Instructions Do NOT change this spreadsheet by adding columns or rows, changing worksheet names, changing formulas,...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6656e27df078c_1096656e27d7f729.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6656e27eb071e_1106656e27e434d0.jpg)
Transcribed Image Text:
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. 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.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The International City/County Management Association (ICMA) describes four types of solvency within the concept of financial condition. Identify each type and explain why each is important to the...
-
All derivatives are based on some underlying _________ product. a) Asset b) Cash c) Credit d) All of the above
-
Prepare entries to record bond issuance and bond interest expense. (p. 402) AppendixLO1
-
Peterman Co. was organized on July 1, 2012. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below. Instructions (a) Journalize the...
-
Correct the one with a red X Differential Analysis involving Opportunity Costs On July 1. Coastal Distribution Company is considering leasing a building and buying the necessary equipment to operate...
-
Extended Response 5 Marks 2. My brother places an ohmmeter between points a and b (figure below) and finds that the total resistance drops to one-half its original value when switch S is closed....
-
Is classroom management something you worry about? If so, you are in good company. Many teachers worry about this topic. The teacher in this video shows many great classroom management strategies....
-
ProForm acquired 60 percent of ClipRite on June 30, 2020, for $780,000 in cash. Based on ClipRite's acquisition-date fair value, an unrecorded intangible of $560,000 was recognized and is being...
-
During 2022, Jason and Vicki Hurting, who are married with two children, had the following tax information. Jason owns a landscaping business, and Vicki works as a sales executive for a manufacturing...
-
Which statement about environmental theory is true? It sees health as a social issue. It is reductionistic It states that there is a specific cause for every disease. It defines solutions in terms of...
-
Tracing Data Analytics Red Flags Back to Source Documents Using Subpoenas 5-1 ANDERSON INTERNAL MEDICINE AND LARSEN CONVENIENCE STORE (CONSPIRACY AND LOAN FRAUD): TRACE TRANSACTIONS DISCOVERED DURING...
-
Amy has a utility function \"(x)=X1/2 Her initial wealth is 100. In a coin-tossing game, if the coin lands Head, Amy wins 156 and her wealth becomes 256. Otherwise, if it lands Tail, Amy loses m. The...
-
Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for September follows. Assume that all materials are added at the beginning...
-
Refer to the information in Exercise 20-20 and complete it for each of the two separate assumptions using the FIFO method for process costing.
-
Elliott Company produces large quantities of a standardized product. The following information is available for its production activities for March. Additional information about units and costs of...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App