CHAPTER 5 DAY 2 PREVIOUS 1 NEXT Problem 1: P5-49 & 50 Background: Assignment: This problem continues the Canyon Canoe Company situation from 1) Using the General Journal tab, click Add Transaction to Chapter 4. At the beginning of the new year, Canyon Canoe Company journalize each transaction. Click Post Transaction once you decided to carry and sell T-shirts with its logo printed on them. Canyon complete the entry, then repeat these steps for each transaction. Canoe uses the perpetual inventory system to account for the inventory. Canyon Canoe Company completed the transactions listed in the 2) Click the Reports tab and review the results of recording these Transactions section below during January, 2019. transactions on the General Ledger. 3) Under the Reports tab, review the Trial Balance generated as a result of recording these transactions. 4) Using the General Journal tab, click Add Transaction to journalize each adiusting entry needed. Click Post Transaction once Transactions: 01/01/2019 Purchased 10 T-shirts at $4 each and paid cash. 01/02/2019 Sold 6 T-shirts for $10 each, total cost of $24. Received cash (record two separate entries). 01/02/2019 Collected $4,500 on account. 01/03/2019 Purchased 50 T-shirts on account at $5 each. Terms 2/10, n/30. ninzinin naid the relief that it wanden la... To the Hincetin SAVE WORK RESET RESULTS SUBMIT WORK BUSINESS REPORTS OMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Date Accounts Debit Credit Closing Entry No transactions in Journal ADD TRANSACTION EDIT CHECKED TRANSACTION DELETE CHECKED TRANSACTIONS Transactions: 01/07/2019 Paid the supplier for the T-shirts purchased on January 3, less the discount. 01/08/2019 Realized 4 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. 01/10/2019 Sold 40 T-shirts on account for $10 each, total cost of $200. Terms 3/15, n/45 (record two separate entries). 01/12/2019 Received payment for the T-shirts sold on account on January 10, less the discount. Transactions: 01/18/2019 Canyon Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $50 purchase allowance. 01/18/2019 Rented canoes and received cash of $1,825. 01/20/2019 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount. 01/20/2019 Received hills for utilities ($360) and telephone ($275) which will be paid later (record two senarate entries) Transactions: 01/20/2019 Received bills for utilities ($360) and telephone ($275) which will be paid later (record two separate entries). 01/21/2019 Sold 60 T-shirts on account for $10 each, total cost of $220. Terms 2/20, n/30 (record two separate entries). 01/23/2019 Received a payment on account for the T-shirts sold on January 21, less the discount. 01/23/2019 Paid various accounts payable, $1,800. 0110110 Durchseed on Thirteen Sant far och Tome 1/10 120 COD binnina saint Transactions: 01/30/2019 Paid employee, $750. 01/31/2019 Received payment for the T-shirts sold on January 30, less the discount. 01/31/2019 (Adjustment 1) A physical count of inventory at the end of the month revealed a balance of $470 (see the trial balance for account balance). Sover Won Dron CUTE SUNT VAlon Transactions: 01/25/2019 Purchased 320 T-shirts on account for $5 each. Terms 2/10, n/30, FOB shipping point. 01/27/2019 Paid freight associated with the January 25 purchase, $48. 01/29/2019 Paid for the January 25 purchase, less discount. 01/30/2019 Sold 275 T-shirts on account for $10 each, total cost of $1,300. Terms 2/10, n/30 (record two separate entries). Transactions: 01/31/2019 (Adjustment 6) Prepaid Rent expired, $1,000. 01/31/2019 (Adjustment 7) Record depreciation on the Building, $500, and Canoes, $250 (record two separate entries). 01/31/2019 (Closing Entry 1) Close all revenue accounts (compound entry). 01/31/2019 (Closing Entry 2) Close all expense accounts (compound entry). SAVE WORK RESET RESULTS SUBMIT WORK Transactions: 01/31/2019 (Adjustment 2) The company estimated sales returns will be $30 with a cost of $15 (record two separate entries). 01/31/2019 (Adjustment 3) Office supplies used, $55. 01/31/2019 (Adjustment 4) The unearned canoe rental revenue has now been earned (see the trial balance for account balance). 01/31/2019 (Adjustment 5) Interest expense accrued on the note payable, $50. SAVE WORK RESET RESULTS SUBMIT WORK Transactions: 01/31/2019 (Adjustment 7) Record depreciation on the Building, $500, and Canoes, $250 (record two separate entries). 01/31/2019 (Closing Entry 1) Close all revenue accounts (compound entry). 01/31/2019 (Closing Entry 2) Close all expense accounts (compound entry). 