I completed some of the work but i am not sure if im doing this correctly. Thanks so mych for any help!

Chapter 7 and Special Journals 1.) Read transaction and decide which journal to record (If transaction is posted in a special journal you DO NOT need to record it in the general journal) 2.) Make sure after each transaction that debits = credits on each line of the special journals or that debits = credits for each journal entry recorded in the General Journal 3.) Does the entry need to get posted to a subsidiary ledger? If the transaction is affecting a. Accounts Receivable or b. Accounts Payable It does need to be posted to the appropriate ledger. 4.) Remember Posting References (PR): 1. Special Journals (EXAMPLES) a.Sales Journal page 3 = S3 b. Purchases Journal page 2 = P2 c. Cash Receipts Journal page 8 = RB d. Cash Disbursements Journal page 5 - D5 II. The above codes are used in the GL Accounts and the subsidiary ledgers under the PR column. III. If posting to a subsidiary ledger from a special journal use a in the special journal PR column if cash sales are posted to the cash receipts journal use an X in the PR column because there is no need to post anything now. That will happen at the end of the month. 5.) Any transactions that get posted to the "Other Accounts" column in a special journal or in the General Journal as a journal entry need to be posted to the General Ledger (GL) Accounts right away. 6.) The totals in the marked columns (Accounts Receivable, Sales, Cost of Good Sold, etc.) of the Special Journals get posted at the end of the month to the GL Accounts and posting references need to be put in the Special Journals under the column total, 7.) Remember in the GL Accounts that when you keep track of balances in each account and it has a normal debit balance, when you debit that account you will add the numbers to get the new balance. If you are crediting that account, you will subtract the number from the current balance. 8.) If the GL account has a normal debit balance with no beginning balance and you have to credit that account, the amount will be negative and should be shown as (2.000). If your next transaction is a debit, you will need to subtract those numbers. Ex: (2.000) balance and a debit for 3,000 would leave a balance of 1,000. IV. Roadrunner Bookstore uses the following Special Journals: Sales, Purchases, Cash Receipts, and Cash Disbursements. 1.) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month-end. 2.) Complete the unadjusted trial balance columns on the worksheet for Roadrunner Bookstore as of November 30, 2021, and the Schedules of Accounts Receivable and Accounts Payable. Roadrunner Bookstore must consider the following for adjusting entry purposes: a) A utility bill was received totaling $500 that will be paid in December b) Depreciation on the Equipment for the month totaled $250. c) November rent from Davis Consulting has been earned d) Interest on the short-term note through Nov 30 has accrued but has not been paid. (Round to a whole number) e) Salaries have accrued in the amount of $300 per day for six days. f) A count of inventory showed remaining inventory had a cost of $30,000. 9) Bad debt is estimated to be .5% of total net credit sales. Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet Prepare Financial Statements, including a Classified Balance Sheet, for Roadrunner Bookstore considering the following: Depreciation Expense, Delivery Expense, Bad Debts Expenses, and Cash Overages are selling expenses Postage and Utilities Expenses are general and administrative expenses Salaries Expense and Rent Expense are split between selling and general and administrative expenses. Prepare Closing Entries for Roadrunner Bookstore. Prepare Post Closing Trial Balance for Roadrunner Bookstore. Complete the Online Quiz for the Accounting Project in eLearning. Accounting Cycle Project SP22 Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of November. Nov 1 Tina Smith invested $80,000 cash and Equipment worth $15,000 in Roadrunner