Complete Waren's Month-End Procedures on pages 12 and 13. Note that these instructions also include the following additional documents

• submit yourbank reconciliation(December
• yourmonthly statement
• Usethis spreadsheet(JournalsSum15.xlsx) to record the transaction andprint out the special journals (sales, cash receipts, purchases, cash disbursements, payroll) or make photocopies of the specialjournals from your journal booklet

2) Complete the SUA 2 - Ledger Balance Quizthat will ask you for your final ledger account balances

Document No. 1 (Spring16-v1) Transactions List December 16-31, 2013 Complete each of the following transactions in accordance with the seven-step process on pages 11-12 of the Instructions, Flowcharts, and Ledgers book (step 5). Remember the importance of the systems flowcharts on pages 18-24 for details as to (a) documents to prepare, (b) approvals and other internal control procedures, (c) accounting entries, and (d) filing. Also, remember from the requirements that some of the following events require the preparation or modification of systems documents and some do not. You are to perform the roles of Ray Kramer, Nancy Ford, and Jim Adams. Hints are provided in boxed areas like this. December Yes 16 Received validated deposit receipt (Doc. No. 11) from the bank for $7,931.96 for deposit made December 14. Yes 16 Follow flowchart on page 21. No recording occurs at this time. Cash receipts prelist is Doc. No. 9. File Doc. No. 9 and Doc. No. 11 in the Temporary file tab. Ordered the following inventory on account from Velocity Sporting Goods, using purchase order No. 328 (Doc. No. 16). Units 115 60 70 85 Vendor address: Freight carrier: Freight charges: Allowances: A Description Basketball pole pad Basketball bag Portable inflation pump Trainer's first aid kit 1285 Colgrove Ave., Pierre, SD 57501 Interstate Motor Freight Collect (i.e., paid by Waren Sports Supply) None Follow flowchart on page 22. Use purchase order No. 325 (Doc. No. 16) as a guide. Use the price list (Doc. No. 3). No receiving or recording occurs at this point for this transaction. Tear document apart and file, following the flowchart guidance. December Yes 16 Borrowed $80,000 from First American Bank and Trust by issuing a two-year note payable (Doc. No. 14) with a stated annual interest rate of 6%. Check No. 545 (Doc. No. 8) for $80,000 was received from the bank and deposited. Reviewed the terms and conditions of the note and signed it (Ray Kramer) as the borrower. Yes 19 Restrictively endorse means to write the following on the back of the check: \"For deposit only. Waren Sports Supply.\" See flowchart, page 21, for recording and depositing. Detach the bottom portion of the check and file in the Shipping/Banking file tab. File the note in the Shipping/Banking file tab. Received customer purchase order No. ST3107 (Doc. No. 4) in the mail from Clayborn University, approved their credit and shipped the goods. All goods ordered were shipped, except that only 40 shoulder pad sets were available for shipment. Carrier & number: Freight charges: Route: Truck & driver: Freight rate: Shipment: Yes 20 See flowchart, pages 18 and 19; follow all steps carefully. You will use several documents and record an entry in the sales journal and the accounts receivable subsidiary ledger for this transaction. For guidance in preparing the bill of lading, see pages 35-36 of the Reference book. Received sales return request No. R8034 (Doc. No. 12) in the mail from Eastern Wisconsin University (EWU). The request was approved and the acknowledgment copy mailed to EWU. A Allied Trucking; Carrier number 2154 FOB shipping point; Billed to buyer (i.e., paid by Clayborn) Express Truck 2961XZ, Linda Arensmeier $15.00 per 100 lbs. 3 cartons/goal and rim sets @ 26 lbs./carton 6 cartons/backboards @ 125 lbs./carton 5 cartons/shoulder pad sets @ 40 lbs./carton 4 cartons/football helmets @ 24 lbs./carton Follow the flowchart steps on page 20. 