Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Beg TB 3 Cycle Path, Inc. went into business as a corporation in early 2017. For the first few years, the company provided bicycle rental and repair services only (no merchandise). During 2020, the company began selling bicycles and related gear, and decided to use the FIFO inventory method. The other worksheets include the following: Sheet Name | Cycle Path's trial balance on January 1, 2020, | Background Info 2 A list of events that occurred during 2020 Events Background Info An accounting equation grid for you to analyze the impacts of the events. Grid Completion Required Note check totals or row 42-46 A worksheet to analyze the cost of inventory and the cost of goods sold. Inventory Completion Required Enough rows are provided after each event to list all the inventory layers at their costs. $ A worksheet to prepare appropriate transaction and adjusting joumal entries. J-ES Completion Required A worksheet to prepare the 2020 Adjusted Trial Balance Ad TB Completion Required Worksheets to prepare the 2020 financial statements Fin St Completion Required A worksheet to prepare the 2020 closing journal entries. Closing Completion Required 4 6 7 8 Inventory J-Es Adj TB Fin St Instructions Beg TB Events Grid Shown below is the Post-Closing Trial Balance for Cycle Path at the end of 2019. Cycle Path, Inc. Post-Closing Trial Balance as of December 31, 2019 Credit Debit 12.410 2.380 153 680 0 3,400 Account Cash Accounts receivable Supplies Prepaid rent Inventory Land Accounts payable Salaries payable Uncamed revenue Common stock Retained earnings Dividends declared Service revenue Product sales Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses TOTALS 0 884 765 6,800 10,574 0 0 0 0 0 0 0 0 0 0 19,023 19,023 Instructions Beg TB Events Grid Inventory J-E i) k) 1) n) cach Following are the events for Cycle Path during 2020. a) Jan 6, 2020 - Cycle Path paid the salaries payable from 2019. b) Jan 14, 2020 - The company acquired an additional S42.500 cash from the issue of common stock. c) Jan 17, 2020 - The company paid $765 cash for supplies to be used by the business d) Jan 21, 2020-Cycle Path purchased 35 bicycles and related gear for later sale at a cost of 516,142. The bicycles and related gear were purchased on account with the terms 1/10,n30 c) Jan 29, 2020-Cycle Path decided to pay $4.200 of its accounts payable balance from event (d) before the discount period expired, so Cycle Path first applied the discount to the $4,200 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (below). After applying this discount, Cycle Path's inventory cost was $460 for each item. 0 Jan 29, 2020 - Cycle Path paid cash to settle parts of its accounts payable balance as described in event (e). 8) Feb. 12. 2020 - The company sold 24 bicycles and related gear for a total price of $15,300. Sales of $11,050 were on account, while 54.250 were cash sales. Record revenue 1) Feb. 12. 2020 - The cost to Cycle Path of each product sold in event (g) was $460 Feb. 17.2020 - The company paid the workers a total of 57,140 in salaries Feb. 28, 2020. The company provided $30.600 of bicycle rental and repair services. The services were billed to the customers. Mar. 1.2020 - Cycle Path rented a business van, paying S4,00 in advance for a one year rental Mar 3, 2020 - Paid cash to settle additional accounts payable in the amount of $3.213. The payment was made after the discount period expired. m) Mar 11, 2020 - Collected $32,300 of accounts receivable. Apr. 9. 2020 - Cycle Path performed S11,900 worth of bicycle rental and repair services for a local college S10.200 was on account and S1,700 was for cash. May 1, 2020 - Paid S6,120 for one year's rent on office space in advance. P) May, 2020-Cycle Path purchased, and paid cash, for 8 bicycles and related gear for later sale at a cost of S474 May. 17.2020 - The company paid accounts payable of 1.224, but not within the discount period (the company uses the gross method) ) Jun. 1. 2020-Cycle Path rented a larger building paid 5.610 for 12 months' rent in advance. Jun. 5. 2020 - Cycke Path purchased, and paid cash, for 12 bicycles and related gear for later sale at a cost of S480 Jun. 12. 