Complete the general journal for Roadrunner Bookstore
Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of November. Nov 1 Tina Smith invested $80,000 cash and Equipment worth $15,000 in Roadrunner Bookstore. Nov 2 Roadrunner Bookstore rented a portion of their warehouse to Davis Consulting for $4,000 per month. Davis paid Roadrunner Bookstore three months of rent in advance. Nov 3 Purchased $60,000 of merchandise inventory on credit, Invoice #123 dated Nov 2 from Cengage, terms 2/20, n/30. Nov 5 Sold merchandise to Rowan University for $20,000 on credit, terms 2/10, n/45. Invoice no. 345. Cost of the merchandise sold is $10,000. Nov 7 Issued check #210 payable to Cash to establish a petty cash fund in the amount of $500 Nov 9 Purchased additional equipment totaling $8,000 on credit from Great Buy, terms 2/10, n/30, Invoice #467 dated Nov 9. Nov 11 Sold merchandise to Rutgers University for $10,000 with terms 2/10, n/45. Invoice no. 346. Cost of the merchandise sold is $5,000. Nov 13 The cash register's record shows $7,000 at the end of the shift, but the count of cash in the register is $7,010. Cost of the merchandise sold is $3,000. Prepare the journal entry to record the day's cash sales. Nov 15 Rowan University paid the balance due from the sale on Nov 5. Nov 17 Sold merchandise to Rowan University for $15,000, terms 2/10, n/45. Invoice No. 347. Cost of the merchandise sold is $10,000. Nov 18 Roadrunner Bookstore signed a short-term note payable in the amount of $20,000 with an interest rate of 6% due in 90 days. Nov 21 Issued check #211 to Cengage for the purchase recorded on Nov 3d. Nov 23 Issued check #212 made payable to you, the company accountant, for your salary totaling $5,000. Nov 24 The cash balance in the petty cash drawer is $25. Receipts in the drawer show $150 for Postage Expense, $100 for Transportation In, $200 for delivery expenses, and $30 for office supplies expenses. Replenish petty cash using check #213 made payable to Cash. Nov 25 Received $6,000 payment from Rutgers University towards the Nov 11 sale. Nov 27 Issued check #214 made payable to Tina Smith for $6,000 for personal use. Nov 29 Issued check #215 for $5,000 payable to Hartford Property Management for November Rent. Roadrunner Bookstore uses the following Special Journals: Sales, Purchases, Cash Receipts, and Cash Disbursements. 1.) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month-end. 2.) Complete the unadjusted trial balance columns on the worksheet for Roadrunner Bookstore as of November 30, 2021, and the Schedules of Accounts Receivable and Accounts Payable. Roadrunner Bookstore must consider the following for adjusting entry purposes: a) A utility bill was received totaling $500 that will be paid in December. b) Depreciation on the Equipment for the month totaled $250. c) November rent from Davis Consulting has been earned. d) Interest on the short-term note through Nov 30th has accrued but has not been paid. (Round to a whole number) e) Salaries have accrued in the amount of $300 per day for six days. f) A count of inventory showed remaining inventory had a cost of $30,000. g) Bad debt is estimated to be .5% of total net credit sales. Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet. Prepare Financial Statements, including a Classified Balance Sheet, for Roadrunner Bookstore considering the following: Depreciation Expense, Delivery Expense, Bad Debts Expenses, and Cash Overages are selling expenses Postage and Utilities Expenses are general and administrative expenses Salaries Expense and Rent Expense are split between selling and general and administrative expenses. Prepare Closing Entries for Roadrunner Bookstore. Prepare Post Closing Trial Balance for Roadrunner Bookstore. Chart of Accounts Roadrunner Bookstore 101 Cash 403 Sales 102 Petty Cash 408 Rental Revenue 106 Accounts Receivable 415 Sales Discounts 109 Allowance for Doubtful Accounts 602 Cost of Goods Sold 119 Merchandise Inventory 621 Salaries Expense 140 Equipment 626 Rent Expense 141 Accumulated Depreciation - Equipment 630 Office Supplies Expense 201 Accounts Payable 633 Depreciation Expense 221 Salaries Payable 636 Postage Expense 231 Notes Payable 646 Delivery Expense 241 Interest Payable 656 Utilities Expense 251 Unearned Revenue 659 Interest Expense 301 T. Smith, Capital 661 Bad Debts Expense 302 T. Smith, Withdrawals 686 Cash Over and Short Roadrunner Bookstore GENERAL JOURNAL Account Titles and Explanation