Foundations ofAccountingComprehensiveProblem.

I have attached the instructions below.

Check Figures for Accounting Project: Cash Receipts Journal; Cash Column: 97,939 Unadjusted Trial Balance Total: 1,080,620 Net Income: 264,350 Post-Closing Trial Balance: 347,490 Foundations of Accounting I Accounting Project Written by: Karen Pitsch David's Entertainment is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows: 110 112 113 115 116 117 123 124 210 211 218 220 310 311 312 410 411 412 510 520 521 522 523 529 530 531 532 533 539 550 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Interest Payable Note Payable (Due 2017) D. Williams, Capital (January 1, 2012) D. Williams, Drawing Income Summary Sales Sales Returns and Allowances Sales Discounts Cost of Merchandise Sold Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense Office Salaries Expense Rent Expense Insurance Expense Bad Debt Expense Miscellaneous Administrative Expense Interest Expense $ 73,920 34,250 11,000 123,900 3,750 2,850 100,800 20,160 21,450 0 0 15,000 73,260 50,000 0 853,445 20,020 13,200 414,575 74,400 18,000 0 0 2,800 40,500 18,600 0 0 1,650 1,100 David's Entertainment uses the perpetual inventory system and the First-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the First-in, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt. The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily). David's Entertainment sells four types of television entertainment units. The sale prices of each are: TV A: TV B: TV C: PS D: $3,500 $5,250 $6,125 $9,000 During December, the last month of the accounting year, the following transactions were completed: Dec. 1. Issued check number 2632 for the December rent, $2,600. 3. Purchased three TV C units on account from Prince Co., terms 2/10, n/30, FOB shipping point, $11,100. 4. Issued check number 2633 to pay the transportation changes on purchase of December 3, $400. (NOTE: Do not include shipping and purchase discounts to the Inventory Control sheet for this project.) 6. Sold four TV A and four TV B on account to Albert Co., invoice 891, terms 2/10, n/30, FOB shipping point. 10. Sold two projector systems for cash. 11. Purchased store supplies on account from Matt Co., terms n/30, $580. 13. Issued check to Prince Co. number 2634 for the full amount due, less discount allowed. 14. Issued credit memo for one TV A unit returned on sale of December 6. 15. Issued check number 2635 for advertising expense for last half of December, $1,500. 16. Received cash from Albert Co. for the full amount due (less return of December 14 and discount). 19. Issued check number 2636 to buy two TV C units, $7,600. 19. Issued check number 2637 for $6,100 to Joseph Co. on account. 20. Sold five TV C units on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point. 20. For the convenience of the customer, issued check number 2638 for shipping charges on sale of December 20, $700. 21. Received $12,250 cash from McKenzie Co. on account, no discount. 21. Purchased three projector systems on account from Elisha Co., terms 1/10, n/30, FOB destination, $15,600. 24. Received notification that Marie Co. has been granted bankruptcy with no amount of recovery. We are to write-off her amount due. (Note: See page 402 for entry required.) 25. Issued a debit memo for return of $5,200 because of a damaged projection system purchased on December 21, receiving credit from the seller. 26. Issued check number 2639 for refund of cash on sales made for cash, $600. (Customer was going to return goods until an allowance was arranged.) 27. Issued check number 2640 for sales salaries of $1,750 and office salaries of $950. 28. Purchased store equipment on account from Matt Co., terms n/30, FOB destination, $1,200. 29. Issued check number 2641 for store supplies, $470. 30. Sold four TV C units on account to Randall Co., invoice number 893, terms 2/10, n/30, FOB shipping point. 30. Received cash from sale of December 20, less discount, plus transportation paid on December 20. (Round calculations to the nearest dollar.) 30. Issued check number 2642 for purchase of December 21, less return of December 25 and discount. 30. Issued a debit memo for $300 of the purchase returned from December 28. Instructions: 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account (General Ledger). Write Balance in the item section, and place a check mark (x) in the Post Reference column. 