2020 - Cycle Path purchased 15 bicycles and related gear for later sale at a cost of S486 each. The purchase was on account Jun.23.2020 - The company sold 32 bicycles and related car for a total price of $23,800. Sales of $17,000 were on account, while 56,800 were cash sales. Record revenue. Jun 23.2020 - Record the cost of goods sold related to the sale from event (u) using the perpetual FIFO method w Jul 1, 2020 - Made a full refund to a dissatisfied customer who retumed a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the event part of the event. Jul 1, 2020 - Made a full refund to a dissatisfied customer who retumed a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the cost part of the event. y Jul 15, 2020 - Paid employees a total of 59,350 cash for salaries employees carned during the current period Aug 24, 2020 - Provided $27,000 of bicycle rental and repair services during the year. The services were billed to the customers aa) Sep 30, 2020 - Recognized $680 of service revenue earned during the first nine months of the year, it had been collected in the prior year 16) Oct. 1, 2020 - Sold additional bicycle rental and repair services worth $340 for one year's service, starting immediately. The customers paid cash for the full amount cc) Nov. 13.2020 - Collected $43.350 of accounts receivable. 4) Nov 20, 2020 - Paid an additional S4,675 to settle some accounts payable, the payment was made after the discount period expired. ce) Dec 27, 2020 - Paid $2,380 of advertising expense during the year. Dec 28, 2020. Paid $3,553 of utilities expense for the year. 2) Dec 28, 2020 - Paid $10.600 of other operating expense for the ycar. hh) Dec 29, 2020. Paida dividend of S10.200 to the shareholders. Dec 31, 2020 - There was $537 of supplies on hand at the end of the year, Dec 31, 2020 - Recognized the expired rent from the prior year, van (event (k)), office space [event (o)), and the building (event)] for the year. kk) Dec 31, 2020 - Recognized revenue for the current year earned from event (bb). Dec 31, 2020 - Accrued salaries at December 31 were $1,020 $) each 1) V) 2) 11) 11 11 11 Instructions Beg TB Events Grid Inventory J-Es Below i worksheet to analyze the cost of itventory and the cost of goods sold. Remember, Cycle Path uses the FIFO inventory method. (hint: Chter purchases pas positive quantitiet and sales as pegatije gradantities) Event Quantity Unit Cost Value Quantity Balance Value Balance Change 35 S461.20 S16.142 351 5461.20 $16,142 el discount $4,200.00 ($42) 35 a $460.00 $16,100 h) $460.0KI ($11.040) 11 $40.00 $5,060 p) 8) 1) u) X) AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments B9 X fx A B H I L M N O P Q R S T Chart of Accounts Basic Acct Eq Impacts Assets up 2 100 Cash 110 Accounts Receivable A Asets down 3 Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic Accounting Equation impact codes from the list in cells K2 thru K7 a) Jan. 6, 2020-Cycle Path paid the salaries payable from 2019 Basic Acct Date Account Names Debits Credits Eg Impacts 1/6/20 L Salarles Payable 884 Cash 884 completed as an example b) Jan. 14, 2020 - The company acquired an additional $42,500 cash from the issue of common stock Basic Acct Date Account Names Debits Credits Eg Impacts 4 L+ Liabilities up Liabilities down 5 6 7 7 120 Prepaid rent 130 Supplies (an hand) 140 inventory 150 Equipment L- SE+ Equity up Equity down SF- B 155 Accum. Deprec. (Equip.) 9 10 11 12 170 Land 210 Accounts Payable 220 Salaries Payable 240 Uncarned Revenue c) Jan. 17, 2020 - The company pald $765 cash for suppliesto be used by the business. Basic Acct Date Account Names Eg Impacts Debits Credits 250 Notes Payable 13 14 15 16 310 Common Stack 350 Retained Earnings 410 Dividends Declared d) 510 Service Revenue 17 Jan. 21, 2020-Cycle Path purchased 35 bicycles and related gear for later sale at a cost of $16,142. The bicycles and related gear were purchased an account with the terms 1/10,n/30. Basic Acct Date Account Names Debits Credits Eg Impacts 18 19 20 520 Product Sales 600 Cost of Goods Sold 610 Supplies Expense 640 Salaries Expense 21 650 Rent Expense e) Jan. 29, 2020-Cycle Path decided to pay $4,200 ofits accounts payable balance from event (d) before the discount perlod expired, so Cycle Path first applied the discount to the $4,200 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (1belowl. After applying this discount, Cycle Path's Inventory cost was 5460 for each item. Basic Acet Date Account Names Debits Credits Eq Impacts 22 660 Utilities expense 23 24 25 26 27 670 Advertising expense 690 Other Operating Expenses Jan. 29, 2020-Cycle Path paid cash to settle parts of its accounts payable balance as described in event (e). Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing + Ready El 100% AutoSave OFF HESU: 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments B9 X fx H I L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts A B C D Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 27 f] Jan. 29, 2020-Cycle Path paid cash to settle parts ofits accounts payable balance as described in event (e). Basic Acct Date Account Names Debits Credits 28 Eg Impacts 29 30 31 8) Feb. 12, 2020 - The company sold 24 bicycles and related gear for a total price of $15,300. Sales of $11,050 were an 32 account, while $4,250 were cash sales. Recard revenue. Basic Acct Date Account Names Debits E Impacts Credits 33 34 35 36 37 h) Feb. 12, 2020 - The cost to Cycle Path of each product sold in event (g) was $450 Basic Acct Date Account Names Debits Credits 38 Eq Impacts 39 40 41 42 0) Feb. 17, 2020 - The company pald the workers a total of $7,140 in salarles. Basic Acct Date Account Names Debits Eg Impacts Credits 43 44 45 46 ]) Feb. 28, 2020 - The company provided $30,600 of bicycle rental and repair services. The services were billed to the customers. Basic Acct Date Account Names Debits Credits Eq Impacts 48 49 SO 51 52 kl 53 Mar. 1, 2020-Cycle Path rented a business van, paying 54,080 in advance for a one year rental. Basic Acct Date Account Names Debits Credits E Impacts Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing + Ready 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H I L M N 0 P Q R S T Chart of Accounts Basic Acct Eq Impacts B9 X fx A B Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 1 Accounting Equation impact codes from the list in cells KZ thru K7. 52 k) Mar. 1, 2020-Cycle Path rented a business van, paying $4,080 in advance for a one year rental. Basic Acct Date 53 Account Names Debits Credits Eq Impacts 54 55 S6 1) Mar. 3, 2020 - Paid cash to settle additional accounts payable in the amount of $3,213. The payment was made after 57 the discount period expired. Basic Acct Date Account Names Debits Credits 58 59 60 61 62 m) Mar. 11, 2020 - Collected $32,300 of accounts receivable. Date Basic Acct Account Names Debits Credits 63 Eg Impacts Eg Impacts 65 66 67 n) Apr. 9, 2020-Cycle Path performed $11,900 worth of bicycle rental and repair services for a local college: $10,200 was an account and $1,700 was for cash. Basic Acct Date Account Names Debits Credits Eq Impact 68 69 70 71 72 o) May 1, 2020 - Pald $6,120 for one year's rent on office space in advance. Basic Acct Date Account Names Debits E Impacts Credits 73 74 75 76 p) May 8, 2020-Cycle Path purchased, and paid cash, for 8 bicycles and related gear for later sale at a cost of $474 each. 77 Basic Acct Date Account Names Events Debits Credits Inventory Instructions Beg TB Grid J-Es Adj TB Fin St Closing + Ready 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H I L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts B9 X fx A B C Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 p) May 8, 2020-Cycle Path purchased, and paid cash, for 8 bicycles and related gear for later sale at a cost of $474 each. 77 Basic Acct Date Account Names Debits 78 Credits Eq Impacts 79 80 81 a) 82 May 17, 2020 - The company paid accounts payable of $1,224, but not within the discount period (the company uses the cross method) Basic Acct Date Account Narnes Debits Credits Eq Impacts 84 85 86 87 r) Jun 1, 2020-Cycle Path rented a larger building paid $5,610 for 12 months' rent in advance. Basic Acct Date Account Names Debits Credits Eq Impacts 88 89 90 91 sy Jun. 5, 2020-Cycle Path purchased, and paid cash, for 12 bicycles and related gear for later sale at a cost of $480 each. 92 Date Basic Acct Eq Impacts Account Names Debits Credits 93 94 95 96 t) 97 Jun. 12, 2020-Cycle Path purchased 15 bicycles and related gear for later sale at a cost of $486 each. The purchase was an account. Basic Acct Date Account Names Debits Credits Eq Impacts 98 99 100 101 u) Jun 23, 2020 - The company sold 32 bicycles and related gear for a total price of $23,800. Sales of $17,000 were on 102 account, while $6,800 were cash sales Recard revenue. Instructions Beg TB Events Grid Inventory J-Es Adj TB Ready Fin St Closing + B 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H I L M N 0 P R S Chart of Accounts Basic Acct Eg Impacts B9 X fx A B D Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 u) Jun 23, 2020 - The company sold 32 bicycles and related gear for a total price of $23,800. Sales of $17,000 were on 102 account, while $6,800 were cash sales Record revenue. Basic Acct Date 103 Account Names Eq Impacts Debits Credits 104 105 106 v) Jun 23, 2020 - Record the cost of goods sold related to the sale from eventu) using the perpetual FIFO method. 