Comprehensive Problem- need help asap please i need this today
-what is the completed worksheet
-multi-step income statement
-balance sheet
-post closing trial balance
-schedules of accounts receivable/payable?
Accounting 201 Comprehensive Problem (100 Points) Due: Friday, 7/7/2017 (via email by 5:00 pm) Name Anacomp Meter Company closes its books and prepares financial statements at the end of each month. Anacomp uses the perpetual inventory system. The company completed the following transactions during August, 2016: Aug 1 2 2 3 4 4 5 5 6 7 8 11 12 16 19 22 23 24 25 26 30 30 31 31 Issued check no. 682 for August rent of $1,000 Issued check no. 683 to pay salaries of $1,240, which includes salary payable of $930 from July 31. Issued invoice no. 503 for sale on account to R. T. Loeb, $600. Anacomp's cost of this merchandise was $190. Purchased inventory on credit terms of 1/15, n/60 from Grant, Inc., $1,400 Received net amount of cash on account from Fullam Company, $2,156, within the discount period. Sold inventory for cash, $330 (cost, $104) Received from Park-Hee, Inc. merchandise that had been sold earlier for $550 (cost, $174) Issued check no. 684 to purchase supplies for cash, $780 Collected interest revenue of $1,100 Issued invoice no. 504 for sale on account to K. D. Skipper, $2,400 (cost, $759) Issued check no. 685 to pay Federal Company $2,600 of the amount owed at July 31. This payment occurred after the discount period. Issued check no. 686 to pay Grant, Inc. the net amount owed from August 3 Received cash from R. T. Loeb in full settlement of her account receivable from August 2 Issued check no. 687 to pay salary expense of $1,240 Purchased inventory for cash $850, issuing check no. 688 Purchased furniture on credit terms of 3/15, n/60 from Beaver Corporation, $510 Sold inventory on account to Fullam Company, issuing invoice no. 505 for $9,966 (cost, $3,152) Received half the July 31 amount receivable from K. D. Skipperafter the end of the discount period Issued check no. 689 to pay utilities, $432 Purchased supplies on credit terms 2/10, n/30 from Federal Company, $180 Returned damaged inventory to company from whom Anacomp made the cash purchase on August 19, receiving cash of $850 Granted a sales allowance of $175 to K. D. Skipper Purchased inventory on credit terms 1/10, n/30 from Suncrest Supply, $8,330 Issued check no. 690 to Lester Mednick, owner of the business, for personal withdrawal, $1,700 1 of 3 Accounting 201 Comprehensive Problem (100 Points) Due: Friday, 7/7/2017 (via email by 5:00 pm) Name Requirements: 1. Open these accounts with their account numbers and July 31, 2016 balances in the various ledgers: General Ledger 101 102 104 105 109 117 140 160 161 201 204 207 220 301 302 400 Cash $ 4,490 Accounts Receivable 22,560 Interest Receivable Inventory 41,800 Supplies 1,340 Prepaid Insurance 2,200 Note Receivable, Long-Term 11,000 Furniture 37,270 Accumulated Depreciation 10,550 Accounts Payable 12,600 Salary Payable 930 Interest Payable 320 Note Payable, Long-Term 42,000 Lester Mednick, Capital 54,260 Lester Mednick, Withdrawals Income Summary 401 402 403 410 501 510 513 514 516 517 519 523 Sales Revenue Sales Discounts Sales Returns & Allowances Interest Revenue Cost of Goods Sold Salary Expense Rent Expense Depreciation Expense Insurance Expense Utilities Expense Supplies Expense Interest Expense Accounts Receivable Subsidiary Ledger: Fullam Company, $2,200 R T. Loeb, 0 Park-Hee Inc., 11,590 K.D. Skipper, 8,770 Accounts Payable Subsidiary Ledger: Beaver Corporation $ 0 Federal Company 12,600 Grant, Inc, 0 Suncrest Supply 0 FORMS ARE POSTED TO LAULIMA IN THE COMPREHENSIVE PROBLEM FOLDER 2. Journalize the August transactions in the general journal (page 9). Do not include the explanations. Anacomp makes all credit sales on terms of 2/10, n/30 unless otherwise indicated. I have posted the beginning balances to the general ledgers and subsidiary ledgers for you. 2 of 3 Accounting 201 Comprehensive Problem (100 Points) Due: Friday, 7/7/2017 (via email by 5:00 pm) Name 3. Post daily, as appropriate, to the general ledger. Also post to the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger when appropriate. On August 31 post to the general ledger. 4. Prepare a Trial Balance in the Trial Balance Columns of a Worksheet (Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet headings). Show these items to me no later than 11:00 pm Wednesday, 7/5/2017 in order to receive your individual adjusting entries. Should you miss this deadline, you will use the adjusting entries that I will post on Laulima and lose 10 points. Check figure: Trial Balance before any adjusting entries should total $140,546 5. Adjusting Entries: a. b. c. d. e. f. g. Accrued interest revenue Supplies on hand Prepaid insurance expired Depreciation expense Accrued salary expense Accrued interest expense Inventory on hand 6. Prepare Anacomp Meter Company's multi-step Income Statement for the month of August, 2016. 7. Prepare Anacomp's classified Balance Sheet at August 31, 2016. 8. Journalize and post the adjusting entries 9. Journalize and post the closing entries 10. Prepare a Post-Closing Trial Balance at August 31, 2016. 