Instructions Selected transactions completed by Kement Comparty during its first fiscal year ended December 31, 2018, were as follows Jan 3 26 Feb Ape 14 May 13 17 Issued a check to establish a petty cash fund of 54.600 Replenished the petty cash Tund, based on the following summary of petty cash receipts office supplies, $1,080, miscellaneous selling expense, 5570. miscellaneous administrative expense, $8BO Purchased 531,300 of merchandise on account terms. n/30. The perpetual inventory system is used to account for inventory Paid the invoice of April 14 Received cash from daily cash sales for S21200. The amount indicated by the cash register was 521.240 Received a 60-day, 8% note for $180.000 on the Ryanair account Received amount owed on June 2 note plus interest at the maturity date Assume a 360-day year, Received $7,000 on the Finley account and wrote of the remainder owed on a 50.000 accounts receivable balance. (The allowance method is used in accounting for uncollectibles receivables Reinstated the Finley account written off on August 24 and received 51.400 cash in full payment (Record as two entries.) Jun 2 Aug 1 24 Sep 15 Record the following on journal page 22 Sep 15 Oct 17 Purchased land by issuing a $570,000, 90-day note to Zahorik Co which discounted it at Assum a 360-day year Soid office equipment in exchange for $135.000 cash plus receipt of = $100.000.00-day. 9note. The equipment had a cost of 5320,000 and accumulated depreciation of $84.000 as of October 17 Jbumalized the monthly payrols for November, based on the following data Now 30 Salaries Sales salaries $136.000 Office salaries 77.250 $212 250 Deductions Federal income tax withheld $39.266 Social secunty tax withheld 12.735 Medicare tax withheld 3.184 CM Comprehensive Problem 3 Chart of Accounts Label and Aniont Debriptions JOU Book Reco Buice med Medicare tax withheld 3.184 Unemployment Tax rates State snemployment 3.4% Federal unemployment 0.6% Amount subject to unemploymentes State unemployment 55,000 Federal unemployment 5,000 Dec 30 14 21 Journalized the employer's payrollares on the payroll Journalized the payment of the September 15 note at maturity The pension cost for the year was $190.400, of which 5180.700 was paid to the pension plan trustee. Required: Journalce the selected transactions starting on page 21 of the foumal 2. Based on the following data prepare a bank reconciliation for December of the current year Balance according to the bank salment at December 31, S283 000 b. Balance according to the ledger al December 31, 5245410 Check outstanding at December 31 568 540 d. Deposit in transit not recorded by bank 529,500 e Bank debe mame for service charges $750 A check for $12.700 in payment of an invoice was incorrectly recorded in the accounts as $12.000 Be sure to complete the statement heading Refer to the Labels and Amount Descriptions for the exact wording of text entries Adolor Deduct will automatically appear it is required Whenever there is more than one adjusting som in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation enter in the order presented in the instructions Enteral amounts as postive numbers 3 Based on the bank reconciliation prepared in (2) joumalize the entry or entries to be made by Komeet Company an page 23 of the joumal Komel Company uses the Miscellaneous Administrative Expense account for bank servise charges Based on the following selected data, pumalize the adjusting entries as of December 31 2048 on page 23 of the joumat! Estimated uncollectible accounts at December 31 $16.000, based on an aging of accounts receivable. The balance of Allowance for Double Accounts at December 31 was $2.000 (debil 2. The physical inventory on December 31 indicated an inventory Shrinkage of $3,300 b. Prepard insurance expired during the year. $22 820 a Office Supplies used during the year, $3.920 d. Depreciation is computed as follows ack My Work vindtakeAssignment Comprehensive Problem 3 Intruction Chest of Accounts Label and Amount Descriptions JOLE Bank Recondi Bance She Instructions Residual Value Useful Life in Years SO Asset Buildings Office Equip Store Equip 50 Acquisition Date January 2 January 3 July Cost 5000.000 248,000 112.000 Depreciation Method used Double-declining balance Straight-line Straight line 26.000 12,000 5 10 A palent costing 548,000 when acquired on January 2 has remaining legal life of 10 years and is expected to have value for eight years The cost or mineral rights was $546,000 of the estimated deposit or 910.000 tons of ore 10.000 tons were mined and sold during the year Vacation pay expense for December 10,500 A product warranty was granted beginning December 1 and covering a sne-year period. The estimated cost is 45 of sales which totaled $1,900.000 in December Interest was accrued on the note receivable received on October 17 Assume a 360-day year *Refer to the chart of accounts for the exact wording of the account thes CNOW joumats do not use lines for journal explanations