I need help with the general ledger. please and thank you

Need help with the general ledger. please and thank you

AutoSave Of File Home Insert Draw Page Layout Formulas Data Review View Help Search Calibri - 11 AA === ab Wrap Text General Paste & Cut LE Copy Format Painter Clipboard BIU- - A - E Merge & Center - $ - % 9 68_98 Cona Forma Font Alignment Number A1 What to do: Journalize each transaction located in the "Transaction" tab at the bottom of the e A B What to do: Journalize each transaction located in the "Transaction" tab at the bottom of the excel file in the general journal. Remember only use proper accounts names (use the chart of accounts tab to help you find the available account names) and each transaction must have total debits equal to total 1 credits. 2 As you journalize you also need to record any entry affecting accounts receivable or accounts payable in their subsidiaries. We learned this in chapter 5. Also, if you affect a specific job (you will be given a job number) you need to record that in the job cost records in addition to recording it in the general 3 journal. 4 Once you have journalized all of the transactions you need to post from the general journal into the general ledger. In the ledger you would use J1, J2, J3 etc. for the post reference number showing which journal and page number you got the information. Then you go back to the journal and fill in the account 5 number from the ledger where you posted it. 6 7 Finally, prepare an unadjusted trial balance. 8 9 10 > Getting start Chart of accounts Schedule of Accts Rec (eg) Sch of Acets Pay (Beg) Trial Balance (Beg) Transact FH Calibri 111 - " ' X Cut LECopy Format Painter ului 2. Wrap Text E E Merge & Center Paste B IUI MvA Font Alignment Clipboard 637 /c/ D BACKYARD FUN AND GAMES Chart of Accounts REVENUE 410 Sales COST OF GOODS SOLD (COGS) 510 Cost of Goods Sold 511 Factory Overhead OPERATING EXPENSES 4 5 ASSETS Current Assets 7 100 Cash 8 111 Accounts Receivable 117 Materials 10 118 Work in Process 11 119 Finished Goods 12 13 Property. Plant & Equipment 14 150 Equipment 15 151 Accumulated Depreciation - Equip 16 17 LIABILITIES 18 Current Liabilities 19 210 Accounts Payable 20 214 Employee's Federal Income Tax Payable 21 215 FICA Tax Payable 22 217 FUTA Tax Payable 218 SUTA Tax Payable 24 219 Salaries Payable 25 26 OWNERS' EQUITY 27 310 Frank Thompson, Capital 28 311 Frank Thompson, Drawing 29 30 311 32 33 610 620 650 670 685 Advertising Expense Salaries Expense Rent Expense Payroll Tax Expense Utilities Expense 23 34 35 36 37 AutoSave OH @ 98 Formulas File Data Review Home Draw Page Layout Insert Calibri M12 N Cut [La Copy * Format Painter - A A === = = WISE B. I u EN Font 151 L94 Alignment Clipboard A1 Backyard Fun and Games B. Backyard Fun and Games 2 Schedule of Accounts Receivable (Accounts Receivable Customer Balances) 3 January 1, 2020 4 5 Backyard Game Treats $ 4,200.0 6 Fun For All Backyard Games 2,245.60 7. Oversize Games 3,290.00 8 Utopian Backyard Fun 7,350.00 9 Total $ 17,085.60 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 AutoSave Y Off en 2 File Home Insert Draw Formulas Data Page Layout Calibri 12 4 X Cut 1 Copy A A Date BIU Format Painter Clipboard Font Alig A1 Backyard Fun and Games A B Backyard Fun and Games 2 Schedule of Accounts Payable (Accounts Payable Creditor Balances 3 January 1, 2020 4 5 Hardware For All 6 Lumber Unlimited 7 Paint to Go 8 Totals $ 879.00 6,950.00 1,120.00 $ 8,949.00 9 10 11 13 14 15 16 17 18 19 TE 20 121) 22 AutoSave Off = File Home Insert Draw Page Layout Formulas Data Review View Calibri 12 X Cut Copy & Format Painter AA === ab Wrap Text EEEE 2 Merge & de BIUM CA Clipboard G Font Alignment D18 =SUM(D5:017) E 10 WINS CREDIT A Backyard Fun and Games Trial Balance January 1, 2020 DEBIT 5 Cash 100 18,428.00 6 Accounts Receivable 111 17,085.60 7 Materials 117 12,349.00 8 Work in Process 118 2,650.00 9 Finsihed Goods 119 22,948.00 10 Equipment 150 12,800.00 11 Accumulated Depreciation - Equipment 151 12 Accounts Payable 210 13 Employees Federal Income Tax Payable 214 14 FICA Tax Payable 215 15 FUTA Tax Payable 217 16 SUTA Tax Payable 218 17 Frank Thompson, Capital 310 18 86,260.60 19 300.00 8,949.00 3,744.00 1,909.44 149.76 2,995.20 68,213.20 86,260.60 20 21 22 23 24 25 26 27 1 Jan 2 Paid rent for the month, $4,000 total, 85% for space devoted to manufacturing the products, 15% for office space. 