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Transactions List Yes 29 Received the 1 1-inch tablets ordered on Waren's purchase order No. 325 (Doc. No. 16) and vendor invoice No. 2423 (Doc. No. 18) from Chicago Office Supply. The Document No. 3 December 16 - 31, 2017 tablets were received in new and undamaged condition and taken directly to the office. PRICE LISTS CURRENT AS OF DECEMBER 1, 2017 December The estimated useful life is 5 years with no salvage value. Complete each of the following transactions in accordance with the seven-step process on pages 1 1-12 Yes 18 Borrowed $60,000 from First American Bank and Trust by issuing a two-year note Yes 29 Received vendor invoice No. 72654 (Doc. No. 18) from University Athletic News VELOCITY SPORTING GOODS for advertisements Waren ran during the Christmas season and immediately issued a Description elling Price of the Instructions, Flowcharts, and Ledgers book (step 5). Remember the importance of the systems flowcharts on pages 18 - 24 for details as to (a) documents to prepare, (b) approvals and other interna payable (Doc. No. 14) with a stated annual interest rate of 5%. Check check (Doc. No. 20) for payment in full. $209 80 control procedures, (c) accounting entries, and (d) filing. Also, remember from the requirements that (Doc. No. 8) for $60,000 was received from the bank and deposited. Reviewed the Baseballs - 12 game balls some of the following events require the preparation or modification of systems documents and some terms and conditions of the note and signed it (Ray Kramer) as the borrower. Purchase orders are not issued for services that Waren purchases. 60 lb. dry line marker do not. You are to perform the roles of Ray Kramer, Nancy Ford, and Jim Adams. Restrictively endorse means to write the following on the back of the MONTH-END PROCEDURES - After you have recorded all the transactions, go to page 12 of the Baseball equipment bag check: "For deposit only. Waren Sports Supply." . Hints are provided in boxed areas like this. See flowchart, page 21, for and depositing Instructions, Flowcharts, and Ledgers book and complete all the month-end procedures. An additional Batting gloves - 1 pair 124 06 . Detach the bottom portion of the check and file in the Shipping/ month-end requirement for this project is: Pitching machine 131.00 December Banking file tab. 172.00 File the note in the Shipping/Banking file tab. Yes Monthly Statement Prepare a monthly statement ((Doc, No. 15) for Scoreboard and 25.00 Yes Eastern Wisconsin University Received validated deposit receipt (Doc. No. 11) from the bank for $7,931.96 for Yes 19 Received customer purchase order No. 37225 ( Doc. No. 4) in the mail from the Goal and rim set 258.00 35,00 400 00 deposit made December 14. University of Southern lowa (USI), approved their credit and shipped the goods. All 117.06 good ordered were shipped, except only 63 shoulder pad sets were available for YEAR-END PROCEDURES - After completing all the month-end procedures, go to page 14 of the Whistle and lanyard - set of 6 . Follow flowchart on page 21. No recording occurs at this time. shipment. nstructions, Flowcharts, and Ledgers book and complete all the year-end procedures. Additional nformation for the year-end procedures is: Portable infission pu . Cash receipts prelist is Doc. No. 9. Trainer's first aid kit File Doc. No. 9 and Doc. No. 11 in the Temporary file tab. Carrier & number: Freight charges: Allied Trucking: Carrier number 2154 FOB shipping point: Billed to buyer (i.e. paid by USI) No Ending Inventory - A physical inventory was taken 1/1/18, before