Every line on a joumal page is used for debt or credit entries CHOW ournals will automatically indent a credit antry when a credit amount is entered 5. Based on the following information and the post-closing the balance that flows, prepare a balance sheet in report for at December 3t of the current year Be sure to complete the heading of the balance sheet Enter assets in the order in which they appear in the post-closing trial Datance Reler to information given in the problem and the Label and Amount Descriptions det for exact warding of test entries. There is no need to nolude Tourent portion or a due date with any account title less" or "Add and a colon () will automatically appear it is required Enteral amounts as positive numbers The merchandise inventory is stated at cost by the LIFO method The product warranty payable is a current liability Vacation paypayable Current ability $7.140 Long term ability 3.360 The unfunded pension liability is a long term lability Notes payable Currently $70,000 Long-term ability 630.000 Instructions Kornett Company POST CLOSING TRIAL BALANCE December 31 Ya ACCOUNT TITLE Daar 4.500.00 Petty Cash Not Receivable 243.960.00 100,000.00 470.000.00 Accounts Receivable Allowance for Douatl Accounts 16,000.00 Merchargertory 320,000.00 terest Receiveble 1,875.00 45,640.00 1 Prepaid insurance 1 Office Supplies 16 and 13.390.00 65492500 DOO 000.00 36,000.00 246,000.00 Buildings ucumulated Depreciation Buildings Office Equipment climated Depreciation Office Equipment 15. Store Equipment Accumulated Depreciation Egalment 11. Mineral Rights 44,000.00 112,000.00 5,000.00 546,000.00 Hated Depletion 30.000.00 11 Patents 42.000.00 25,470.00 4,710.00 40,000.00 20 Social Security Tax Payable Medical Tax Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable 21 Starles Payable Accounts Payable 270.00 30:00 157000.00 131,600,00 28,000.00 interest Payable Check My Work Comprehensive Problem 3 Chart of Accounts Label and Amant Descriptions Bank Recon Balance 320.000 Instructor Mechandise intery Interest Received Prepaid Office Supplies Land 175.00 45540.00 13.19000 654,925.00 900.000.00 56.000.00 94600000 Bus Acumud Deprecation Buildings afit Egipt Accumulated Depreciation Office Equipment Store Event Recomand Desert Egipt 44000.00 112,000.00 5.00000 546,000.00 30,000.00 Accumulated Depletion Parents 47.000.00 25.000 4710.00 40,000.00 270.00 30.00 SocScotty Tax Payable Medicare Tex Poble Employees Federico Texable State Unemployment Payable # Federal empleytent Tax Payable Slanes Payable Alcourts Payable Des Petit Product Warranty Payable Vtion Pu Payable Unlunded Pension * Notes Pagible Komet, pol 157,000.00 131.600.00 28,000.00 76.000.00 10,500.00 50.200.00 70000000 Total 234501000 5700290.00 3700,290.00 Check My Work utions Federal unemployment 5.000 30 Dec 14 31 Journalised the employer's payroll taxes on the payrol Journaked the payment of the September 15 note at maturity The pension cost for the year was $190.400, of which 3130.700 was paid to the pension plan trustee Required 1. Journal the selected transactions, starting on page 21 of the jumal 2. Based on the following dato, prepare a bank reconciliation for December of the current year a Balance according to the bank statement at December 31, 5283.000 . Balance according to the ledger af December 31, $245,410 . Check outstanding af December 31, 568,540 d. Deposit in transit, not recorded by bank 529,500 Bank debit memo for service charges, 5750 A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12.000 Be sure to complete the statement heading Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Ada or "Deduet will automatically appear it is required Whenever there is more than one adjusting them in the bank portion of the reconciliation or the general ledger porticin of the bank reconcillation enter in the order presented in the instructions Enteral amounta as positive numbers Based on the bank reconciliation prepared (2) joumaize the entry or entries to be made by Komelt Company on page 23 of the journal Komett Company uses the Miscellaneous Administrative Expense account for bank service charges Based on the following selected data, journalize the adjusting entries as of December 31, 2015 on page 23 of the journal Estenated uncollectible accounts at December 31, S16000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was 52 000 (debit The physical inventory on December 31 indicated an inventory shrinkage of 53,300 Prepaid insurance expired during the year 522.820 Office Supplies used during the year $3.920 d. Depreciations computed as follows Acquisition Date Asset Buildings Office Equip Store Equi Cost $800,000 245.000 112,000 Residual Value 50 20,000 12.000 Useful Life in Years 50 5 January 2 January a July 1 Depreciation Method Used Double-declining-balance Straight-line Straight-line 10 A patentcosting S8,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight year The cost of mineral nights was $546.000 or the