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You have prepared the following chart of accounts. You have set it up so that it will be easy to add new accounts later. O. Reza Fitness Boutique Chart of Accounts Acct. # Name of Account Acct. Name of Account 100 105 110 111 300 301 302 Owner's Equity Oneida Reza, Capital Oneida Reza Withdrawal 113 Assets Cash Petty Cash Fund Accounts Receivable Merchandise Inventory Office Supplies Prepaid Rent Prepaid Insurance Notes Receivable 400 401 114 Revenue Sales 116 118 120 140 141 Furniture & Equipment Accumulated Depreciation - Furniture & Equipment 500 501 510 515 520 530 535 Expenses Cost of Sales Salary Expense Advertising Expense Supplies Expense Rent Expense Utilities Expenses Delivery Expense Depreciation Expense Insurance Expense Automobile Expense Miscellaneous Expense 538 Automobiles Accumulated Depreciation- Automobiles 540 550 575 590 200 600 205 Liabilities Accounts Payable Wages & Salaries Payable Unearned Revenues Notes Payable 610 210 Other Income Interest & Other Income Other Expense Interest & Other Expenses 700 710 212 January, 20XX Transactions (round to the nearest dollar): Jan. 1 The following balances were received from Oneida Reza: Cash $300,000; Account Receivable, $12.750 (Lyle Co.) and; Merchandise Inventory $51,000; Office Supplies, $3,300; Furniture & Equipment, $12,000 (new and unused); Accounts Payable of $7,000 (The Office Spot). Journalize the beginning balances and post them to the general ledger Established a Petty Cash Fund for small expenditures, $200. Paid three months' rent on a lease rental contract, $12,000. Paid 6-month premiums on property and casualty insurance policies, $6,000. Purchased a Van for $25,000. Paid cash of $5,000 and signed a 10 month note payable for the balance. 1st payment is due February 1. Purchased $75,000 of merchandise on credit from Better Wholesale Equipment Co., terms n/30. (Chapter 6) Paid $800 of shipping costs to Better Wholesale Equipment Co. for the merchandise purchased on Jan. 4. 10 Received cash from a corporate client (Ross Co.) as an advance payment (unearned revenue) on special order equipment, $10,000. Purchased additional office equipment on account from The Office Spot, $5,000, n/30. Received check from client (Lyle Co.) on account, $6750 against beginning AR balance. Sold $13,700 fitness equipment on account to James Corp. for their employee fitness center. Terms 1/10,n30, FOB destination. Cost of Merchandise $9,150. 10 Paid $175 of shipping costs to UPS for the merchandise sold on Jan. 8* (Correction). Paid cash for newspaper ad for Grand Opening event in La Voz, $500. 11 Paid The Office Spot paid $7,000 on account. Recorded cash boutique sales for Jan 1-14. Cost of sales, $14,125: Visa Credit Card Sales $14,000 Master Card Sales $12,500 Checks $1,000 15 Paid fitness assistants for two weeks' salary, $3,000. 15 Leased excess office space. Received rent payment for remainder of month ($1,000) and "last month's" rent ($2,000) as security. Next payment due Feb. 1. Accepted 90-day Note Payable, 10% interest, in settlement of $6,000 balance on Accounts Receivable, (from beginning balance) Lyle Co. First interest Payment due Feb. 1. 150. Reza withdrew $1,000 for personal expenses. Borrowed $100,000 from her brother Juan Reza. Signed a Note Payable, balance due 2 years from today on Jan. 15. O. Reza pays interest only for two years, at 7%. The first interest payment is due Feb. 1. Purchased $45,000 of merchandise on account from Jakes Co., terms 2/10, n/30. Delivered special order equipment to Ross Co. (Jan. 4) and recorded sale of $25,000. Cost of merchandise, $13,250. After taking deposit into consideration, the balance was on account. Replenished Petty Cash Fund. Found in safe: receipts for Flyers for Grand Opening $65; Postage, $23; filled the Van with gas, $73; sent legal documents to attorney by courier, $25; cash $14. Increased Petty Cash Fund to $300. The James Corp. returned $2400 (retail) of merchandise from the Jan. 8 sale, for credit on account. Cost of merchandise returned, $1600. Hint: for simplicity, reverse the original entry, Received payment from James Corp. for the balance due from the Jan. 8 sale less the Jan. 16 return. Paid cash for supplies, $1,560. Returned for credit on account $4,300 (retail) of merchandise purchased from Jake Apparel Co. on Jan 15. 