business began for shoulder pad set Yes 18 Ordered the following inventory on account from Velocity Sporting Goods, using he new year. Merchandise on hand cost $190,780.00 tip, tall, arm pad set purchase order No. 328 (Doc. No. 16). Route : Truck & driver Football Freight rate: Truck 2961XZ, John Arens $19.00 per 100 lbs. Units Description Shipment: cartons/goal and rim sets @ 40 lbs./carton No Bad Debt Expense - The expense for bad debts is estimated at the end of the year as kicking tees - set of 6 Football post pad Basketball pole pad 5 cartons/backboards @ 150 lbs./carton one-fifth of one percent ( 0.0020 ) of net sales. Basketball bag 7 cartons/shoulder pad sets @ 25 lbs./carton Portable inflation pump 10 cartons/football helmets @ 16 lbs./carton Trainer's first aid kit No Marketable Securities - At December 31, 2017, the ma securities held by Waren approximated the cost of the securities. CHICAGO OFFICE SUPPLY . See flowchart, pages 18 and 19; follow all steps carefully. Item No. Cost Vendor Ad Freight carrier: 1285 Colgrove Ave., Pierre, SD $7501 You will use several ecord an entry in the sales Interstate Motor Freight journal and the accounts receivable subsidiary le er for this transaction. Copler paper. Bow cartridge Freight charges Collect (i.e., paid by Waren Sports Supply) For guidance in preparing the bill of lading, see pages 35 - 36 of the Reference book. The project is now complete. Good work! Review your materials to make anita file folders - box of So Allowances: None certain everything is finalized. Complete the filing te the filing of documents, records, and invoice forms - 100 Yes 20 Received sales return request No. R8034 (Doc. No. 12) in the mail from Eastern working papers using the file tabs and the envelope in which the Aid is Legal pad - box of ba Follow flowchart on page 22. Black ink pens . box of 1 - Use purchase order No. 325 (Doc. No. 16) as a guide. Wisconsin University (EWU). The request was approved and the acknowledgment packaged. File all materials as indicated in the flowcharts. - Use the price list (D copy mailed to EWU. Business envelopes - box of 1000 Jo Receiving or recording occurs at this point for this transaction Follow the flowchart steps on page 20. . Tear document apart and file, following the flowchart guidance. 146 68 rack server Approved By December Ray Kramer No 20 Increased employee pay rates, and employees changed their federal income tax withholding amounts, both effective December 16. There were no changes in filing status or withholding allowances. New Federal Incom Withholding Amt. Ray Kramer New Pay Rate $23.00 per hour $393.00 Jim Adams $3,550.00 semimonthly $245.00 December Nancy Ford $18.00 per hour $72.00 Yes 26 Received vendor invoice No. 34719 (Doc. No. 18) from Velocity Sporting Goods or goods ordered December 18 and received December 22. . No accounting entries are necessary, but you must update the pay rate history information in the Employee Earnings Subsidiary Ledger. . Upon receiving the invoice, you can now record the purchase using the Yes 22 Received merchandise from Velocity Sporting Goods as listed on purchorder date on which Waren incurred the liability for the goods, December 22. No. 328. All merchandise listed on the PO was delivered in good condition and in the quantities ordered, except that only 70 basketball pole pads (Item No. BB-019) Yes 26 Issued check (Doc. No. 20) to Interstate Motor Freight for the amount of the freight bill (Doc. No. 19) for the Velocity Sporting Goods shipment received December 22. were received. The goods were placed immediately in the inventory