Hello. I need help putting this information into a double entry accounting form and a statement of cash flows. Thanks! (A spreadsheet using an excel like format would be helpful)

The following transactions occurred during the first week of June.

• June 1- Pay the $3,525 May interest owed to the bank. Also make a $45,000 payment on the bank note principal.
• June 1- The company purchased office supplies for the first time in June. They purchased $2,850 in supplies from Office Depot and paid for it in cash.
• June 5- the company has collected $230,000 in cash on the May 31 outstanding accounts receivable. Record the collection of the accounts receivable.
• June 5- Country Club, LLC paid its outstanding May 31 Salaries Payable of $4,500.
• June 5- Country Club, LLC paid the May 31 accounts payable of $185,765. Since no purchase discounts were available, the full amount owed for May was paid.

Record the following transactions that occurred during the month of June. Record the transactions on June 30th:

• Total Rental Fees for golf clubs, carts, etc collected in cash for the month were $25,000.
• Total Greens Fees Revenue collected in cash for the month of June was $230,000.
• The golf instructor has finished the last two weeks of golf lessons for the students that paid in April (4 weeks of revenue earned in May and 2 weeks in June). The golf students who paid in May began their lessons in June. The golf course has earned 4 of the six weeks that the students paid for in May. Record the total golf lesson revenue earned during the month of June. Use the Excel Template to help you make the calculation.
• Golf course maintenance expenses paid in cash for the month of June were $140,625.
• Payroll accounting (see Chapter 8): The salary expense for June was $25,000. Payroll withholdings for the employees federal, state and FICA withholdings totaled $5,000 which was accrued at month end for payment in July. This resulted in the net payroll paid to employees of $20,000 during June. Record the payroll entry shown below as one multiple account journal entry. Credit the Payroll Taxes Payable account for the withholdings and cash for the net payroll the employees received. POST THE FOLLOWING ENTRY:

Salaries Expense 25,000

Payroll Tax Payable 5,000

Cash 20,000

• Utility expenses (electricity, water, sewer) paid in cash during June totaled $50,000.

Purchase and Sale of Inventory Items during June:

Journal Entries are needed for the transactions involving Inventory purchased and sold. The weekly inventory sales and purchases information is contained on the Inventory Purchases 3

and Sales Worksheet tab in the Excel workbook. Remember all inventory purchases are on credit (Accounts Payable) and all sales are on credit (Accounts Receivable) The cash collected or paid related to the inventory transactions will occur in October 2018.

The sales and inventory transaction involve 3 types of entries:

1. Record the total purchases for the month of June. All inventory purchases are acquired on credit (accounts payable). All payments for purchases are due at the beginning of the following month. You will need to record the journal entry for the total June inventory purchases. Use the Inventory and Accounts Payable accounts to record the transaction.

2. Record the total sales revenue for the month of June. All sales made at the Pro Shop are sold on account (accounts receivable). The accounts receivable is due from customers at the beginning of October. Use the Accounts Receivable and Sales Revenue accounts for these transactions.

3. Calculate the total Cost of Goods Sold for the month of June. To make this calculation you will need to complete the FIFO Inventory and Cost of Goods Sold Worksheet tab in the Excel workbook. Remember on the worksheet you are calculating the Cost of Goods Sold (not the sales). Use the cost of the items sold NOT the retail selling price. After completing the FIFO Inventory and Cost of Goods Sold Worksheet, prepare the journal entry to record the total Cost of Goods for the month of June.

• Setting up an Allowance for Doubtful Accounts (Chapter 5): Antelope Ridge Country Club LLC made the following estimates related to its Accounts Receivable accounts. The Company uses the Aging of Accounts Receivable method to establish its allowance for bad debts. The company had the following information available at the end of June to set up the allowance for bad debts and record bad debt expense:

Current Receivables	30 Day Receivables
(Outstanding < 30 days)	(Outstanding > 30 days)
Receivables	$281,880	$13,840
Percent estimated to be uncollectable	1%	5%

Calculate the estimated Uncollectable Account (bad debt) expense and record the journal entry. (Round the journal entry amounts to the nearest dollar.)

• Uncollectable Account Write-off: The Company decided that the five NSF checks totaling $1,600 from the April 2019 bank reconciliation were uncollectible and wrote the checks off against the Allowance for Bad Debts account.

