from Kia to Navistar.

June 18

Received payment in full from Toyota for the June 1st sale.

June 20

While inspecting the June 13th purchase, it was discovered that the GPS units were programmed for South America instead of North America. AC Speed returned the entire order to Magellan.

June 20

A bankruptcy judge disallowed AC Speed's claim for $5,000 due from General Motors. Management Decided to write off this accounts receivable.

June 22

Sold 1650 docking stations on credit to Kia for 64.5 per unit, Invoice #5559.

June 23

Paid $75000 of the $162500 owed to JVC from May 25, Check #5285.

June 23

Received payment from Ford Motor Co. for $175000 of the $300000 owed from May 5.

June 24

Purchased a $100 international phone card for one of the sales representative's upcoming European business trip, Check #5286.

June 25

Paid in full for the purchase from JVC on June 13, Check #5287

June 26

Purchased 1250 docking station from Samsung for $41 per unit paying in cash, Check #5288

June 27

Sold 1500 docking stations on credit to Honda for $61 per unit, Invoice 5560.

June 27

Hired and paid a consultant $75000 to devise a marketing plan. AC Speed's management felt this was necessary to develop brand awareness. Check #5289.

June 28

AC Speed is behind in its mortgage payments to Bank of America. Paid a total of $10000 ( $2000 principal and $8000 interest), Check #5290.

June 29

Received payment in full from Honda for the June 27th transaction.

June 29

Paid in full for the purchase from Magellan on May 31st, Check #5291.

June 29

Check # 5292 was issued for payroll: $14500 for salaried and $4750 for wages (wage expense)

June 30

Paid the first month's principal payment of $15,000 on the note payable. In addition, paid one month's interest, Check #5293

June 30

Issued bonds payable at face value for $450,000

*All purchases on account terms of 2/15, n/30

**All credit sales have terms of 2/20, n/30

June Month-end Adjustments:

( A )

AC Speed has earned one month of the prepaid rent received from their tenant at the beginning of June.

( B )

The Company took a physical count of Office Supplies on June 30 and found the following to be on hand: Office Supplies - $2500

( C )

AC Speed estimates bad debt expense on a monthly basis rather than waiting until year-end. The company uses the allowance method. Based on recent industry estimates, AC Speed estimates that the allowance account should be 2% of accounts receivable.

( D )

The Company took a physical inventory count on June 30 and found the following inventory on hand: Merchandise Inventory - $120000

( E )

The Balance in the prepaid insurance account at the beginning of June represents 4 months of coverage. Record the amount of insurance for June.

( F )

Depreciation on the company's fixed assets for the month of June is as follows:

1. The furniture and equipment for the warehouse was purchased a few years ago for 10000. These assets have a 4-year life, an expected salvage value of 1000 and are depreciated using the straight-line method.

2. The furniture and equipment for the office was purchased last year for 8500. these assets have a 7 year life, an expected salvage value of 1500 and are depreicated using stright-line method.

a. When AC Speed purchases merchandise from a supplier or vendor on account, they receive credit terms of 2/15, net 30.

b. When AC Speed sells merchandise to a customer on account, they offer that customer credit terms of 2/20, net 30

a. Record each business transaction, in sequence by date, in the appropriate special journal or the general journal. Also, immediately record any transaction involving inventory, a customer, or a vendor in the appropriate subsidiary ledger record.

b. At the end of the month, post each entry in the general journal to the general ledger.

c. At the end of the month, total each column in each special journal and post that total to the general ledger. EXCEPT for entries in the Other columns, which must be posted individually to the general ledger.

d. When posting is completed, bring the balance in each general ledger account up to date.

e. When posting is completed, bring the balance in each subsidiary ledger account up to date.

f. At this point in the closing process, the balances of all subsidiary ledger accounts would be totaled and that total compared to the balance of the corresponding control account in the general ledger. That is, the total of inventory control cards would be compared to the Merchandise Inventory balance; the customer subsidiary ledger total to the Accounts Receivable balance; and the vendor subsidiary ledger total to the Accounts Payable balance. Any discrepancies would be investigated and corrected. Given the limited scope of this project scenario, reconciliation between subsidiary ledgers and control accounts is not possible.

g. List all general ledger account balances in the unadjusted trial balance columns of the worksheet. Use the sum function in Excel to total the debit and credit columns. These totals should be equal.

h. Prepare the end-of-month adjusting entries. Record these entries in the general journal and post them to the general ledger. Also record the adjusting entries in the designated columns in the worksheet and total the debit and credit columns. These totals should be equal.

i. Update general ledger account balances after posting adjusting journal entries.

j. Complete the unadjusted trial balance columns on the worksheet. Use Excel formulas to carry balances from the unadjusted trial balance columns, adjusting as necessary by entries in the adjustments columns. Check your results against the balances recorded in the general ledger.

k. Sort the dollars recorded in the adjusted trial balance columns into either the income statement or the balance sheet columns. Total these columns. The entry of net income should cause the debit and credit columns to equal one another.

l. Use the income statement information on the worksheet to prepare a multi-step income statement in good form. Look at examples of this income statement format in your textbook.

m. Prepare a statement of retained earnings in good form. Look at examples of this statement in your textbook. Remember that net income from your just-completed income statement is a necessary component of this statement.

n. Use the balance sheet information on the worksheet to prepare a classified balance sheet. Remember that the ending retained earnings balance from the just-completed statement is a necessary component of the equity section of the balance sheet.

o. Prepare the end-of-month closing entries. Record these entries in the general journal and post them to the general ledger. Update balances in the general ledger accounts.

p. List the general ledger accounts that have balances other than zero on the post-closing trial balance. The totals of the debit column and the credit column should be equal.

I need the general journal ADJ and general journal closing, income statement, balance sheet, and worksheet

worksheet format

Account Title	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.	Dr.	Cr.
Cash
Accounts Receivable
Allowance for Doubtful Accounts
Merchandise Inventory
Office Supplies
Prepaid Insurance
Land
Building
Accumulated Depreciation - Building
Equipment & Furniture - Warehouse
Accumulated Depreciation - Equip & Furn. - Warehouse
Equipment & Furniture - Office
Accumulated Depreciation - Equip & Furn. - Office
Accounts Payable
Wages Payable
Interest Payable
Dividends Payable
Unearned Rent
Notes Payable
Bonds Payable
Mortgage (Warehouse) Payable
Common Stock, $1 Par, 100,000 Authorized; 60,000 shares Issued/Outstanding
Paid In Capital - Excess of Par
Retained Earnings
Treasury Stock
Sales
Sales Discounts
Sales Returns & Allowances
Cost of Goods Sold
Wage Expense (hourly workers)
Salaries Expense (Exempt Staff)
Marketing Expense
Travel and Entertainment Expense
Bad Debt Expense
Property Tax Expense
Office Maintenance & Repair Expense
Legal Expenses
Insurance Expense
Utilities Expense
Office Supplies Expense
Telecommunications Expense
Depreciation Expense - Equip & Furniture - Warehouse
Depreciation Expense - Equip & Furniture - Office
Rent Income
Interest Expense
Total
Net Income (Loss)
Total
Total