18 19 27 Increased Petty Cash Fund to $400. 27 29 Recorded Boutique sales as follows for Jan 16-30. Cost of sales, $9,000: Visa Credit Card Sales $8,000 Master Card Sales $3,000 Discovery Card $5,000 Checks $1,000 Paid fitness assistants for two weeks' salary, $1,650. Paid telephone bill for January, $540. Paid electricity bill for January, $760. Oneida withdrew $5,000 for personal use. Replenished Petty cash fund. The petty cash safe has Receipts for Postage Stamps $45.00, Printer Ink Cartridge $109.00, Printing Paper, $25; change lock on office door, $100; Cash, $18. Paid Ford Automotive for van maintenance, $550. Good news! Sold $125,000 of equipment to Grand Co. for their corporation's employee exercise facility. Received cash of $75,000 with balance on account (n/30); cost of equipment sold is $87,000. At the end of January, the following adjustment data is prepared. Analyze and use the following data to make adjustments (round to the nearest dollar). a. One month's insurance expired during January (calculation required) b. One month's rent expired during January. (Calculation required) C. Supplies on hand on January 31 are $1,860. d. Depreciation entries required: 1. Equipment of $12,000 (brought to the business) was new with no previous depreciation. All equipment has an estimated useful life of 5 years. Record depreciation for one-half month 2. Automobile (Van) purchased for $25,000 has a salvage value of $5,000 and estimated life of 5 years. Record depreciation for one month. e. Record the following accruals: i. Interest expense accrued on loan from Juan Reza (Jan. 15). ii. Interest income accrued on note receivable from Lyle Co. (Jan. 15) iii. Accrued fitness assistants salary on January 31 is $1,200. f. Received gas bill from American Gas for fuel purchases during January, $500. Due Jan. 5. O. Reza Fitness Boutique End of the Period Worksheet January 31, 20XX Unadjusted Trial Balance Dr C Adiustments D C Adjusted Trial Balancome Statement C D Balance Sheet CRDIC D C III 105 Cash 110 Petty Cash Fund 111 Accounts Receivable 113 Merchandise Inventory 114 Office Supplies 116 Prepaid Rent 118 Prepaid Insurance 120 Notes Receivable 140 Furniture & Equipment 141 Accum. Depr..Office Fur & Equip 145 Automobiles 146 Accumulated Depr. - Automobiles 201 Accounts Payable 205 Wages & Salaries Payable 210 Uneamed Revenues 212 Notes Payable 301 Oneida Reza, Capital 302 Oneida Reza, Withdrawal 401 Sales 501 Cost of Sales 510 Salary Expense SIS Advertising Expense 520 Supplies Expense 530 Rent Expense 535 Utilities Expense 538 Delivery Expense 5.40 Depreciation Expense 550 Insurance Expense 575 Automobile Expense 590 Miscellenous Admin Expense 610 Interest & Other Income 710 Interest Other Expenses THE HITTH ATTERIE IIIIIIIIIIIIIII DU IIIIIIIIIIIIIIIIIIIIIII TITITITITIIIIIIIIIIIIIIIII 111 IIIIIIIII IIIIIIII IIIIII Net Income 0. Reza Fitness Boutique End of the Period Worksheet January 31, 20XX Unadjusted Trial Balance De 105 Cash 110 Petty Cash Fund 111 Accounts Receivable 113 Merchandise Inventory 114 Office Supplies 116 Prepaid Rent 118 Prepaid Insurance 120 Notes Receivable 140 Furniture & Equipment 141 Accum. Depr.-Office Furn & Equip. 145 Automobiles 146 Accumulated Depr. - Automobiles 201 Accounts Payable 205 Wages & Salaries Payable 210 Uneamed Revenues 212 Notes Payable 301 Oneida Reza, Capital 302 Oneida Reza, Withdrawal 401 Sales 501 Cost of Sales 510 Salary Expense 515 Advertising Expense 520 Supplies Expense 330 Rent Expense 535 Utilities Expense 538 Delivery Expense 540 Depreciation Expense 550 Insurance Expense 575 Automobile Expense 590 Miscellenous Admin Expense 610 Interest & Other Income 710 Interest & Other Expenses Net Income