warehouse. .Follow the flowchart steps on page 23. Freight carrier: Freight bill: Interstate Motor Freight No. 26425 (Doc. No. 19), received with shipment Yes 26 order No. D9794 (Doc. No. 4) in the mail from Andrews College for a cash sale Remember to follow the flowchart on page 22. You can't record a All goods ordered were shipped and the cash sale was processed and recorded. purchase yet because the invoice hasn't been received. Carrier & number: Freight charges: Interstate Motor Freight; Carrier number 62XY 404 Collect (i.e., paid by Andrews College) 22 Received check No. 28564 (Doc. No. 8) from Branch College for payment in full for charge invoice No. 730, and deposited the check. Truck & drive Truck 64, Brian Ward Freight rate: $19:00 per Hourhails a No 22 Received legal notification from Benson, Rosenbrook, and Martinson, P.C., attorneys 2 cartons/hip, tail, arm pad sets @ 7 lbs./carton at law, that Stevenson College had filed bankruptcy and will be unable to pay any of its 4 cartons/footballs @ 19 lbs./carton outstanding debts to its suppliers. Write off the account as a bad debt. .Start with the flowchart on page 21. . Remember that Waren Sports Supply uses the "Allowance" method rather than "Direct write-off" for accounting for bad debts. Yes 26 Received office supplies from Chicago Office Supply as listed on purchase order No. 327 (Doc. No. 16) a copy of which is being held in accounting Chicago Office Yes 26 Received all the goods that Waren authorized Eastern Wisconsin University (EWU) o return on EWU's return request No. R8034 for credit against their account balance. the invoice was not paid. Process and record the sales return now. Yes 28 ed check (Doc. No. 20) to Velocity Sporting Goods for payment in full of their invoice No. 34719 for goods received December 22. Yes 26 Received check No. 49326 (Doc. No. 8) for $10,000 from Eastern Wisconsin Consider the credit terms before making the payment. University in partial payment of the remaining amount (after sales return) on charge invoice No. 729, and deposited the check. Yes 29 Printed and reviewed payroll time record reports (Doc. No. 21) for Ford and Adams for the time period ended December 31 and prepared the payroll for all thre . Do not finalize a deposit slip until you determine whether there are other employees, including paychecks. cash receipts on the same day. . Paychecks are considered "Mailed/Given to Outsiders." Time record reports are filed in the "Accounting" file tab Recall that federal income tax withholding amounts were listed earlier with employee pay rateVAREN SPORTS SUPPLY, YEAR-END WORKSHEET, DECEMBER 31, 2017 RANSACTIONS LIST A Student Name Accounts with no activity in this worksheet are excluded in this solution. Instructor Date Due 12/31/16 ACCT ACCOUNT TITLE POST CLOSING UNADJUSTED ADJUSTED TRIAL BALANCE BALANCE DEBIT BALANCE TRIAL BALANCE YEAR-END ADJUSTMENTS STATEMENT SHEET CREDIT CREDIT ID CREDIT CREDIT CREDIT ASSETS Accounts receivable 4025.19 Allowance for doubtful accounts 101,681.00 3.250.81 Marketable securties 1200 Accumulated depreciation 120.665.00 81.559.50 LIABILITIES Accounts payable Federal income taxes withtek 11.279 35 F.I.C.A. taxes payable 1 593 30 Notes payable STOCKHOLDERS' EQUITY Common stock 9000 Retained earnings 125 000 00 REVENUE AND GROSS PROFIT us returns and allowances discounts taken of goods sold uses returns and alowances Purchases discounts taken Freight-in Miscelaneous revenue EXPENSES Rent expense Office supplies expense reciation expense gos and salaries expense Federal income Bad debt expense 1000 Other operating expense Sub-totals