Instructions Do NOT change this spreadsheet by adding columns or rows, changing worksheet names, changing formulas, etc. Do not alter this spreadsheet other than entering your answers. This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for Road Runner Racers. You will need to enter the missing pieces of each transaction on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number is to be input is on the journal entries worksheet. Please note: not every green cell requires input (it could be left blank if appropriate). After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as copying the number from the journal entry page, summing numbers together, or using the plus or minus symbols to help you find the appropriate number). Your balance sheet should balance when you are complete. Tip: After each journal entry, update the appropriate T accounts. Select Retailer/Merchandiser-Related Transactions: 1) Road Runner Racers (RRR) purchased $20,000 of merchandise from Warehouser Plus on January 10. RRR was given terms of 4/10, n/30. FOB shipping point. RRR paid $100 for delivery. 2) RRR paid their invoice to Warehouser Plus on January 25th. 3) On February 2, RRR sold $7,500 of merchandise to Rowdy's Inc. RRR offered Rowdy credit terms of 2/10, n/30. RRR's cost of the merchandise was $5,000. 4) On February 5, Rowdy returned $300 of merchandise because it wasn't needed. RRR's cost was $200. RRR accepted the return and credited Rowdy's account. 5) Rowdy paid their invoice on February 12. 6) Rowdy found some minor damage on some units, but he keeps them as RRR sent a $100 cash allowance to compensate for the damage. Transaction Sales related journal entries Account 10-Jan Inventory Debit Credit $20,000 Purchased merchandise with terms 4/10, n/30 10-Jan Cash Paid delivery costs 25-Jan Accounts Payable 2-Feb Paid for merchandise Sold merchandise 2-Feb 5-Feb Cost of Sales Return of sales 5-Feb Return of merchandise 12-Feb Cash $7,500 $300 $200 $100 Received payment from Rowdy's 28-Feb $100 $100 Allowance for damaged goods Assets Cash 541158 $100 $100 $42,930 Supplies 5 18,300 9,220 Equipment 5 116,100 $ 116,100 Accumulated Depreciation Equipment $11.600 $11,600 Inventory $50,000 $20,000 $200 Accounts Receivable $10,000 $7.500 $17,500 Liabilities Accounts Payable $18.000 39 0 Sales Revenu 309,302 $309,392 Equity Sales Discounts 56346 54,144 Sales Returns and Allowe 5 18,000 Wages Payable 15 2,500 Comman Shock 42.550 $ 2.500 5 42.550 Insurance Payable 5 2,000 Retained Eamings $ 22,630 15 2,000 52,768 $300 $100 58.103 Wages Exp 554.500 $3,500 597,000 $ 22,630 Supplies Expe $6,900 Dividends $765 $765 56,380 Depreciation Expense $11,600 $11.600 COGS $45,000 Delivery Expense $1,962 Road Runner Racers Income Statement For Period ending February 28, 2025 Revenue Sales Revenue Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense $ 97,000.00 Depreciation Expense $ 11,600.00 Delivery Expense $ Supplies Expense $ 6,980.00 Total Expenses $ (115,580.00) $ (115,580.00)