2 Paid Hardware For All $879 in payment of the December 31 balance. Z 3 4 3 Received a check from Fun For All Backyard Games for $1,230.00 in partial payment of their December 31 balance. o un 4 7 Purchased manufacturing supplies on account from Local Got It All, $325. 9 TO 6 Sold a medium Giant Jenga game from inventory for Cash. Received $546. Our cost was $390. Received an order tor a large Falling Uros game from a casn customer. Set up job 126. Began working on the job by applying $120 of direct materials (requisition number 47). Whenever we use direct materials on a job we will also apply Factory Overhead at a rate of 40% of the direct materials cost. We also applied $80 of direct labor (time ticket 32). Whenever we have direct labor we will debit Work in Process (WIP) for the total gross wages, credit Employees Federal Income Tax Payable for 15% of the total direct labor, credit FICA Tax Payable for 7.65% of total direct labor, and credit Salaries Payable for the difference to get total debits to equal total credits. If needed, always round your numbers to the nearest cent. If your answer goes to three decimal places, if the third number on the right of the decimal is 4 or lower drop off the numbers and leave the number in the cent place (second number) as it is. If the third number is 5 or larger, round the second number up 1 place. I.E. 128.914 = 128.91 128.915 6 Paid Secondary Bank $8,798.40 for December 2019 payroll taxes as follows: Employees' Federal Income Tax Payable - $3,744.00 FICA Tax Payable - $1,909.44 FUTA Tax Payable - $149.76 SUTA Tax Payable - $2,995.20 11 12 13 15 16 7 Purchased materials on account from Lumber Unlimited, $9,700 8 Received a check from Utopian Backyard Fun for $4,700 in partial payment of their December 31 balance. 10 Paid $400 for advertising for the rest of the month. 17 19 20 10 21 22 Paid Lumber Unlimited $6,950 in payment of the December 31 balance. 14 Received a check from Backyard Game Treats for $4,200 in payment of their December 31 balance. 23 24 25 26 27 28 14 Sold a small Outdoor Word Game from inventory, $380 cost, $532 sales price. 14 Sold 2 large Giant Jenga games, 2 medium and 1 large bean bag toss games, 1 small and 1 medium Connect the Color games, and 3 large Falling Orb games out of inventory to a cash customer. Retail price, $5,755.40. Our cost, $4,111.00. 14 Applied $80 of direct materials to job 126 (requisition number 48), applied factory overhead at the rate given previously and applied $120 of direct labor (time ticket 33) withholding taxes at the rates given previously. This finished off the job so we transferred all costs from WIP into Finished Goods. 29 30 15 Recorded the sale of Job 126 to the cash customer reporting the sale at the retail price of $672 and moving our cost of finished goods into Cost of Goods Sold. 31 32 15 Paid Utility bill, $510. 85% for manufacturing area, 15% for nonmanufacturing area. 33 34 16 Added $1,150 of materials to job 125. Remember to also apply factory overhead as shown earlier. Also added $1,462 of labor. Remember to withhold taxes as shown earlier. This finished off job 125. 35 36 16 7 Sold job 125 to Oversize Games on account. Sales price is $8,010. Determine our total cost from the job cost records. 17 Received an order for a medium bean bag game from a cash customer. Set up job 127. Began working on the job by applying $40 of direct materials (requisition number (49), applying factory overhead, and applying $20 of direct labor (time ticket 34) withholding the appropriate 99 taxes. 