Net Income (Loss) TOTALS 444.436.19 444.436.19 0.00 0.00 0.00 0.00 Name Box C D WAREN SPORTS SUPPLY BALANCE SHEET AT DECEMBER 31, 2017 AND 2016 ASSETS CURRENT ASSETS 2017 2016 Cash $0.00 $11,025.19 Accounts receivable - net 0.00 7,814.19 Inventory 0.00 101,681.00 Marketable securities 0.00 0.00 Total current assets 0.00 120,520.38 FIXED ASSETS - Net of accumulated depreciation 0.00 239,105.50 Total assets $0.00 $359,625.88 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $0.00 Payroll taxes withheld $11,279.35 and payable 0.0 3,284.54 Federal income taxes payable 0.00 29,797.00 Interest payable 0.00 0.00 Total current liabilities 0.00 44,360.89 NOTE PAYABLE 0.00 Total liabilities 0.00 0.oo 44,360.89 STOCKHOLDERS' EQUITY Common stock 0.00 225,000.00 Retained eamings 0.00 90,264.99 Total stockholders' equity 0.00 315,264.99 Total liabilities and stockholders' equity $0.00 $359,625.88WAREN SPORTS SUPPLY STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2017 REVENUE Sales $0.00 Less: Sales returns and allowances 0.00 Sales discounts taken 0.00 Net sales 0.00 WAREN SPORTS SUPPLY COST OF GOODS SOLD STATEMENT OF CASH FLOWS Beginning inventory 101,681.00 FOR THE YEAR ENDED DECEMBER 31, 2017 Net purchases 0.00 Freight-in 0.00 Goods available for sale 101,681.00 CASH FLOWS FROM OPERATING ACTIVITIES Less: Ending inventory 0.00 Net income ($101,681.00) Cost of goods sold 101,681.00 Adjustments to reconcile net income to net cash from operating activities GROSS MARGIN (101,681.00) Depreciation 0.00 (Increase) decrease in assets: OPERATING EXPENSES Accounts receivable 7,814.19 Rent expense 0.00 Inventory 101,681.00 Advertising expense 0.00 Increase (decrease) in liabilities: Office supplies expense 0.00 Accounts payable (11,279.35) Depreciation expense 0.00 Wages and salaries 0.00 Payroll taxes withheld and payable (3,284.54) Payroll taxes Income taxes payable (29,797.00) 0.00 Bad debt expense 0.00 Interest payable 0.00 Other operating expense 0.00 Net cash provided by operating activities (36,546.70) Total operating expenses 0.00 CASH FLOWS FROM INVESTING ACTIVITIES Operating income (101,681.00) Cash payments for fixed assets 320,665.00 Purchase of marketable securities 0.00 OTHER INCOME - Miscellaneous income 0.00 Net cash used in investing activities 320,665.00 OTHER EXPENSE . Interest expense 0.00 CASH FLOWS FROM FINANCING ACTIVITIES INCOME BEFORE TAXES (101,681.00) Cash proceeds from loans 0.00 FEDERAL INCOME TAXES 0.00 NET INCREASE IN CASH 284,118.30 NET INCOME (101,681.00) CASH - Beginning of year 11,025.19 RETAINED EARNINGS - Beginning of year 90,264.99 CASH - End of year $295, 143.49 RETAINED EARNINGS - End of year ($11,416.01) WAREN SPORTS SUPPLY POST-CLOSING TRIAL BALANCE December 31, 2017 ACCT. NO. ACCOUNT TITLE DEBIT CREDIT ASSETS 0100 Cash 0.00 10200 Accounts receivable 0.00 10300 Allowance for doubtful accounts 0.00 10400 Inventory 0.00 10600 Marketable securities 0.00 10800 Fixed assets 0.00 10900 Accumulated depreciation 0.00 LIABILITIES 20100 Accounts payable 0.00 20300 Federal income taxes withheld 20400 0.00 State unemployment taxes payable 0.00 20500 Federal unemployment taxes payable 0.00 20600 F.I.C.A. taxes payable 0.00 20700 20900 Federal income taxes payable 0.00 Interest payable 21000 Notes payable 0.00 0.00 STOCKHOLDERS' EQUITY 26000 Common stock 0.00 9000 Retained eamings 0.00 TOTALS $0.00 $0.00Cash Disbursements Journal November and December 2022 Balance Debits Credits 100,864.06 100,864.06 Credit Debi Date Check/ACH No. Description Cash Purchase Discounts Subs Acct Accounts Payable GL 20100 GL 10100 Freight in Other GL 8-Nov