107 Date Basic Acct Eq Impacts Account Names Debits Credits 108 109 110 111 w] 112 Jul. 1, 2020 - Made a full refund to a dissatisfied customer who returned a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the revenue part of the event. Basic Acct Date Account Names Debits Credits Eg Impacts 113 114 115 116 117 x) Jul. 1, 2020 - Made a full refund to a dissatisfied customer who returned a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the cost part of the event. Basic Acct Date Account Names Debits Credits Eq Impacts 118 119 120 121 Jul. 15, 2020 - Paid employees a total of $9,350 cash for salaries employees earned during the current period. 122 Basic Acct Date Account Names Debits Credits Eq Impacts 123 124 125 126 Fin St Closing 2 Aue 24, 2020-Provided $27.200 of bicycle rental and repair services during the vear. The services were billed to the Instructions Beg TB Events Grid Inventory J-Es Ad) TB Ready + 100% AutoSave OFF JES 5 = 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments B9 X fx KL M N O P Q R S T Chart of Accounts Basic Acct Eq Impacts C D F Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 2) Aug. 24, 2020 - Provided $27,200 of bicycle rental and repair services during the year. The services were billed to the 127 customers. Basic Acct Date Account Names Debits 128 Credits Eg Impacts 129 130 131 Sep. 30, 2020 - Recognized $680 of service revenue earned during the first nine months of the year, It had been 132 collected in the prior year. Basic Acct Date 133 Account Names Debits Credits Eq impacts 134 135 136 bb) Oct. 1, 2020 - Sold additional bicycle rental and repair services worth $340 for one year's service, starting 137 immediately. The customers paid cash for the full amount Basic Acct Date Filmpacts Account Names Debits Credits 138 139 140 141 142 cc) Nov. 13, 2020-Collected $43,350 of accounts receivable. Basic Acct Date Account Names Debits Credits 143 Eg Impacts 144 145 146 dd) Nov. 20, 2020-Paid an additional $4,675 to settle some accounts payable; the payment was made after the discount 147 period expired. Basic Acct Date Account Names Debits 148 Credits Eg Impacts 149 150 151 152 e) Dec. 27, 2020 - Paid $2,380 of advertising expense during the year. Basic Act Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing + Ready E E B 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts B9 X fx A B D Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells KZ thru K7. 152 ) Dec 27, 2020 - Pald $2,380 of advertising expense during the year Basic Acct Date Account Names Debits Credits 153 Eg Impacts 154 155 156 157 f) Dec. 28, 2020 - Pald $3,553 of utilities expense for the year Basic Acct Date Account Names 158 Debits Credits E Impacts 159 160 161 162 Dec. 28, 2020 - Pald $10,600 of other operating expense for the year Basic Acct 163 Date Account Names Debits Credits Eq Impacts 164 165 166 167 hh) Dec. 29, 2020 - Palda dividend of $10,200 to the shareholders Basic Acct Date Account Names Debits Credits 168 Eq Impacts 169 170 171 172 1) Dec 31, 2020 - There was $537 of supplies on hand at the end of the year Date Basic Acct Account Names Debits 173 Credits Eg Impacts 174 175 175 J) Dec. 31, 2020 - Recognized the expired rent from the prior year, van [event (1.), office space [event (o)], and the 177 building (event) for the year. Date Basic Acct Account Names Debits Credits 178 Eq Impacts 179 Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing Ready E B B 100% AutoSave OFF 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share Comments B9 fx K L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts A E F G HT Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all Journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic 1 counting Equation impact codes from the list in cells K2 thru K7 Dec 31, 2020 - Recognized the expired rent from the prior year, van levent k)], office space [eventlol, and the . 177 building event for the year Date Basic Acct 178 Account Names Debits Credits Eq Impacts 179 180 181 182 kk) Dec. 31, 2020 - Recognized revenue for the current year earned from event (bb). Date Basic Acct Account Names Credits 183 Debits Eg Impacts 184 185 186 187 ) Dec. 31, 2020 - Accrued salaries at December 31 were $1,020. Basic Acct Date Account Names Debits Credits 188 Eg Impacts 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 no Instructions Beg TB Events Grid Inventory J-Es Adj TB Ready Fin St Closing + 100% Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Beg TB 3 Cycle Path, Inc. went into business as a corporation in early 2017. For the first few years, the company provided bicycle rental and repair services only (no merchandise). During 2020, the company began selling bicycles