estimated deposit of 910 000 tons of ore, 50.000 tons were mined and sold during the y Vacation pay expense for December 510,300 Work 1. Journaize the selected transactions, starting on page 21 of the journal Sarok down for pazes 22 and 23 of the joumal 3. Based on the bank reconciliation prepared n (24. oumalize the entry or entries to be made by Komet Company on page 23 of the foumal Komelt Company uses the scellaneous Administrative Expense account for bank service charges * Based on the selected data, oumalize the adjusting entries as of December 31, 2018 on page 23 of the ouma! "Refer to the chart of accounts for the exact wording of the account the CNOW joumala do not use lines for ouma/ explanations Every Ine on a joumat page is used for det or credit entnes ONOW journals will automatically indere a credt entry when a credit amount is entered **For grading purposes, use one compound depreciation entry rather than three simple entries with separate dates JOURNAL ACCOUNTING EC DATE DESCRIPTION Post Rer LANTIC 3 16 14 11 14 G Instructions Bank Reconciliation 2. Prepare a bank reconciliation for December of the current year. Be sure to complete the statement heading Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Addor "Deduct" will automatically appear if it is required Whenever there is more than one adjusting item in the bank portion of the reconciliation of the general ledger ponion of the bank reconciliation, enter in the order presented in the instructions Enteral amounts as positive numbers Korner Company Bank Reconciliation Label Cash balance according to bank statement 1 Cash balance according to company's records Die Werk Chart of Account Lobo Amo Destions Journal Bank Reconciliation Balance Sheet Instructions X Bank Reconciliation Balance Sheet 5 Based on the following information and the post closing trial balance on the instruction panel prepare a balance sheet in raport for at December 31 of the current year Be sure to complete the reading of the balance sheet Enter assets in the order in which they appear in the pool closing trial balance Refur fenomation given in the problem and the Label and Amount Descrutions for exact woring offstenes There is no need to nolude Yowent portion or a due date weh any account the less o "Add and colon (wil automatically appear if it is required Erder al amounts as positive numbers Kome Company Balance Sheet Label Ase Label $ 17 18 Cuck My Work Instructions Selected transactions completed by Kement Comparty during its first fiscal year ended December 31, 2018, were as follows Jan 3 26 Feb Ape 14 May 13 17 Issued a check to establish a petty cash fund of 54.600 Replenished the petty cash Tund, based on the following summary of petty cash receipts office supplies, $1,080, miscellaneous selling expense, 5570. miscellaneous administrative expense, $8BO Purchased 531,300 of merchandise on account terms. n/30. The perpetual inventory system is used to account for inventory Paid the invoice of April 14 Received cash from daily cash sales for S21200. The amount indicated by the cash register was 521.240 Received a 60-day, 8% note for $180.000 on the Ryanair account Received amount owed on June 2 note plus interest at the maturity date Assume a 360-day year, Received $7,000 on the Finley account and wrote of the remainder owed on a 50.000 accounts receivable balance. (The allowance method is used in accounting for uncollectibles receivables Reinstated the Finley account written off on August 24 and received 51.400 cash in full payment (Record as two entries.) Jun 2 Aug 1 24 Sep 15 Record the following on journal page 22 Sep 15 Oct 17 Purchased land by issuing a $570,000, 90-day note to Zahorik Co which discounted it at Assum a 360-day year Soid office equipment in exchange for $135.000 cash plus receipt of = $100.000.00-day. 9note. The equipment had a cost of 5320,000 and accumulated depreciation of $84.000 as of October 17 Jbumalized the monthly payrols for November, based on the following data Now 30 Salaries Sales salaries $136.000 Office salaries 77.250 $212 250 Deductions Federal income tax withheld $39.266 Social secunty tax withheld 12.735 Medicare tax withheld 3.184 CM Comprehensive Problem 3 Chart of Accounts Label and Aniont Debriptions JOU Book Reco Buice med Medicare tax withheld 3.184 Unemployment Tax rates State snemployment 3.4% Federal unemployment 0.6% Amount subject to unemploymentes State unemployment 55,000 Federal unemployment 5,000 Dec 30 14 21 Journalized the employer's payrollares on the payroll Journalized the payment of the September 15 note at maturity The pension cost for the year was $190.400, of which 5180.700 was paid to the pension plan trustee. Required: Journalce the selected transactions starting on page 21 of the foumal 2. Based on the following data prepare a bank reconciliation for December of the current year Balance according to the bank salment at December 31, S283 000 b. Balance according to the ledger al December 31, 