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Narrative of December Business Transactions Record these business transactions in the appropriate windows. Use the account titles that appear in the December 1, 2019 trial balance Date Transaction 2019 Dec. 2 Received a check from Active Sporting Stores, customer number 2052 for $28,689 in full settlement of the account Dec 2 Dec. 2 Dec. 2 Borrowed $40,000 from State Bank resulting in a 10-year note payable bearing 12% interest, payable semiannually on June 1 and December 1 Issue Check # 500 to The Runners Newspaper for $200 for newspaper advertising Sold merchandise on account to String Stores, customer number 2058. The sales invoice is number 6202 and is for $4,000, terms 1/10 n/30. Runners Corporation uses a perpetual Inventory system and therefore records the cost of merchandise sold as well as the sale, Items sold Item# 105 - 40 pairs @ 75.00 Item# 130 - 20 pairs @ 50.00 Cost of Sale Item# 105 - 40 pairs @25.00 Item# 130- 20 pairs@ 19.95 (Notes: Due to the nature of the business, most of Runners Corporation's sales are on a credit basis Dec. 2 Dec 3 Purchased merchandise on account from Tice Manufacturing Company, vendor number 1 The purchase invoice is number 3356 for $8,464, terms net 30 Items purchased Item #130-400 pairs @ 19.95 Item #120 - 22 pairs@ 22.00 Sold merchandise on account; invoice number 6203, to True Sports Shop, customer number 2056, for $30,000. Terms of the sale were 1/10 n/30 Items sold Item #130 - 200 pairs @ 50.00 Item#120-100 pairs@65.00 Item #11C - 150 pairs@90.00 Cost of Sale Item #130-200 pairs@ 19.95 Item #120-100 pairs 22.00 Item#110-150 pairs @ 35.00 Date Transaction Dec 6 Sold merchandise to S.T. Sporting for cash. 518,500, check no. 481 Items sold Item #105 - 100 pairs @ 75,00 Item 110 - 50 pairs @ 90.00 Item 120 - 100 pairs @65.00 Cost of Sale: Item 105 - 100 pairs 25.00 Item 110 - 50 pairs 35.00 Item #120 - 100 pairs 22.00 Dec 8 Sold merchandise to North Shoes, located at 105 NE 8th, Bellevue, WA 98009. customer number 2062. for $2.500. The sales invoice number is 6204. Terms 1/10 n/30 Hem sold: Item #130 - 50 pairs 50.00 Cost of Sale: Item #130 - 50 pairs. / 19.95 Dec 8 Received a check no. 255 from All Sporting, customer number 2056, for $4,000 in payment of invoice number 6192 Dec. 9 Received check 898 from String Stores, customer number 2058, for $3,960. The invoice number is 6202, and a sales discount of $40 was taken Dec. 9 Purchased merchandise from Tic Manufacturing Company, vendor number 5. The purchase invoice is number 3538 for $23,350. Terms 30 days Items purchased: Item #105.400 pairs @ 25.00 Item #110. 350 pairs @ 35.00 Item $120 - 50 pairs 22.00 Dec. 9 Returned $1,300 worth of merchandise to Say Manufacturing Company, vendor 4. Received a credit memorandum acknowledging a reduction in the liability account of $1,300 Item returned Item #105 - 52 pairs @ 25.00 Dec 10 Received check 305 from True Sports Shop, customer number 2055, for $29.700 in payment of invoice number 6203, sales discount $300 Dec. 10 Sold merchandise to Hales Sporting Goods for cash, $9,750, CK 442 Items sold Item #105-130 pairs@ 75.00 Cost of Sale Item #105-130 pairs @ 25.00 Dec 13 Issue Check 501 to Hoot Manufacturing, vendor number 3, for $18,000 in payment of purchase invoice number 3532 Dec. 14 Mr. Noah Arc invested an additional $70,000 into the business, Dec. 15 Received check 678 from North Shoes, customer number 2062, for $2,475, invoice number 6204. A sales discount of $25 was taken by North Shoes Dec. 17 Issue Check# 502 to Hay Manufacturing, vendor number 2 for $33,000, purchase invoice number 3533 Dec 20 The city council donated land with a fair market value of $5,000 to Runners Company as an Incentive for future expansion Dec. 21 Issue a Check#503 to Say Manufacturing Company, vendor number 4, for $935 in partial payment of purchase invoice number 3534 Dec. 22 Issue Check# 504 to All Insurance Company for $3,000. The payment represents next year's insurance coverage hor Date Transaction Dec. 27 sor Dec 28 Dec. 28 Runners Corporation sold land for 54,600 cash no gain or loss was recognized Issue Check 505 to Bell Advertising Agency for $4.000 Sold marketable securities for $25,000. Recognize again of $5,000 Issue Check 606 to US Post Office for $100. (Charge to miscellaneous expense) Issue Check 507 to the City of Black Diamond for $350 for payment of utility bill Dec 30 Dec 30 Dec. 30 Dec. 30 Purchased additional land for further plant expansion Issue Checke 508 for $20,000 to Mary Realty Mr. Noah Arc withdrew $15,000 for personal use. Issue Checkil 509 Tog Sport Shop notified us of their bankruptcy proceeding. This makes it necessary to write off their account as uncollectible Dec 30 end Dec 30 Sold merchandise on account