2 December No 20 Increased employee pay rates, and employees changed their federal income tax withholding amounts, both effective December 16. There were no changes in filing status or withholding allowances. New Federal Income Tax New Pay Rate Withholding Amt. Ray Kramer $3,600.00 semimonthly $466.71 Jim Adams $21.30 per hour $345.97 Nancy Ford $18.40 per hour $143.12 Yes 23 No accounting entries are necessary, but you must update the pay rate history information in the Employee Earnings Subsidiary Ledger. Received merchandise from Velocity Sporting Goods as listed on purchase order No. 328. All merchandise listed on the purchase order was delivered in good condition and in the quantities ordered, except that only 80 basketball pole pads (Item No. BB-019) were received. The goods were placed immediately in the inventory warehouse. Freight carrier: Freight bill: Interstate Motor Freight No. 26425 (Doc. No. 19), received with shipment Remember to follow the flowchart on page 22. You can't record a purchase yet because the invoice hasn't been received. Yes 23 Received check No. 28564 (Doc. No. 8) from Branch College for payment in full for charge invoice No. 730, and deposited the check. No 23 Received legal notification from Benson, Rosenbrook, and Martinson, P.C., attorneys at law, that Stevenson College had filed bankruptcy and will be unable to pay any of its outstanding debts to its suppliers. Write off the account as a bad debt. Yes 24 Received all goods that Waren had authorized Eastern Wisconsin University (EWU) to return on EWU's return request No. R8034 for credit against their account balance. Yes A 24 Remember that Waren Sports Supply uses the \"Allowance\" method rather than \"Direct write-off\" for accounting for bad debts. Process and record the sales return now. Received check No. 49326 (Doc. No. 8) for $9,000 from Eastern Wisconsin University in partial payment of the remaining amount (after sales return) on charge invoice No. 729, and deposited the check. 3 Do not finalize a deposit slip until you determine whether there are other cash receipts on the same day. December Yes 24 Received vendor invoice No. 34719 (Doc. No. 18) from Velocity Sporting Goods for goods ordered December 16 and received December 23. Yes 24 Issued check (Doc. No. 20) to Interstate Motor Freight for the amount of the freight bill (Doc. No. 19) for the Velocity Sporting Goods shipment received December 23. Yes 24 Follow the flowchart steps on page 22. Upon receiving the invoice, you can now record the purchase using the date on which Waren incurred the liability for the goods, December 23. Follow the flowchart steps on page 23. Received check No. 7403 (Doc. No. 8) for $9,165 and customer purchase order No. 94772 (Doc. No. 4) in the mail from Andover University for a cash sale. All goods ordered were shipped and the cash sale was processed and recorded. Carrier & number: Freight charges: Route: Truck & driver: Freight rate: Shipment: Interstate Motor Freight; Carrier number 62XY404 Collect (i.e., paid by Andover University) Direct Truck 64, Dale Hoch $15.00 per 100 lbs. 5 cartons/basketballs @ 23 lbs./carton 4 cartons/hip, tail, arm pad sets @ 36 lbs./carton 2 cartons/footballs @ 16 lbs./carton Start with the flowchart on page 21. Yes 26 Received office supplies from Chicago Office Supply as listed on purchase order No. 327 (Doc. No. 16), a copy of which is being held in accounting. Chicago Office Supply's vendor invoice No. 2378 (Doc. No. 18) was received with the goods. All supplies ordered were received in good condition and taken directly to the office, but the invoice was not paid. Yes 30 Issued check (Doc. No. 20) to Velocity Sporting Goods for payment in full of their invoice No. 34719 for goods received December 23. Yes A Consider the credit terms before making the payment. 