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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
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 RetailerMerchandiserRelated Transactions:
Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises $ Input instructions:
Terms: FOB shipping point Discount if paid in days, otherwise, n Journal Entries: If cash is received, make it the first debit in the entry
COGS: $ If cash is paid, make it the last credit in the entry
Jan Monsters Inc. pays freight $ Debits are listed first, credits are listed second
Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises $
Terms: FOB destination Discount if paid in days, otherwise, n
COGS: $
Jan Star Trek Enterprises pays freight $
Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the st
Jan Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the rd $
Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the rd
Star Trek Enterprises Monsters Inc.
Transaction Account Debit Credit Transaction Account Debit Credit
Jan Jan
Jan Jan
Jan Jan
Jan Jan
Jan Jan
Jan Jan
Jan Jan
Assets Liabilities Equity
Cash Sales Revenue Sales Discounts
$ Accounts Payable $ $
$
$
$ $ $
Sales Returns and Allowances
Supplies Wages Payable Common Stock $
$ $ $
$ $ $
$
Equipment Insurance Payable Wages Expense
$ $ Retained Earnings $
$
$ $ $
Accumulated Depreciation Equipment $ Supplies Expense
$ $
Dividends
$ $ $
Inventory $ Depreciation Expense
$ $
$
$
COGS
Accounts Receivable $
$
$
$
Delivery Expense
$
$
Assets Liabilities Equity
Cash Sales Revenue Sales Discounts
$ Accounts Payable $ $
$
$
$ $
$ Sales Returns and Allowances
Supplies Common Stock $
$ Wages Payable $
$
$ $
$ $
Equipment Wages Expense
$ Retained Earnings $
$
$ $
Accumulated Depreciation Equipment $ Supplies Expense
$ $
Dividends
$ $ $
Inventory $ Depreciation Expense
$ $
$
$ COGS
$
Accounts Receivable
$
$
$ Delivery Expense
$
$
Star Trek Enterprises Monsters Inc.
Adjusted Trial Balance Adjusted Trial Balance
July current year July current year
Debit Credit Debit Credit
Cash $ Cash
AR AR $
Supplies $ Supplies $
Inventory Inventory
Equipment $ Equipment $
Accumulated Depreciation $ Accumulated Depreciation $
Accounts Payable $ Accounts Payable
Wages Payable $ Wages Payable $
Insurance Payable $ Common Stock $
Common Stock $ Retained Earnings $
Retained Earnings $ Dividends $
Dividends $ Sales Revenue $
Sales Revenue Sales Discounts $
Sales Discounts Sales Returns and Allowances $
Sales Returns and Allowances COGS $
COGS Wages Expense $
Wages Expense $ Depreciation Expense $
Depreciation Expense $ Delivery Expense
Delivery Expense Supplies Expense $
Supplies Expense $ $ $
$ $ $
$ Difference between debits and credits you want this to be $
Difference between debits and credits you want this to be $
Star Trek Enterprises Monsters Inc.
Income Statement Income Statement
For Period ending July current year For Period ending July 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
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