and related gear, and decided to use the FIFO inventory method. The other worksheets include the following: Sheet Name | Cycle Path's trial balance on January 1, 2020, | Background Info 2 A list of events that occurred during 2020 Events Background Info An accounting equation grid for you to analyze the impacts of the events. Grid Completion Required Note check totals or row 42-46 A worksheet to analyze the cost of inventory and the cost of goods sold. Inventory Completion Required Enough rows are provided after each event to list all the inventory layers at their costs. $ A worksheet to prepare appropriate transaction and adjusting joumal entries. J-ES Completion Required A worksheet to prepare the 2020 Adjusted Trial Balance Ad TB Completion Required Worksheets to prepare the 2020 financial statements Fin St Completion Required A worksheet to prepare the 2020 closing journal entries. Closing Completion Required 4 6 7 8 Inventory J-Es Adj TB Fin St Instructions Beg TB Events Grid Shown below is the Post-Closing Trial Balance for Cycle Path at the end of 2019. Cycle Path, Inc. Post-Closing Trial Balance as of December 31, 2019 Credit Debit 12.410 2.380 153 680 0 3,400 Account Cash Accounts receivable Supplies Prepaid rent Inventory Land Accounts payable Salaries payable Uncamed revenue Common stock Retained earnings Dividends declared Service revenue Product sales Cost of goods sold Supplies expense Salaries expense Rent expense Utilities expense Advertising expense Other operating expenses TOTALS 0 884 765 6,800 10,574 0 0 0 0 0 0 0 0 0 0 19,023 19,023 Instructions Beg TB Events Grid Inventory J-E i) k) 1) n) cach Following are the events for Cycle Path during 2020. a) Jan 6, 2020 - Cycle Path paid the salaries payable from 2019. b) Jan 14, 2020 - The company acquired an additional S42.500 cash from the issue of common stock. c) Jan 17, 2020 - The company paid $765 cash for supplies to be used by the business d) Jan 21, 2020-Cycle Path purchased 35 bicycles and related gear for later sale at a cost of 516,142. The bicycles and related gear were purchased on account with the terms 1/10,n30 c) Jan 29, 2020-Cycle Path decided to pay $4.200 of its accounts payable balance from event (d) before the discount period expired, so Cycle Path first applied the discount to the $4,200 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (below). After applying this discount, Cycle Path's inventory cost was $460 for each item. 0 Jan 29, 2020 - Cycle Path paid cash to settle parts of its accounts payable balance as described in event (e). 8) Feb. 12. 2020 - The company sold 24 bicycles and related gear for a total price of $15,300. Sales of $11,050 were on account, while 54.250 were cash sales. Record revenue 1) Feb. 12. 2020 - The cost to Cycle Path of each product sold in event (g) was $460 Feb. 17.2020 - The company paid the workers a total of 57,140 in salaries Feb. 28, 2020. The company provided $30.600 of bicycle rental and repair services. The services were billed to the customers. Mar. 1.2020 - Cycle Path rented a business van, paying S4,00 in advance for a one year rental Mar 3, 2020 - Paid cash to settle additional accounts payable in the amount of $3.213. The payment was made after the discount period expired. m) Mar 11, 2020 - Collected $32,300 of accounts receivable. Apr. 9. 2020 - Cycle Path performed S11,900 worth of bicycle rental and repair services for a local college S10.200 was on account and S1,700 was for cash. May 1, 2020 - Paid S6,120 for one year's rent on office space in advance. P) May, 2020-Cycle Path purchased, and paid cash, for 8 bicycles and related gear for later sale at a cost of S474 May. 17.2020 - The company paid accounts payable of 1.224, but not within the discount period (the company uses the gross method) ) Jun. 1. 2020-Cycle Path rented a larger building paid 5.610 for 12 months' rent in advance. Jun. 5. 2020 - Cycke Path purchased, and paid cash, for 12 bicycles and related gear for later sale at a cost of S480 Jun. 12. 