to String Stores. The sales invoice is number 6205 and is for $1.000, forms 1/10 n/30 Item Sold Item 130.20 pairs @ 50.00 Cost of Sale Item 130 - 20 pairs 19.95 End of Year Instructions Monday, December 31st, is the last business day of the calendar year. You will need to proceed with the work required at the close of the annual accounting period as follows: After all the transactions have been recorded, complete the following: NE 7. Prepare a Schedule of Accounts Receivable as of 12-31-2019, 8. Prepare a Schedule of Accounts Payable as of 12-31-2019 9. Prepare a Trial balance as of December 31, 2010 and name it Trial Balance Before Adjustments. Turn this in with your project 10. The physical inventory of merchandise at the close of business, December 31, 2018, showed $25,822 50 consisting of: Item# 105, Quantity on Hand 250 pairs Item # 110, Quantity on Hand 320 pairs Item# 120, Quantity on Hand 172 pairs Item # 130, Quantity on Hand 230 pairs Use the inventory Quantity Adjustment window to make the above adjustments to inventory, using general ledger account #61100, Inventory Adjustment Expense. The total value of the adjustments is $1,351. Refer to your Trial Balance before adjustments to verify adjustments needed: OMce supplies on hand on December 31. $1.500 Insurance expired for the month of December, $250 Depreciation expense for the year 2019 (You can enter a compound entry) Office equipment $8.535 Building $7,500 Display Cases $1,000 Management has decided to increase the Allowance for Uncollectible Accounts by $200 Accrued salaries at December 31, 37.000 do not record payroll tax accruals. Accrued interest at December 31, 5400 Accrued property tax of $1, 139, for the months of November and December, payable in April, 2020. The income tax for 2019 is $24,000 11. Prepare the following reports which will be tumed in with this project and will be used to complete the tax return for this project: December 1, 2019 to January 1, 2020 income statement, a statement of owners equity, a balance sheet, and statement of cash flows from Prepare a Trial balance as of December 31, 2019 and name it Trial Balance After Adjustments. Run a journal from December 1, 2019 to December 31, 2019 12. Include the following ratios to be submitted with your project: Current ratio, quick ratio, debt ratio, return on assets and return on equity 13. See the separate instructions for the tax return Narrative of December Business Transactions Record these business transactions in the appropriate windows. Use the account titles that appear in the December 1, 2019 trial balance. Date Transaction 2019 Dec. 2 Received a check from Active Sporting Stores, customer number 2052 for $28,689 in full settlement of the account. Dec. 2 Dec. 2 Dec. 2 Borrowed $40,000 from State Bank resulting in a 10-year note payable bearing 12% Interest, payable semiannually on June 1 and December 1 Issue Check 500 to The Runners Newspaper for $200 for newspaper advertising Sold merchandise on account to String Stores, customer number 2058. The sales invoice is number 6202 and is for $4,000, terms 1/10 n/30. Runners Corporation uses a perpetual Inventory system and therefore records the cost of merchandise sold as well as the sale. Items sold Item # 105 - 40 pairs @ 75.00 Item # 130 -20 pairs @ 50.00 Cost of Sale Item # 105 - 40 pairs @ 25.00 Item# 130-20 pairs@19.95 (Notes: Due to the nature of the business, most of Runners Corporation's sales are on a credit basis Dec 2 Dec 3 Purchased merchandise on account from Tice Manufacturing Company, vendor number 1 The purchase invoice is number 3356 for $8,464, terms net 30 Items purchased Item #130-400 pairs@ 19.95 Item #120 - 22 pairs@ 22.00 Sold merchandise on account, invoice number 6203, to True Sports Shop, customer number 2055, for $30,000. Terms of the sale were 1/10 1/30 Items sold Item #130 - 200 pairs @ 50.00 Item#120-100 pairs 65.00 Item #11C - 150 pairs 90.00 Cost of Sale Item #130-200 pairs@19.95 Item #120-100 pairs @22.00 Item#110- 150 pairs @ 35.00 Date Transaction Dec. 6 Dec. 8 Dec. 8 Dec. 9 Dec. 9 Sold merchandise to S.T. Sporting for cash, $18,500, check no. 481 Items sold: Item #105 - 100 pairs @ 75.00 Item #110-50 pairs @90.00 Item #120 - 100 pairs @65,00 Cost of Sale: Item #105 - 100 pairs @25.00 Item #110 - 50 pairs @ 35.00 Item #120 - 100 pairs @ 22.00 Sold merchandise to North Shoes, located at 105 NE 8th, Bellevue, WA 98009, customer number 2062 for $2,500. The sales invoice number is 6204. Terms 1/10 1/30. Item sold: Item #130 - 50 pairs @ 50.00 Cost of Sale: Item #130 - 50 pairs ( 19.95 Received a check no 255 from All Sporting, customer number 2056, for $4.000 in payment of invoice number 6192. Received check 898 from String Stores, customer number 2058, for $3.960. The invoice number is 6202 and a sales discount of $40 was taken Purchased merchandise from Tic Manufacturing Company, vendor number 5. The purchase invoice is number 3538 for $23,350. Terms 30 days. Items purchased: Item #105 - 400 pairs @ 25.00 Item 110 - 350 pairs 35.00 Item #120 - 50 pairs 22.00 Returned S1,300 worth of merchandise to Say Manufacturing Company, vendor 4. Received a credit memorandum acknowledging a reduction in the liability account of $1,300. Item returned: Item #105 - 52 pairs @. 