Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction

on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number

is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input $($it could be left blank if appropriate$).$

After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and

statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages.

DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS.

Use excel functions $($such as making a cell equal another from the journal entry page, summing numbers together, or using the

plus or minus symbols to help you find the appropriate number$).$ Your balance sheet should balance when you are complete.

Tip: After each journal entry, update the appropriate T accounts.

Select Retailer$/$Merchandiser$-$Related Transactions:

$1-$Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises $$25,000$ Input instructions:

Terms: FOB shipping point Discount $3\%$ if paid in $10$ days, otherwise, n$/45$ Journal Entries: If cash is received, make it the first debit in the entry

COGS: $$10,250$ If cash is paid, make it the last credit in the entry

$2-$Jan Monsters Inc. pays freight $$575$ Debits are listed first, credits are listed second

$3-$Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises $$4,500$

Terms: FOB destination Discount $1\%$ if paid in $10$ days, otherwise, n$/45$

COGS: $$2,300$

$7-$Jan Star Trek Enterprises pays freight $$125$

$10-$Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the $1$st$.$

$22-$Jan Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the $3$rd $$225$

$31-$Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the $3$rd$.$

Star Trek Enterprises Monsters Inc.

Transaction Account Debit Credit Transaction Account Debit Credit

$1-$Jan $1-$Jan

$2-$Jan $2-$Jan

$3-$Jan $3-$Jan

$7-$Jan $7-$Jan

$10-$Jan $10-$Jan

$22-$Jan $22-$Jan

$31-$Jan $31-$Jan

Assets $=$ Liabilities $+$ Equity

Cash $+$ Sales Revenue $-$ Sales Discounts

$$43,138$ Accounts Payable $ $309,392$ $$4,144$

$ $18,000$

$$4,144$

$$43,138$ $ $18,000$ $ $309,392$

Sales Returns and Allowances

Supplies Wages Payable Common Stock $$2,763$

$ $16,200$ $ $6,980$ $ $42,550$

$ $16,200$ $ $6,980$ $$2,763$

$ $42,550$

Equipment Insurance Payable Wages Expense

$ $107,900$ $ $2,000$ Retained Earnings $$99,265$

$ $22,630$

$ $107,900$ $ $2,000$ $$99,265$

Accumulated Depreciation $-$ Equipment $ $22,630$ Supplies Expense

$$17,400$ $$6,980$

Dividends

$$17,400$ $$4,200$ $$6,980$

Inventory $$4,200$ Depreciation Expense

$$60,000$ $$17,400$

$$17,400$

$$60,000$

COGS

Accounts Receivable $$45,000$

$$10,000$

$$45,000$

$$10,000$

Delivery Expense

$$1,962$

$$1,962$

Assets $=$ Liabilities $+$ Equity

Cash $+$ Sales Revenue $-$ Sales Discounts

$$29,805$ Accounts Payable $ $66,150$ $$125$

$ $1,250$

$$125$

$$29,805$ $ $66,150$

$ $1,250$ Sales Returns and Allowances

Supplies Common Stock $$50$

$ $2,000$ Wages Payable $ $2,400$

$ $450$

$ $2,000$ $$50$

$ $450$ $ $2,400$

Equipment Wages Expense

$ $12,250$ Retained Earnings $$21,280$

$ $5,670$

$ $12,250$ $$21,280$

Accumulated Depreciation $-$ Equipment $ $5,670$ Supplies Expense

$$800$ $$100$

Dividends

$$800$ $$2,000$ $$100$

Inventory $$2,000$ Depreciation Expense

$$3,200$ $$800$

$$800$

$$3,200$ COGS

$$3,400$

Accounts Receivable

$$1,260$

$$3,400$

$$1,260$ Delivery Expense

$$450$

$$450$

Star Trek Enterprises Monsters Inc.

Adjusted Trial Balance Adjusted Trial Balance

July $31$ current year July $31$ current year

Debit Credit Debit Credit

Cash $ $43,138$ Cash

A$/$R A$/$R $ $1,260$

Supplies $ $16,200$ Supplies $ $2,000$

Inventory Inventory

Equipment $ $107,900$ Equipment $ $12,250$

Accumulated Depreciation $ $17,400$ Accumulated Depreciation $ $800$

Accounts Payable $ $18,000$ Accounts Payable

Wages Payable $ $6,980$ Wages Payable $ $450$

Insurance Payable $ $2,000$ Common Stock $ $2,400$

Common Stock $ $42,550$ Retained Earnings $ $5,670$

Retained Earnings $ $22,630$ Dividends $ $2,000$

Dividends $ $4,200$ Sales Revenue $ $66,150$

Sales Revenue Sales Discounts $ $125$

Sales Discounts Sales Returns and Allowances $ $50$

Sales Returns and Allowances COGS $ $3,400$

COGS Wages Expense $ $21,280$

Wages Expense $ $99,265$ Depreciation Expense $ $800$

Depreciation Expense $ $17,400$ Delivery Expense

Delivery Expense Supplies Expense $ $100$

Supplies Expense $ $6,980$ $ $43,265$ $ $75,470$

$ $295,083$ $ $109,560$ $ $(32,205)$

$ $185,523($Difference between debits and credits $-$ you want this to be $$0)$

$($Difference between debits and credits $-$ you want this to be $$0)$

Star Trek Enterprises Monsters Inc.

Income Statement Income Statement

For Period ending July $31,$ current year For Period ending July $31,$ current year

Revenue Revenue

Sales Revenue Sales Revenue

Sales Discounts Sales Discounts

Sales Returns and Allowances Sales Returns and Allowances

Net Sales Net Sales

Cost of Goods S