31 Received payroll time cards (Doc. No. 21) from Ford and Adams for the time period ended December 31 and prepared the payroll for all three employees, including paychecks. 4 Paychecks are considered \"Mailed/Given to Outsiders.\" Timecards are filed in the \"Accounting\" file tab. Recall that federal income tax withholding amounts were listed earlier with employee pay rate increases. December Yes 31 Received the laptop computers ordered on Waren's purchase order No. 325 (Doc. No. 16) and vendor invoice No. 2423 (Doc. No. 18) from Chicago Office Supply. The computers were received in new and undamaged condition and taken directly to the office. The estimated useful life is 5 years with no salvage value. Yes 31 Received vendor invoice No. 72654 (Doc. No. 18) from University Athletic News for advertisements Waren ran during the Christmas season and immediately issued a check (Doc. No. 20) for payment in full. Purchase orders are not issued for services that Waren purchases. MONTH-END PROCEDURES - After you have recorded all the transactions, go to page 12 of the Instructions, Flowcharts, and Ledgers book and complete all the month-end procedures. An additional month-end requirement for this project is: Yes Monthly Statement - Prepare a monthly statement (Doc. No. 15) for Eastern Wisconsin Uiversity. n YEAR-END PROCEDURES - After completing all the month-end procedures, go to page 14 of the Instructions, Flowcharts, and Ledgers book and complete all the year-end procedures. Additional information for the year-end procedures is: No Ending Inventory - A physical inventory was taken 1/1/14, before business began for the new year. Merchandise on hand cost $196,861.00 . No Bad Debt Expense - The expense for bad debts is estimated at the end of the year as one-fifth of one percent (0.002) of net sales. No Marketable Securities - At December 31, 2013, the market value of marketable securities held by Waren approximated the cost of the securities. A 5 The project is now complete. Good work! Review your materials to make certain everything is finalized. Complete the filing of documents, records, and working papers using the file tabs and the envelope in which the Aid is packaged. File all materials as indicated in the flowcharts. A 6 Document No. 3 PRICE LISTS CURRENT AS OF DECEMBER 1, 2013 VELOCITY SPORTING GOODS Item No. Description Baseball items: BA-054 BA-158 BA-199 BA-281 BA-445 BA-507 BA-667 BA-694 BA-807 BA-859 Premium aluminum bat Baseballs - 12 game balls Fielding glove 60 lb. dry line marker Catcher's mask Baseball equipment bag Ball bucket with seat - set of 3 Batting gloves - 1 pair Pitching machine Set of bases Basketball items: BB-008 BB-019 BB-113 BB-267 BB-358 BB-399 BB-431 BB-538 BB-688 BB-926 Football items: FB-027 FB-091 FB-225 FB-344 FB-513 FB-573 FB-650 FB-812 FB-874 FB-952 Cost Selling Price $ 139.00 42.00 46.00 65.00 48.00 27.00 23.00 24.00 164.00 111.00 $200.00 66.00 66.00 106.00 66.00 36.00 36.00 36.00 246.00 166.00 Basketball Basketball pole pad Scoreboard and timer Goal and rim set Backboard Basketball net Whistle and lanyard - set of 6 Basketball bag Portable inflation pump Trainer's first aid kit 25.00 94.00 258.00 95.00 83.00 10.00 25.00 26.00 69.00 30.00 35.00 135.00 400.00 126.00 126.00 16.00 36.00 36.00 106.00 40.00 Shoulder pad set Hip, tail, arm pad set Football helmet Football Portable storage locker Kicking tees - set of 6 Football post pad Collapsible cones - set of 8 Sideline repair kit Portable hand warmer 89.00 39.00 55.00 21.00 135.00 16.00 96.00 27.00 83.00 26.00 120.00 58.00 85.00 29.00 205.00 25.00 135.00 35.00 115.00 35.00 CHICAGO OFFICE SUPPLY Item No. Description 4126 4733 5433 8506 5302 6211 8843 2342 6277 7246 Laser printer toner cartridge Copier paper - box Rewritable CDs Flash drive - 4GB Invoice forms - 100 Legal pad - box of 5 Time cards - box of 50 Black ink pens - box of 12 Pencils - box of 24 Business envelopes - box of 1000 12302 12480 15321 Laptop