Bookstore. Nov 2 Roadrunner Bookstore rented a portion of their warehouse to Davis Consulting for $4,000 per month Davis paid Roadrunner Bookstore three months of rent in advance. Nov 3 Purchased $60,000 of merchandise inventory on credit, Invoice #123 dated Nov 2 from Cengage, terms 2/20, n/30. Nov 5 Sold merchandise to Rowan University for $20,000 on credit, terms 2/10, n/45. Invoice no. 345. Cost of the merchandise sold is $10,000. Nov 7 Issued check #210 payable to Cash to establish a petty cash fund in the amount of $500. Nov 9 Purchased additional equipment totaling $8,000 on credit from Great Buy, terms 2/10,n/30, Invoice #467 dated Nov 9. Nov 11 Sold merchandise to Rutgers University for $10,000 with terms 2/10, n/45. Invoice no. 346. Cost of the merchandise sold is $5,000. Nov 13 The cash register's record shows $7,000 at the end of the shift, but the count of cash in the register is $7,010. Cost of the merchandise sold is $3,000. Prepare the journal entry to record the day's cash sales. Nov 15 Rowan University paid the balance due from the sale on Nov 5. Nov 17 Sold merchandise to Rowan University for $15,000, terms 2/10, n/45. Invoice No. 347. Cost of the merchandise sold is $10,000. Nov 18 Roadrunner Bookstore signed a short-term note payable in the amount of $20,000 with an interest rate of 6% due in 90 days. Nov 21 Issued check #211 to Cengage for the purchase recorded on Nov 3rd. Nov 23 Issued check #212 made payable to you, the company accountant, for your salary totaling $5,000. Nov 24 The cash balance in the petty cash drawer is $25. Receipts in the drawer show $150 for Postage Expense, $100 for Transportation in $200 for delivery expenses, and $30 for office supplies expenses. Replenish petty cash using check #213 made payable to cash. Nov 25 Received $6,000 payment from Rutgers University towards the Nov 11 sale. Nov 27 Issued check #214 made payable to Tina Smith for $6,000 for personal Nov 29 Issued check #215 for $5,000 payable to Hartford Property Management for November Rent use. 21 Chart of Accounts Roadrunner Bookstore 101 Cash 403 Sales 102 Petty Cash 408 Rental Revenue 106 Accounts Receivable 415 Sales Discounts 109 Allowance for Doubtful Accounts 602 Cost of Goods Sold 119 Merchandise Inventory 621 Salaries Expense 140 Equipment 626 Rent Expense 141 Accumulated Depreciation - Equipment 630 Office Supplies Expense 201 Accounts Payable 633 Depreciation Expense 221 Salaries Payable 636 Postage Expense 231 Notes Payable 646 Delivery Expense 241 Interest Payable 656 Utilities Expense 251 Unearned Revenue 659 Interest Expense 301 T. Smith, Capital 661 Bad Debts Expense 302 T. Smith, Withdrawals 686 Cash Over and Short GENERAL JOURNAL Account Titles and Explanation Page 2 Credit Date PR Debit General Ledger (Partial Listing) Acct. No. Credit 101 Balance PR Debit Cash Date Explanation 102 Balance Acct. No. Credit Petty Cash Date PR Debit Accounts Receivable Date Acct. No. Credit 106 Balance PR Debit Allowance for Doubtful Accounts Date Acct. No. Credit 109 Balance PR Debit Merchandise Inventory Date Acct. No. Credit 119 Balance PR Debit Equipment Date Acct. No. Credit 140 Balance PR Debit Accumulated Depreciation - Equipment Date Acct. No. Credit 141 Balance PR Debit 201 Balance Acct. No. Credit Accounts Payable PR Debit Date Salarles Payable Date Acct. No. Credit 221 Balance PR Debit Notes Payable Date Acct. No. Credit 231 Balance PR Debit Interest Payable Date Acct. No. Credit 241 Balance PR Debit Unearned Revenue Date Acct. No. Credit 251 Balance PR Debit T. Smith, Capital Date Explanation Acct. No. Credit 301 Balance PR Debit T. Smith, Withdrawals Date Explanation 302 Balance PR Acct. No. Credit Debit 403) Acct. No Credit Balance Sales PR Debe Date Acct. No. Credit 408 Balance Rental Revenue Date PR Debit 415 Sales Discounts Date Acct. No Credit PR Debit Balance Cost of Goods Sold Date Acct. No Credit 502 Balance PR Debit Salaries Expense Date Acct. No. Credit 621 Balance PR Debit Rent Expense Date PR Debit Acct. No. Credit 626 Balance Office Supplies Expense Date