25.00 Received check 305 from True Sports Shop, customer number 2055, for $29.700 in payment of invoice number 6203 sales discount $300 Sold merchandise to Hales Sporting Goods for cash, $9.750, CK. 442 Items sold: Item #105-130 pairs@ 75.00 Cost of Sale Item #105-130 pairs @. 25.00 Issue Check 501 to Hoot Manufacturing, vendor number 3, for $18,000 in payment of purchase invoice number 3532 Mr. Noah Arc invested an additional $70,000 into the business. Received check 678 from North Shoes, customer number 2062, for $2.475, invoice number 6204. A sales discount of $25 was taken by North Shoes Issue Check# 502 to Hay Manufacturing, vendor number 2, for $33,000, purchase invoice number 3533 The city council donated land with a fair market value of $5,000 to Runners Company as an incentive for future expansion Issue a Check# 503 to Say Manufacturing Company, vendor number 4, for $935 in partial payment of purchase invoice number 3534 Issue Check 504 to All Insurance Company for $3,000. The payment represents next year's Insurance coverage Dec. 9 Dec 10 Dec. 10 Dec. 13 Dec. 14 Dec. 15 Dec 17 Dec. 20 Dec. 21 Dec. 22 Date Transaction Dec 27 Dec. 28 Dec 26 Runners Corporation sold land for $4.500 cash; no gain or loss was recognized Issue Check 505 to Bell Advertising Agency for $4,000 Sold marketable securities for $25,000. Recognize a gain of $5,000 Issue Check# 506 to US Post Office for $100 (Charge to miscellaneous expense) Issue Check 507 to the City of Black Diamond for $350 for payment of utility bill Dec 30 Dec. 30 Dec. 30 Dec. 30 Purchased additional and for further plant expansion Issue Check# 508 for $20,000 to Mary Realty Mr. Noah Are withdrew $15,000 for personal use. Issue Check# 509 Tog Sport Shop notified us of their bankruptcy proceeding. This makes it necessary to write off their account as uncollectible. Dec 30 Dec. 30 Sold merchandise on account to String Stores. The sales invoice is number 6205 and is for $1,000, terms 1/10 1/30 Item Sold: Hem #130 - 20 pairs @ 50.00 Cost of Sale: Item #130 - 20 pairs 19.95 End of Year Instructions Monday, December 31st, is the last business day of the calendar year. You will need to proceed with the work required at the close of the annual accounting period as follows: After all the transactions have been recorded, complete the following: 7. Prepare a Schedule of Accounts Receivable as of 12-31-2019 8. Prepare a Schedule of Accounts Payable as of 12-31-2019 9. Prepare a Trial balance as of December 31, 2019 and name it Trial Balance Before Adjustments. Turn this in with your project 10. The physical inventory of merchandise at the close of business, December 31, 2018, showed $25,822.50 consisting of: Item# 105, Quantity on Hand 250 pairs Item # 110, Quantity on Hand 320 pairs Item # 120, Quantity on Hand 172 pairs Item # 130, Quantity on Hand 230 pairs Use the inventory Quantity Adjustment window to make the above adjustments to inventory, using general ledger account #61100, Inventory Adjustment Expense. The total value of the adjustments is -$1,351. Refer to your Trial Balance before adjustments to verify adjustments needed: Office supplies on hand on December 31, $1,500 Insurance expired for the month of December, $250. Depreciation expense for the year 2019 (You can enter a compound entry) Office equipment $8,535 Building $7,500 Display Cases $1,000 Management has decided to increase the Allowance for Uncollectible Accounts by $200 Accrued salaries at December 31, $7.000; do not record payroll tax accruals. Accrued interest at December 31, $400. Accrued property tax of $1. 139. for the months of November and December, payable in April 2020. The income tax for 2019 is $24,000. 11. Prepare the following reports which will be turned in with this project and will be used to complete the tax return for this project: Income statement, a statement of owners' equity, a balance sheet and statement of cash flows from December 1, 2019 to January 1, 2020 Prepare a Trial balance as of December 31, 2019 and name it Trial Balance After Adjustments. Run a journal from December 1, 2019 to December 31, 2019. 12. Include the following ratios to be submitted with your project: Current ratio, quick ratio, debt ratio, return on assets and return on equity 13. See the separate instructions for the tax return
