create a general journal, general ledger, accounts recievable ledgar, accounts payable ledgar, inventory COGS calculations, trial balance at 12 31 2014, financial statements, post closing trial banance

Star Wars Practice Set Fall 2017 Jose L.xlsx File Edit Insert F Help Calibri Chart of Accounts: Name of Account 3 You are the controller at Star Wars, Inc, a wholesale clistributor of light sabers and other interstellar weaponry. The corporation 4 as founded in galaxy far, far away a long time ago. The company has 420,000 shre of commen stock authorized with a par value 5 of $18. Ourrently. 28,C00 shares are issued and outstanding. In your role as controller, you are responsible for the company's 6 accounting records, financial statement preparation, and ensuring that the company has adequate intemal controls. You also Number of Account Petty Cash Accounts Receivable Allowwance for Doubful Accounts Notes Receivable Interest Receivable support management at Star Wars by prowding required tinancial reports. You supervise a staff that takes care of the other 8 aspects of accounting, but ulcimately you oversee all the functions of the accountine department Sta Wars, Inc. maintains talernar year-end (the books are cksedon December 31 of eac year. Adjusting ertries are only prepared annually. 10 Therefore, when you prepare the adjusting entries, they will need to be tor the entire year, not just for December. In order 11 to complete this practice set you will need to record all regular transactions for th month of December 2014 all other regular 12 transactions have already been recorded for th yea and all of the year-end adjusting entries. Yau will jourralize 13 al transactiors and adjustrnents in the general journal, post then to the geeral ledger xcournts, prepare an adjusted trial 14 balance, prepare the finacial statements, prepare closing entries, and finally a post-closingial balanze far the year ended 15 December 31, 2014. Prepaid Insurance Prepaid Renit Other Assets 17 The follawing information pertains to the various accounting practices applicable to star Wars, Inc 18 1 Star Vars, InE. mintains inventory usirg the perpetual methad. All ientory costs are tracked using 19 last in, first out (LIFO) cost fs. Sre the cost of gnods sold shert for detais rrgarding inwentory 20 2. Purchases of inventory arc rocorded at the net amount (discounts are reooenizod on the date of purchase, if applicatlel 21 The puchase tersre different for each supplier. Forfeited discunts are recorded separately as rast af goads sald. 22 3 Salcs on account are subjoct to terms 2/15, n 40 and anc rccordod at gross valuc. 23 4 The campary utilizes a general journal and general ledger, bist also trarks detailed information on suppliers and custamers 24 in accounts payable and accounts roccivable subsidiary Iedgers, respectivcly, You will noed to maintainthe subsidiary lodgers. 25 5. Salaried employees are paid monthly at the end of the month (on the last day of the month. Hourly employees are pald 25 cvry two wecks, Fach two weck pay period cnds on the Friday of the socond wock 27 6. The Compamy's chart of accounts is listed on the right side of this spreadsheet. 28 7. The Comparry uses the Allowance Method of accounting for bad debt. The Comparny cakulates bad debt expense at the end 29 of the fiscal Year at 5% of ending A/R(using the % of receivables method). Equipmet Accumulated Depreciatian- Equipmen147 Space Ships Accumulated Depreciatian-Space Ship Notes Payable Accaunts Payable Salaris and Wages Payable FICA Taoes Payable Incomc Tars Payablc Federal Withholding Taxes Payable State Withholding Taxes Payable FUTA Taxes Payable SUTA Taxes Payable Interest Payable Dividends Payable Nates Paryoble (long-term Bonds Payable 33 Check Figures: 34 Net Income $1,227,435 232 Star Wars Practice Set Fall 2017 Jose L.xlsx File Edit Insert F Help Calibri Chart of Accounts: Name of Account 3 You are the controller at Star Wars, Inc, a wholesale clistributor of light sabers and other interstellar weaponry. The corporation 4 as founded in galaxy far, far away a long time ago. The company has 420,000 shre of commen stock authorized with a par value 5 of $18. Ourrently. 28,C00 shares are issued and outstanding. In your role as controller, you are responsible for the company's 6 accounting records, financial statement preparation, and ensuring that the company has adequate intemal controls. You also Number of Account Petty Cash Accounts Receivable Allowwance for Doubful Accounts Notes Receivable Interest Receivable support management at Star Wars by prowding required tinancial reports. You supervise a staff that takes care of the other 8 aspects of accounting, but ulcimately you oversee all the functions of the accountine department Sta Wars, Inc. maintains talernar year-end (the books are cksedon December 31 of eac year. Adjusting ertries are only prepared annually. 10 Therefore, when you prepare the adjusting entries, they will need to be tor the entire year, not just for December. In order 11 to complete this practice set you will need to record all regular transactions for th month of December 2014 all other regular 12 transactions have already been recorded for th yea and all of the year-end adjusting entries. Yau will jourralize 13 al transactiors and adjustrnents in the general journal, post then to the geeral ledger xcournts, prepare an adjusted trial 14 balance, prepare the finacial statements, prepare closing entries, and finally a post-closingial balanze far the year ended 15 December 31, 2014. Prepaid Insurance Prepaid Renit Other Assets 17 The follawing information pertains to the various accounting practices applicable to star Wars, Inc 18 1 Star Vars, InE. mintains inventory usirg the perpetual methad. All ientory costs are tracked using 19 last in, first out (LIFO) cost fs. Sre the cost of gnods sold shert for detais rrgarding inwentory 20 2. Purchases of inventory arc rocorded at the net amount (discounts are reooenizod on the date of purchase, if applicatlel 21 The puchase tersre different for each supplier. Forfeited discunts are recorded separately as rast af goads sald. 22 3 Salcs on account are subjoct to terms 2/15, n 40 and anc rccordod at gross valuc. 23 4 The campary utilizes a general journal and general ledger, bist also trarks detailed information on suppliers and custamers 24 in accounts payable and accounts roccivable subsidiary Iedgers, respectivcly, You will noed to maintainthe subsidiary lodgers. 25 5. Salaried employees are paid monthly at the end of the month (on the last day of the month. Hourly employees are pald 25 cvry two wecks, Fach two weck pay period cnds on the Friday of the socond wock 27 6. The Compamy's chart of accounts is listed on the right side of this spreadsheet. 28 7. The Comparry uses the Allowance Method of accounting for bad debt. The Comparny cakulates bad debt expense at the end 29 of the fiscal Year at 5% of ending A/R(using the % of receivables method). Equipmet Accumulated Depreciatian- Equipmen147 Space Ships Accumulated Depreciatian-Space Ship Notes Payable Accaunts Payable Salaris and Wages Payable FICA Taoes Payable Incomc Tars Payablc Federal Withholding Taxes Payable State Withholding Taxes Payable FUTA Taxes Payable SUTA Taxes Payable Interest Payable Dividends Payable Nates Paryoble (long-term Bonds Payable 33 Check Figures: 34 Net Income $1,227,435 232