Denise Fritz, CEO of Save- A- Lot Discount Stores, is considering a recommendation made by both the company?s purchasing manager and director of finance that the company should invest in a so-phisticated new perpetual inventory system to replace its periodic system. Explain the primary difference between the two systems, and discuss the potential benefits of a perpetual inventory system. 
ACCOUNTING I FINAL EXAM This final exam includes a comprehensive assignment, described below, and an assignment on the last tab where you will complete journal entries for a merchandising business. The comprehensive problem is explained below. This is a comprehensive problem that includes the entire accounting cycle, from recording transactions through period end adjustments, closing, and financial statement preparation. The accounting period begins on April 1, 2010 and ends on April 30, 2010. BE PREPARED TO SPEND AT LEAST 3 TO 4 HOURS OR MORE TO COMPLETE THE PROBLEM. REFER TO THE INFORMATION PROVIDED IN PREVIOUS WEEKS FOR ASSISTANCE. The instructions for the problem appear below. You will find the transactions listed on the next two tabs, followed by the Chart of Accounts, the General Journal, the General Ledger, the 10 column worksheet, and the formatted financial statements. It may be helpful to print each page to work on before entering the completed information. Some check figures have been provided for you. Be sure that your calculations match those check figures. If they do not match you must look for your error! REQUIRED (Complete your work in the following order): 1. Enter the transactions in the general journal. 2. Post the journal entries to the general ledger. Be aware that the accounting period begins on April 1, when the company began operations. The beginning balance of each account on April 1 is zero, and will appear as zero on the ledger. 3. Prepare a trial balance on the 10 column worksheet. Be sure that the total of debits equals the total of credits before you continue to the preparation of adjustments! 4. Complete the 10 column worksheet. Show your calculations of the adjusting entry amounts in the "Adjustments" tab! 5. Post the adjusting entries to the general journal. 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Record the closing entries in the general journal. 11. Prepare the post-closing trial balance. Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the offseason. Guests typically register for one week. THE FOLLOWING TRANSACTIONS TOOK PLACE DURING APRIL, 2010: Ref. J.1 1-Apr Night invested $90,000 cash in the business. J.2 1-Apr Paid 6 month insurance premium for the camping season: $9,000. J.3 2-Apr Paid rent for lodge and campgrounds for the month of April: $30,000. J.4 2-Apr Deposited registration fees (revenue): $35,000. J.5 2-Apr Purchased 10 fishing boats on account for $60,000 total. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements are made to pay for the boats in July. J.6 3-Apr Purchased food supplies from Acme Super Market on account: $7,000. (Night records Food Supplies as an asset on the balance sheet.) J.7 5-Apr Purchased office supplies from Gordon Office Supplies on account: $500. J.8 10-Apr Paid wages to fishing guides: $10,000. J.9 14-Apr Deposited registration fees (revenue): $30,500. J.10 16-Apr Purchased food supplies from Acme Super Market on account: $9,000. J.11 18-Apr Paid cash for postage: $150. J.12 24-Apr Paid wages to fishing guides: $10,000. J.13 28-Apr Deposited registration fees (revenue): $32,000. J.14 30-Apr Purchased food supplies from Acme Super Market on account: $6,000. J.15 30-Apr Paid Acme Super Market on account: $32,500. J.16 30-Apr Paid telephone bill: $1,200. J.17 30-Apr Bob Night withdrew cash for personal use: $6,000. MONTH END ADJUSTING JOURNAL ENTRIES Adjustment information for the end of April is provided below. Be sure to show your calculations and post to the 10-column worksheet, the journal, and the ledger! (a) Office Supplies remaining on-hand: $100. Office supplies purchased (from GL) Office supplies counted Office supplies used (b) Food supplies remaining on hand: $8,000. Food supplies purchased (from GL) Food