Acct. No. Credit PR Debit 630 Balance Acct. No. Credit 633 Balance Depreciation Expense Date PR Debit 636 Balance Acct. No. Credit Postage pense Date PR Debit Delivery Expense Acct. No Credit 546 Balance PR Debit Date Utilities Expense Date Acct. No. Credit 656 Balance PR Debit Interest Expense Date Acct. No. Credit 659 Balance PR Debit Bad Debts Expense Date | Acct. No. Credit 661 Balance PR Debit Cash Over and Short Date Acct. No. Credit PR 686 Balance Debit Income Summary Date PR Acct. No. Credit Debit 90 Balance Accounts Payable Ledger Accounts Receivable Leder Balance Date Credit PR Debit Debit Credit Balance PR Date PR Credit Balance Date Balance PR Debit Debit Credit Date Date PR Debit Credit Balance Work Sheet Unded Trial Balance Det Ord Balance sheet and Statement of Owners wity Dett Credit Asted TW Balance Debit Credit NO Ades Debat Crete Income Statement Debit Credit 101 Cash 102 Petty Cash 104 Accounts Receivable 100 Allowance for Douth Accounts 319 Merchandise tentary 140 Equipment 141 Acumulated Depreciation Couloment 201 Accounts Payable 221 Salaries Payable 231 Notes Payable 241 interest Payable 250 named Revenue 30: Smith Capital 302 T. Smith, Withdrawal 403 Sales 408 Rental Revenue 415 Sales Discounts 602 Cost of Goods Sold 621 Salaries Expense 626 Rent Expense 630 Owice Supplies Expense 03 Depreciation Expense 636 Postage Expense GAC Delwery Expense 656 Unifities Expense 659 interest Expense 661 Bad Debts Expertise 686/Cash Over and Short Toca's Schedule of Accounts Receivable Schedule of Accounts Payable Post-Closing Trial Balance Debit Credit Sales Journal Page 1 Accounts Receivable Dr. Sales Or Invoice Number TERMS EUS HANS Cost of Goods Sold Dr Inventory Or PR Date Account Debited 000 TOMORA tand Page 1 Purchases Journal PR Accounts Payable or Date of Invoice TERMS US 2DES Inventory Dr. Other Accounts Dr. Date Account dans ,04 63.000 Cash Receipts Journal Accounts Receivable Cr. Pered Cost of Good Other Sold Dr. Accounts . Inventory Co Date Account Credited Explanation Cash or PR Sales Discount Dr. Sales Cr. Income Statement Chapter 7 and Special Journals 1.) Read transaction and decide which journal to record (If transaction is posted in a special journal you DO NOT need to record it in the general journal) 2.) Make sure after each transaction that debits = credits on each line of the special journals or that debits = credits for each journal entry recorded in the General Journal 3.) Does the entry need to get posted to a subsidiary ledger? If the transaction is affecting a. Accounts Receivable or b. Accounts Payable It does need to be posted to the appropriate ledger. 4.) Remember Posting References (PR): 1. Special Journals (EXAMPLES) a.Sales Journal page 3 = S3 b. Purchases Journal page 2 = P2 c. Cash Receipts Journal page 8 = RB d. Cash Disbursements Journal page 5 - D5 II. The above codes are used in the GL Accounts and the subsidiary ledgers under the PR column. III. If posting to a subsidiary ledger from a special journal use a in the special journal PR column if cash sales are posted to the cash receipts journal use an X in the PR column because there is no need to post anything now. That will happen at the end of the month. 5.) Any transactions that get posted to the "Other Accounts" column in a special journal or in the General Journal as a journal entry need to be posted to the General Ledger (GL) Accounts right away. 6.) The totals in the marked columns (Accounts Receivable, Sales, Cost of Good Sold, etc.) of the Special Journals get posted at the end of the month to the GL Accounts and posting references need to be put in the Special Journals under the column total, 7.) Remember in the GL Accounts that when you keep track of balances in each account and it has a normal debit balance, when you debit that account you will add the numbers to get the new balance. If you are crediting that account, you will subtract the number from the current balance. 