Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for Empire Corporation.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for Empire Corporation. You will nced to enter the missing pleces 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 appropriote) After completing the journal entries, you must then complete the missing pleces of the T accounts, trial balance, and statements highlighted in vellow. 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 making a cell equal another 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. July 1: Empire Corporation purchased merchandise inventory on credit, terms 2/10, n/30, FOB 5 hipping point, for $2,000 from The Andujar Company. 2. July 1: Empire Corporation paid freight of $50 on the shipment from The Andujar Company. 3. July 8: Empire Corporation pays its invoice from July 1. 4. July 10: Empire sells merchandise on credit to Mark Ford, terms 2/10, n/60 FOB Destination for $1,500. (Empire's cost was $750 ) 5. July 10: Empire pald freight of $25 to ship the merchandise to Ford. 6. July 12: Ford returns $50 of merchandise (Empire's cost is $25 ). Empire credit's Ford's account. 7. July 22: Ford pays its invoice Ier 32,000 tran The Modar compare 185.523 (Oifference between detits and cretits - yeur want this te be sol Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for Empire Corporation. You will nced to enter the missing pleces 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 appropriote) After completing the journal entries, you must then complete the missing pleces of the T accounts, trial balance, and statements highlighted in vellow. 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 making a cell equal another 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. July 1: Empire Corporation purchased merchandise inventory on credit, terms 2/10, n/30, FOB 5 hipping point, for $2,000 from The Andujar Company. 2. July 1: Empire Corporation paid freight of $50 on the shipment from The Andujar Company. 3. July 8: Empire Corporation pays its invoice from July 1. 4. July 10: Empire sells merchandise on credit to Mark Ford, terms 2/10, n/60 FOB Destination for $1,500. (Empire's cost was $750 ) 5. July 10: Empire pald freight of $25 to ship the merchandise to Ford. 6. July 12: Ford returns $50 of merchandise (Empire's cost is $25 ). Empire credit's Ford's account. 7. July 22: Ford pays its invoice Ier 32,000 tran The Modar compare 185.523 (Oifference between detits and cretits - yeur want this te be sol

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Options Futures And Other Derivatives

Authors: John Hull

11th Global Edition

1292410655, 9781292410654

More Books

Students also viewed these Finance questions