Complete Waren's Month-End Procedures

Q.1 (Sales and Cash Receipts only)

WAREN'S MONTH-END PROCEDURES Following are the procedures performed at the end of each month by Waren's employees after all transactions are recorded in the journals and subsidiary ledgers. You are to assume the roles of Ray Kramer, Nancy Ford, and Jim Adams and perform each of these month- end procedures for December. The only materials needed are this list of seven month-end procedures, all journals and ledgers, and four items from the loose document set: blank monthly statement (Doc. No. 15), bank reconciliation for November (Doc. No. 23), December bank statement (Doc. No. 24), and the list of items clearing with the bank statement (Doc. No, 25). Set all other documents and records temporarily aside. 1. Jim Adams foots and crossfoots each of the five special journals (sales, cash receipts, purchases, cash disbursements, and payroll). He uses the following symbols in the special journals to indicate that his work has been performed: F for Footing and C for Cross-footing Document No. 24 First American BANK AND TRUST COMPANY Statement of Account Chicago, Illinois 66603 PADE NO 1 of 1 ACCOUNT NUMBER 000334 18 FOR ASSISTANCE: CALL 1-800-FAB-2864 MONTH December 2022 Waren Sports Supply 1978 Michigan Avenue Chicago, Illinois 60612 OR WRITE: CUSTOMER SERVICE P.O. BOX 28914 CHICAGO, ILLINOIS 60610 ENDING BALANCE 131.549.53 DEPOSITED ITEMS BALANCE FORWARD 77.037.72 MINIMUM BALANCE 50.262.94 TOTAL CRACHANT TOTAL DEPOSIT AMOUNT N MILLITE Ca 60,355.05 114,842 36 25.50 AVERAGE BALANCE OF CKACH NO. OF DEPOSITS 96 940.76 15 6 CHECKING ACCOUNT ENTRIES CHECKSCHIDEBITS CHECKS/ACH DEBITS DEPOSITS CREDITS November 30, 2022 Balance Forward BALANCE 77,087.72 DATE 1.79723 786.70 2,765-38 4-Dec 5-Dec 8-Dec 12-Dec 15-Dec 74,503.79 71,738.41 77,629.41 81.144.93 ACH 35,392.70 575.00 7,367.00 1,380.25 778.75 5,891.00 4,090.52 5,306.00 7,931.96 1,622.88 90,000.00 50.262.94 19-Dec ACH EFT 141,107.07 138,030.45 20-Dec 21-Dec 3,066.32 60.96 1.740.90 2.765.38 10.30 1.297.32 590.86 134,340.41 131,575.03 22-Dec 30-Dec ACH-F 20.50 5.00 SIC 131,549.53 December 31, 2022 Ending Balance 131.549.53 TRANSACTION CODE LEGEND DD- Direct Deposit D-Debit Memo EFT - Electronic Funds Transfer NSF - NSF Fees 00 -Overdrawn Balance ACH - Automatic Clearing House Hem ACHF-ACH foe CD. CD Interest Deposit CM-Credit Memo PR. Payroll Depost RT. Returned hom SC-Service Charge ATM TRANSACTIONS RA - Credit Card Advance Ri - Instalment Loan Pmt RD- Envelope Deposit RO-Other Payment RC - Credit Card Payment RW-Cash Withdrawal RM - Mortgage Loan Pmt RS - Transfer to Savings AL-Money-Matic Loan RF - Transfer From Savings Document No. 25 WAREN SPORTS SUPPLY LIST OF ITEMS CLEARING WITH BANK STATEMENT DECEMBER 2022 CHECKS/ACH PAYMENTS Check/ACH Number Date Written Date Cleared Payee Amount 1132 1138 1139 1140 1141 E-53430 1143 1144 1145 1146 1147 1148 1149 11/30 11/30 11/30 12/7 12/12 12/13 12/13 12/13 12/14 12/14 12/14 12/14 12/15 12/15 12/15 12/5 12,4 12/4 12/12 12/15 12/15 12/15 12/19 12/20 12/20 1221 12/21 