GL 30700 Trans Amount Subs Post GL 30800 Acct No. Trans Amount 1124 Chicago Office Supply 985.80 Post Ref 13-Nov 1125 15-Nov Velocity Sporting Goods 985.80 1126-8 See Payroll Journal 26,832.40 47.60 252 27,380.00 15-Nov 1129 nternal Revenue Service 3,234.08 20300 15-Nov 1130 Internal Revenue Service 20600 1,958.64 15-Nov 10.00 1131 17-Nov State of Illinois 1132 59.14 20500 10.00 17-Nov Worldwide Management 1133 ,800.00 20400 59.14 17-Nov Board of water and Light 1134 Interstate motor freight 1,763.65 40100 4,800.00 2,356.99 41000 University Athletic News 2,356.99 1,763.65 17-Nov 1135 23-Nov 1136 ,250.00 Chicago Office Supply 558.09 253 40200 3,250.00 See Payroll Journal November Monthly Totals 43,850.15 547.60 28,923.89 1/ Posted Posted 2,356.99 Posted 13,116.87 Lensted 7-Dec 1140 12-Dec 1141 First Security Insurance 2,575.00 41000 2,575.00 13-Dec 1142 Chicago Office Supply Velocity Sporting Goods 7,367.00 253 7,367.00 13-Dec 1143 $5,392.70 252 13-Dec Worldwide Management 1144 Board of Water & Light 4,800.00 36,115.00 13-Dec 1145 ,360.25 40100 4,800.00 Interstate Motor Freight 41000 1,360.25 14-Dec 1146 Internal Revenue Service ,399.05 778.75 20300 1,369.75 14-Dec 1147 20600 2,029.30 14-Dec Internal Revenue Service 1148 State of Illinois 10.30 20500 10.30 1149-51 60.96 See Payroll Journal 20400 60.96 December Monthly Totals 55,744.01 722.30 43,482.00 Posted 778.75 12,205.56 Posted Posted C D E F G H I K M X N o Payroll Journal November and December 2022 Balance Debits 20,503.50 Credits 20,503.50 Gross Pa Date Employee Deductions Regular Gross Pay FICA Hours Regular Pay Overtime Fed. Inc. Tax Hours Overtime Pay Net Pay Debit GL 2060 GL 20300 Credit SL 1010 Credit Check Num Sub Posted 15-Nov Ray Kramer 15-Nov Jim Adams 3,500.00 3,500.00 Credit 67.75 2,248.05 385.00 1126 15-Nov Nancy Ford 1,848.00 12.70 400.05 171.97 2,847.25 34.00 133.00 63.73 1,792.08 1127 8.72 760.55 1128 30-Nov Ray Kramer 30-Nov Jim Adams 3,500.00 30-Nov Nancy Ford 88 1,848.00 3,500.00 14.30 67.75 450.45 385.00 2,298.45 2,847.25 1137 84.00 884.00 175.83 296.00 67.62 11.03 ,826.62 805.35 1138 1139 November Monthly Totals 12,413.00 850.50 13,263.50 1,014.65 1,369.75 Posted Posted 10,879.10 Posted 15-Dec Ray Kramer 15-Dec Jim Adams 3,500.00 88 1,848.00 11.60 3,500.00 267.75 1149 15-Dec Nancy Ford 1.20 365.40 385.00 1,496.00 2,213.40 169.32 1,526.60 275.00 116.79 68.00 1,769.08 1150 1,341.81 1151 December Monthly Totals 6,844.00 96.00 7,240.00 553.86 728.00 Posted Posted Posted 5,958.14 PostedExpand beforeprinting General L Collapse beforeprinting Trial Bal Cash Receipts Journal November and December 2022 Balance Pscription Journal 73,472.34 Credit Debits Credits 1-oct Balance Forward 44,351.12 110,395.64 44,351.12 106,269.00 106,269.00 31-0 154,746.76 Credit 31-0 Net Wages and Salary 98,066.06 Oct Bank Service Charge 3 3 8 10,546.67 56,680.70 Accounts Receivable GL 10200 25.00 46,134.03 Date Description Sales Disc bs Acct Sales Other GL 82,113.56 46,109.03 GL 10100 GL 30300 Trans Amount GL 30100 Acct No. Trans Amount Posted 43 ,850.15 128,222.59 7-Nov Stevenson College 30-NOT Net Wages and Salary 10,879.10 84,37244 73,493.34 13-Nov Mcclain College NF 34,682.00 17-Nov Rosemont University NF NF 7,767.00 411 34,682.00 O-Now Bank Service Charge 21.00 17-Nov Branch College NF 2,410.80 7,767.00 72.34 2.253.76 49.20 658.24 406 2,460.00 21-Nov Eastern Wisconsin Univ. 5,000.00 408 410 32,912.00 5,000.00 November Monthly Totals 82,113.5 707.44 75,054.0 7,767.00 73 A72 34 Posted Posted Post Posted 73 472.34 6-Dec 8-Dec Gates University Rosemont University 12-Dec Hancock College NF 5,891.00 83.48 