5245410 Check outstanding at December 31 568 540 d. Deposit in transit not recorded by bank 529,500 e Bank debe mame for service charges $750 A check for $12.700 in payment of an invoice was incorrectly recorded in the accounts as $12.000 Be sure to complete the statement heading Refer to the Labels and Amount Descriptions for the exact wording of text entries Adolor Deduct will automatically appear it is required Whenever there is more than one adjusting som in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation enter in the order presented in the instructions Enteral amounts as postive numbers 3 Based on the bank reconciliation prepared in (2) joumalize the entry or entries to be made by Komeet Company an page 23 of the joumal Komel Company uses the Miscellaneous Administrative Expense account for bank servise charges Based on the following selected data, pumalize the adjusting entries as of December 31 2048 on page 23 of the joumat! Estimated uncollectible accounts at December 31 $16.000, based on an aging of accounts receivable. The balance of Allowance for Double Accounts at December 31 was $2.000 (debil 2. The physical inventory on December 31 indicated an inventory Shrinkage of $3,300 b. Prepard insurance expired during the year. $22 820 a Office Supplies used during the year, $3.920 d. Depreciation is computed as follows ack My Work vindtakeAssignment Comprehensive Problem 3 Intruction Chest of Accounts Label and Amount Descriptions JOLE Bank Recondi Bance She Instructions Residual Value Useful Life in Years SO Asset Buildings Office Equip Store Equip 50 Acquisition Date January 2 January 3 July Cost 5000.000 248,000 112.000 Depreciation Method used Double-declining balance Straight-line Straight line 26.000 12,000 5 10 A palent costing 548,000 when acquired on January 2 has remaining legal life of 10 years and is expected to have value for eight years The cost or mineral rights was $546,000 of the estimated deposit or 910.000 tons of ore 10.000 tons were mined and sold during the year Vacation pay expense for December 10,500 A product warranty was granted beginning December 1 and covering a sne-year period. The estimated cost is 45 of sales which totaled $1,900.000 in December Interest was accrued on the note receivable received on October 17 Assume a 360-day year *Refer to the chart of accounts for the exact wording of the account thes CNOW joumats do not use lines for journal explanations Every line on a joumal page is used for debt or credit entries CHOW ournals will automatically indent a credit antry when a credit amount is entered 5. Based on the following information and the post-closing the balance that flows, prepare a balance sheet in report for at December 3t of the current year Be sure to complete the heading of the balance sheet Enter assets in the order in which they appear in the post-closing trial Datance Reler to information given in the problem and the Label and Amount Descriptions det for exact warding of test entries. There is no need to nolude Tourent portion or a due date with any account title less" or "Add and a colon () will automatically appear it is required Enteral amounts as positive numbers The merchandise inventory is stated at cost by the LIFO method The product warranty payable is a current liability Vacation paypayable Current ability $7.140 Long term ability 3.360 The unfunded pension liability is a long term lability Notes payable Currently $70,000 Long-term ability 630.000 Instructions Kornett Company POST CLOSING TRIAL BALANCE December 31 Ya ACCOUNT TITLE Daar 4.500.00 Petty Cash Not Receivable 243.960.00 100,000.00 470.000.00 Accounts Receivable Allowance for Douatl Accounts 16,000.00 Merchargertory 320,000.00 terest Receiveble 1,875.00 45,640.00 1 Prepaid insurance 1 Office Supplies 16 and 13.390.00 65492500 DOO 000.00 36,000.00 246,000.00 Buildings ucumulated Depreciation Buildings Office Equipment climated Depreciation Office Equipment 15. Store Equipment Accumulated Depreciation Egalment 11. Mineral Rights 44,000.00 112,000.00 5,000.00 546,000.00 Hated Depletion 30.000.00 11 Patents 42.000.00 25,470.00 4,710.00 40,000.00 20 Social Security Tax Payable Medical Tax Payable Employees Federal Income Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable 21 Starles Payable Accounts Payable 270.00 30:00 157000.00 131,600,00 28,000.00 interest Payable Check My Work Comprehensive Problem 3 Chart of Accounts Label and Amant Descriptions Bank Recon Balance 320.000 Instructor Mechandise intery Interest Received Prepaid Office Supplies Land 175.00 45540.00 13.19000 654,925.00 900.000.00 56.000.00 94600000 Bus Acumud Deprecation Buildings afit Egipt Accumulated Depreciation Office Equipment Store Event Recomand Desert Egipt 44000.00 112,000.00 5.00000 546,000.00 30,000.00 Accumulated Depletion Parents 47.000.00 25.000 4710.00 40,000.00 270.00 30.00 SocScotty Tax Payable Medicare Tex Poble Employees Federico Texable State Unemployment Payable # Federal empleytent