Jornal

T- Accounts

Unadjusted Trial Balance

Adjusted Trial Balance

Income statement & statement of retained earnings

Balance sheet & Post closing trial balance

1 Accounting 2301 Instructions and Information for the Case Requirements: 1) Using the information given below (Trial Balance as of Feb. 28), enter the beginning balances in the T- Accounts in the Accounting Records Package. On page 2 note the format of the Financial Statements that were produced based on the Trial Balance as of Feb. 28 (single step income statement and classified balance sheet). 2) Use the descriptions of the March transactions which are on page 3 to journalize all of the entries for March in the journal provided in the Accounting Records Package. 3) Post each entry into the T-Accounts provided in the Accounting Records Package. When finished posting, calculate the account balance for each T-Account and enter the balance on the Unadjusted Trial Balance on the form provided. Then, use the information found on the bottom of page 3 and any account balance information that is needed to journalize and post the adjusting entries. Calculate each account balance. 4) Using the T-Account balances, create an Adjusted Trial Balance on the form provided in the Accounting Records Package. 5) Using the provided templates in the Accounting Records Package, prepare the: a. Income Statement b. Statement of Retained Earnings c. Balance Sheet 6) Write the four closing entries in the journal and post them to the T-Accounts and calculate the ending balance for each account. 7) Create the Post Closing Trial Balance on the form provided in the Accounting Records Package.b Trial Balance as of February 28, 2021 Debit Credit Cash 8,000 Accounts Receivable 2,000 Merchandise Inventory 7,000 Supplies 100 Prepaid Insurance Equipment 11,000 Accumulated Depreciation 6,000 Accounts Payable 290 Salaries Payable 50 Unearned Revenue 0 Common Stock 10,000 Retained Earnings 7,760 Dividends 10,000 Sales Revenue 63,000 Sales Discounts 1,000 Cost of Goods Sold 29,000 Rent Expense 6,600 Salary Expense 8,200 Supplies Expense 1,200 Depreciation Expense Insurance Expense 3,000 Totals 87,100 87,100 0 2 Financial Statements San Antonio Home Furnishings Company Income Statement For the Eleven Months Ended, February 28, 2021 63,000 1,000 62,000 29.000 33,000 Sales Revenue Less: Sales Discounts Net Sales Cost of Goods Sold Gross Profit Expenses: Rent Expense Salary Expense Supplies Expense Depreciation Expense Insurance Expense Total Expenses Net Income 6,600 8,200 1,200 0 3,000 19.000 14,000 7,760 San Antonio Home Furnishings Company Statement of Retained Earnings For the Eleven Months Ended, February 28, 2021 Retained Earnings, April 1, 2020 Plus Net Income Less Dividends Increase in Retained Earnings Retained Earnings, Feb. 28, 2021 14,000 10,000 4,000 11,760 San Antonio Home Furnishings Company Balance Sheet February 28, 2021 Liabilities Current Liabilities 8,000 Accounts Payable 290 2,000 Salaries Payable 50 7,000 Unearned Revenue 100 Total Current Liab 340 Assets Current Assets Cas Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Total Current Assets Plant Assets Office Equipment Less: Accum Depr Total Plant Assets Total Assets 17,100 11,000 6,000 Stockholder's Equity Common Stock Retained Earnings Total SE Total Liab & SE 10,000 11,760 5,000 21,760 22,100 22,100 3 a March Transactions: Date Mar. Supplies are purchased for cash $900. Mar. 1 One year of insurance is purchased for cash, costing $3,600. Mar. 2 Paid rent expense of $800 for current month. Supplies are purchased on account for $300. Mar. 2 Mar. 3 Received cash from customers on account, $1,000. Mar. 4 Paid creditor on account, $150. Mar. 6 Paid $550 of salaries to employees, of which $50 is accrued from the prior month. Mar. 7 Received $2,500 from a customer in advance of providing the service. Mar. 