supplies counted Food supplies used (c) Insurance expired (used up) during the month of April: $1,500. (d) Monthly depreciation on the fishing boats = $1,000 (e) Wages earned, but not yet paid, at the end of April: $5,000. Be sure to post! The General's Favorite Fishing Hole Chart of Accounts ASSETS 101 142 144 145 181 181.1 Cash Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Deprec. - Fishing Boats 202 219 LIABILITIES Accounts Payable Wages Payable 311 312 313 OWNER'S EQUITY Bob Night, Capital Bob Night, Drawing Income Summary 401 REVENUES Registration Fees Revenue 511 521 523 524 525 535 536 542 EXPENSES Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Telephone Expense Insurance Expense Postage Expense Deprec. Exp. - Fishing Boats The General's Favorite Fishing Hole General Journal Post the account name and the debit OR credit amount. The date and description are provided! DATE J. 1 ACCOUNTS & DESCRIPTIONS Apr. 1 POST REF dr cr Remember - Each journal entry must be 101 balanced so that the debits equal the 311 credits in each entry. No amount is Initial owner investment recorded in the description row! dr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr Apr. 1 cr dr J.2 cr cr 145 101 Purchased 6 month insurance policy. J.3 Apr. 2 521 101 Paid April rent. J.4 Apr. 2 101 401 Deposited registration fees. J.5 Apr. 2 181 202 Purchased 10 fishing boats on account. J.6 Apr. 3 144 202 Purchased food supplies on account. J.7 Apr. 5 142 202 Purchased office supplies on account. J.8 Apr. 10 511 101 Paid wages to fishing guides J.9 Apr. 14 101 401 Deposited registration fees J.10 Apr. 16 144 202 Purchased food supplies on account. J.11 Apr. 18 536 101 Paid postage dr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr J.12 Apr. 24 cr cr 511 101 Paid wages to fishing guides J.13 Apr. 28 101 401 Deposited registration fees J.14 Apr. 30 144 202 Purchased food supplies on account. J.15 Apr. 30 202 101 Paid Acme Market on account. J.16 Apr. 30 525 101 Paid telephone bill J.17 Apr. 30 312 101 Owner withdrawal of cash. A.1 Apr. 30 523 142 Adj. (a) Record office supplies used in April. A.2 Apr. 30 524 144 Adj. (b) Record food supplies used in April. A.3 Apr. 30 535 145 Adj. (c) Record insurance expired in April A.4 Apr. 30 542 181.1 Adj. (d) Record fishing boat depreciation for April. A.5 Apr. 30 511 219 Adj. (e) Record wages earned in April but not paid. dr C.1 Apr. 30 401 cr 97,500 313 (Clo. 1) Close revenues for April dr C.2 Apr. 30 Income Summary 313 cr 73,250 511 521 523 524 525 535 536 542 (Clo. 2) Close expenses for April dr dr C.3 Apr. 30 Income Summary cr cr 313 311 (Clo. 3) Close Income Summary to Capital C.4 Apr. 30 311 312 (Clo. 4) Close Drawing to Capital The General's Favorite Fishing Hole General Ledger Account: CASH DATE Apr. 1 Apr. 1 Apr. 1 Apr. 2 Apr. 2 Apr.10 Apr.14 Apr.18 Apr.24 Apr.28 Apr.30 Apr.30 Apr.30 ITEM Beginning balance Owner investment Purchased 6 mo. Policy Paid April rent Deposited registration fees Paid guide wages Deposited registration fees Paid postage Paid guide wages Deposited registration fees Paid Acme Paid telephone bill Owner withdrawal POST REF (transaction) DEBIT CREDIT J.1 J.2 J.3 J.4 J.8 J.9 J.11 J.12 J.13 J.15 J.16 J.17 88,650 Account: OFFICE SUPPLIES DATE ITEM Apr. 1 Beginning balance Apr. 5 Purchased from Gordon's Apr.30 Adjustment for usage POST REF (transaction) DEBIT CREDIT Account No. 142 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 144 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 145 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 181 (balance) DEBIT CREDIT -0- J.7 A.1 Account: FOOD SUPPLIES DATE Apr. 1 Apr.3 Apr.16 Apr.30 Apr.30 ITEM Beginning balance Purchased from Acme Purchased from Acme Purchased from Acme Adjust for supplies used POST REF J.6 J.10 J.14 A.2 Account: PREPAID INSURANCE DATE ITEM Apr. 1 Beginning balance Apr. 1 Purchased 6 mo. Policy Apr.30 Adjustment for expiration POST REF J.2 A.3 Account: FISHING BOATS DATE ITEM Apr. 1 Beginning balance Apr. 2 Purchased 10 boats Account No. 101 (balance) DEBIT CREDIT -0- POST REF J.5 Account: ACCUMULATED DEPRECIATION - FISHING BOATS POST (transaction) DATE ITEM REF