2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed. 3. Total each column on the special journals and prove the journal. 4. Post the totals of the account named columns and individually post the \"other\" columns as well to the General Ledger. 5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account). 6. Prepare the unadjusted trial balance on the worksheet. 7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data: a. Merchandise inventory on December 31 $90,800 b. Insurance expired during the year 1,250 c. Store supplies on hand on December 31 975 d. Depreciation for the current year needs to be calculated. The business uses the Straight-line method, the store equipment has a useful life of 10 years with no salvage value. (NOTE: the purchase and return will not be included as the dates of the transactions were after the 15 th of the month). e. Accrued salaries on December 31: Sales salaries $1,400 Office salaries 760 2,160 f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month. g. Net realizable value of Accounts Receivable is determined to be $27,950. 8. Prepare a multiple-step income statement, a statement of owner's equity, and a classified balance sheet in good form. (Recommend review of \"Current Liabilities\" on pages 166 & 167 and \"Current Maturities of Long-term Debt\" on page 480.) 9. Journalize and post the adjusting entries. 10. Journalize and post the closing entries. Indicate closed accounts by inserting a line in both balance columns opposite the closing entry. 11. Prepare a post-closing trial balance. SALES JOURNAL DATE INVOICE NO. ACCOUNT DEBITED Page No. 6 POST REF ACCTS. REC. DR. SALES CR. COST OF SALE DR. INVENTORY CR. 1 1 2 2 3 3 4 4 5 5 6 6 CASH RECEIPTS JOURNAL Page No. 4 DATE ACCOUNT CREDITED POST REF OTHER ACCTS - CR. SALES - CR ACCOUNTS REC. - CR. COST/SOLD DR. INVENTORY CR. SALES DISC. - DR. CASH DR. 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 PURCHASES JOURNAL DATE ACCOUNT CREDITED POST REF OTHER (SUNDRY) ACCTS - DR. Page No. 11 ACCOUNTS PAYABLE CR. STORE SUPPLIES DR. MERCH. INVENORY DR. 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 CASH PAYMENTS JOURNAL DATE CK. NO. ACCOUNT DEBITED POST REF OTHER (SUNDRY) ACCTS - DR. Page No. ACCOUNTS PAYABLE DR. MERCH. INVENTORY CR. 8 CASH CR. 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 JOURNAL DATE DESCRIPTION Page No. 53 POST REF DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 JOURNAL DATE DESCRIPTION Page No. 54 POST REF DEBIT CREDIT 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 13 13 14 14 15 15 16 16 17 17 18 18 19 19 20 20 21 21 22 22 23 23 24 24 25 25 26 26 27 27 28 28 29 29 30 30 31 31 32 32 33 33 34 34 35 35 36 36 37 37 38 38 39 39 40 40 41 41 Inventory Control Sheet TV A: 52 inch Flat Screen Television Purchases Date Units Amount cost per unit 11/30/2012 TV B: 68 inch Flat Screen Television Purchases Date Units Amount cost per unit 11/30/2012 TV C: 72 inch Flat Screen Television Purchases Date Units Amount cost per unit 11/30/2012 PS D: 6 foot x 10 foot Projector System Purchases Date Units Amount cost per unit 11/30/2012 Cost of Goods Sold (Sales) Units cost per unit Amount Cost of Goods Sold (Sales) Units cost per unit Amount Cost of Goods Sold (Sales) Units cost per unit Amount INVENTORY Units Amount cost per unit 20 $2,000 $40,000 INVENTORY Units 10 $3,000 Amount $30,000 INVENTORY Units cost per unit 8 Cost of Goods Sold (Sales) Units cost per unit Amount cost per unit $3,500 Amount $28,000 INVENTORY Units cost per unit 5 $5,180 Ending Inventory Value: Amount $25,900 ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER (CUSTOMERS) Customer Name: Albert Co. DATE TRANSACTION 11/20/12 POST REF SJ 5 DEBIT CREDIT 5,800 RUNNING BALANCE 5,800 Customer Name: Marie Co. DATE TRANSACTION 11/20/12 POST REF SJ 5 DEBIT CREDIT 7,500 RUNNING BALANCE 7,500 Customer Name: Cameron Co. DATE TRANSACTION 11/15/12 POST REF SJ 5 DEBIT CREDIT 8,700 RUNNING BALANCE 8,700 Customer Name: McKenzie Co. DATE TRANSACTION 11/27/12 POST REF SJ 5 DEBIT CREDIT 12,250 RUNNING BALANCE 12,250 Customer Name: Randall Co. DATE 12/30/12 TRANSACTION POST REF sj6 DEBIT 24,500 CREDIT RUNNING BALANCE 24,500 ACCOUNTS PAYABLE SUBSIDIARY LEDGER (VENDERS) Vendor Name: Prince Co. DATE TRANSACTION 11/26/12 POST REF DEBIT CREDIT 9,700 PJ 10 RUNNING BALANCE 9,700 Vendor Name: Joseph Co. DATE TRANSACTION 11/16/12 POST REF DEBIT CREDIT 6,100 PJ 10 RUNNING BALANCE 