11 2 21 Received an order for 3 large Falling Orbs and 2 Medium Falling Orbs from Fun For All Backyard Games. Set up job 128. Began working on the job by applying $220 of direct materials (requisition number 50), apply factory overhead, and $410 of direct labor (time ticket number 35) withholding taxes. 21 Sold 2 large Giant Jenga games and 1 large Falling Orbs game to a cash customer from inventory. Our cost is $870. Sales price is $1,218. 21 Received a check from Oversize Games for $3,290 in payment of their December 31 balance. 13 4 15 +6 17 +8 21 Used materials on hand to work on all jobs currently in process, $217 23 Purchased paint and stain (direct materials) from Paint To Go on account, $692. 19 1 #2 27 Set up bookkeeper salary, $960 for the month, indicate withholding for federal income tax and FICA. Withhold payroll taxes at the same rate we used for direct labor transactions. 30 Set up employer payroll taxes for both manufacturing employees and nonmanufacturing employees. Debit Factory Overhead 365.06; Debit Payroll Tax Expense 167.52; credit FICA Tax Payable 233.48; credit FUTA Tax Payable 24.42; credit SUTA Tax Payable 274.68. 3 24 55 30 Paid all employees for wages earned in January. 6 7 B 30 Owner withdrew $3,200 for personal use. 30 Received $1,015.60 on account from Fun For All Backyard Games 30 Received $2,650 on account from Utopian Backyard Fun 30 Paid Local Got It All on account, $325 30 Paid Lumber Unlimited on account, $9,700 30 Paid Paint To Go on account, $1,120 30 Purchased materials on acocunt from Lumber Unlimited, $4,300 Account Cash Account No. 100 Post Ref. Debit Date Item 2020 Jan 1 Beginning Balance Credit Balance Debit Credit 18,428.00 V Account Accounts Receivable Account No. 111 Post. Ref. Debit Date Item 2020 Jan 1 Beginning Balance Credit Balance Debit Credit 17,085.60 V Account Materials Account No. 117 Debit Credit Date Post. Item 2020 Ref. Jan 1 Beginning Balance v Balance Debit Credit 12,349.00 Account Work in Process Account No. 118 Debit Credit Date 2020 Jan Item Post. Ref. 1 Beginning Balance v Balance Debit Credit 2,650.00 AutoSave Of File Home Insert Draw Page Layout Formulas Data Review View Help Search Calibri - 11 AA === ab Wrap Text General Paste & Cut LE Copy Format Painter Clipboard BIU- - A - E Merge & Center - $ - % 9 68_98 Cona Forma Font Alignment Number A1 What to do: Journalize each transaction located in the "Transaction" tab at the bottom of the e A B What to do: Journalize each transaction located in the "Transaction" tab at the bottom of the excel file in the general journal. Remember only use proper accounts names (use the chart of accounts tab to help you find the available account names) and each transaction must have total debits equal to total 1 credits. 2 As you journalize you also need to record any entry affecting accounts receivable or accounts payable in their subsidiaries. We learned this in chapter 5. Also, if you affect a specific job (you will be given a job number) you need to record that in the job cost records in addition to recording it in the general 3 journal. 4 Once you have journalized all of the transactions you need to post from the general journal into the general ledger. In the ledger you would use J1, J2, J3 etc. for the post reference number showing which journal and page number you got the information. Then you go back to the journal and fill in the account 5 number from the ledger where you posted it. 6 7 Finally, prepare an unadjusted trial balance. 