D E Note: The Unadjusted Trial Balance and the Adjusted Trial Balance have been completed for you. 2 Journalize the routine transactions described on the Journal Tab. You do not need to complete the PR section for this assignment. Use the Account Names shown on the ATB 3 Use the Unadjusted Trial Balance and adjusting information provided (See Journal tab) to journalize the 7 adjusting entries (a-g.) 4 Use the Adjusted Trial Balance provided to prepare an Income Statement (Multi- Step) appropriate to a merchandising business, a Statement of Owner's Equity, and a report form Balance Sheet. These should be completed on the Financial Statements tab. Notes/Tips: There were no investments by owner during the reporting period. This company prepares an Adjusted Trial Balance and Financial Statements at the end of each month. All adjustments are for the last 30 days. (Effective date Dec 31) Print the Adjusted Trial Balance to help complete the Financial Statements. Print the Unadjusted Trial Balance to help complete the Journal Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements 3 4 Note: There is no correlation between the placement of the financial transactions listed below and their placement in the journal. During the last month of the year, the following transactions were completed: Dec 1 Paid rent for December, $5000. Dec 3 Purchased merchandise from Goat Company for $10,000 under terms 1/15, n/30, FOB Shipping Point Dec 4 Paid $500 cash for freight charges on purchase of Dec 3. B 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Dec 5 Sold merchandise to Beaver company for $12,000 under credit terms 2/10, n/60, FOB Shipping Point. The merchandise had a cost of $5,000. Dec 6 Purchased merchandise from Duck Company for $25,000, under terms n/eom (netet end of month). Dec 8 Received $22,400 on account from Warthog Company, no discount. This sale was made in November. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements Dec 9 After negotiations with Goat Company concerning problems with the merchandise purchased on Dec 3, ABC Company received a credit credit memorandum from Goat Company granting an allowance of $2,000. Dec 10 Paid part-time sales clerk $3,000 which included $2,000 of Sale Salaries Payable on December 1st. (Hint: This entry will require three lines.) Dec 11 Sold merchandise on account to Cow company, terms 2/10, n/60, FOB destination, $15,000. The merchandise had a cost of $9,000. Dec 12 Paid $600 cash for shipping charges related to the Dec 11 sale to Cow Company. Dec 13 Paid the amount due to Goat Company for the Dec 3 purchase less the allowance granted on Dec 9. Dec 15 Received balance due from Beaver Company for merchandise sold on Dec 5. Dec 16 Cow company returned merchandise from the Dec 11 sale that had cost ABC Company $2,000 and been sold for $5,000. The merchandise was restored to inventory. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements M Dec 21 Received amount due from Cow company for the Dec 11 sale less the sale return on Dec 16. Dec 23 Paid advertising expense for ads running the last week of December, $1,000. Dec 24 Paid part-time sales clerk for two weeks' salary, $3,000. Dec 27 Purchased office supplies on account, $800. 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Dec 31 Pald Duck Company amount due from the Dec 6 purchase. At the end of December, the following adjustment data were assembled. a After a physical count of inventory, it was determined that $134,500 of inventory exists at December 31. b 1% of sales is expected to be refunded. C Estimated Cost of Merchandise that will be returned in the next year is $8,000 + 64 d Insurance Expired during the year, $3,300. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements Tune here to cash Dec 27 Purchased office supplies on account, $800. Dec 31 Paid Duck Company amount due from the Dec 6 purchase. At the end of December, the following adjustment data were assembled. a After a physical count of inventory, it was determined that $134,500 of inventory exists at December 31. 1% of sales is expected to be refunded. Estimated Cost of Merchandise that will be returned in the next year is $8,000 d Insurance Expired during the year, $3,300. e Office supplies on hand at Dec 31, $1,250. f Depreciation for December is $700. g Sales clerk earned $1,500 of unpaid and unrecorded salary as of Dec 31. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements D E Note: The Unadjusted Trial Balance and the Adjusted Trial Balance have been completed for you. 2 Journalize the routine transactions described on the Journal Tab. You do not need to complete the PR section for this assignment. Use the Account Names shown on the ATB 3 Use the Unadjusted Trial Balance and adjusting information provided (See Journal tab) to journalize the 7 adjusting entries (a-g.) 4 Use the Adjusted Trial Balance provided to prepare an Income Statement (Multi- Step) appropriate to a merchandising business, a Statement of Owner's Equity, and a report form Balance Sheet. These should be completed on the Financial Statements tab. Notes/Tips: There were no investments by owner during the reporting period. This company prepares an Adjusted Trial Balance and Financial Statements at the end of each month. All adjustments are for the last 30 days. (Effective date Dec 31) Print the Adjusted Trial Balance to help complete the Financial Statements. Print the Unadjusted Trial Balance to help complete the Journal Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements 3 4 Note: There is no correlation between the placement of the financial transactions listed below and their placement in the journal. During the last month of the year, the following transactions were completed: Dec 1 Paid rent for December, $5000. Dec 3 Purchased merchandise from Goat Company for $10,000 under terms 1/15, n/30, FOB Shipping Point Dec 4 Paid $500 cash for freight charges on purchase of Dec 3. B 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Dec 5 Sold merchandise to Beaver company for $12,000 under credit terms 2/10, n/60, FOB Shipping Point. The merchandise had a cost of $5,000. Dec 6 Purchased merchandise from Duck Company for $25,000, under terms n/eom (netet end of month). Dec 8 Received $22,400 on account from Warthog Company, no discount. This sale was made in November. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements Dec 9 After negotiations with Goat Company concerning problems with the merchandise purchased on Dec 3, ABC Company received a credit credit memorandum from Goat Company granting an allowance of $2,000. Dec 10 Paid part-time sales clerk $3,000 which included $2,000 of Sale Salaries Payable on December 1st. (Hint: This entry will require three lines.) Dec 11 Sold merchandise on account to Cow company, terms 2/10, n/60, FOB destination, $15,000. The merchandise had a cost of $9,000. Dec 12 Paid $600 cash for shipping charges related to the Dec 11 sale to Cow Company. Dec 13 Paid the amount due to Goat Company for the Dec 3 purchase less the allowance granted on Dec 9. Dec 15 Received balance due from Beaver Company for merchandise sold on Dec 5. Dec 16 Cow company returned merchandise from the Dec 11 sale that had cost ABC Company $2,000 and been sold for $5,000. The merchandise was restored to inventory. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements M Dec 21 Received amount due from Cow company for the Dec 11 sale less the sale return on Dec 16. Dec 23 Paid advertising expense for ads running the last week of December, $1,000. Dec 24 Paid part-time sales clerk for two weeks' salary, $3,000. Dec 27 Purchased office supplies on account, $800. 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 Dec 31 Pald Duck Company amount due from the Dec 6 purchase. At the end of December, the following adjustment data were assembled. a After a physical count of inventory, it was determined that $134,500 of inventory exists at December 31. b 1% of sales is expected to be refunded. C Estimated Cost of Merchandise that will be returned in the next year is $8,000 + 64 d Insurance Expired during the year, $3,300. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements Tune here to cash Dec 27 Purchased office supplies on account, $800. Dec 31 Paid Duck Company amount due from the Dec 6 purchase. At the end of December, the following adjustment data were assembled. a After a physical count of inventory, it was determined that $134,500 of inventory exists at December 31. 1% of sales is expected to be refunded. Estimated Cost of Merchandise that will be returned in the next year is $8,000 d Insurance Expired during the year, $3,300. e Office supplies on hand at Dec 31, $1,250. f Depreciation for December is $700. g Sales clerk earned $1,500 of unpaid and unrecorded salary as of Dec 31. Directions Journal Unadjusted Trial Balance Adjusted Trial Balance Financial Statements