Question
Following are a list of events for 2003. You are responsible for completing the documents related to these events (from the revenue and expenditure cycles),
Following are a list of events for 2003. You are responsible for
completing the documents related to these events (from the revenue and expenditure cycles), recording the transactions, if required, in the special journals, posting these to the ledgers (general ledger and subsidiary ledger when applicable) and prepare some reports. As part of this assignment, you will take on the many roles of the individuals from the different departments that are responsible for
the transactions.
Events:
Dec. 12: Received Customer order 2011 from Shawn Patrick. It wa
s for a total of $1,950. They ordered 10 DVD40s ($80 each), 20 DVD30s ($50 each), and 5 VHS30 ($30 each). They would like these goods on December 19. Please Process Sales Order #1200. (but do not ship the goods). This is Revenue Cycle Step 1.
Dec. 13: Received approved requisition form from Operations requesting
the purchase of 20 DVD Players-Basic and 25 DVD Players-Premium. These items will be purchased from 3DN Inc with an expected delivery date of Dec 30. Issue P.O. Number 358.This is the Expenditure Cycle Step 1.
Dec 16: Paid amount due ($750) to Abbey Roads Inc. for Purchase Order Number 320. Issue check number 154. This is Expenditure Cycle Step 4. (Note: from Documents in process you will need: a) invoice from
Abbey Roads Inc, b) PO 320 (accounts payable copy) and c) receiving report.
Dec. 17: Received all of the product promotion pamphlets purchased for
the marketing department. The purchase order (P.O.) was 356. The receiving department verified that all 1,000 pamphlets were there and in good condition. The pamphlets were sent to the marketing department. Use receiving number 121. This is Expenditure Cycle Step 2.(Note: from Documents in process you will need: PO 356 receiving department copy)
Dec 18: Accounts Payable received invoice from Beach Bum Inc. f
or the promotion pamphlets
ordered on P.O. 356. Record these as Promotion and advertising expense (account # 50300).(Note: from Documents in process you will need: Invoice#488 from Beach Bum and PO 356 accounts payable copy). (Note: this is not inventory. This is for account 50300-Promotion and
Advertising Expense)
Dec. 20: Received approved requisition form from the Accounting Department requesting the purchase of 10 Pads of Columnar Paper (cost $5 each), 2 Printer Toners ($70 each), and 2 boxes of copy paper ($20 each). These items will be purchased from Highway Suppliers with an
expected delivery date of January 3, 2004. Issue P.O. Number 359.
1) Complete the documents and record the transactions, if required
, in the correct special
journals. (Hint: Do not use the general journal for these entries. For this project, the general
journal will only be used for adjusting entries). Post the information to the subsidiary ledgers (where applicable-see note 4).
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