8 9 10 > Getting start Chart of accounts Schedule of Accts Rec (eg) Sch of Acets Pay (Beg) Trial Balance (Beg) Transact FH Calibri 111 - " ' X Cut LECopy Format Painter ului 2. Wrap Text E E Merge & Center Paste B IUI MvA Font Alignment Clipboard 637 /c/ D BACKYARD FUN AND GAMES Chart of Accounts REVENUE 410 Sales COST OF GOODS SOLD (COGS) 510 Cost of Goods Sold 511 Factory Overhead OPERATING EXPENSES 4 5 ASSETS Current Assets 7 100 Cash 8 111 Accounts Receivable 117 Materials 10 118 Work in Process 11 119 Finished Goods 12 13 Property. Plant & Equipment 14 150 Equipment 15 151 Accumulated Depreciation - Equip 16 17 LIABILITIES 18 Current Liabilities 19 210 Accounts Payable 20 214 Employee's Federal Income Tax Payable 21 215 FICA Tax Payable 22 217 FUTA Tax Payable 218 SUTA Tax Payable 24 219 Salaries Payable 25 26 OWNERS' EQUITY 27 310 Frank Thompson, Capital 28 311 Frank Thompson, Drawing 29 30 311 32 33 610 620 650 670 685 Advertising Expense Salaries Expense Rent Expense Payroll Tax Expense Utilities Expense 23 34 35 36 37 AutoSave OH @ 98 Formulas File Data Review Home Draw Page Layout Insert Calibri M12 N Cut [La Copy * Format Painter - A A === = = WISE B. I u EN Font 151 L94 Alignment Clipboard A1 Backyard Fun and Games B. Backyard Fun and Games 2 Schedule of Accounts Receivable (Accounts Receivable Customer Balances) 3 January 1, 2020 4 5 Backyard Game Treats $ 4,200.0 6 Fun For All Backyard Games 2,245.60 7. Oversize Games 3,290.00 8 Utopian Backyard Fun 7,350.00 9 Total $ 17,085.60 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 AutoSave Y Off en 2 File Home Insert Draw Formulas Data Page Layout Calibri 12 4 X Cut 1 Copy A A Date BIU Format Painter Clipboard Font Alig A1 Backyard Fun and Games A B Backyard Fun and Games 2 Schedule of Accounts Payable (Accounts Payable Creditor Balances 3 January 1, 2020 4 5 Hardware For All 6 Lumber Unlimited 7 Paint to Go 8 Totals $ 879.00 6,950.00 1,120.00 $ 8,949.00 9 10 11 13 14 15 16 17 18 19 TE 20 121) 22 AutoSave Off = File Home Insert Draw Page Layout Formulas Data Review View Calibri 12 X Cut Copy & Format Painter AA === ab Wrap Text EEEE 2 Merge & de BIUM CA Clipboard G Font Alignment D18 =SUM(D5:017) E 10 WINS CREDIT A Backyard Fun and Games Trial Balance January 1, 2020 DEBIT 5 Cash 100 18,428.00 6 Accounts Receivable 111 17,085.60 7 Materials 117 12,349.00 8 Work in Process 118 2,650.00 9 Finsihed Goods 119 22,948.00 10 Equipment 150 12,800.00 11 Accumulated Depreciation - Equipment 151 12 Accounts Payable 210 13 Employees Federal Income Tax Payable 214 14 FICA Tax Payable 215 15 FUTA Tax Payable 217 16 SUTA Tax Payable 218 17 Frank Thompson, Capital 310 18 86,260.60 19 300.00 8,949.00 3,744.00 1,909.44 149.76 2,995.20 68,213.20 86,260.60 20 21 22 23 24 25 26 27 1 Jan 2 Paid rent for the month, $4,000 total, 85% for space devoted to manufacturing the products, 15% for office space. 2 Paid Hardware For All $879 in payment of the December 31 balance. Z 3 4 3 Received a check from Fun For All Backyard Games for $1,230.00 in partial payment of their December 31 balance. o un 4 7 Purchased manufacturing supplies on account from Local Got It All, $325. 9 TO 6 Sold a medium Giant Jenga game from inventory for Cash. Received $546. Our cost was $390. Received an order tor a large Falling Uros game from a casn customer. Set up job 126. Began working on the job by applying $120 of direct materials (requisition number 47). Whenever we use direct materials on a job we will also apply Factory Overhead at a rate of 40% of the direct materials cost. We also applied $80 of direct labor (time ticket 32). Whenever we have direct labor we will debit Work in Process (WIP) for the total gross wages, credit Employees Federal Income Tax Payable for 15% of the total direct labor, credit FICA Tax Payable for 7.65% of total direct labor, and credit Salaries Payable for the difference to get total debits to equal total credits. If needed, always round your numbers to the nearest cent. If your answer goes to three decimal places, if the third number on the right of the decimal is 4 or lower drop off the numbers and leave the number in the cent place (second number) as it is. If the third number is 5 or larger, round the second number up 1 place. I.E. 128.914 = 128.91 128.915 6 Paid Secondary Bank $8,798.40 for December 2019 payroll taxes as follows: Employees' Federal Income Tax Payable - $3,744.00 FICA Tax Payable - $1,909.44 FUTA Tax Payable - $149.76 SUTA Tax Payable - $2,995.20 11 12 13 15 16 7 Purchased materials on account from Lumber Unlimited, $9,700 8 Received a check from Utopian Backyard Fun for $4,700 in partial payment of their December 31 balance. 