5,891.00 NF 4,090.52 4,174.00 7 CCOUNTS RECEIVABLE 14-Dec Clayborn University 5,306.00 7,106.96 145.04 7,252.00 5,306.00 14-Dec ABLE FROM EMPLOYEES Atwood Brothers 825.00 31200 825.00 66 ALLOWANCE FOR DOUBTFUL ACCOUNTS (1.750.81) 105 REPAID EXPENSE 101 681.00 125 MARKETABLE SECURITIES 145 VIEREST RECEIVABLE 24.000.00 165 XED ASSETS 184 CCUMULATED DEPRECIATION 320.665.00 204 JOTES RECEIVABLE (81.559.501 December December Total 23,219.48 11,197.09 825.00 224 CCOUNTS PAYABLE 244 VAGES AND SALARIES PAYABLE (3.650.00) Bosted Posted Posted Posted 264 EDER INCOME TAXES WITHHELD 84 TATE UNEMPLOYMENT TAXES PAYABLE (1.369.75) (60.96) UNEMPLOYMENT TAXES PAYABLE Purchases Journal 323 IC. A TAXESPAYABLE (2.0293 November and December 2022 Balance COME TAXES PAYABLE Debits DIVIDENDS PAYABLE 71,420.09 Credits 71,420.09 86 VIEREST PAYABLE Vendo Debit Other GL Credit 06 JOIES PAYABLE Date Vendor Accounts Payable GL 20100 426 INEARNED REVENUE Invoice Number Purchases GL 30500 Purchases 446 COMMON STOCK Acct. No ransaction Post Ref Subs Acct . Returns (225,000.001 3-Nov Velocity Sporting Goods Amount No. Trans Amount Subs Post Ref 33371 27,380.00 GL 30600 466 AID IN CAPITAL 21-Nov Chicago Office Supply 2275 252 40300 27,380.00 186 VCOME SUMMARY 558.09 253 558.09 506 RETAINED EARNINGS 526 DIVIDENDS DECLARED (90.264.991 November Monthly Totals 27,380.00 558.09 27,938.09 546 ALES Posted Posted Posted 566 ALESRETURNS AND ALLOWANCES 57.631.00 5-Dec Velocity Sporting Goods 33965 586 ALES DISCOUNTS TAKEN 15.14418 12-Dec Chicago Office Supplies 2344 36,115.00 10800 7,367.00 252 253 36,115.00 7,367.00 05 HOST OF GOODS SOLD 626 URCHASES RCHASES RETURNS AND ALLOWANCES IR CHASES DISCOUNTS TAKEN 705 HAIN/LOSS ON SALE OF FIXED ASSETS December Monthly Totals 36,115.00 7,367.00 43,482.00 725 RAIN/LOSS ON SALE OF MARKETABLE SECURIE Posted 45 NTEREST/DIVIDENDS INCOME Posted Posted 765 MISCELLANEOUS REVENUE 785 ENT EXPENSE 52.800.00 25 ADVERTISING EXPENSE 325 OFFICE SUPPLIES EXPENSE 20.805 00 845 DEPRECIATION EXPENSE 5 062.30 65 VAGES AND SALARIES EXPENSE 885 DAYROU TAX EXPENSE 126.092.66 10.367 49 905 FEDERAL INCOME TAX EXPENSE 925 NTEREST EXPENSE 45 BAD DEBT EXPENSE 965 THHER OPERATING EXPENSE 25 325.00 985Fixed Asset Subsidiary Ledger Expand before printing Fixed Asset Ledger Accounts Receivable Subsidiary Ledger Collapse before printing Fixed Asset Report Expand before printing Description Location Accumulated Net book Cost Customer Office Furniture Depreciation Value Office 50,750.00 50,750.00 Number Customer Name Terms Credit Limit Due Delivery Truck oading Dock 69,255.00 20,776.50 48,478.50 406 Rosemont University 2/10 net 30 Inventory Handling System 125,000.00 Warehouse 407 146 GB Rack Server 200,660.00 10,033.00 190,627.00 2/10 net 30 Office 7,367.00 Clayborn University 125,000.00 7,367.00 408 Branch College 2/10 net 30 00,000.00 ,856.00 409 University of Southern lowa 2/10 net 30 100,000.00 Totals 328,032.00 81,559.50 246,472.50 410 Eastern Wisconsin University 2/10 net 30 75,000.00 41,777.00 411 stevenson Colleg 2/10 net 30 75,000.00 ,900.00 Per GL 320,665.00 81,559.50 239,105.50 Total Outstanding Receivables Difference Requires Reconciliation 47,533.00 (7,367.00) (7,367.00) Balance Per GL Approved 24,005.00 Difference Needs Reconciliation 23,528.00) ame Box C D 0 Chart of Accounts Approved Account Number Account 10100 Cash Category 10200 Accounts rec Assets punts receivable from employees Assets 10300 Allowance for doubtful accounts Assets 10400 Inventory Assets 10500 Prepaid exp Assets Sales Journal Balance 10600 Marketable securities Assets 10700 Interest receivable Assets November