8 Purchased merchandise from Lamp Co. on account, $10,500 terms FOB Shipping Point, 2/10, n/30. Mar. 9 Paid $100 to San Antonio Pickup Service for transportation cost in connection with the purchase from the Lamp Co. Mar. 9 Sold merchandise on account to Osgood Co., $12,800, terms FOB Shipping Point, 2/10,n/30. The cost of the merchandise sold was $6,000. Mar. 18 Received a check from Osgood Co. for the sale on Mar. 9, less the discount. Mar. 18 Paid Lamp Co. for the merchandise purchased on Mar. 8, less the discount. Mar. 31 Dividends of $2,000 are paid. Additional Information for Adjusting Entries: (a) Supplies on hand at the end of the year, March 31, are $200. (b) Record one month of insurance expense for March 31. (c) Depreciation of Equipment for the year, $1,000. Case - Check Numbers Version Net Income Year-End Retained Earnings Year-End Total Assets Post-Closing Trial Balance Unadjusted Trial Balance Totals 97,115 102,500 98,600 90,475 Adjusted Trial Balance Totals 90,440 103,500 99,000 99,375 a b 16,202 16,844 10,507 19,354 11,192 12,604 10,767 19,914 22,947 25,544 23,707 25,829 20,072 32,544 27,907 29,729 Version Identification: On the Instructions and Information for the Case - On the requirement #7 line on page 1, the letter appearing just after the words Accounting Records Package indicates the version (a, b, c or d). Name Journal Enter "P" when Posted Account Title/Name 621 Debit Credit TTTTTTT TEUTETTUTTTTTTTTTTTTTTTTTTTTTTT TUTTURETUTTUU THETETT THE. Date Adjusting Closing PETIT Name T-Accounts Cash bunts Receiv Merchandise Supplies paid Insura ice Equipmumulated Decounts Payablaries Payalarned Reve bmmon Stotained Earnir Dividends ome Summales Revenu ales Discoust of Goods SRent Expenseilary Expenoplies Exper rance Expe Depreciation Expense Unadjusted Trial Balance as of March 31, 2021 Debit Credit Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accummulated Depr. Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Sales Discount Cost of Goods Sold Rent Expense Salary Expense Supplies Expense Depreciation Expense Insurance Expense Total (check amt. Name Adjusted Trial Balance as of March 31, 2021 Debit Credit Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Equipment Accummulated Depr. Accounts Payable Salary Payable Unearned Revenue Common Stock Retained Earnings Dividends Sales Revenue Sales Discount Cost of Goods Sold Rent Expense Salary Expense Supplies Expense Depreciation Expense Insurance Expense Total (check amt. San Antonio Home Furnishings Company Income Statement For the Year Ended March 31, 2021 Sales Revenue $ Less: Sales Discounts $ Net Sales IS Cost of Goods Sold $ Gross Profit $ Expenses: Rent Expense $ Salary Expense $ Supplies Expense $ Depreciation Expense $ Insurance Expense $ Total Expenses Net Income (check amt. San Antonio Home Furnishings Company Statement of Retained Earnings For the Year Ended March 31, 2021 Beg. Retained Earnings $ Plus: Net Income $ Less: Dividends $ Change in Retained Earnings End Retained Earnings (check amt. 7/11/2021 . San Antonio Home Furnishings Company Balance Sheet March 31, 2021 Assets Liabilities Current Assets Current Liabilites Cash $ Accounts Payal $ Accounts Receivable $ Salaries Payable $ Merchandise Inventory $ Unearned Reve $ Supplies Total Current Liab. $ Prepaid Insurance Total Current Assets $ Plant Assets Stockholder's Equity Office Equipment $ Common Stock Less: Accumulated Depr. $ Retained Earnings $ Total Plant Assets $ Total Stockholder's Equity Total Assets $ Total Liab. & Stockholder's E$ (check amt. for Total Assets Post-Closing Trial Balance as of March 31, 2021 Debit Credit Cash Accounts Receivable Merchandise Inventory Supplies Prepaid Insurance Office Equipment Accumulated Depreciation Accounts Payable Salaries Payable Unearned Revenue Common Stock Retained Earnings Totals (check amt. for columns