01/31/2019 (Closing Entry 3) Close the Income Summary account. BUSINESS REPORTS January 1, 2019 - January 31, 2019 > TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Trial Balance January 31, 2019 Account Name Debit Credit Cash 12,125 Accounts Receivable 7,600 165 Office Supplies Prepaid Rent 2,000 Land 85,000 35,000 Building Accumulated Depreciation - Building 500 Canoes 12,000 Accumulated Depreciation - Canoes 350 January 1, 2019 - January 31, 2019 350 3,050 295 50 BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Cantoes TZ,UUU Accumulated Depreciation - Canoes Accounts Payable Utilities Payable Interest Payable Telephone Payable Wages Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Total $153,890 325 1,250 350 7,200 136,000 4,520 $153,890 SAVE WORK RESET RESULTS SUBMIT WORK January 1, 2019 January 31, 2019 > BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Canyon Canoe Company Balance Sheet January 31, 2019 Assets Current Assets: Cash Accounts Receivable Office Supplies Prepaid Rent Total Current Assets 12,125 7,600 165 2,000 21,890 Property, Plant, and Equipment: Land 85,000 JAVE WONN CSC BUSINESS REPORTS OMPANY INFORMATION CHART OF ACCOUNTS GENERAL JOURNAL Date Accounts Debit Credit Closing Entry No transactions in Journal ADD TRANSACTION EDIT CHECKED TRANSACTION DELETE CHECKED TRANSACTIONS Transactions: 01/07/2019 Paid the supplier for the T-shirts purchased on January 3, less the discount. 01/08/2019 Realized 4 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. 01/10/2019 Sold 40 T-shirts on account for $10 each, total cost of $200. Terms 3/15, n/45 (record two separate entries). 01/12/2019 Received payment for the T-shirts sold on account on January 10, less the discount. Transactions: 01/18/2019 Canyon Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $50 purchase allowance. 01/18/2019 Rented canoes and received cash of $1,825. 01/20/2019 Paid the supplier for the T-shirts purchased on January 14, less the allowance and discount. 01/20/2019 Received hills for utilities ($360) and telephone ($275) which will be paid later (record two senarate entries) Transactions: 01/20/2019 Received bills for utilities ($360) and telephone ($275) which will be paid later (record two separate entries). 01/21/2019 Sold 60 T-shirts on account for $10 each, total cost of $220. Terms 2/20, n/30 (record two separate entries). 01/23/2019 Received a payment on account for the T-shirts sold on January 21, less the discount. 01/23/2019 Paid various accounts payable, $1,800. 0110110 Durchseed on Thirteen Sant far och Tome 1/10 120 COD binnina saint Transactions: 01/30/2019 Paid employee, $750. 01/31/2019 Received payment for the T-shirts sold on January 30, less the discount. 01/31/2019 (Adjustment 1) A physical count of inventory at the end of the month revealed a balance of $470 (see the trial balance for account balance). Sover Won Dron CUTE SUNT VAlon Transactions: 01/25/2019 Purchased 320 T-shirts on account for $5 each. Terms 2/10, n/30, FOB shipping point. 01/27/2019 Paid freight associated with the January 25 purchase, $48. 01/29/2019 Paid for the January 25 purchase, less discount. 01/30/2019 Sold 275 T-shirts on account for $10 each, total cost of $1,300. Terms 2/10, n/30 (record two separate entries). Transactions: 01/31/2019 (Adjustment 6) Prepaid Rent expired, $1,000. 01/31/2019 (Adjustment 7) Record depreciation on the Building, $500, and Canoes, $250 (record two separate entries). 01/31/2019 (Closing Entry 1) Close all revenue accounts (compound entry). 01/31/2019 (Closing Entry 2) Close all expense accounts (compound entry). SAVE WORK RESET RESULTS SUBMIT WORK Transactions: 01/31/2019 (Adjustment 2) The company estimated sales returns will be $30 with a cost of $15 (record two separate entries). 01/31/2019 (Adjustment 3) Office supplies used, $55. 01/31/2019 (Adjustment 4) The unearned canoe rental revenue has now been earned (see the trial balance for account balance). 01/31/2019 (Adjustment 5) Interest expense accrued on the note payable, $50. SAVE WORK RESET RESULTS SUBMIT WORK Transactions: 01/31/2019 (Adjustment 7) Record depreciation on the Building, $500, and Canoes, $250 (record two separate entries). 01/31/2019 (Closing Entry 1) Close all revenue accounts (compound entry). 01/31/2019 (Closing Entry 2) Close all expense accounts (compound entry). 01/31/2019 (Closing Entry 3) Close the Income Summary account. BUSINESS REPORTS January 1, 2019 - January 31, 2019 > TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Trial Balance January 31, 2019 Account Name Debit Credit Cash 12,125 Accounts Receivable 7,600 165 Office Supplies Prepaid Rent 2,000 Land 85,000 35,000 Building Accumulated Depreciation - Building 500 Canoes 12,000 Accumulated Depreciation - Canoes 350 January 1, 2019 - January 31, 2019 350 3,050 295 50 BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Cantoes TZ,UUU Accumulated Depreciation - Canoes Accounts Payable Utilities Payable Interest Payable Telephone Payable Wages Payable Unearned Revenue Notes Payable Common Stock Retained Earnings Total $153,890 325 1,250 350 7,200 136,000 4,520 $153,890 SAVE WORK RESET RESULTS SUBMIT WORK January 1, 2019 January 31, 2019 > BUSINESS REPORTS TRANSACTIONS BY DATE GENERAL LEDGER TRIAL BALANCE INCOME STATEMENT BALANCE SHEET Canyon Canoe Company Balance Sheet January 31, 2019 Assets Current Assets: Cash Accounts Receivable Office Supplies Prepaid Rent Total Current Assets 12,125 7,600 165 2,000 21,890 Property, Plant, and Equipment: Land 85,000 JAVE WONN CSC BUSINESS REPORTS