I need help with general journal and general ledger

Page 1 PRACTICE SET ACCOUNTING 3341 (5133) SPRING 2019 This practice set is intended to refresh your basic accounting skills by requiring you to record, summarize, and report the results of a basic set of accounting transactions for a sample company HOW TO PROCEED Enter the current period transactions in the General Journal. Use the journal entry number for each transaction as a reference. It is not necessary to include an explanation for the entries in this problem. Enter the beginning balances for each account in the General Ledger and post the current period journal entries to the accounts in the General Ledger Balance each account in the General Ledger List each account balance on the Unadjusted Trial Balance. Record the adjusting entries in the General Journal. Post the adjusting entries to the balance each account. List each account balance on the Adjusted Trial Balance. Prepare a multiple-step Income Statement, a Statement of Retained Earnings, and a classified Balance 3. 4. 5. General Ledger and re- 6. Sheet. Record the year-end closing entries in the General Journal, post them to the General Ledger, and re-balance each account. 8. 9. Prepare a Post-Closing Trial Balance REQUIREMENTS COMPLETE THE FOLLOWING FOR THE PERIOD CURRENTLY ENDED: . General Journal- should include current period entries, adjusting entries and closing entries 2. General Ledger- with all journal entries appropriately posted. 3. Unadjusted Trial Balance-which you will complete prior to making adjusting entries. 4. Adjusted Trial Balance- which you will use to prepare the financial statements. 5. Income Statement (Multiple Step)- including Earnings-Per-Share. 6. Statement of Retained Earnings. 7. Balance Sheet (Classified). 8. Post-Closing Trial Balance. All of the above must be submitted inside this bound workbook and in page number sequence in order to insure uniformity in the grading process. If your practice set is submitted in any other form, credit will be deducted for failure to follow instructions. NOTE: Page 2 SUMMARY INFORMATION . BACKGROUND: Fiona's Florist was incorporated on January 1,2010 with 40,000 shares of S1 par value common stock authorized. All 40,000 shares have been issued. 2. The company's accounting period ends on December 31 of each year. . ACCOUNTING POLICIES: The company uses the following generally accepted accounting principles in presenting financial information: INVENTORY VALUATION - First-in, first-out method on a perpetual basis. Physical counts are conducted at the end of the year to determine the quantity and value of merchandise inventory on hand. a b. DEPRECIATION-Straight-line. 4. As of the close of business on November 30, 2018, the company had the following trial balance: Acct # Account Title Debit Credit 1110 Cash 460,800 1120 Accounts Receivable $ 282,240 $ 767.520 $ 979.200 1130 Merchandise Inventory 1230 E ment 1231 Accumulated Depreciation- Equipmert 352,512 $ 253 440 2110 Accounts Payable 2210 Income Tax Payable 3010 Common Stock ($1 Par) $40,000 3020 Paid-In Capital in Excess of Par $ 173,744 3030 Income Summary 3040 Retained Earnings 4010 Sales Revenue 5020 Cost of Goods Sold 6010 Salaries & Wages Expense 6060 Telephone & Utility Expense 6070 Rent Expense S 509,400 $ 7.729.200 $ 3,511,440 s 2,696,400 178,560 s 182,136 6120 Depreciation Expense- Equipment 6410 Income Tax Expense Total $ 9,058,296 $ 9,058,296 Page 6 GENERAL JOURNAL Account 1110 CASH JE# CREDIT Balance DEBIT BEGINNING BALANCE Acco unt 1120 ACCOUNTS RECEIVABLE JE # Balance ITEM DEBIT CREDIT BEGINNING BALANCE Account 1130 MERCHANDISE INVENTORY JE# ITEM DEBIT CREDIT Balance BEGINNING BALANCE Page Account 3020 PAID-IN CAPITAL IN EXCESS OF PAR ITEM tT CREDIT Balance JE# ITEM DEBIT CREDIT Balance BEGINNING BALANCE Account 3040 RETAINED EARNINGS JE# ITEM DEBIT | CREDIT Balance BEGINNING BALANCE Pape 9 GENERAL LEDGER Account 4010 SALES REVENUE EBIT CREDIT Balance Account 5020 COST OF GOODS SOLD ITEM DEB Account 6010 SALARIES&WAGES EXPENSE JE# ITEM DEBIT CREDIT Balance BEGINNING BALANCE Account 6060 TELEPHONE&UTILITY EXPENSE JE# TEM DEBIT CREDIT Balance BEGINNING BALANCE Page 10 GENERAL LEDGER JE# TEM EBIT CREDIT Balance Account 6120 DEPRECIATION EXPENSE-EQUIPMENT JE# Balance INCOME TAX EXPENSE ITEM BEGINNING BALANCE Account 6410 JE# DEBIT CREDIT Balance