6,100 Vendor Name: Elisha Co. DATE TRANSACTION 11/29/12 POST REF DEBIT CREDIT 5,650 PJ 10 RUNNING BALANCE 5,650 Vendor Name: Matt Co. DATE TRANSACTION POST REF DEBIT CREDIT 580 12/11/12 RUNNING BALANCE 580 Vendor Name: DATE TRANSACTION POST REF DEBIT CREDIT RUNNING BALANCE Schedule of Accounts Receivable Total Accounts Receivable Schedule of Accounts Payable Total Accounts Payable GENERAL LEDGER Balance Sheet Accounts Cash DATE ACCOUNT NO. ITEM POST REF DEBIT CREDIT Accounts Receivable DATE ITEM ITEM POST REF DEBIT CREDIT ITEM POST REF DEBIT CREDIT ITEM POST REF DEBIT CREDIT ITEM POST REF DEBIT CREDIT ITEM POST REF DEBIT CREDIT ITEM BALANCE DEBIT CREDIT 116 BALANCE DEBIT CREDIT 117 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF DEBIT CREDIT Accumulated Depreciation-Store Equipment DATE 115 ACCOUNT NO. Store Equipment DATE 113 BALANCE DEBIT CREDIT ACCOUNT NO. Store Supplies DATE BALANCE DEBIT CREDIT ACCOUNT NO. Prepaid Insurance DATE 112 ACCOUNT NO. Merchandise Inventory DATE BALANCE DEBIT CREDIT ACCOUNT NO. Allowance for Doubtful Accounts DATE 110 POST REF BALANCE DEBIT CREDIT ACCOUNT NO. DEBIT CREDIT 123 124 BALANCE DEBIT CREDIT Accounts Payable DATE ITEM ACCOUNT NO. POST REF DEBIT CREDIT Salaries Payable DATE ITEM DEBIT CREDIT Interest Payable DATE ITEM POST REF DEBIT CREDIT POST REF DEBIT CREDIT D. Williams, Capital DATE ITEM DEBIT CREDIT D. Williams, Drawing DATE ITEM DEBIT CREDIT Income Summary DATE ITEM DEBIT CREDIT 311 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 310 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 220 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 218 BALANCE DEBIT CREDIT ACCOUNT NO. ITEM 211 BALANCE DEBIT CREDIT ACCOUNT NO. Note Payable DATE BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 210 312 BALANCE DEBIT CREDIT GENERAL LEDGER Income Statement Accounts Sales DATE ACCOUNT NO. ITEM POST REF DEBIT CREDIT 410 BALANCE DEBIT CREDIT 853,445 943,570 961,570 11/30/12 12/31/12 12.31/12 90,125 18,000 s cr Sales Returns and Allowances DATE ITEM ACCOUNT NO. POST REF DEBIT CREDIT 600 3,500 12/14/12 Sales Discounts DATE ITEM ACCOUNT NO. POST REF DEBIT CREDIT 936 12/31/12 Cost of Merchandise Sold ITEM DEBIT CREDIT 11/30/12 51,700 10,360 12/31/12 12/31/12 2,000 12.14/12 Sales Salaries Expense DATE ITEM POST REF DEBIT CREDIT ITEM DEBIT CREDIT Depreciation Expense DATE ITEM POST REF DEBIT CREDIT ITEM DEBIT CREDIT 521 BALANCE DEBIT CREDIT 522 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 520 BALANCE DEBIT CREDIT ACCOUNT NO. Store Supplies Expense DATE 414,575 466,275 476,635 474,635 ACCOUNT NO. POST REF 510 BALANCE DEBIT CREDIT ACCOUNT NO. Advertising Expense DATE BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 412 13,200 14,136 11/30/12 DATE BALANCE DEBIT CREDIT 20,020 20,620 24,120 11/30/12 12/26/12 411 523 BALANCE DEBIT CREDIT Miscellaneous Selling Expense DATE ITEM ACCOUNT NO. POST REF DEBIT CREDIT Office Salaries Expense DATE ITEM DEBIT CREDIT Rent Expense DATE ITEM POST REF DEBIT CREDIT ITEM DEBIT CREDIT Bad Debt Expense DATE ITEM DEBIT CREDIT Miscellaneous Administrative Expense DATE ITEM POST REF CREDIT Interest Expense DATE ITEM DEBIT CREDIT 539 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 533 BALANCE DEBIT CREDIT ACCOUNT NO. DEBIT 532 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 531 BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 530 BALANCE DEBIT CREDIT ACCOUNT NO. Insurance Expense DATE BALANCE DEBIT CREDIT ACCOUNT NO. POST REF 529 550 BALANCE DEBIT CREDIT Worksheet Unadjusted Account Title Trial Balance Dr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 27 26 28 29 Cash Accounts Receivable Allow for Doubtful Accts Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accm. Deprec-Store Eq. Accounts Payable Salaries Payable Interest Payable Note Payable (Due 2017) D. Williams, Capital D. Williams, Drawing Sales Sales Returns & Allow. Sales Discounts Cost of Merchandise Sold Sales Salaries Exp. Advertising Exp. Depreciation Exp. Store Supplies Exp. Misc. Selling Exp. Office Salaries Exp. Rent Exp. Insurance Exp. Bad Debt Exp. Misc. Administrative Exp. Interest Expense Cr. Adjusted Adjustments Dr. Cr. Income Equity Statement Trial Balance Statement and Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 27 26 28 29 30 30 27 27 28 28 29 29 Income Statement Statement of Owner's Equity Balance Sheet Post-Closing Trial Balance ACCOUNT TITLE DEBIT CREDIT