Instructions Journal Entries T accounts Trial Balances Income Statement Statement of SH Equity Balance Sheet Instructions 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 yellow 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 $10,000 of merchandise from Warehouser Plus on January 10. RRR was given terms of 4/15, 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 $1,000 of merchandise to Rowdy's Inc. RRR offered Rowdy credit terms of 2/10, n 45. RRR's cost of the merchandise was $500. 4) On February 5, Rowdy contacted RRR because some of the goods were damaged. RRR offered Rowdy a $50 credit allowance. Rowdy agreed to the allowance. 5) Rowdy paid their invoice on February 12. 6) RRR counted inventory on February 28. Their books showed $69,200 in inventory, but the physical inventory count only showed $68 650 Instructions Journal Entries T accounts Trial Balances Income Statement Statement of SH Equity Balance Sheet Sales related journal entries Account Debit Credit Transaction 10-Jan Inventory $10,000 Purchased merchandise with terms 4/15, n/30 10-Jan Cash Paid delivery costs $100 25-Jan Inventory Cash Paid for merchandise within discount period 2-Feb $1,000 Sold merchandise 2-Feb Cost of Sales 5-Feb Credit allowance 12-Feb Cash $950 Received payment from Rowdy's within discount period 28-Feb Adjustment for inventory shrinkage Instructions Journal Entries T accounts Trial Balances Income Statement Statement of SH Equity Balance Sheet Assets Liabilities + Equity Cash $43,138 Sales Revenue 309.392 Sales Discounts S4,144 $100 Accounts Payable 18.000 $4,144 $43,038 18,000 309,392 Sales Returns and Allowances $2,763 Supplies 16,200 $6,980 Wages Payable 2,500 Common Stock 40,050 $2,763 9,220 2,500 40,050 Equipment 116,100 Insurance Payable 2.000 Wages Expense $94,500 $2,500 $97,000 Retained Earnings 22,630 116,100 2,000 Supplies Expense $6,980 22,630 Accumulated Depreciation - Equipment $11,600 $6,980 Dividends $765 $11,600 Depreciation Expense $11,600 $765 Inventory $60,000 $10.000 $11,600 $70,000 COGS $45.000 Accounts Receivable $7,500 $1.000 $950 $7.550 Delivery Expense $1,962 Instructions Journal Entries T accounts Trial Balances Income Statement Statement of SH Equity Balance Sheet Road Runner Racers Adjusted Trial Balance 28-Feb-25 Debit Credit Cash 43,038 A/R 7,550 Supplies 9.220 Inventory 70,000 Equipment 116,100 Accumulated Depreciation 11,600 Accounts Payable 18,000 Wages Payable 2,500 Insurance Payable 2,000 Common Stock 40,050 Retained Earnings 22,630 Dividends 765 Sales Revenue 309,392 Sales Discounts 4,144 Sales Returns and Allowances 2,763 COGS 0 Wages Expense 97,000 Depreciation Expense 11,600 Delivery Expense 0 Supplies Expense 6,980 369,160 406,172 -37,012 (Difference between debits and credits - you want this to be $0) Instructions Journal Entries T accounts Trial Balances Income Statement Statement of SH Equity Balance Sheet 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 309,392 -4,144 -2,763 302,485 0 302,485 97.000 11,600 Expenses Wages Expense Depreciation Expense Delivery Expense Supplies Expense Total Expenses 0 6,980 -115.580 186,905 Instructions Journal Entries T accounts Trial Balances Income Statement Statement of SH Equity Balance Sheet Road Runner Racers Statement of Stockholder's Equity For period ending February 28, 2025 Common Stock Total 0 Beginning of Period Net Income Dividends Stock Additions End of Period, December 31 Retained Earnings 22,630 186,905 -765 22.630 186,905 -765 40.050 208,770 248,820 Instructions Journal Entries T accounts Trial Balances Income Statement Statement of SH Equity Balance Sheet Road Runner Racers Balance Sheet 28-Feb-25 Assets Liabilities 43,038 7,550 9,220 70,000 Current Liabilities Accounts Payable Wages Payable Insurance Payable Total Liabilities 18,000 2,500 2.000 129,808 22,500 Current Assets Cash A/R Supplies Inventory Total Current Assets Property, Plant and Equipment Equipment Accumulated Depreciation Book Value Total P P & E Total Assets 116,100 -11,6001 104,500 Stockholder's Equity Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stocholder Equity 40,050 208,770 248,820 104,5001 234,308 271,320