2020 - Cycle Path purchased 15 bicycles and related gear for later sale at a cost of S486 each. The purchase was on account Jun.23.2020 - The company sold 32 bicycles and related car for a total price of $23,800. Sales of $17,000 were on account, while 56,800 were cash sales. Record revenue. Jun 23.2020 - Record the cost of goods sold related to the sale from event (u) using the perpetual FIFO method w Jul 1, 2020 - Made a full refund to a dissatisfied customer who retumed a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the event part of the event. Jul 1, 2020 - Made a full refund to a dissatisfied customer who retumed a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the cost part of the event. y Jul 15, 2020 - Paid employees a total of 59,350 cash for salaries employees carned during the current period Aug 24, 2020 - Provided $27,000 of bicycle rental and repair services during the year. The services were billed to the customers aa) Sep 30, 2020 - Recognized $680 of service revenue earned during the first nine months of the year, it had been collected in the prior year 16) Oct. 1, 2020 - Sold additional bicycle rental and repair services worth $340 for one year's service, starting immediately. The customers paid cash for the full amount cc) Nov. 13.2020 - Collected $43.350 of accounts receivable. 4) Nov 20, 2020 - Paid an additional S4,675 to settle some accounts payable, the payment was made after the discount period expired. ce) Dec 27, 2020 - Paid $2,380 of advertising expense during the year. Dec 28, 2020. Paid $3,553 of utilities expense for the year. 2) Dec 28, 2020 - Paid $10.600 of other operating expense for the ycar. hh) Dec 29, 2020. Paida dividend of S10.200 to the shareholders. Dec 31, 2020 - There was $537 of supplies on hand at the end of the year, Dec 31, 2020 - Recognized the expired rent from the prior year, van (event (k)), office space [event (o)), and the building (event)] for the year. kk) Dec 31, 2020 - Recognized revenue for the current year earned from event (bb). Dec 31, 2020 - Accrued salaries at December 31 were $1,020 $) each 1) V) 2) 11) 11 11 11 Instructions Beg TB Events Grid Inventory J-Es Below i worksheet to analyze the cost of itventory and the cost of goods sold. Remember, Cycle Path uses the FIFO inventory method. (hint: Chter purchases pas positive quantitiet and sales as pegatije gradantities) Event Quantity Unit Cost Value Quantity Balance Value Balance Change 35 S461.20 S16.142 351 5461.20 $16,142 el discount $4,200.00 ($42) 35 a $460.00 $16,100 h) $460.0KI ($11.040) 11 $40.00 $5,060 p) 8) 1) u) X) AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments B9 X fx A B H I L M N O P Q R S T Chart of Accounts Basic Acct Eq Impacts Assets up 2 100 Cash 110 Accounts Receivable A Asets down 3 Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic Accounting Equation impact codes from the list in cells K2 thru K7 a) Jan. 6, 2020-Cycle Path paid the salaries payable from 2019 Basic Acct Date Account Names Debits Credits Eg Impacts 1/6/20 L Salarles Payable 884 Cash 884 completed as an example b) Jan. 14, 2020 - The company acquired an additional $42,500 cash from the issue of common stock Basic Acct Date Account Names Debits Credits Eg Impacts 4 L+ Liabilities up Liabilities down 5 6 7 7 120 Prepaid rent 130 Supplies (an hand) 140 inventory 150 Equipment L- SE+ Equity up Equity down SF- B 155 Accum. Deprec. (Equip.) 9 10 11 12 170 Land 210 Accounts Payable 220 Salaries Payable 240 Uncarned Revenue c) Jan. 17, 2020 - The company pald $765 cash for suppliesto be used by the business. Basic Acct Date Account Names Eg Impacts Debits Credits 250 Notes Payable 13 14 15 16 310 Common Stack 350 Retained Earnings 410 Dividends Declared d) 510 Service Revenue 17 Jan. 21, 2020-Cycle Path purchased 35 bicycles and related gear for later sale at a cost of $16,142. The bicycles and related gear were purchased an account with the terms 1/10,n/30. Basic Acct Date Account Names Debits Credits Eg Impacts 18 19 20 520 Product Sales 600 Cost of Goods Sold 610 Supplies Expense 640 Salaries Expense 21 650 Rent Expense e) Jan. 29, 2020-Cycle Path decided to pay $4,200 ofits accounts payable balance from event (d) before the discount perlod expired, so Cycle Path first applied the discount to the $4,200 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (1belowl. After applying this discount, Cycle Path's Inventory cost was 5460 for each item. Basic Acet Date Account Names Debits Credits Eq Impacts 22 660 Utilities expense 23 24 25 26 27 670 Advertising expense 690 Other Operating Expenses Jan. 29, 2020-Cycle Path paid cash to settle parts of its accounts payable balance as described in event (e). Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing + Ready El 100% AutoSave OFF HESU: 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments B9 X fx H I L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts A B C D Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 27 f] Jan. 29, 2020-Cycle Path paid cash to settle parts ofits accounts payable balance as described in event (e). Basic Acct Date Account Names Debits Credits 28 Eg Impacts 29 30 31 8) Feb. 12, 2020 - The company sold 24 bicycles and related gear for a total price of $15,300. Sales of $11,050 were an 32 account, while $4,250 were cash sales. Recard revenue. Basic Acct Date Account Names Debits E Impacts Credits 33 34 35 36 37 h) Feb. 12, 2020 - The cost to Cycle Path of each product sold in event (g) was $450 Basic Acct Date Account Names Debits Credits 38 Eq Impacts 39 40 41 42 0) Feb. 17, 2020 - The company pald the workers a total of $7,140 in salarles. Basic Acct Date Account Names Debits Eg Impacts Credits 43 44 45 46 ]) Feb. 28, 2020 - The company provided $30,600 of bicycle rental and repair services. The services were billed to the customers. Basic Acct Date Account Names Debits Credits Eq Impacts 48 49 SO 51 52 kl 53 Mar. 1, 2020-Cycle Path rented a business van, paying 54,080 in advance for a one year rental. Basic Acct Date Account Names Debits Credits E Impacts Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing + Ready 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H I L M N 0 P Q R S T Chart of Accounts Basic Acct Eq Impacts B9 X fx A B Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 1 Accounting Equation impact codes from the list in cells KZ thru K7. 52 k) Mar. 1, 2020-Cycle Path rented a business van, paying $4,080 in advance for a one year rental. Basic Acct Date 53 Account Names Debits Credits Eq Impacts 54 55 S6 1) Mar. 3, 2020 - Paid cash to settle additional accounts payable in the amount of $3,213. The payment was made after 57 the discount period expired. Basic Acct Date Account Names Debits Credits 58 59 60 61 62 m) Mar. 11, 2020 - Collected $32,300 of accounts receivable. Date Basic Acct Account Names Debits Credits 63 Eg Impacts Eg Impacts 65 66 67 n) Apr. 9, 2020-Cycle Path performed $11,900 worth of bicycle rental and repair services for a local college: $10,200 was an account and $1,700 was for cash. Basic Acct Date Account Names Debits Credits Eq Impact 68 69 70 71 72 o) May 1, 2020 - Pald $6,120 for one year's rent on office space in advance. Basic Acct Date Account Names Debits E Impacts Credits 73 74 75 76 p) May 8, 2020-Cycle Path purchased, and paid cash, for 8 bicycles and related gear for later sale at a cost of $474 each. 77 Basic Acct Date Account Names Events Debits Credits Inventory Instructions Beg TB Grid J-Es Adj TB Fin St Closing + Ready 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H I L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts B9 X fx A B C Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 p) May 8, 2020-Cycle Path purchased, and paid cash, for 8 bicycles and related gear for later sale at a cost of $474 each. 77 Basic Acct Date Account Names Debits 78 Credits Eq Impacts 79 80 81 a) 82 May 17, 2020 - The company paid accounts payable of $1,224, but not within the discount period (the company uses the cross method) Basic Acct Date Account Narnes Debits Credits Eq Impacts 84 85 86 87 r) Jun 1, 2020-Cycle Path rented a larger building paid $5,610 for 12 months' rent in advance. Basic Acct Date Account Names Debits Credits Eq Impacts 88 89 90 91 sy Jun. 5, 2020-Cycle Path purchased, and paid cash, for 12 bicycles and related gear for later sale at a cost of $480 each. 92 Date Basic Acct Eq Impacts Account Names Debits Credits 93 94 95 96 t) 97 Jun. 12, 2020-Cycle Path purchased 15 bicycles and related gear for later sale at a cost of $486 each. The purchase was an account. Basic Acct Date Account Names Debits Credits Eq Impacts 98 99 100 101 u) Jun 23, 2020 - The company sold 32 bicycles and related gear for a total price of $23,800. Sales of $17,000 were on 102 account, while $6,800 were cash sales Recard revenue. Instructions Beg TB Events Grid Inventory J-Es Adj TB Ready Fin St Closing + B 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H I L M N 0 P R S Chart of Accounts Basic Acct Eg Impacts B9 X fx A B D Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 u) Jun 23, 2020 - The company sold 32 bicycles and related gear for a total price of $23,800. Sales of $17,000 were on 102 account, while $6,800 were cash sales Record revenue. Basic Acct Date 103 Account Names Eq Impacts Debits Credits 104 105 106 v) Jun 23, 2020 - Record the cost of goods sold related to the sale from eventu) using the perpetual FIFO method. 