AutoSave Accounting Home Insert Draw Page Layout Formulas Data Review View Analytic Sel th- Pat Cabri (Body) AA == -40 BIU == 33 C24 20 21 22 23 Accounts Rec Jx Preferred Stock Accounting Cycle Project - Part 1 Instructions for Our Favorite Store Accounting Cycle Our Favorite Store, Chart of Accounts Stockholder Common Stack Sales Revenue Cast of Goods See Mannance&xp Salary Exp Undies Exp Instructions Transactions TB Dec. 31, 2020 Gen. Journal Gen. Ledger Ready 0 2 W =3 E 4 A S D lock R AutoSave ON Accounting Home Insert Draw Page Layout Formulas Data Review View Analytic Solv Calibri (Body) 11 AA == Ge Paste Hu 825 1 2 3 A BIU fx Our Favorite Store's activities for 2021 4 Summary Transactions for 2021 5 1 Purchased inventory on account for $180,000. 6 2 Sold goods for cash $37,500; the cost of goods sold was $12,500. 7 3 Sold goods on account for $437,500 (2/10, n/30); the cost of goods sold was $107,500. 8 4 Sales returns were $6,000, and had a cost of $1,500. 9 10 6 Purchased supplies on account $1,400, debit supplies 11 5 Collected $425,000 of accounts receivable within the discount period. The gross method is used. 7 Paid $150,000 of accounts payable-this includes supplies and inventory. 8 12 Paid the principal balance on the note payable plus interest of $1,800. The balance in interest payable is included as part of this interest payment. Paid salaries of $37,500, this includes the beginning balance in salaries payable, which represents the salaries 9 owed on December 31 of last year. 10 Paid 12-months rent in advance on September 1, 2021 of $9,000, debit pre-paid rent 11 Purchased equipment for $45,000 on June 1, 2021 by giving a 9-month, 6% note for $45,000. 13 14 15 16 12 Paid $1,800 for maintenance and repairs 17 13 Sold common stock (on January 11, 5,000 shares for $15 per share. The par value is $5 per share 18 14 Sold preferred stock, 3,000 shares for $25 per share. The par value is $25 per share 19 15 Paid utilities of $2,600. 20 16 Declared and paid cash dividends to common shareholders, $6,000. 21 22 17 Declared and paid cash dividends to preferred shareholders, $4,000 18 Wrote off $1,500 of uncollectible accounts receivable. Sold equipment having an original cost of $45,000, and accumulated depreciation of $25,000 for $18,000 cash 19 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Instructions Transactions TB Dec. 31, 2020 Gen. Journal Gen. Ledger Ready C AutoSave ON Home Insert Draw Page Layout Formulas Data Review View X Calibri (Body) 11 AA == Paste BIU A v F14 A fx Our Favorite Store Post-Closing Trial Balance 7 8 9 10 11 December 31, 2020 Account Title Debit Credit Cash Accounts Receivable: Allowance for Doubtful (Uncollectible) Accounts 86,200 32,000 12 Inventory 13 Supplies 14 Prepaid Rent 15 Equipment 16 Accumulated Depreciation-Equipment 17 Accounts Payable 18 Salaries Payable 19 Interest Payable 20 21 22 23 Income Taxes Payable Notes Payable Common Stock, $2 par value Additional Paid In Capital-Common 24 Preferred Stock, $25 par value 25 Retained Earnings 26 1,400 50,000 4,600 15,000 240,000 50,000 42,000 800 600 4,000 30,000 130,000 85,000 25,000 59,000 427,800 427,800 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Instructions Transactions TB Dec. 31, 2020 Gen. Journal Gen. Ledger Ready D Accoun Analyti AutoSave ON Accounting Home Insert Draw Formulas Page Layout Data Review View Analytic Soll Calibri (Body) 11 AA == G Paste BIU A 010 * * Sx A B C D E H Date 1 Inventory General Journal Description: B 9 0 Accounts Payable Date Transaction Number PR Post Reference, since we don't have an account number, just put in anx when you post to the General Ledger so that you don't inadvertently post something twice-or not at all 2 3 4 5 16 17 19 20 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 PR Debit 180,000 Page 1 Credit Date 180,000 Instructions Transactions TB Dec. 31, 2020 Gen. Journal Gen. Ledger Ready AutoSave C Home