8.) If the GL account has a normal debit balance with no beginning balance and you have to credit that account, the amount will be negative and should be shown as (2.000). If your next transaction is a debit, you will need to subtract those numbers. Ex: (2.000) balance and a debit for 3,000 would leave a balance of 1,000. IV. Roadrunner Bookstore uses the following Special Journals: Sales, Purchases, Cash Receipts, and Cash Disbursements. 1.) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month-end. 2.) Complete the unadjusted trial balance columns on the worksheet for Roadrunner Bookstore as of November 30, 2021, and the Schedules of Accounts Receivable and Accounts Payable. Roadrunner Bookstore must consider the following for adjusting entry purposes: a) A utility bill was received totaling $500 that will be paid in December b) Depreciation on the Equipment for the month totaled $250. c) November rent from Davis Consulting has been earned d) Interest on the short-term note through Nov 30 has accrued but has not been paid. (Round to a whole number) e) Salaries have accrued in the amount of $300 per day for six days. f) A count of inventory showed remaining inventory had a cost of $30,000. 9) Bad debt is estimated to be .5% of total net credit sales. Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet Prepare Financial Statements, including a Classified Balance Sheet, for Roadrunner Bookstore considering the following: Depreciation Expense, Delivery Expense, Bad Debts Expenses, and Cash Overages are selling expenses Postage and Utilities Expenses are general and administrative expenses Salaries Expense and Rent Expense are split between selling and general and administrative expenses. Prepare Closing Entries for Roadrunner Bookstore. Prepare Post Closing Trial Balance for Roadrunner Bookstore. Complete the Online Quiz for the Accounting Project in eLearning. Accounting Cycle Project SP22 Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of November. Nov 1 Tina Smith invested $80,000 cash and Equipment worth $15,000 in Roadrunner Bookstore. Nov 2 Roadrunner Bookstore rented a portion of their warehouse to Davis Consulting for $4,000 per month Davis paid Roadrunner Bookstore three months of rent in advance. Nov 3 Purchased $60,000 of merchandise inventory on credit, Invoice #123 dated Nov 2 from Cengage, terms 2/20, n/30. Nov 5 Sold merchandise to Rowan University for $20,000 on credit, terms 2/10, n/45. Invoice no. 345. Cost of the merchandise sold is $10,000. Nov 7 Issued check #210 payable to Cash to establish a petty cash fund in the amount of $500. Nov 9 Purchased additional equipment totaling $8,000 on credit from Great Buy, terms 2/10,n/30, Invoice #467 dated Nov 9. Nov 11 Sold merchandise to Rutgers University for $10,000 with terms 2/10, n/45. Invoice no. 346. Cost of the merchandise sold is $5,000. Nov 13 The cash register's record shows $7,000 at the end of the shift, but the count of cash in the register is $7,010. Cost of the merchandise sold is $3,000. Prepare the journal entry to record the day's cash sales. Nov 15 Rowan University paid the balance due from the sale on Nov 5. Nov 17 Sold merchandise to Rowan University for $15,000, terms 2/10, n/45. Invoice No. 347. Cost of the merchandise sold is $10,000. Nov 18 Roadrunner Bookstore signed a short-term note payable in the amount of $20,000 with an interest rate of 6% due in 90 days. Nov 21 Issued check #211 to Cengage for the purchase recorded on Nov 3rd. Nov 23 Issued check #212 made payable to you, the company accountant, for your salary totaling $5,000. Nov 24 The cash balance in the petty cash drawer is $25. Receipts in the drawer show $150 for Postage Expense, $100 for Transportation in $200 for delivery expenses, and $30 for office supplies expenses. Replenish petty cash using check #213 made payable to cash. Nov 25 Received $6,000 payment from Rutgers University towards the Nov 11 sale. Nov 27 Issued check #214 made payable to Tina Smith for $6,000 for personal Nov 29 Issued check #215 for $5,000 payable to Hartford Property Management for November Rent use. 21 Chart of Accounts Roadrunner Bookstore 101 