Calculating and recording depreciation expense (See Chapter 7). Antelope Ridge Country Club LLC records depreciation expense every quarter (3 months of depreciation expense). The Excel Calculation Template has the calculation and the journal entry you need to prepare. 4

The depreciation method, asset life and salvage value are summarized below:

Asset Depreciation Method Useful Life Salvage Value

Pro Shop building Double Declining Balance 30 years $ -0-

Maintenance Equip Double Declining Balance 15 years $ -0-

Golf Carts (30 carts) Straight- line 10 years $15,000

($500 per cart)

The depreciation calculation is made by calculating the annual depreciation amount and dividing it by 4 to get the amount for the quarter.

The company keeps separate accumulated depreciation accounts for each type of fixed asset. Make a multiple account entry journal entry to record the depreciation using the following format:

Depreciation Expense

Accumulated Depreciation Building

Accumulated Depreciation Maintenance Equipment

Accumulated Depreciation Golf Carts

Round the journal entry amounts to the nearest dollar

Sale of Golf Carts: Management has decided that they purchased more golf carts than they need. Management has decided to sell four of the golf carts. The golf carts were sold for $22,000 cash. Prior to the sale, the depreciation through June 30, 2018 was recorded so that the gain or loss could be recorded (see transaction above).

You need to calculate the gain on the sale of the golf carts and record the journal entry in the Double Entry to record the transaction. The Excel Calculation Template has the calculation and the journal entry you need to prepare.

The information that you need to prepare the journal entry for the sale of the four golf carts is:

Total Sale Price Total Cost Depreciation

$36,000 $30,000 Student Calculates 5

June 2019 - Month End Adjusting Entries:

Record the interest payable at the end of June on the Note Payable for the month of June. Since the note was paid down $45,000 on June 1st the interest calculation is based on the new outstanding principal for the month.

To calculate the interest expense use the new outstanding principal balance, then calculate the total annual interest expense using the 6% yearly interest rate. Divide by 12 months to get the June interest expense. The Excel Calculation Template has the calculation and the journal entry you need to prepare.

Antelope Ridge Country Club, LLC had additional golf course maintenance expenses of $12,500 at the end of June. The Company recorded the liability as accounts payable.

Adjust Prepaid Insurance for the amount used in June $3,500.

A physical count of the office supplies on-hand showed that $850 of the office supplies purchased earlier in the month had been used.

June 30, 2019: Preparation of June Bank Reconciliation:

The golf course received the bank statement for June 2019 from its bank during the first week of July 2019. You need to prepare the bank reconciliation for June by reconciling the cash balance shown on the bank statement with the unadjusted cash balance in the general ledger cash account.

The bank statement at June 30, 2019 showed the cash balance was $271,800. The general ledger showed the unadjusted cash balance in the general ledger cash account at June 30, 2019 was $276,905. (Use the Bank Reconciliation tab of the Excel workbook).

An examination of the bank statement disclosed the following:

1. Outstanding checks totaled $4,700.

2. The bank had issued a $2,500 debit memo for six insufficient funds (NSF) checks.

3. The bank statement enclosures included a debit memo for $55 that had been deducted from the Antelope Ridge Country Club, LLC account to pay for new checks. Record the $55 charge to Bank Service Charges in the general ledger.

4. The bank statement showed a check was deducted from the bank for $500. The check register showed that Antelope Ridge Country Club, LLC was actually written for $50. The bank had recorded the amount incorrectly, it should have been recorded on the banks books for $50.

5. Deposits in transit were $6,800.

Calculating Income Tax Expense: 6

Antelope Ridge Country Club, LLC needs to record income tax expense for the quarter ending June 30th. To calculate income tax expense you must:

1) Record all the journal entries for the month (except for the income tax journal entry).

2) Determine the total net income for the quarter ended June 30th

(Review the income statement for June 30th in the Double Entry software).

3) Multiply the net income for the quarter by a 21 % tax rate. Round to the nearest dollar.

4) Record this income tax amount you calculated in step 3) above using this entry on June 30th. (This will be your final journal entry)

Income Tax Expense

Income Tax Payable Preparation of the Statement of Cash Flows:

Using the Cash Account - Running Balance Ledger in the General Ledger, prepare a Statement of Cash Flows for the month of June 2019. Use the Statement of Cash Flows tab of the Excel workbook.

Project Check Figure

For small businesses, one of the key internal controls is the preparation of the month end bank reconciliation. The True Cash Balance for the project is $274,350. This balance appears in three places on the project. First, it is the June ending balance on the bank reconciliation. Second, it is the ending general ledger balance for the cash account (remember you need to post your bank reconciliation journal entries into the Double Entry software). Finally, this is the ending cash balance that shows on the June 30 statement of cash flows