Insert Draw Page Layout Formulas Data Review View X Calibri (Body) 11 A A Paste E53 BIU xfx ='Gen. Journal'IES A B C D [ F G H Account Title: Cash Balance Date Hem PR Debit Credit Debit Credit Account Title: Accounts Receivable PR Debit Credit Balance Debit Credit 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Date 25 26 27 28 29 30 31 32 Account Title: 33 34 Date Item 35 36 37 38 39 40 41 Allowance for Doubtful Accounts Balance PR Debit Credit Debit Credit Instructions Transactions TB Dec. 31, 2020 Gen. Journal Gen Ready AutoSave Acco Home Insert Draw Page Layout Formulas Data Review View Anal Calibri (Body) 11 A A == Paste BIU E53 A 48 c 49 Account Title: 50 51 Date tem 52 Beg Bal 53 54 fx Gen. Journal'IES G1-Geral Journal page 1- you may need to find this entry someday Item Columnis D E F Inventory Balance PR Debit Credit Debit Credit 50,000 GI 180,000 230,000 55 le blank 56 57 58 Account Title: Supplies 59 Balance 60 Date tem PR Debit Credit Debit Credit 61 62 63 64 65 66 67 Account Title: Pre-paid Rent 68 Balance 69 Date Item PR Debit Credit Debit Credit 70 71 72 73 74 75 + 76 Account Title: Equipment 77 Balance 78 Date Item PR Debit Credit Debit Credit 79 80 81 82 83 84 85 Account Title: Instructions Accumulated Depreciation Equipment Transactions TB Dec. 31, 2020 Gen. Journal Gen. Ledg Ready AutoSave ON Home Insert Draw Page Layout Formulas Data Review View X Calibri (Body) 11 AA == Paste BIU xfx ='Gen. Journal'IES A E53 A B C D E F G H 883 84 85 Account Title: Accumulated Depreciation-Equipment 86 87 Date Item Balance PR Debit Credit Debit Credit 88 89 90 91 92 93 94 95 96 Account Title: Accounts Payable 97 Balance 98 Date Item PR Debit Credit Debit Credit 99 100 101 102 103 104 105 Account Title: Income Tax Payable 106 Balance 107 Date Item PR Debit Credit Debit Credit 108 109 110 111 112 113 114 Account Title: Interest Payable 115 116 Date PR Debit Credit Debit Balance Credit 117 + 118 119 120 121 122 123 124 125 Date Hem Account Title: Notes Payable PR Debit Credit Debit Balance Credit 126 Ready Instructions Transactions TB Dec. 31, 2020 Gen. Journal G AutoSave O Home Insert Draw Page Layout Formulas Data Review View Calibri (Body) 11 AA == Paste BIU A E53 fx Gen. Journal'IES A B C D E F G 122 123 Account Title: Notes Payable 124 Balance 125 Date Item PR Debit Credit Debit Credit 126 127 128 129 130 131 132 133 134 Date Item Account Title: Salaries Payable Balance PR Debit Credit Debit Credit 135 136 137 138 139 140 141 Account Title: Utilities Payable 142 Balance 143 Date Item PR Debit Credit Debit Credit 144 145 146 147 148 149 150 151 152 153 Account Title: Common Stock 154 155 Date Item PR Debit Credit Debit Balance Credit + 156 157 158 159 160 161 162 Additional Paid in Capital-Common 163 164 Date Item Account Title: PR Debit Credit Debi Balance Credit Instructions Transactions TB Dec. 31, 2020 Gen. Journal Gon. L Ready AutoSave ON V 9 Acc Home Insert Draw Page Layout Formulas Data Review View Ana Calibri (Body) 11 AA = Paste By 53 A B 0 1 2 Account Title: 3 4 Date Item 5 6 7 9 0 fx 'Gen. Journal'IES D Additional Paid in Capital-Common G Balance PR Debit Credit Debit Credit 1 Account Title: Preferred Stock 2 Balance 3 Datel Item PR Debit Credit Debit Credit 4 6 7 9 10 Account Title: Retained Earnings 32 Date Item PR Debit Credit Balance Debit Credit EE 45 36 68 Account Title: 90 91 Date Item 92 93 94 95 96 97 98 99 00 01 Date 02 Dividends PR Debit Credit Balance Debit Credit Account Title: Sales Revenue Balance PR Debit Credit Debit Credit Instructions Ready + Transactions TB Dec. 31, 2020 Gen. Journal Gen. Ledgi AutoSave ON Home Insert Draw Page Layout Formulas Data Review View Paste F22 5 A Calibri (Body) BIU 11 > A A Hu Don't forget your HEADING and to use Excel Functions for your totals!!!! Account Title Debit Credit 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 E Instructions Transactions TB Dec. 31, 2020 Gen. Journal Ga Ready