computer Flat panel monitor High-speed copier Cost $ 46.50 19.50 12.50 14.50 6.00 3.95 6.90 4.50 2.25 15.50 $ 2,150.00 195.00 6,950.00 Approved By Ray Kramer SALES JOURNAL November and December Credit Debit Date Customer Nov 7 Stevenson College Dec 7 Rosemont University Invoice or Credit Subsidiary Subs memo Number Account Number Post X Accts. Rec. G/L 10200 Sales Returns G/L 30200 Sales G/L 30100 CM41 411 724 406 2,460.00 2460.00 (23,014.00) 23014.00 Jan 10 Branch College 725 408 32,912.00 32912.00 Feb 14 Eastern Wisconsin Univ. 726 410 24,905.00 24905.00 Monthly Totals 37,263.00 23,014.00 60277.00 Dec 2 Rosemont University 727 406 4,174.00 ### Dec 7 Clayborn University 728 407 7,252.00 ### Dec 9 Eastern Wisconsin Univ. 729 410 21,872.00 ### 730 408 1,656.00 ### Dec 13 Branch College CASH RECEIPTS JOURNAL Dep Date Nov. Description 7 Stevenson College Ctrl Init DEBIT Cash G/L 10100 NF Sales Disc. G/L 30300 November and December Accounts Receivable - G/L 10200 Trans. Amount Subs Post Ref 411 34,682.00 Subs. Acct No 34,682.00 CREDIT Sales Nov. 13 McClain College NF 7,767.00 Nov. 17 Rosemont Universiyt NF 2,410.80 49.20 406 2,460.00 18 Branch College NF 32,253.76 658.24 408 32,912.00 21 Eastern Wisconsin Univ NF 5,000.00 410 5,000.00 Trans. Amount Nov. Acct No. Nov. G/L 30100 Other G/L Monthly Totals RK 7,767.00 82,113.56 707.44 75,054.00 Dec. 6 Gates University NF 9 Rosemont University NF 4,090.52 NF 5,891.00 Dec. 7,767.00 5,306.00 Dec. 14 Hancock College Dec. 14 Clayborn University Dec. 14 Atwood Brothers 7,106.96 825.00 5,891.00 83.48 406 4,174.00 5,306.00 145.04 407 7,252.00 31200 825.00 Post Ref PURCHASES JOURNAL November and December DEBIT Date Nov. Nov. Vendor 3 Velocity Sporting Goods 21 Chicago Office Supply Vendor Invoice Purchases No. G/L 30500 33371 Other G/L Acct. No Trans Amount Post Ref 27,380.00 2275 Monthly Totals CREDIT Accounts Payable 20100 Subs Acct No Dec. 5 Velocity Sporting Goods 40300 27,380.00 12 Chicago Office Supply 33965 2344 Subs Trans Amount Post Ref 252 558.09 27,380.00 253 558.09 P 558.09 -0- 27,938.09 P 36,115.00 P 252 10800 7,367.00 Purchases Returns G/L 30600 P P Dec. G/L 36,115.00 P 253 7,367.00 P CASH DISBURSEMENTS JOURNAL December CREDIT Date Dec. Check No. 7 1140 Description CASH G/L 10100 First Security Insurance Chicago Office Supply 7,367.00 Dec. 13 1142 Velocity Sporting Goods 35,392.70 Dec. 13 1143 Worldwide Management Dec. 13 1144 Board of Water & Light Dec. 13 1145 Interstate Motor Freight Dec. 13 1146 Internal Revenue Service Purchases Discounts G/L 30700 Accounts Payable G/L 20100 Other G/L Subs Subs Acct Trans Amount Post No Ref Freight-In G/L 30800 2,575.00 Dec. 12 1141 DEBIT Post Acct No Trans Amount Ref 41000 2,575.00 4,800.00 40100 4,800.00 1,360.25 41000 1,360.25 20300 1,516.07 20600 2,007.16 778.75 3,523.23 253 722.30 7,367.00 P 252 36,115.00 P 778.75 Dec. 13 1147 Internal Revenue Service 14.82 20500 14.82 Dec. 13 1148 State of Illinois 50.03 20400 50.03 * Dec. 13 1149-51 See Payroll Journal PAYROLL JOURNAL November and December EARNINGS Date Nov. EMPLOYEE Regular Hours 15 Ray Kramer Regular Pay Overtime Hours DEDUCTIONS PAYMENT Overtime Gross Pay G/L F.I.C.A. G/L Fed. Inc. Tax Net Pay G/L Check Pay 40500 20600 G/L 20300 10100 No. 3,500.00 Subs Post Ref 3,500.00 2,790.54 1126 P 2,253.72 172.41 328.47 1,752.84 1127 P 88.00 1,848.00 Nancy Ford 49.00 833.00 833.00 63.73 8.72 760.55 1128 P 3,500.00 3,500.00 267.75 441.71 2,790.54 1137 P 2,012.01 153.91 268.04 1,590.06 1138 P 914.55 1139 P Jim Adams 80.00 1,680.00 Nancy Ford 60.00 1,020.00 1,020.00 78.03 27.42 12,381.00 737.73 13,118.73 1,003.58 1,516.07 Monthly Totals 10.54 405.72 441.71 Jim Adams 29 Ray Kramer 12.88 267.75 332.01 P Dec. 13 Ray Kramer 3,500.00 P P 10,599.08 P 3,500.00 267.75 441.71 2,790.54 1149 P Jim Adams 80.00 1,680.00 5.77 181.76 1,861.76 142.43 230.48 1,488.85 1150 P Nancy Ford 80.00 1,360.00 1.23 31.37 1,391.37 106.43 65.79 1,219.15 1151 P