DEBIT CREDIT Apr. 1 Beginning balance Apr.30 April depreciation A.4 Account No. 181 (balance) DEBIT CREDIT -0- Account: ACCOUNTS PAYABLE Account No. 202 (balance) DEBIT CREDIT -0- DATE Apr. 1 Apr. 2 Apr. 3 Apr. 5 Apr.16 ITEM Beginning balance Purchased 10 boats Purchased from Acme Purchased from Gordon's Purchased from Acme POST REF J.5 J.6 J.7 J.10 (transaction) DEBIT CREDIT NOTE: The beginning balance of zero in every account has been given to you. Some check figures have been provided in red. Apr.30 Purchased from Acme Apr.30 Paid Acme J.14 J.15 50,000 Account: WAGES PAYABLE DATE ITEM Apr. 1 Beginning balance Apr.30 Adj-wage earned but not paid POST REF (transaction) DEBIT CREDIT Account No. 219 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 311 (balance) DEBIT CREDIT -0- A.5 Account: BOB NIGHT, CAPITAL DATE Apr. 1 Apr. 1 Apr.30 Apr.30 ITEM Beginning balance Initial investment Close net income Close drawing POST REF J.1 C.3 C.4 108,250 Account: BOB NIGHT, DRAWING DATE ITEM Apr. 1 Beginning balance Apr.30 Owner withdrawal Apr.30 Close drawing POST REF (transaction) DEBIT CREDIT Account No. 312 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 313 (balance) DEBIT CREDIT -0- J.17 C.4 Account: INCOME SUMMARY DATE Apr. 1 Apr.30 Apr.30 Apr.30 ITEM Beginning balance Close Revenue Close Expenses Close to Capital POST REF C.1 C.2 C.3 -0- Account: REGISTRATION FEES REVENUE DATE Apr. 1 Apr.2 Apr.14 Apr.28 Apr.30 ITEM Beginning balance Deposited registration fees Deposited registration fees Deposited registration fees Close to Income Summary POST REF (transaction) DEBIT CREDIT Account No. 401 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 511 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 521 (balance) DEBIT CREDIT -0- J.4 J.9 J.13 C.1 Account: WAGES EXPENSE DATE Apr. 1 Apr.10 Apr.24 Apr.30 Apr.30 ITEM Beginning balance Paid guide wages Paid guide wages Adj - wage earned but not paid Close to Income Summary POST REF J.8 J.12 A.5 C.2 Account: RENT EXPENSE DATE ITEM Apr. 1 Beginning balance Apr. 2 Paid April rent Apr.30 Close to Income Summary POST REF J.3 C.2 Account: OFFICE SUPPLIES EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjust for usage Apr.30 Close to Income Summary POST REF (transaction) DEBIT CREDIT Account No. 523 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 524 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 525 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 535 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 536 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 542 (balance) DEBIT CREDIT -0- A.1 C.2 Account: FOOD SUPPLIES EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjust for supplies used Apr.30 Close to Income Summary POST REF A.2 C.2 Account: TELEPHONE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Paid telephone bill Apr.30 Close to Income Summary POST REF J.16 C.2 Account: INSURANCE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjustment for expiration Apr.30 Close to Income Summary POST REF A.3 C.2 Account: POSTAGE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.18 Paid postage Apr.30 Close to Income Summary POST REF J.11 C.2 Account: DEPRECIATION EXPENSE - FISHING BOATS POST DATE ITEM REF Apr. 1 Beginning balance Apr.30 Depreciation for April A.4 Apr.30 Close to Income Summary C.2 of zero en to you. n provided THE GENERAL'S FAVORITE FISHING HOLE WORKSHEET FOR MONTH ENDED APRIL 30, 2010 (Note: Some check figures have been provided for you. You will need to input addition and subtraction formulas to find totals.) ADJUSTED INCOME BALANCE ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS TRIAL BALANCE STATEMENT SHEET dr cr dr cr dr cr dr cr dr cr Cash 88,650 Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Depr.-Fishing Boats Accounts Payable Wages Payable Bob Night, Capital Bob Night, Drawing Registration Fees Revenue 97,500 Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Telephone Expense Insurance Expense Postage Expense Depr. Exp.