Tax Payable Slanes Payable Alcourts Payable Des Petit Product Warranty Payable Vtion Pu Payable Unlunded Pension * Notes Pagible Komet, pol 157,000.00 131.600.00 28,000.00 76.000.00 10,500.00 50.200.00 70000000 Total 234501000 5700290.00 3700,290.00 Check My Work utions Federal unemployment 5.000 30 Dec 14 31 Journalised the employer's payroll taxes on the payrol Journaked the payment of the September 15 note at maturity The pension cost for the year was $190.400, of which 3130.700 was paid to the pension plan trustee Required 1. Journal the selected transactions, starting on page 21 of the jumal 2. Based on the following dato, prepare a bank reconciliation for December of the current year a Balance according to the bank statement at December 31, 5283.000 . Balance according to the ledger af December 31, $245,410 . Check outstanding af December 31, 568,540 d. Deposit in transit, not recorded by bank 529,500 Bank debit memo for service charges, 5750 A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12.000 Be sure to complete the statement heading Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Ada or "Deduet will automatically appear it is required Whenever there is more than one adjusting them in the bank portion of the reconciliation or the general ledger porticin of the bank reconcillation enter in the order presented in the instructions Enteral amounta as positive numbers Based on the bank reconciliation prepared (2) joumaize the entry or entries to be made by Komelt Company on page 23 of the journal Komett Company uses the Miscellaneous Administrative Expense account for bank service charges Based on the following selected data, journalize the adjusting entries as of December 31, 2015 on page 23 of the journal Estenated uncollectible accounts at December 31, S16000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was 52 000 (debit The physical inventory on December 31 indicated an inventory shrinkage of 53,300 Prepaid insurance expired during the year 522.820 Office Supplies used during the year $3.920 d. Depreciations computed as follows Acquisition Date Asset Buildings Office Equip Store Equi Cost $800,000 245.000 112,000 Residual Value 50 20,000 12.000 Useful Life in Years 50 5 January 2 January a July 1 Depreciation Method Used Double-declining-balance Straight-line Straight-line 10 A patentcosting S8,000 when acquired on January 2 has a remaining legal life of 10 years and is expected to have value for eight year The cost of mineral nights was $546.000 or the estimated deposit of 910 000 tons of ore, 50.000 tons were mined and sold during the y Vacation pay expense for December 510,300 Work 1. Journaize the selected transactions, starting on page 21 of the journal Sarok down for pazes 22 and 23 of the joumal 3. Based on the bank reconciliation prepared n (24. oumalize the entry or entries to be made by Komet Company on page 23 of the foumal Komelt Company uses the scellaneous Administrative Expense account for bank service charges * Based on the selected data, oumalize the adjusting entries as of December 31, 2018 on page 23 of the ouma! "Refer to the chart of accounts for the exact wording of the account the CNOW joumala do not use lines for ouma/ explanations Every Ine on a joumat page is used for det or credit entnes ONOW journals will automatically indere a credt entry when a credit amount is entered **For grading purposes, use one compound depreciation entry rather than three simple entries with separate dates JOURNAL ACCOUNTING EC DATE DESCRIPTION Post Rer LANTIC 3 16 14 11 14 G Instructions Bank Reconciliation 2. Prepare a bank reconciliation for December of the current year. Be sure to complete the statement heading Refer to the Labels and Amount Descriptions for the exact wording of text entries. "Addor "Deduct" will automatically appear if it is required Whenever there is more than one adjusting item in the bank portion of the reconciliation of the general ledger ponion of the bank reconciliation, enter in the order presented in the instructions Enteral amounts as positive numbers Korner Company Bank Reconciliation Label Cash balance according to bank statement 1 Cash balance according to company's records Die Werk Chart of Account Lobo Amo Destions Journal Bank Reconciliation Balance Sheet Instructions X Bank Reconciliation Balance Sheet 5 Based on the following information and the post closing trial balance on the instruction panel prepare a balance sheet in raport for at December 31 of the current year Be sure to complete the reading of the balance sheet Enter assets in the order in which they appear in the pool closing trial balance Refur fenomation given in the problem and the Label and Amount Descrutions for exact woring offstenes There is no need to nolude Yowent portion or a due date weh any account the less o "Add and colon (wil automatically appear if it is required Erder al amounts as positive numbers Kome Company Balance Sheet Label Ase Label $ 17 18 Cuck My Work