11. a. Prepare a Schedule of Accounts Receivable, balancing the total of customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable balance in the General Ledger. b. Prepare a Schedule of Accounts Payable, balancing the total of vendor accounts in the accounts payable subsidiary ledger against the Accounts Payable balance in the General Ledger. 3 of 3 General Journal Page 9 Date Accounts and Explanations General Journal Post Ref Debit Credit Page 10 Date Accounts and Explanations Post Ref Debit Credit General Journal Page 11 Date Accounts and Explanations Post Ref Debit Credit General Journal Page 12 Date Accounts and Explanations Post Ref Debit Credit General Journal Page 13 Date Accounts and Explanations Post Ref Debit Credit General Journal Page 14 Date Accounts and Explanations Post Ref Debit Credit GENERAL LEDGER-ASSETS Account: Cash Account No. 101 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 4,490 Account: Accounts Receivable Account No. 102 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit 22,560 Credit GENERAL LEDGER-ASSETS Account: Interest Receivable Account No. 103 Balance Date Item Jrnl Ref Debit Credit Account: Inventory Debit Credit Account No. 105 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 41,800 Account: Supplies Account No. 109 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit 1,340 Credit GENERAL LEDGER-ASSETS Account: Prepaid Insurance Account No. 117 Balance Date Item 31-Jul Balance Jrnl Ref Debit Credit Debit Credit 2,200 Account: Note Receivable, Long Term Account No. 140 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 11,000 Account: Furniture Account No. 160 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 37,270 Account: Accumulated Depreciation - Furniture Account No. 161 Balance Date Item Jrnl Ref Debit Credit Debit Credit 31-Jul Balance 10,550 GENERAL LEDGER-LIABILITIES Account: Accounts Payable Account No. 201 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 12,600 Account: Salary Payable Account No. 204 Balance Date 31-Jul Item Jrnl Ref Balance Account: Interest Payable Debit Credit Debit Credit 930 Account No. 207 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 320 Account: Note Payable, Long Term Account No. 220 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 42,000 GENERAL LEDGER-EQUITY Account: Mednick, Capital Account No. 301 Balance Date 31-Jul Item Jrnl Ref Balance Debit Credit Debit Credit 54,260 Account: Mednick, Withdrawals (Drawing) Account No. 302 Balance Date Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-REVENUE AND INCOME SUMMARY Account: Income Summary Account No. 400 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Sales Revenue Account No. 401 Balance Date Item Jrnl Ref Debit Credit Account: Sales Discounts Debit Credit Account No. 402 Balance Date Item Jrnl Ref Debit Credit Account: Sales Returns and Allowances Debit Credit Account No. 403 Balance Date Item Jrnl Ref Account:Interest Revenue Debit Credit Debit Credit Account No. 410 Balance Date Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-EXPENSES Account: Cost of Goods Sold Account No. 501 Balance Date Item Jrnl Ref Debit Credit Account: Salary Expense Debit Credit Account No. 510 Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Rent Expense Account No. 513 Balance Date Item Jrnl Ref Debit Credit Account: Depreciation Expense Debit Credit Account No. 514 Balance Date Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-EXPENSES Account: Insurance Expense Account No. 516 Balance Date Item Jrnl Ref Debit Credit Account: Utilities Expense Debit Credit Account No. 517 Balance Date Item Jrnl Ref Debit Credit Debit Credit GENERAL LEDGER-EXPENSES Account: Supplies Expense Account No. 519 Balance Date Item Jrnl Ref Debit Credit Account: Interest Expense Debit Credit Account No. 523 Balance Date Item Jrnl Ref Debit Credit Debit Credit Anacomp Meter Company Partial Worksheet Month Ended August 31, 2013 Trial Balance Account Cash Totals Debit Adjustments Credit Debit Adjusted Trial Balance Credit Debit - - Income Statement Credit Debit Credit - - - - - Balance Sheet Debit Credit - - - - - - - - - - Anacomp Meter Company Anacomp Meter Company Anacomp Meter Company Income Statement Balance Sheet Post Closing Trial Balance Month Ended August 31, 2013 August 31, 2013 Month Ended August 31, 2013 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account: Fullam Company Balance Date Item 31-Jul Balance Jrnl Ref Debit Credit Debit Credit 2,200 Account: R. T. Loeb Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Park Hee, Inc. Balance Date Item 31-Jul Balance Jrnl Ref Debit Credit Debit Credit 11,590 Account: K. D. Skipper Balance Date Item 31-Jul Balance Jrnl Ref Debit Credit Debit 8,770 Credit ACCOUNTS PAYABLE SUBSIDIARY LEDGER Account: Beaver Corporation Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Federal Company Balance Date Item 31-Jul Balance Jrnl Ref Debit Credit Debit Credit 12,600 Account: Grant, Inc. Balance Date Item Jrnl Ref Debit Credit Debit Credit Account: Suncrest Supply Balance Date Item Jrnl Ref Debit Credit Debit Credit Anacomp Meter Company Schedule of Accounts Receivable August 31, 2013 Name Outstanding Balance Anacomp Meter Company Schedule of Accounts Payable August 31, 2013 Name Outstanding Balance