and December 2022 Debits Credits 10800 Fixed assets Assets 10900 Accumulated depreciation Assets 11000 Notes receivable Assets 190,462.00 190,462.00 20100 Accounts payable Assets 20200 Wages and salaries payable Liabilities ederal income taxes withheld Liabilities nvoice Debit Credit 20400 State unemployment taxes payable Liabilities 20500 Federal unemployment taxes payable Liabilities Liabilities Date Customer Credit Subsidiary Liabilities Acct. Rec. Sales Returns 20600 F.I.C.A. taxes payable Memo Account Posted Sales 20700 Federal income taxes payable 20800 Dividends payable Liabilities Number GL 10200 GL 30200 GL 30100 20900 Interest payable Liabilities 7-Nov 21000 Notes payable Liabilities Stevenson College CM41 411 21100 Unearned revenue Liabilities (23,014.00) 23,014.00 Equity Rosemont University 40 26000 Common stock Liabilities 7-Nov 724 10-Nov 2,460.00 27000 Paid in capital Branch College 2,460.00 725 408 28000 Income summary Equity $2,912.00 29000 Retained earnings 14-Nov 32,912.00 Equity Eastern Wisconsin Univ. 726 410 Equity 24,905.00 24,905.00 29010 Dividends declared 30100 Sales Equity 30200 Sales returns and allowances Gross Profit November |Monthly Totals 30300 Sales discounts taken Gross Profit 37,263.00 23,014.00 50,277.00 Gross Profit 30500 Purchases goods sold Gross Profit Posted Posted 30600 Purchases returns and allowances Gross Profit Posted 30700 Purchases discounts taken Gross Profit 1-Dec 30800 Freight-in Gross Profit Rosemont University 727 406 4,174.00 30900 Gain/loss on sale of fixed assets Gross Profit 7-Dec Clayborn University 728 4,174.00 407 31000 Gain/loss on sale of marketable securities Other Revenue 0 Interest/dividends income Other Revenue Other Revenue 8-Dec 7,252.00 Eastern Wisconsin Univ. 729 410 7,252.00 13-Dec 21,872.00 31200 Miscellaneous revenue Branch College 1,872.00 40100 Rent expense r Revenue 730 408 40200 Advertising expense Operating Expenses 1,656.00 1,656.00 40300 Office supplies expens Operating Expenses 40400 Depreciation expense Operating Expen 40500 Wages and salaries expense Operating Expe 40600 Payroll tax expense Operating Expe 40700 federal income tax expense Operating Expenses 40800 Interest expense Operating Expenses 40900 Bad debt expense Operating Expenses Operating Expenses December |Monthly Totals 41000 Other operating expense Operating Expenses 34,954.00 34,954.00 Posted Posted PostedHybrid Approach Workbook Enter your name Table of Contents Reference Chart of Accounts Doc No 2 Ledgers General Ledger IFL pp. 25-36 Accounts Payable Subsidiary Ledger IFL p. 37 Accounts Receivable Subsidiary Ledger IFL pp. 38-39 Employee Earnings Subsidiary Ledger IFL pp. 40-41 Fixed Assets Subsidiary Ledge IFL pp. 42-43 Journals General Journal Jrnls pg. 3-5 Sales Journal inls pg. 7 Cash Receipts Journal Jrnls pg. 9 Purchases Journal Jrlspg. 11 Cash Disbursements Journal Jrnlspg. 12-13 Payroll Journal Jrnlspg. 15 Pay Rate History FL p. 40 Other Required Documents Bank Reconciliation See Ref book Year End Worksheet Doc 25 Post Closing TB Doc 2 Cash Flow Worksheet Financial Statements Balance Sheet See Refbook Income Statement See Ref book Statement of Cash Flows See Ref book Other Reports AR Aged TB See Ref book Systems Understand Aid by Alvin A. Arens and D. Dewey Ward @ 2016, by Armond Dalton Publishers, Inc. Employee Earnings Subsidiary Ledger Expand before printing Employee's Name Ray Kramer Employee's Name Jim Adams Soc.Sec.No. Soc.Sec.No. XXX-XX-2376 XXX-Xx-9833 Employee's Name Nancy Ford Soc.Sec.No. XXX-xx-4832 General Journal Total 133,332.66 10,199.95 14,623.19 108,509.52 November and December 