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Problem 2 Lyre Company is a merchandising business. During August 2006, the last month of the fiscal year, the following transactions were completed. Aug. 1. Paid rent for August, $1,600. 3. Purchased merchandise on account from Biathlon Co., terms 2/10, n/30, FOB shipping point, $15,000. 4. Paid transportation charges on purchase of August 3, $400. 6. Sold merchandise on account to Hillcrest Co., terms 2/10, n/30, FOB shipping point, $8,500. The cost of the merchandise sold was $5,000. 7. Received $7,500 cash from Aaberg Co. on account, no discount. 10. Sold merchandise for cash, $18,300. The cost of the merchandise sold was $11,000. 13. Paid for merchandise purchased on August 3, less discount. 14. Received merchandise returned on sale of August 6, $1,500. The cost of the merchandise returned was $900. 15. Paid advertising expense for last half of August, $1,500. 16. Received cash from sale of August 6, less return of August 14 and discount. 19. Purchased merchandise for cash, $8,100. 19. Paid $6,100 to Ramler Co. on account, no discount. 20. Sold merchandise on account to Petroski Co., terms 1/10, n/30, FOB shipping point, $16,000. The cost of the merchandise sold was $9,600. 21. For the convenience of the customer, paid shipping charges on sale of August 20, $600. 21. Received $11,750 cash from Phillips Co. on account, no discount. 21. Purchased merchandise on account from Walden Co., terms 1/10, n/30, FOB destination, $15,000. 24. Returned $3,500 of damaged merchandise purchased on August 21, receiving credit from the seller. 26. Refunded cash on sales made for cash, $720. The cost of the merchandise returned was $ 380. 28. Paid sales salaries of $1,750 and office salaries of $950. 29. Purchased store supplies for cash, $550. 30. Sold merchandise on account to Whitetail Co., terms 2/10, n/30, FOB shipping point, $18,750. The cost of the merchandise sold was $11,250. 30. Received cash from sale of August 20, less discount, plus transportation paid on August 21. 31. Paid for purchase of August 21, less return of August 24 and discount 1. If you complete the problem manually, first establish a set of General Ledger accounts (either \"T\" accounts or the formal balance format) for the following accounts and enter any beginning balances provided. Acct Nr. 110 113 112 115 117 311 Acct Nr. Title Beginning Balances Debit Credit Cash $ 14,160 Accounts Receivable 34,220 Interest Receivable 0 Merchandise Inventory 133,900 116 Prepaid Insurance 3,750 Store Supplies 2,550 123 Store Equipment 104,300 124 Accumulated Deprec. - Equip. $ 12,600 210 Accounts Payable 21,450 211 Salaries Payable 0 310 Kevin Wilcox, Capital 103,280 Kevin Wilcox, Drawing 10,000 312 Income Summary 0 Beginning Balances Title Debit Credit 410 Sales $ 715,800 520 74,400 3 411 Sales Ret. & Allow. $ 20,600 412 Sales Discounts 13,200 510 Cost of Merchandise Sold 360,500 Sales Salaries Expense 521 18,000 523 529 539 Advertising Expense 522 Depreciation Expense 0 Store Supplies Expense 0 Misc. Selling Expense 2,800 530 Office Salaries Expense 40,500 531 Rent Expense 18,600 532 Insurance Expense 0 Misc. Admin. Expense 1,650 $853,130 $853,130 2. Journalize the transactions, for the month of August, in the General Journal. 3. Post all the month's journal entries (August 1-31) from the general journal to the general ledger accounts. 4. After posting the transactions for the month, produce an unadjusted trial balance, which is to be used in making some of the adjusting entries. Data for the adjusting entries are as follows: a. b. c. d. e. Merchandise inventory on August 31...... .............. $124,115 Insurance expired during the year ......................... 1,250 Store supplies on hand on August 31..................... 975 Depreciation for the current year........................... 7,400 Accrued salaries on August 31: Sales salaries............................................... $350 Office salaries............................................. 180 530 5. Prepare the adjusting entries and record them in the General Journal. 6. Post the adjusting entries from the General Journal to the General Ledger accounts. 7. Produce an Adjusted Trial Balance from the General Ledger updated accounts. 8. Turn in your completed General Journal (including the month's transactions and adjusting entries) and your Adjusted Trial Balance. 4 Problem 1 For the past several years, Kelly Pitney has operated a part-time consulting business from her home. As of April 1, 2006, Kelly decided to move to rented quarters and to operate the business, which was to be known as Hippocrates Consulting, on a full-time basis. Hippocrates Consulting entered into the following transactions during April: April 1. The following assets were received from Kelly Pitney: cash, $13,100; accounts receivable, $3,000; supplies, $1,400; and office equipment, $12,500. There were no liabilities received. 1. Paid three months' rent on a lease rental contract, $4,800. 2. Paid the premiums on property and casualty insurance policies, $1,800. 4. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, $5,000. 5. Purchased additional office equipment on account from Office Station Co., $2,000. 6. Received cash from clients on account, $1,800. 10. Paid cash for a newspaper advertisement, $120. 12. Paid Office Station Co. for part of the debt incurred on April 5, $1,200. 12. Recorded services provided on account for the period April 1-12, $4,200. 14. Paid part-time receptionist for two weeks' salary, $750. 17. Recorded cash from cash clients for fees earned during the period April 1-16, $6,250. 18. Paid cash for supplies, $800. 20. Recorded services provided on account for the period April 13-20, $2,100. 24. Recorded cash from cash clients for fees earned for the period April 17-24, $3,850. 26. Received cash from clients on account, $5,600. 27. Paid part-time receptionist for two weeks' salary, $750. 29. Paid telephone bill for April, $130. 30. Paid electricity bill for April, $200. 30. Recorded cash from cash clients for fees earned for the period April 25-30, $3,050. 30. Recorded services provided on account for the remainder of April, $1,500. 30. Kelly withdrew $6,000 for personal use 1. If you complete the problem manually, first establish a set of general ledger accounts (either \"T\" accounts or the formal balance format) for the following accounts: Acct Nr. 11 Title 15 Equipment Acct Nr. Prepaid Rent Title . Cash 16 Prepaid Insurance 12 Accounts Receivable 18 Office Equipment 14 Supplies 19 Accum. Deprec - Office 21 Accounts Payable Kelly Pitney, 31 Capital 22 Salaries Payable Kelly Pitney, Withdrawals 23 Unearned Fees Acct Nr. Title 53 Acct Nr. Supplies Expense Title 41 54 51 55 52 59 32 . Fees Earned Depreciation Expense Salary Expense Insurance Expense Rent Expense Misc. Expense 2. Journalize the transactions, for the month of April, in the General Journal. 3. Post all the month's journal entries (April 1-30) from the general journal to the general ledger accounts. 4. After posting the transactions for the month, produce an unadjusted trial balance, which is to be used in making some of the adjusting entries. Data for the adjusting entries are as follows: a. Insurance expired during April is $300. b. Supplies on hand on April 30 are $1,350. c. Depreciation of office equipment for April is $700. 2 d. Accrued receptionist salary on April 30 is $120. e. Rent expired during April is $1,600. f. Unearned fees on April 30 are $2,500. 5. Prepare the adjusting entries and record them in the General Journal. 6. Post the adjusting entries from the general journal to the general ledger accounts. 7. Produce an Adjusted Trial Balance from the General Ledger updated accounts. 8. Turn in your completed General Journal (including the month's transactions and adjusting entries) and your Adjusted Trial Balance. 3