Page 1 Credit Date PR Debit Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of November. Nov 1 Tina Smith invested $80,000 cash and Equipment worth $15,000 in Roadrunner Bookstore. Nov 2 Roadrunner Bookstore rented a portion of their warehouse to Davis Consulting for $4,000 per month. Davis paid Roadrunner Bookstore three months of rent in advance. Nov 3 Purchased $60,000 of merchandise inventory on credit, Invoice #123 dated Nov 2 from Cengage, terms 2/20, n/30. Nov 5 Sold merchandise to Rowan University for $20,000 on credit, terms 2/10, n/45. Invoice no. 345. Cost of the merchandise sold is $10,000. Nov 7 Issued check #210 payable to Cash to establish a petty cash fund in the amount of $500 Nov 9 Purchased additional equipment totaling $8,000 on credit from Great Buy, terms 2/10, n/30, Invoice #467 dated Nov 9. Nov 11 Sold merchandise to Rutgers University for $10,000 with terms 2/10, n/45. Invoice no. 346. Cost of the merchandise sold is $5,000. Nov 13 The cash register's record shows $7,000 at the end of the shift, but the count of cash in the register is $7,010. Cost of the merchandise sold is $3,000. Prepare the journal entry to record the day's cash sales. Nov 15 Rowan University paid the balance due from the sale on Nov 5. Nov 17 Sold merchandise to Rowan University for $15,000, terms 2/10, n/45. Invoice No. 347. Cost of the merchandise sold is $10,000. Nov 18 Roadrunner Bookstore signed a short-term note payable in the amount of $20,000 with an interest rate of 6% due in 90 days. Nov 21 Issued check #211 to Cengage for the purchase recorded on Nov 3d. Nov 23 Issued check #212 made payable to you, the company accountant, for your salary totaling $5,000. Nov 24 The cash balance in the petty cash drawer is $25. Receipts in the drawer show $150 for Postage Expense, $100 for Transportation In, $200 for delivery expenses, and $30 for office supplies expenses. Replenish petty cash using check #213 made payable to Cash. Nov 25 Received $6,000 payment from Rutgers University towards the Nov 11 sale. Nov 27 Issued check #214 made payable to Tina Smith for $6,000 for personal use. Nov 29 Issued check #215 for $5,000 payable to Hartford Property Management for November Rent. Roadrunner Bookstore uses the following Special Journals: Sales, Purchases, Cash Receipts, and Cash Disbursements. 1.) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month-end. 2.) Complete the unadjusted trial balance columns on the worksheet for Roadrunner Bookstore as of November 30, 2021, and the Schedules of Accounts Receivable and Accounts Payable. Roadrunner Bookstore must consider the following for adjusting entry purposes: a) A utility bill was received totaling $500 that will be paid in December. b) Depreciation on the Equipment for the month totaled $250. c) November rent from Davis Consulting has been earned. d) Interest on the short-term note through Nov 30th has accrued but has not been paid. (Round to a whole number) e) Salaries have accrued in the amount of $300 per day for six days. f) A count of inventory showed remaining inventory had a cost of $30,000. g) Bad debt is estimated to be .5% of total net credit sales. Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet. Prepare Financial Statements, including a Classified Balance Sheet, for Roadrunner Bookstore considering the following: Depreciation Expense, Delivery Expense, Bad Debts Expenses, and Cash Overages are selling expenses Postage and Utilities Expenses are general and administrative expenses Salaries Expense and Rent Expense are split between selling and general and administrative expenses. Prepare Closing Entries for Roadrunner Bookstore. Prepare Post Closing Trial Balance for Roadrunner Bookstore. Chart of Accounts Roadrunner Bookstore 101 Cash 403 Sales 102 Petty Cash 408 Rental Revenue 106 Accounts Receivable 415 Sales Discounts 109 Allowance for Doubtful Accounts 602 Cost of Goods Sold 119 Merchandise Inventory 621 Salaries Expense 140 Equipment 626 Rent Expense 141 Accumulated Depreciation - Equipment 630 Office Supplies Expense 201 Accounts Payable 633 Depreciation Expense 221 Salaries Payable 636 Postage Expense 231 Notes Payable 646 Delivery Expense 241 Interest Payable 656 Utilities Expense 251 Unearned Revenue 659 Interest Expense 301 T. Smith, Capital 661 Bad Debts Expense 302 T. Smith, Withdrawals 686 Cash Over and Short Roadrunner Bookstore GENERAL JOURNAL Account Titles and Explanation Page 1 Credit Date PR Debit