2022 Balance: 1,106.91 1,106.91 Per GL 126,092.66 Date Account Explanation Post Debit Credit Difference 7,240.00 30-Nov 40600 Payroll Tax Expense FICA Payable X 1,085.91 Approved 20600 20400 014.65 20500 SUTA Payabl X 60.96 FUTA Payable 10.30 Accounts Payable Subsidiary Ledger To record November payroll taxes Expand before printing AP Ledger Collapse before printing AP Report 30-Nov 41000 Other Operating Expenses 21.00 Vendo 10100 Cash X X 21.00 Number Vendor Name Terms Freight Due 252 Velocity Sporting Good 2/10 Net 30 Collect To record November bank service 253 261 Chicago Office Supplies Due on Receipt No Charge charges Gillett Consulting Net 30 Days NA 3,650.00 Total Accounts Payable Due 3,650.00 Balance Per GL 3,650.00 Difference 0.00 ApprovedInstructions and Notes for Each of the Files SUA 9th Workbook F20.xism Opening the workbook The workbook contains macros. You must allow macros to operate to use the workbook. When you open the workbook, if you are asked if you want to enable macros select yes. Opening the workbook for the first time When you open the workbook for the first time enter your name at the top of the title page. How to use this workbook You use this workbook in place of the SUA journals, Ledgers, and selected documents (Refer to the title page for a cross reference of forms and documents replaced by this workbook). To use this workbook, follow all instructions and requirements in the instruction booklet except: Substitute forms in this workbook for forms referenced in the instructions if they are listed on the title page. N Prepare the A/R aged trial balance described in step 6 of the year-end procedures using the schedule at the end of this workbook. W Financial statement templates have been prepared for you. Just fill in the numbers Fill out the cashflow worksheet (see instructions below) Title Page You can jump to any schedule in the workbook from the title page. To Jump to a schedule, click on the link to that schedule in the table of contents. To return to the title page from any schedule press the shortcut key [Ctri] [h] for Windows users, [Shift] [Command][h] for MAC users. Entering data into the schedules The worksheets are protected. You can only enter data into the yellow cells on each schedule. Collapsing and expanding ledgers The ledgers have been grouped by Account or Name. To expand the Account or Name click on the + in the left margin. To collapse an account, click on the - in the left margin. If you want to expand all accounts, click on the [2] at the top of the left margin. To collapse all, click on the [1] at the top of the left margin. SUA 9th YearEndWorksheet F20.xls The worksheet has been prepared as a spreadsheet template to speed your completion of this project. The only columns you need to fill in are the UNADJUSTED TRIAL BALANCE columns and the ADJUSTMENTS columns, the remaining columns and the financial statements will automatically be calculated. Instructions for making the federal income tax accrual AJE: To find the proper federal income tax accrual: . . Filling in all other AJE's. Looking at the difference between the debit and credit INCOME STATEMENT columns. This number is pretax income. Applying the appropriate tax rates to the pretax income and make your final federal income tax AJE in the ADJUSTMENTS columns The spreadsheet will recalculate and the difference between the debit and credit INCOME STATEMENT columns is now the fina after-tax income. SUA 9th AR AP_FA Templates F20.xisx This file contains the templates for the accounts receivable, accounts payables, and fixed assets trial balance sheets