12/22 12/21 12/21 Ray Kramer Jim Adams Nancy Ford First Security Insurance Chicago Office Supply Velocity Sporting Goods Board of Water and Light Interstate Motor Freight Internal Revenue Service Internal Revenue Service State of Illinois State of Illinois Ray Kramer Jim Adams Nancy Ford 2.765.38 1.797.23 786.70 575.00 7.367.00 35,392.70 1,360.25 778.75 3,066.32 10.30 60.96 590.86 2,76538 1.740.90 1.297.32 1150 1151 DEPOSITS Date Deposited Date Recorded by Bank Amount 1216 12/8 12/12 12/14 12/16 12/19 12/8 12/12 12/15 12/15 12/19 12/19 5,891.00 4.090.52 5,306.00 7,931.96 1,622.88 90,000.00 Document No. 15 WAREN Document No. 15 PAGE PAGE SPORTS SUPPLY -EST 2002 1228 Michigan Chenge, 1812 STATEMENT REMITTANCE ADVICE DATE CUORE DATE CULTOUCH NOLIBER PLEASE DETACH AND RETURN THE STUDITH YOUR REMITTANCE TO: WAREN SPORTS SUPPLY 1978 MICHIGAN AVENUE CHICAGO, IL 60612 INVOICE NUMBER AMOUNT CUSTOMER NAME AND ADORESS TERMS: 2/10, Net 30 INVOICE NUMER DATE AMOUNT buc AGE IN DAYS 51-30 CURRENT 2140 OVERBO TOTAL DUE TOTAL CURRENT TOTAL 31-80 TOTAL 61-90 TOTAL OVER 90 TOTAL DUE REVIEWED BY Document No. 23 Waren Sports Supply Bank Reconciliation November 2022 Bank Statement General Ledger Unadjusted balance, 11-30-22 $ 77,087.72 $69.774.20 Add: Deposits in transit 0.00 Deduct: Outstanding checks #1118 1.985.21 #1137 2.765.38 #1138 1.797,23 1139 786.70 (7,334.52) Adjustments: Bank fees/service charges (21.00) S69,753.20 $ 69,753.20 Adjusted balance, 11-30-22 Journal Entry, 11-30-22 Account No. Debit Credit $ 21.00 41000 10100 Other operating expense Cash $ 21.00 WAREN'S MONTH-END PROCEDURES Following are the procedures performed at the end of each month by Waren's employees after all transactions are recorded in the journals and subsidiary ledgers. You are to assume the roles of Ray Kramer, Nancy Ford, and Jim Adams and perform each of these month- end procedures for December. The only materials needed are this list of seven month-end procedures, all journals and ledgers, and four items from the loose document set: blank monthly statement (Doc. No. 15), bank reconciliation for November (Doc. No. 23), December bank statement (Doc. No. 24), and the list of items clearing with the bank statement (Doc. No, 25). Set all other documents and records temporarily aside. 1. Jim Adams foots and crossfoots each of the five special journals (sales, cash receipts, purchases, cash disbursements, and payroll). He uses the following symbols in the special journals to indicate that his work has been performed: F for Footing and C for Cross-footing Document No. 24 First American BANK AND TRUST COMPANY Statement of Account Chicago, Illinois 66603 PADE NO 1 of 1 ACCOUNT NUMBER 000334 18 FOR ASSISTANCE: CALL 1-800-FAB-2864 MONTH December 2022 Waren Sports Supply 1978 Michigan Avenue Chicago, Illinois 60612 OR WRITE: CUSTOMER SERVICE P.O. BOX 28914 CHICAGO, ILLINOIS 60610 ENDING BALANCE 131.549.53 DEPOSITED ITEMS BALANCE FORWARD 77.037.72 MINIMUM BALANCE 50.262.94 TOTAL CRACHANT TOTAL DEPOSIT AMOUNT N MILLITE Ca 60,355.05 114,842 36 25.50 AVERAGE BALANCE