-Fishing Boats TOTALS 237,500 21,900 243,500 170,250 NET INCOME TOTALS THE GENERAL'S FAVORITE FISHING HOLE INCOME STATEMENT MONTH ENDED APRIL 30, 2010 REVENUES: $ EXPENSES: $ TOTAL EXPENSES NET INCOME $ THE GENERAL'S FAVORITE FISHING HOLE STATEMENT OF OWNER'S EQUITY FOR MONTH ENDED APRIL 30, 2010 Bob Night, Capital, April 1, 2010 $ Owner Investment Net Income for April Less: Withdrawals for April Increase in Capital Bob Night, Capital, April 30, 2010 $ -0- THE GENERAL'S FAVORITE FISHING HOLE BALANCE SHEET APRIL 30, 2010 ASSETS $ Total Assets $ LIABILITIES $ Total Liabilities $ OWNER'S EQUITY $ Total Liabilities and Owner's Equity $ 163,250 THE GENERAL'S FAVORITE FISHING HOLE POST-CLOSING TRIAL BALANCE APRIL 30, 2010 DR Cash $ CR The purposes of the post-closing trial balance are to verify that the debit Office Supplies balances in the general ledger are Food Supplies equal to the credit balances after closing Prepaid Insurance and that the balances of the temporary Fishing Boats accounts are all zero. If total debits do Accum. Depr.-Fishing Boats not equal total credits you have an Accounts Payable error in the ledger that you need to Wages Payable identify and correct! Bob Night, Capital TOTAL $ 164,250 1. QuickBooks Final Project 1. 2. As your QuickBooks final project you will complete Project 1: Your Name Hardware Store, found on pages 203 - 215 of the QuickBooks Accounting Essentials with QuickBooks Pro 2010. You created this company in chapter 1 in week 3. Before you begin be sure to close "Your Name Retailers Inc" and open "Your Name Hardware Store". If you do have not created this company, please follow the instructions in chapter 1 to do so. Follow the text instructions carefully to input the company, vendor, customer, and inventory information provided and to input the company's transactions. On page 215 export the reports shown in steps 21 - 23, 25 and 26 to Excel following the same instructions you used in previous chapters. All of the reports must be included in one Excel workbook file. Be sure to backup your work, but DO NOT send this as an email to your instructor. Here are some check figures to be sure that you are on the right track: Journal: Total debits and total credits = $125,711.45 Trial Balance: Total debits and total credits = $96,925.00 Vendor Balance Detail: $2085.00 Customer Balance Detail: $0.00 Profit & Loss: Net Income = $783.55 Balance Sheet: Total Assets = $91,428.5 ACCOUNTING I FINAL EXAM This final exam includes a comprehensive assignment, described below, and an assignment on the last tab where you will complete journal entries for a merchandising business. The comprehensive problem is explained below. This is a comprehensive problem that includes the entire accounting cycle, from recording transactions through period end adjustments, closing, and financial statement preparation. The accounting period begins on April 1, 2010 and ends on April 30, 2010. BE PREPARED TO SPEND AT LEAST 3 TO 4 HOURS OR MORE TO COMPLETE THE PROBLEM. REFER TO THE INFORMATION PROVIDED IN PREVIOUS WEEKS FOR ASSISTANCE. The instructions for the problem appear below. You will find the transactions listed on the next two tabs, followed by the Chart of Accounts, the General Journal, the General Ledger, the 10 column worksheet, and the formatted financial statements. It may be helpful to print each page to work on before entering the completed information. Some check figures have been provided for you. Be sure that your calculations match those check figures. If they do not match you must look for your error! REQUIRED (Complete your work in the following order): 1. Enter the transactions in the general journal. 2. Post the journal entries to the general ledger. Be aware that the accounting period begins on April 1, when the company began operations. The beginning balance of each account on April 1 is zero, and will appear as zero on the ledger. 3. Prepare a trial balance on the 10 column worksheet. Be sure that the total of debits equals the total of credits before you continue to the preparation of adjustments! 4. Complete the 10 column worksheet. Show your calculations of the adjusting entry amounts in the "Adjustments" tab! 5. Post the adjusting entries to the general journal. 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Record the closing entries in the general journal. 