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 $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. Sales related journal entries Account Transaction 10-Jan Inventory Debit Credit $20,000 Purchased merchandise with terms 4/10,n/30 10-Jan Cash Paid delivery costs $100 25-Jan Accounts Payable Paid for merchandise 2-Feb $7,500 Sold merchandise 2-Feb Cost of Sales 5-Feb $300 Return of sales 5-Feb $200 Return of merchandise 12-Feb Cash Received payment from Rowdy's 28-Feb $100 $100 Allowance for damaged goods Assets Liabilities Equity Sales Discounts Cash $43,138 Sales Revenue $ 309,392 $100 $4,144 Accounts Payable S 18,000 $100 $4,144 $42,938 S 18,000 S 309,392 Supplies $ 16,200 $6,980 Wages Payable $ 2,500 Common Stock IS 42,550 $ Sales Returns and Allowances $2,763 $300 $100 $3,163 $ 9,220 $ 2,500 $ 42,550 Equipment $ 116,100 Insurance Payable $ 2,000 Retained Earnings IS 22,630 Wages Expense $94,500 $2,500 $97,000 $ 116,100 $ 2,000 $ 22,630 Accumulated Depreciation - Equipment $11,600 $ Supplies Expense $6,980 Dividends $765 $11,600 $ $6,980 $765 Inventory $60,000 $ $20,000 Depreciation Expense $11,600 $11,600 $ $200 COGS $45,000 Accounts Receivable $10,000 $7,500 $17,500 Delivery Expense $1,962 $ Road Runner Racers Adjusted Trial Balance 28-Feb-25 Debit Credit Cash $ 42,938 A/R $ 17,500 Supplies $ 9,220 Inventory S Equipment $ 116,100 Accumulated Depreciation 11,600 Accounts Payable $ 18,000 Wages Payable $ 2,500 Insurance Payable $ 2,000 Common Stock S 42.550 Retained Earnings $ 22,630 Dividends S 765 Sales Revenue S 309,392 Sales Discounts $ $ 4,144 Sales Returns and Allowances $ 3,163 COGS $ S Wages Expense $ 97,000 Depreciation Expense $ 11,600 Delivery Expense $ Supplies Expense $ 6,980 $ 309,4105 408,672 $ (99,262) (Difference between debits and credits - you want this to be $0) 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 Depreciation Expense Delivery Expense Supplies Expense Total Expenses $ S $ $ 97,000.00 11,600.00 6,980.00 S $ (115,580.00) (115,580.00) Road Runner Racers Statement of Stockholder's Equity For period ending February 28, 2025 Beginning of Period Net Income Dividends Stock Additions End of Period, December 31 Common Stock Retained Earnings Total $ $ 22,630 $ (115,580) $ $ (765) $ $ $ 42,550 $ (93,715) $ 22,630 (115,580) (765) (51,165) Road Runner Racers Balance Sheet 28-Feb-25 Assets Liabilities $ $ S S S 42,938 17,500 9,220 Current Liabilities Accounts Payable Wages Payable Insurance Payable Total Liabilities $ $ $ 18,000 2,500 2,000 is 69,658 $ Current Assets Cash A/R Supplies Inventory Total Current Assets Property, Plant and Equipment Equipment Accumulated Depreciation Book Value Total PP&E Total Assets 22,500 S $ $ S 116,100 (11,600) 104,500 $ $ S Stockholder's Equity Common Stock $ 42,550 Retained Earnings $ (93,715) Total Stockholder's Equity $ Total Liabilities and Stocholder Equity $ 104,500 174,158 (51,165) (28,665) 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 $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. Sales related journal entries Account Transaction 10-Jan Inventory Debit Credit $20,000 Purchased merchandise with terms 4/10,n/30 10-Jan Cash Paid delivery costs $100 25-Jan Accounts Payable Paid for merchandise 2-Feb $7,500 Sold merchandise 2-Feb Cost of Sales 5-Feb $300 Return of sales 5-Feb $200 Return of merchandise 12-Feb Cash Received payment from Rowdy's 28-Feb $100 $100 Allowance for damaged goods Assets Liabilities Equity Sales Discounts Cash $43,138 Sales Revenue $ 309,392 $100 $4,144 Accounts Payable S 18,000 $100 $4,144 $42,938 S 18,000 S 309,392 Supplies $ 16,200 $6,980 Wages Payable $ 2,500 Common Stock IS 42,550 $ Sales Returns and Allowances $2,763 $300 $100 $3,163 $ 9,220 $ 2,500 $ 42,550 Equipment $ 116,100 Insurance Payable $ 2,000 Retained Earnings IS 22,630 Wages Expense $94,500 $2,500 $97,000 $ 116,100 $ 2,000 $ 22,630 Accumulated Depreciation - Equipment $11,600 $ Supplies Expense $6,980 Dividends $765 $11,600 $ $6,980 $765 Inventory $60,000 $ $20,000 Depreciation Expense $11,600 $11,600 $ $200 COGS $45,000 Accounts Receivable $10,000 $7,500 $17,500 Delivery Expense $1,962 $ Road Runner Racers Adjusted Trial Balance 28-Feb-25 Debit Credit Cash $ 42,938 A/R $ 17,500 Supplies $ 9,220 Inventory S Equipment $ 116,100 Accumulated Depreciation 11,600 Accounts Payable $ 18,000 Wages Payable $ 2,500 Insurance Payable $ 2,000 Common Stock S 42.550 Retained Earnings $ 22,630 Dividends S 765 Sales Revenue S 309,392 Sales Discounts $ $ 4,144 Sales Returns and Allowances $ 3,163 COGS $ S Wages Expense $ 97,000 Depreciation Expense $ 11,600 Delivery Expense $ Supplies Expense $ 6,980 $ 309,4105 408,672 $ (99,262) (Difference between debits and credits - you want this to be $0) 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 Depreciation Expense Delivery Expense Supplies Expense Total Expenses $ S $ $ 97,000.00 11,600.00 6,980.00 S $ (115,580.00) (115,580.00) Road Runner Racers Statement of Stockholder's Equity For period ending February 28, 2025 Beginning of Period Net Income Dividends Stock Additions End of Period, December 31 Common Stock Retained Earnings Total $ $ 22,630 $ (115,580) $ $ (765) $ $ $ 42,550 $ (93,715) $ 22,630 (115,580) (765) (51,165) Road Runner Racers Balance Sheet 28-Feb-25 Assets Liabilities $ $ S S S 42,938 17,500 9,220 Current Liabilities Accounts Payable Wages Payable Insurance Payable Total Liabilities $ $ $ 18,000 2,500 2,000 is 69,658 $ Current Assets Cash A/R Supplies Inventory Total Current Assets Property, Plant and Equipment Equipment Accumulated Depreciation Book Value Total PP&E Total Assets 22,500 S $ $ S 116,100 (11,600) 104,500 $ $ S Stockholder's Equity Common Stock $ 42,550 Retained Earnings $ (93,715) Total Stockholder's Equity $ Total Liabilities and Stocholder Equity $ 104,500 174,158 (51,165) (28,665)