107 Date Basic Acct Eq Impacts Account Names Debits Credits 108 109 110 111 w] 112 Jul. 1, 2020 - Made a full refund to a dissatisfied customer who returned a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the revenue part of the event. Basic Acct Date Account Names Debits Credits Eg Impacts 113 114 115 116 117 x) Jul. 1, 2020 - Made a full refund to a dissatisfied customer who returned a bicycle. The sale had been a cash sale for $935 with a cost of $480. Record the cost part of the event. Basic Acct Date Account Names Debits Credits Eq Impacts 118 119 120 121 Jul. 15, 2020 - Paid employees a total of $9,350 cash for salaries employees earned during the current period. 122 Basic Acct Date Account Names Debits Credits Eq Impacts 123 124 125 126 Fin St Closing 2 Aue 24, 2020-Provided $27.200 of bicycle rental and repair services during the vear. The services were billed to the Instructions Beg TB Events Grid Inventory J-Es Ad) TB Ready + 100% AutoSave OFF JES 5 = 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments B9 X fx KL M N O P Q R S T Chart of Accounts Basic Acct Eq Impacts C D F Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells K2 thru K7 2) Aug. 24, 2020 - Provided $27,200 of bicycle rental and repair services during the year. The services were billed to the 127 customers. Basic Acct Date Account Names Debits 128 Credits Eg Impacts 129 130 131 Sep. 30, 2020 - Recognized $680 of service revenue earned during the first nine months of the year, It had been 132 collected in the prior year. Basic Acct Date 133 Account Names Debits Credits Eq impacts 134 135 136 bb) Oct. 1, 2020 - Sold additional bicycle rental and repair services worth $340 for one year's service, starting 137 immediately. The customers paid cash for the full amount Basic Acct Date Filmpacts Account Names Debits Credits 138 139 140 141 142 cc) Nov. 13, 2020-Collected $43,350 of accounts receivable. Basic Acct Date Account Names Debits Credits 143 Eg Impacts 144 145 146 dd) Nov. 20, 2020-Paid an additional $4,675 to settle some accounts payable; the payment was made after the discount 147 period expired. Basic Acct Date Account Names Debits 148 Credits Eg Impacts 149 150 151 152 e) Dec. 27, 2020 - Paid $2,380 of advertising expense during the year. Basic Act Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing + Ready E E B 100% AutoSave OFF AQES5 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share O Comments H L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts B9 X fx A B D Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all journal entries, you must only use account names from the Chart of Accountsin cells 12 thru 125, and you must only use Basic 1 Accounting Equation impact codes from the list in cells KZ thru K7. 152 ) Dec 27, 2020 - Pald $2,380 of advertising expense during the year Basic Acct Date Account Names Debits Credits 153 Eg Impacts 154 155 156 157 f) Dec. 28, 2020 - Pald $3,553 of utilities expense for the year Basic Acct Date Account Names 158 Debits Credits E Impacts 159 160 161 162 Dec. 28, 2020 - Pald $10,600 of other operating expense for the year Basic Acct 163 Date Account Names Debits Credits Eq Impacts 164 165 166 167 hh) Dec. 29, 2020 - Palda dividend of $10,200 to the shareholders Basic Acct Date Account Names Debits Credits 168 Eq Impacts 169 170 171 172 1) Dec 31, 2020 - There was $537 of supplies on hand at the end of the year Date Basic Acct Account Names Debits 173 Credits Eg Impacts 174 175 175 J) Dec. 31, 2020 - Recognized the expired rent from the prior year, van [event (1.), office space [event (o)], and the 177 building (event) for the year. Date Basic Acct Account Names Debits Credits 178 Eq Impacts 179 Instructions Beg TB Events Grid Inventory J-Es Adj TB Fin St Closing Ready E B B 100% AutoSave OFF 2400 Proj 2 Fall 2020 Q Home Insert Draw Page Layout Formulas Data Review View Tell me Le Share Comments B9 fx K L M N 0 P Q R S T Chart of Accounts Basic Acct Eg Impacts A E F G HT Use the worksheet below to prepare the appropriate transaction and adjusting journal entries for Cycle Path. For all Journal entries, you must only use account names from the Chart of Accounts in cells 12 thru 125, and you must only use Basic 1 counting Equation impact codes from the list in cells K2 thru K7 Dec 31, 2020 - Recognized the expired rent from the prior year, van levent k)], office space [eventlol, and the . 177 building event for the year Date Basic Acct 178 Account Names Debits Credits Eq Impacts 179 180 181 182 kk) Dec. 31, 2020 - Recognized revenue for the current year earned from event (bb). Date Basic Acct Account Names Credits 183 Debits Eg Impacts 184 185 186 187 ) Dec. 31, 2020 - Accrued salaries at December 31 were $1,020. Basic Acct Date Account Names Debits Credits 188 Eg Impacts 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 no Instructions Beg TB Events Grid Inventory J-Es Adj TB Ready Fin St Closing + 100%