11. Prepare the post-closing trial balance. Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the offseason. Guests typically register for one week. THE FOLLOWING TRANSACTIONS TOOK PLACE DURING APRIL, 2010: Ref. J.1 1-Apr Night invested $90,000 cash in the business. J.2 1-Apr Paid 6 month insurance premium for the camping season: $9,000. J.3 2-Apr Paid rent for lodge and campgrounds for the month of April: $30,000. J.4 2-Apr Deposited registration fees (revenue): $35,000. J.5 2-Apr Purchased 10 fishing boats on account for $60,000 total. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements are made to pay for the boats in July. J.6 3-Apr Purchased food supplies from Acme Super Market on account: $7,000. (Night records Food Supplies as an asset on the balance sheet.) J.7 5-Apr Purchased office supplies from Gordon Office Supplies on account: $500. J.8 10-Apr Paid wages to fishing guides: $10,000. J.9 14-Apr Deposited registration fees (revenue): $30,500. J.10 16-Apr Purchased food supplies from Acme Super Market on account: $9,000. J.11 18-Apr Paid cash for postage: $150. J.12 24-Apr Paid wages to fishing guides: $10,000. J.13 28-Apr Deposited registration fees (revenue): $32,000. J.14 30-Apr Purchased food supplies from Acme Super Market on account: $6,000. J.15 30-Apr Paid Acme Super Market on account: $32,500. J.16 30-Apr Paid telephone bill: $1,200. J.17 30-Apr Bob Night withdrew cash for personal use: $6,000. MONTH END ADJUSTING JOURNAL ENTRIES Adjustment information for the end of April is provided below. Be sure to show your calculations and post to the 10-column worksheet, the journal, and the ledger! (a) Office Supplies remaining on-hand: $100. Office supplies purchased (from GL) Office supplies counted Office supplies used (b) Food supplies remaining on hand: $8,000. Food supplies purchased (from GL) Food supplies counted Food supplies used (c) Insurance expired (used up) during the month of April: $1,500. (d) Monthly depreciation on the fishing boats = $1,000 (e) Wages earned, but not yet paid, at the end of April: $5,000. Be sure to post! The General's Favorite Fishing Hole Chart of Accounts ASSETS 101 142 144 145 181 181.1 Cash Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Deprec. - Fishing Boats 202 219 LIABILITIES Accounts Payable Wages Payable 311 312 313 OWNER'S EQUITY Bob Night, Capital Bob Night, Drawing Income Summary 401 REVENUES Registration Fees Revenue 511 521 523 524 525 535 536 542 EXPENSES Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Telephone Expense Insurance Expense Postage Expense Deprec. Exp. - Fishing Boats The General's Favorite Fishing Hole General Journal Post the account name and the debit OR credit amount. The date and description are provided! DATE J. 1 ACCOUNTS & DESCRIPTIONS Apr. 1 POST REF dr cr Remember - Each journal entry must be 101 balanced so that the debits equal the 311 credits in each entry. No amount is Initial owner investment recorded in the description row! dr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr Apr. 1 cr dr J.2 cr cr 145 101 Purchased 6 month insurance policy. J.3 Apr. 2 521 101 Paid April rent. J.4 Apr. 2 101 401 Deposited registration fees. J.5 Apr. 2 181 202 Purchased 10 fishing boats on account. J.6 Apr. 3 144 202 Purchased food supplies on account. J.7 Apr. 5 142 202 Purchased office supplies on account. J.8 Apr. 10 511 101 Paid wages to fishing guides J.9 Apr. 14 101 401 Deposited registration fees J.10 Apr. 16 144 202 Purchased food supplies on account. J.11 Apr. 18 536 101 Paid postage dr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr J.12 Apr. 24 cr cr 511 101 Paid wages to fishing guides J.13 Apr. 28 101 401 Deposited registration fees J.14 Apr. 30 144 202 Purchased food supplies on account. J.15 Apr. 30 202 101 Paid Acme Market on account. J.16 Apr. 30 525 101 Paid telephone bill J.17 Apr. 30 312 101 Owner withdrawal of cash. A.1 Apr. 30 523 142 Adj. (a) Record office supplies used in April. A.2 Apr. 30 524 144 Adj. (b) Record food supplies used in April. A.3 Apr. 30 535 145 Adj. (c) Record insurance expired in April A.4 Apr. 30 542 181.1 Adj. (d) Record