10 Paid $400 for advertising for the rest of the month. 17 19 20 10 21 22 Paid Lumber Unlimited $6,950 in payment of the December 31 balance. 14 Received a check from Backyard Game Treats for $4,200 in payment of their December 31 balance. 23 24 25 26 27 28 14 Sold a small Outdoor Word Game from inventory, $380 cost, $532 sales price. 14 Sold 2 large Giant Jenga games, 2 medium and 1 large bean bag toss games, 1 small and 1 medium Connect the Color games, and 3 large Falling Orb games out of inventory to a cash customer. Retail price, $5,755.40. Our cost, $4,111.00. 14 Applied $80 of direct materials to job 126 (requisition number 48), applied factory overhead at the rate given previously and applied $120 of direct labor (time ticket 33) withholding taxes at the rates given previously. This finished off the job so we transferred all costs from WIP into Finished Goods. 29 30 15 Recorded the sale of Job 126 to the cash customer reporting the sale at the retail price of $672 and moving our cost of finished goods into Cost of Goods Sold. 31 32 15 Paid Utility bill, $510. 85% for manufacturing area, 15% for nonmanufacturing area. 33 34 16 Added $1,150 of materials to job 125. Remember to also apply factory overhead as shown earlier. Also added $1,462 of labor. Remember to withhold taxes as shown earlier. This finished off job 125. 35 36 16 7 Sold job 125 to Oversize Games on account. Sales price is $8,010. Determine our total cost from the job cost records. 17 Received an order for a medium bean bag game from a cash customer. Set up job 127. Began working on the job by applying $40 of direct materials (requisition number (49), applying factory overhead, and applying $20 of direct labor (time ticket 34) withholding the appropriate 99 taxes. 11 2 21 Received an order for 3 large Falling Orbs and 2 Medium Falling Orbs from Fun For All Backyard Games. Set up job 128. Began working on the job by applying $220 of direct materials (requisition number 50), apply factory overhead, and $410 of direct labor (time ticket number 35) withholding taxes. 21 Sold 2 large Giant Jenga games and 1 large Falling Orbs game to a cash customer from inventory. Our cost is $870. Sales price is $1,218. 21 Received a check from Oversize Games for $3,290 in payment of their December 31 balance. 13 4 15 +6 17 +8 21 Used materials on hand to work on all jobs currently in process, $217 23 Purchased paint and stain (direct materials) from Paint To Go on account, $692. 19 1 #2 27 Set up bookkeeper salary, $960 for the month, indicate withholding for federal income tax and FICA. Withhold payroll taxes at the same rate we used for direct labor transactions. 30 Set up employer payroll taxes for both manufacturing employees and nonmanufacturing employees. Debit Factory Overhead 365.06; Debit Payroll Tax Expense 167.52; credit FICA Tax Payable 233.48; credit FUTA Tax Payable 24.42; credit SUTA Tax Payable 274.68. 3 24 55 30 Paid all employees for wages earned in January. 6 7 B 30 Owner withdrew $3,200 for personal use. 30 Received $1,015.60 on account from Fun For All Backyard Games 30 Received $2,650 on account from Utopian Backyard Fun 30 Paid Local Got It All on account, $325 30 Paid Lumber Unlimited on account, $9,700 30 Paid Paint To Go on account, $1,120 30 Purchased materials on acocunt from Lumber Unlimited, $4,300 Account Cash Account No. 100 Post Ref. Debit Date Item 2020 Jan 1 Beginning Balance Credit Balance Debit Credit 18,428.00 V Account Accounts Receivable Account No. 111 Post. Ref. Debit Date Item 2020 Jan 1 Beginning Balance Credit Balance Debit Credit 17,085.60 V Account Materials Account No. 117 Debit Credit Date Post. Item 2020 Ref. Jan 1 Beginning Balance v Balance Debit Credit 12,349.00 Account Work in Process Account No. 118 Debit Credit Date 2020 Jan Item Post. Ref. 1 Beginning Balance v Balance Debit Credit 2,650.00