Cash 403 Sales 102 Petty Cash 408 Rental Revenue 106 Accounts Receivable 415 Sales Discounts 109 Allowance for Doubtful Accounts 602 Cost of Goods Sold 119 Merchandise Inventory 621 Salaries Expense 140 Equipment 626 Rent Expense 141 Accumulated Depreciation - Equipment 630 Office Supplies Expense 201 Accounts Payable 633 Depreciation Expense 221 Salaries Payable 636 Postage Expense 231 Notes Payable 646 Delivery Expense 241 Interest Payable 656 Utilities Expense 251 Unearned Revenue 659 Interest Expense 301 T. Smith, Capital 661 Bad Debts Expense 302 T. Smith, Withdrawals 686 Cash Over and Short GENERAL JOURNAL Account Titles and Explanation Page 2 Credit Date PR Debit General Ledger (Partial Listing) Acct. No. Credit 101 Balance PR Debit Cash Date Explanation 102 Balance Acct. No. Credit Petty Cash Date PR Debit Accounts Receivable Date Acct. No. Credit 106 Balance PR Debit Allowance for Doubtful Accounts Date Acct. No. Credit 109 Balance PR Debit Merchandise Inventory Date Acct. No. Credit 119 Balance PR Debit Equipment Date Acct. No. Credit 140 Balance PR Debit Accumulated Depreciation - Equipment Date Acct. No. Credit 141 Balance PR Debit 201 Balance Acct. No. Credit Accounts Payable PR Debit Date Salarles Payable Date Acct. No. Credit 221 Balance PR Debit Notes Payable Date Acct. No. Credit 231 Balance PR Debit Interest Payable Date Acct. No. Credit 241 Balance PR Debit Unearned Revenue Date Acct. No. Credit 251 Balance PR Debit T. Smith, Capital Date Explanation Acct. No. Credit 301 Balance PR Debit T. Smith, Withdrawals Date Explanation 302 Balance PR Acct. No. Credit Debit 403) Acct. No Credit Balance Sales PR Debe Date Acct. No. Credit 408 Balance Rental Revenue Date PR Debit 415 Sales Discounts Date Acct. No Credit PR Debit Balance Cost of Goods Sold Date Acct. No Credit 502 Balance PR Debit Salaries Expense Date Acct. No. Credit 621 Balance PR Debit Rent Expense Date PR Debit Acct. No. Credit 626 Balance Office Supplies Expense Date Acct. No. Credit PR Debit 630 Balance Acct. No. Credit 633 Balance Depreciation Expense Date PR Debit 636 Balance Acct. No. Credit Postage pense Date PR Debit Delivery Expense Acct. No Credit 546 Balance PR Debit Date Utilities Expense Date Acct. No. Credit 656 Balance PR Debit Interest Expense Date Acct. No. Credit 659 Balance PR Debit Bad Debts Expense Date | Acct. No. Credit 661 Balance PR Debit Cash Over and Short Date Acct. No. Credit PR 686 Balance Debit Income Summary Date PR Acct. No. Credit Debit 90 Balance Accounts Payable Ledger Accounts Receivable Leder Balance Date Credit PR Debit Debit Credit Balance PR Date PR Credit Balance Date Balance PR Debit Debit Credit Date Date PR Debit Credit Balance Work Sheet Unded Trial Balance Det Ord Balance sheet and Statement of Owners wity Dett Credit Asted TW Balance Debit Credit NO Ades Debat Crete Income Statement Debit Credit 101 Cash 102 Petty Cash 104 Accounts Receivable 100 Allowance for Douth Accounts 319 Merchandise tentary 140 Equipment 141 Acumulated Depreciation Couloment 201 Accounts Payable 221 Salaries Payable 231 Notes Payable 241 interest Payable 250 named Revenue 30: Smith Capital 302 T. Smith, Withdrawal 403 Sales 408 Rental Revenue 415 Sales Discounts 602 Cost of Goods Sold 621 Salaries Expense 626 Rent Expense 630 Owice Supplies Expense 03 Depreciation Expense 636 Postage Expense GAC Delwery Expense 656 Unifities Expense 659 interest Expense 661 Bad Debts Expertise 686/Cash Over and Short Toca's Schedule of Accounts Receivable Schedule of Accounts Payable Post-Closing Trial Balance Debit Credit Sales Journal Page 1 Accounts Receivable Dr. Sales Or Invoice Number TERMS EUS HANS Cost of Goods Sold Dr Inventory Or PR Date Account Debited 000 TOMORA tand Page 1 Purchases Journal PR Accounts Payable or Date of Invoice TERMS US 2DES Inventory Dr. Other Accounts Dr. Date Account dans ,04 63.000 Cash Receipts Journal Accounts Receivable Cr. Pered Cost of Good Other Sold Dr. Accounts . Inventory Co Date Account Credited Explanation Cash or PR Sales Discount Dr. Sales Cr. Income Statement