fishing boat depreciation for April. A.5 Apr. 30 511 219 Adj. (e) Record wages earned in April but not paid. dr C.1 Apr. 30 401 cr 97,500 313 (Clo. 1) Close revenues for April dr C.2 Apr. 30 Income Summary 313 cr 73,250 511 521 523 524 525 535 536 542 (Clo. 2) Close expenses for April dr dr C.3 Apr. 30 Income Summary cr cr 313 311 (Clo. 3) Close Income Summary to Capital C.4 Apr. 30 311 312 (Clo. 4) Close Drawing to Capital The General's Favorite Fishing Hole General Ledger Account: CASH DATE Apr. 1 Apr. 1 Apr. 1 Apr. 2 Apr. 2 Apr.10 Apr.14 Apr.18 Apr.24 Apr.28 Apr.30 Apr.30 Apr.30 ITEM Beginning balance Owner investment Purchased 6 mo. Policy Paid April rent Deposited registration fees Paid guide wages Deposited registration fees Paid postage Paid guide wages Deposited registration fees Paid Acme Paid telephone bill Owner withdrawal POST REF (transaction) DEBIT CREDIT J.1 J.2 J.3 J.4 J.8 J.9 J.11 J.12 J.13 J.15 J.16 J.17 88,650 Account: OFFICE SUPPLIES DATE ITEM Apr. 1 Beginning balance Apr. 5 Purchased from Gordon's Apr.30 Adjustment for usage POST REF (transaction) DEBIT CREDIT Account No. 142 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 144 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 145 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 181 (balance) DEBIT CREDIT -0- J.7 A.1 Account: FOOD SUPPLIES DATE Apr. 1 Apr.3 Apr.16 Apr.30 Apr.30 ITEM Beginning balance Purchased from Acme Purchased from Acme Purchased from Acme Adjust for supplies used POST REF J.6 J.10 J.14 A.2 Account: PREPAID INSURANCE DATE ITEM Apr. 1 Beginning balance Apr. 1 Purchased 6 mo. Policy Apr.30 Adjustment for expiration POST REF J.2 A.3 Account: FISHING BOATS DATE ITEM Apr. 1 Beginning balance Apr. 2 Purchased 10 boats Account No. 101 (balance) DEBIT CREDIT -0- POST REF J.5 Account: ACCUMULATED DEPRECIATION - FISHING BOATS POST (transaction) DATE ITEM REF DEBIT CREDIT Apr. 1 Beginning balance Apr.30 April depreciation A.4 Account No. 181 (balance) DEBIT CREDIT -0- Account: ACCOUNTS PAYABLE Account No. 202 (balance) DEBIT CREDIT -0- DATE Apr. 1 Apr. 2 Apr. 3 Apr. 5 Apr.16 ITEM Beginning balance Purchased 10 boats Purchased from Acme Purchased from Gordon's Purchased from Acme POST REF J.5 J.6 J.7 J.10 (transaction) DEBIT CREDIT NOTE: The beginning balance of zero in every account has been given to you. Some check figures have been provided in red. Apr.30 Purchased from Acme Apr.30 Paid Acme J.14 J.15 50,000 Account: WAGES PAYABLE DATE ITEM Apr. 1 Beginning balance Apr.30 Adj-wage earned but not paid POST REF (transaction) DEBIT CREDIT Account No. 219 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 311 (balance) DEBIT CREDIT -0- A.5 Account: BOB NIGHT, CAPITAL DATE Apr. 1 Apr. 1 Apr.30 Apr.30 ITEM Beginning balance Initial investment Close net income Close drawing POST REF J.1 C.3 C.4 108,250 Account: BOB NIGHT, DRAWING DATE ITEM Apr. 1 Beginning balance Apr.30 Owner withdrawal Apr.30 Close drawing POST REF (transaction) DEBIT CREDIT Account No. 312 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 313 (balance) DEBIT CREDIT -0- J.17 C.4 Account: INCOME SUMMARY DATE Apr. 1 Apr.30 Apr.30 Apr.30 ITEM Beginning balance Close Revenue Close Expenses Close to Capital POST REF C.1 C.2 C.3 -0- Account: REGISTRATION FEES REVENUE DATE Apr. 1 Apr.2 Apr.14 Apr.28 Apr.30 ITEM Beginning balance Deposited registration fees Deposited registration fees Deposited registration fees Close to Income Summary POST REF (transaction) DEBIT CREDIT Account No. 401 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 511 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 521 (balance) DEBIT CREDIT -0- J.4 J.9 J.13 C.1 Account: WAGES EXPENSE DATE Apr. 1 Apr.10 Apr.24 Apr.30 Apr.30 ITEM Beginning balance Paid guide wages Paid guide wages Adj - wage earned but not paid Close to Income Summary POST REF J.8 J.12 A.5 C.2 Account: RENT EXPENSE DATE ITEM Apr. 1 Beginning balance Apr. 2 Paid April rent Apr.30 Close to Income Summary POST REF J.3 C.2 Account: OFFICE SUPPLIES EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjust for usage Apr.30 Close to Income Summary POST REF (transaction) DEBIT CREDIT Account