OF CKACH NO. OF DEPOSITS 96 940.76 15 6 CHECKING ACCOUNT ENTRIES CHECKSCHIDEBITS CHECKS/ACH DEBITS DEPOSITS CREDITS November 30, 2022 Balance Forward BALANCE 77,087.72 DATE 1.79723 786.70 2,765-38 4-Dec 5-Dec 8-Dec 12-Dec 15-Dec 74,503.79 71,738.41 77,629.41 81.144.93 ACH 35,392.70 575.00 7,367.00 1,380.25 778.75 5,891.00 4,090.52 5,306.00 7,931.96 1,622.88 90,000.00 50.262.94 19-Dec ACH EFT 141,107.07 138,030.45 20-Dec 21-Dec 3,066.32 60.96 1.740.90 2.765.38 10.30 1.297.32 590.86 134,340.41 131,575.03 22-Dec 30-Dec ACH-F 20.50 5.00 SIC 131,549.53 December 31, 2022 Ending Balance 131.549.53 TRANSACTION CODE LEGEND DD- Direct Deposit D-Debit Memo EFT - Electronic Funds Transfer NSF - NSF Fees 00 -Overdrawn Balance ACH - Automatic Clearing House Hem ACHF-ACH foe CD. CD Interest Deposit CM-Credit Memo PR. Payroll Depost RT. Returned hom SC-Service Charge ATM TRANSACTIONS RA - Credit Card Advance Ri - Instalment Loan Pmt RD- Envelope Deposit RO-Other Payment RC - Credit Card Payment RW-Cash Withdrawal RM - Mortgage Loan Pmt RS - Transfer to Savings AL-Money-Matic Loan RF - Transfer From Savings Document No. 25 WAREN SPORTS SUPPLY LIST OF ITEMS CLEARING WITH BANK STATEMENT DECEMBER 2022 CHECKS/ACH PAYMENTS Check/ACH Number Date Written Date Cleared Payee Amount 1132 1138 1139 1140 1141 E-53430 1143 1144 1145 1146 1147 1148 1149 11/30 11/30 11/30 12/7 12/12 12/13 12/13 12/13 12/14 12/14 12/14 12/14 12/15 12/15 12/15 12/5 12,4 12/4 12/12 12/15 12/15 12/15 12/19 12/20 12/20 1221 12/21 12/22 12/21 12/21 Ray Kramer Jim Adams Nancy Ford First Security Insurance Chicago Office Supply Velocity Sporting Goods Board of Water and Light Interstate Motor Freight Internal Revenue Service Internal Revenue Service State of Illinois State of Illinois Ray Kramer Jim Adams Nancy Ford 2.765.38 1.797.23 786.70 575.00 7.367.00 35,392.70 1,360.25 778.75 3,066.32 10.30 60.96 590.86 2,76538 1.740.90 1.297.32 1150 1151 DEPOSITS Date Deposited Date Recorded by Bank Amount 1216 12/8 12/12 12/14 12/16 12/19 12/8 12/12 12/15 12/15 12/19 12/19 5,891.00 4.090.52 5,306.00 7,931.96 1,622.88 90,000.00 Document No. 15 WAREN Document No. 15 PAGE PAGE SPORTS SUPPLY -EST 2002 1228 Michigan Chenge, 1812 STATEMENT REMITTANCE ADVICE DATE CUORE DATE CULTOUCH NOLIBER PLEASE DETACH AND RETURN THE STUDITH YOUR REMITTANCE TO: WAREN SPORTS SUPPLY 1978 MICHIGAN AVENUE CHICAGO, IL 60612 INVOICE NUMBER AMOUNT CUSTOMER NAME AND ADORESS TERMS: 2/10, Net 30 INVOICE NUMER DATE AMOUNT buc AGE IN DAYS 51-30 CURRENT 2140 OVERBO TOTAL DUE TOTAL CURRENT TOTAL 31-80 TOTAL 61-90 TOTAL OVER 90 TOTAL DUE REVIEWED BY Document No. 23 Waren Sports Supply Bank Reconciliation November 2022 Bank Statement General Ledger Unadjusted balance, 11-30-22 $ 77,087.72 $69.774.20 Add: Deposits in transit 0.00 Deduct: Outstanding checks #1118 1.985.21 #1137 2.765.38 #1138 1.797,23 1139 786.70 (7,334.52) Adjustments: Bank fees/service charges (21.00) S69,753.20 $ 69,753.20 Adjusted balance, 11-30-22 Journal Entry, 11-30-22 Account No. Debit Credit $ 21.00 41000 10100 Other operating expense Cash $ 21.00