Cycle Path, Inc. went into business as a corporation in early 2017. For the first few years, the company provided bicycle rental and repair services only (no merchandise). During 2020, the company began selling bicycles and related gear, and decided to use the FIFO inventory method. The other worksheets include the following: An accounting equation grid for you to analyze the impacts of the events.

Instructions Beg TB Events Grid Inventory J-Es Adj 3 Cycle Path, Inc. went into business as a corporation in early 2017. For the first few years, the company provided bicycle rental and repair services only (no merchandise). During 2020, the company began selling bicycles and related gear, and decided to use the FIFO inventory method. The other worksheets include the following: Sheet Nam 1 Cycle Path's trial balance on January 1, 2020. Beg TB Background Info 2 A list of events that occurred during 2020. Events Background Info An accounting equation gnd for you to analyze the impacts of the events, Grid Completion Required Nole check sorals on rows 12-16 A worksheet to analyze the cost of inventory and the cost of goods sold Inventory Completion Required Enough us are provided after each event solist all the inventory lovers at their exists S A worksheet to prepare appropriate transaction and adjusting journal entries. J-ES Completion Required 6 A worksheet to prepare the 2020 Adjusted Trial Balance Completion Required Worksheets to prepare the 2020 financial statements, Fin St Completion Required A worksheet to prepare the 2020 closing journal entries. Closing Completion Required 4 Ad TB 7 8 Instructions Beg TB Events Grid Inve Shown below is the Post-Closing Trial Balance for Cycle Path at the end of 2019. Cycle Path, Inc. Post-Closing Trial Balance as of December 31, 2019 Credit Debit 12.410 2.380 153 680 0 3.400 0 884 765 Account Cash Accounts receivable Supplies Prepaid rent Inventory Land Accounts payable Salaries payable Unearned revenue Common stock Retained earnings Dividends declared Service revenue Product sales Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses TOTALS 6,800 10.574 0 0 0 0 0 0 0 0 0 0 19.023 19.0231 Instructions Beg TB Events Grid Inventory el 11 k) 1) p) Following are the events for Cycle Path during 2020 a) Ian. 2020-Cyckerath paid the sales payable for 2009 b) Jan 14, 2020. The company acquired as added 3.500 con from the issue of common stock Jan 17, 2020. The company paid 5765 cash for supplies to be used by the business 3) Jan 21, 2020-Cycle Path purchased 35 bicycle and related post for later sale at a cost of $16.142. The bicycle and related gear were purchased on account with the Jan 29, 2020 - Cycle Path decided to pay $4.200 of its payable balance from and before the discount ponied expired, so Cycle Path first applied the discount to the 54,200 amount so it could reduce its accounts payable balance of the actualment describe event below Aner applying this doen Cycle Path's inventory cost was $40 for each niem olan 25 2020. Cycle Path paid cash to see parts of a balance as described inevate Feb. 12. 2020 - The company sold 24 bicycles and related Sotal price of $15.300 Sules of $11,050 we of account, while 4.250 were chalet Records Feb. 12. 2020 - The cost to Cycle Pathcachoduct was see Feb 17, 2020 - The company paid the workers al f57.146 in salaries Feb. 2. 2020 - The company provided $30,000 of bicyclerstal nepair services. The services were billed to the customers Mar 1, 2020-Cycle Path sented a business and paying $4.000 inhance for acne year rental Mar. 3. 2020-Paid cach to settle additional accounts payable in the amount of 3.213. The payment was made after the discount pied espired m Mar. 11. 2020. Collected $52.360 of accounts recente Apt. 9. 2020 - Cycle Path performed 1,500 worth of bicycles and repair services for local college $10.200 was on account and 51.700 was for cash May 1, 2020 - Taid $6.120 for one year's rent office space is advance May. X, 2020-Cycle Path purchased and paid cast, for bicycles and related gear for later sale at a cost of $47 wach 4 May. 17. 2020. The company paid accounts payable of $1.22L but not within the discount period (the company uses the gross nich Jen. 1.2020 - Cycle Path tentela a larger building paid 55.610 for 13 month rent in advance. 5) Jun 5, 2020 - Cycle Path purchased, and paid for 12 bicycles and related paar for later sale at a cost of 4 cach ) Jun 12.2000 - Cyde Path purchased 15 bicycles and related per for later sale at a cost of S486 each. The purchase was on account u) Jun 23, 2020 - The company old 22 cycles and related gene for a sotul pace of $23.00. Sales of $17.000 De account, while 6.300 wete cash sales Recode Jun 23.2020 - Record the cost of goods sold iclated to the sale the event using the perpetual FIFO method w) Jul 1, 2020 - Made a full refund to a distand customer wheretomed a bicycle. The sale had been a cash sale for $935 with a cost of Record the seves part of the event Jul. 1. 2020 - Made a full refund to a dissatisfied customer who med bicycle The sale had been a csak for $935 with a cost of 546. Record the cost part of the event y2 Jul 15, 2020 - Paid employees a total of 59.350 cashflares employees came during the current period. Aug 24, 2020-rded 527.200 of bicycle rental dining the year. The services were billed the customer m Sep. 20, 2020 - Recognized S60 of service revenu cared during the fint in months of the year; it had been collected in the prior year bh Oct. 1.2020 - Sold additional bacycle rental and repair sech 340 for one year's service starting immediately. The cuspaid cash for the full ceh Nov. 13.2020 - Colcted $43.350 of control dd) Nov 20.2020 - Taidan ada 4.6.75 tottle capable de payment was made after the discounted pued cel Dec. 27.2020 Paid $2.36 of advertising expense during the year Dec 282020 - Poid 53.553 ofis expense for the year g) Der x 2020. Paid $10,000 for operating for the ye Ith Dec. 29, 2030 - Paid a dividend of $10.200 to the badden Dec 31, 2020 - There was 5537 of supplies on hand at the end of the year Dec. 31.2020 - Recognized the expered from the prior year. Levent kolor space [event(o), and the building event for the year kki D. 31, 2020 - Recogreva for the current year camerettel Dec 31, 2020 - Accrued salaries at December 3 w S1.02 Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing Aucts Liabilities Equity Cash Event Flow Calg Accounts Prepaid rent Cash turvatar Cost of Land Product relvahid Supplies Com Retained Dividends Service earnings declared revende Account Salaries nearned payable payable Supplies enpro 12.410 2.NO 151 6N0 o 3.400 0 NN 765 6.800 10.574 0 0 0 0 0 Megin a) Opr b) e) d) e) n h) o 4 11 0 u Y w YO 2) bh dd) el m hh in ki 11 Kading and 49,211 12,70 17 5057 7.284 1,400 10,120 1,020 340 49.100 10.874 70,465 3N, 165 (25.65) Non the flowing towel SUM fum 11.526 2.ANO Will you meet twy ochtend 60 400 0 765 151 6. 10,574 . 0 0 0 Cash Our How lay Fin ENNE 0 0 Instructions Beg TB Events Grid Below is worksheet to pinalyze the cost of inventory and the cost of goods sold. Rememer. Cycle Path uses the FIFO inventory method. Chat. ter purchases us positive quantities and sales as besar comities) Value Event Quantity Unit Cost Quantity Balance Value Balance Change d) 35 S461.20 S16,142 351 @ $461,20 $16,142 el discount $4,200.00 (542) 35 $460.00 $16,100 h) 124) $460.00 (511.040) 11 @ $460.00 $5,060 S) 1) X) 7:19 . Back 2400 Proj 2 Fall 2020.xlsx G Broth LES RETLER DU Dashboard Calendar To Do Notifications 7:19 .