No. 523 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 524 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 525 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 535 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 536 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 542 (balance) DEBIT CREDIT -0- A.1 C.2 Account: FOOD SUPPLIES EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjust for supplies used Apr.30 Close to Income Summary POST REF A.2 C.2 Account: TELEPHONE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Paid telephone bill Apr.30 Close to Income Summary POST REF J.16 C.2 Account: INSURANCE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjustment for expiration Apr.30 Close to Income Summary POST REF A.3 C.2 Account: POSTAGE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.18 Paid postage Apr.30 Close to Income Summary POST REF J.11 C.2 Account: DEPRECIATION EXPENSE - FISHING BOATS POST DATE ITEM REF Apr. 1 Beginning balance Apr.30 Depreciation for April A.4 Apr.30 Close to Income Summary C.2 of zero en to you. n provided THE GENERAL'S FAVORITE FISHING HOLE WORKSHEET FOR MONTH ENDED APRIL 30, 2010 (Note: Some check figures have been provided for you. You will need to input addition and subtraction formulas to find totals.) ADJUSTED INCOME BALANCE ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS TRIAL BALANCE STATEMENT SHEET dr cr dr cr dr cr dr cr dr cr Cash 88,650 Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Depr.-Fishing Boats Accounts Payable Wages Payable Bob Night, Capital Bob Night, Drawing Registration Fees Revenue 97,500 Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Telephone Expense Insurance Expense Postage Expense Depr. Exp.-Fishing Boats TOTALS 237,500 21,900 243,500 170,250 NET INCOME TOTALS THE GENERAL'S FAVORITE FISHING HOLE INCOME STATEMENT MONTH ENDED APRIL 30, 2010 REVENUES: $ EXPENSES: $ TOTAL EXPENSES NET INCOME $ THE GENERAL'S FAVORITE FISHING HOLE STATEMENT OF OWNER'S EQUITY FOR MONTH ENDED APRIL 30, 2010 Bob Night, Capital, April 1, 2010 $ Owner Investment Net Income for April Less: Withdrawals for April Increase in Capital Bob Night, Capital, April 30, 2010 $ -0- THE GENERAL'S FAVORITE FISHING HOLE BALANCE SHEET APRIL 30, 2010 ASSETS $ Total Assets $ LIABILITIES $ Total Liabilities $ OWNER'S EQUITY $ Total Liabilities and Owner's Equity $ 163,250 THE GENERAL'S FAVORITE FISHING HOLE POST-CLOSING TRIAL BALANCE APRIL 30, 2010 DR Cash $ CR The purposes of the post-closing trial balance are to verify that the debit Office Supplies balances in the general ledger are Food Supplies equal to the credit balances after closing Prepaid Insurance and that the balances of the temporary Fishing Boats accounts are all zero. If total debits do Accum. Depr.-Fishing Boats not equal total credits you have an Accounts Payable error in the ledger that you need to Wages Payable identify and correct! Bob Night, Capital TOTAL $ 164,250 1. QuickBooks Final Project 1. 2. As your QuickBooks final project you will complete Project 1: Your Name Hardware Store, found on pages 203 - 215 of the QuickBooks Accounting Essentials with QuickBooks Pro 2010. You created this company in chapter 1 in week 3. Before you begin be sure to close "Your Name Retailers Inc" and open "Your Name Hardware Store". If you do have not created this company, please follow the instructions in chapter 1 to do so. Follow the text instructions carefully to input the company, vendor, customer, and inventory information provided and to input the company's transactions. On page 215 export the reports shown in steps 21 - 23, 25 and 26 to Excel following the same instructions you used in previous chapters. All of the reports must be included in one Excel workbook file. Be sure to backup your work, but DO NOT send this as an email to your instructor. Here are some check figures to be sure that you are on the right track: Journal: Total debits and total credits = $125,711.45 Trial Balance: Total debits and total credits = $96,925.00 Vendor Balance Detail: $2085.00 Customer Balance Detail: $0.00 Profit & Loss: Net Income = $783.55 Balance Sheet: Total Assets = $91,428.5
