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Packard Company has the following Opening account balances in general and subsidiary ledigence January 1 and was the Periodic Inventory System. All these sormal debit and credit balances General Ledger January ping Halama 101 39.000 Acc Title Cash Accounts Receivable Notes Reche Merchandise Office Supplies Prepaid Insurance Equipment Accumulated Depreciation Equipe Accounts Payable Ordinary Share Capital Retained in 159 6.450 1.500 201 301 303 Account Recehall Saludinary Ledger ring Balance Kshs 1.500 R. Deve B. Habari S. Acasable Subsidiary Lee Opening Balance Creditor S.Koskel R. Michali D. Manche The transactions for January 2020 were follow January 3 Sell merchandise on account. Rate K.H. invece no 510, and Fuss 1.800 SIL 5 Puche merchandise SK 3.000 and Llei Kshs 2.700 7 Receive check for Kis 4,000 fold Kits 2.000 from 8. Habari Pay freight on merchandise purchased as Send checks to S. Keskei fekah 9.000D. Manene for she 10 Summary care este 15.00 Il Sell merchandise on account to R. Derfor kah 1.900.imice 512, and to S. Inga Kshs 90.513 Postal entries to the subsidiary leaders 12 B. Habari Pay freight on merchandise purchased Kshs 10 9 Send checks to S. Keskei for Kshs 9,000 and D. Maneno foksts 10 Sumwy cashlestol Kshs 15.500 11 Sell merchandise on account to R. Devo for Kshs 1,900 vieno 512, and to S. Inguna Kshs 900, invoice no. 513 Postallatries to the subsidiary ledgers 12 Pay of Ksh 1,000 for January 13 Receive payment is full from B. Remond) Puraha 16 Purchase merchandise en cont from D. Maneno for Kids 15,000, Is Poid dividends Kahe 800 by cash to the shoclolder from S. Kokei for Kshs 13.900, and from S. Yimbo for Kids 1.500 17 Pay Kshs-400 cash for office supplies. 18 Ketum Kshs 200 of merchandise to s Koskel and receive credit 20 Summary cash sales total Kihe 17.500 21 Issue Kshs 15,000 to R. Michie of balance de 21 Receive payment in full from S. Inguna Post all entries to the subsidiary ledgers 22 Sell merchandise on to B. Rutem for Kshs 3.700, invece Do 514, and to R. Derfor Kshs 800, invoice no. 515. 23 Send checks to D. Maneno and S. Koskei in full payment 25 Sell merchandise on account to R. Habari forks so invoice to 516, and so Furaha for Kshs 6,100 invoice no. 517. 27 Puchose merchandise on account from D. Maneno fer Kshs 12,500, from D. Lelei for Kshs 1,200, and from S. Yimbo for Kshs 2.800 28 Pay Kshs 200 cash for office supplies 31 Summay cash sales to Kes 22,920 31 Pay sales salaries of Kshs 4,300 and office salaries of Kshs 3.600 Real a) Show the effect of each event on the Elements of the financial statements using a horizontal statements medel like the following one. set for increase for decrease. and NA for not affected. In the Cash How column, indicate whether the item is an operating activity (OA), investing activity (LA), ce financing activity (FA). The first transaction is catered as cumple Date Assets - Lab Equity Rex. Exp. Cash Flow - Net Ince +3.100 NA NA Las NA NA -2.100) - NA+NA (b) Record the January transactions in the appropriate joumal: Sales journal ) Purchases journal i) Cash receipts jumal i) Cash paymental v) General journal (c) Post the journals to the general and subsidiary ledgers. Add and numbers account (chart) in an orderly fashion as needed () Prepare a unadjusted trial balance at January 31, 2000. le) Prepare adjuste using the following Jan +3,100 NA = NA + NA NA NA NA -3,100) 3 4 of 4 (b) Record the January transactions in the appropriate journal: 1) Sales journal ii) Purchases journal iii) Cash receipts journal iv) Cash payment journal v) General journal (c) Post the journals to the general and subsidiary ledgers. Add and number new accounts (chart) in an orderly fashion as needed. (d) Prepare a unadjusted trial balance at January 31, 2020. (e) Prepare adjusting journal entries and post to the general ledger using the following additional information: 1. Office supplies at January 31 total Kshs 700. 2. Insurance coverage expires on October 31,2020. 3. Annual depreciation on the equipment is Kshs 1,500. 4. Interest of Kshs 30 has accrued on the note payable. 5. Merchandise inventory at January 31 is Kshs 15,000. () Prepare an adjusted trial balance on January 21,2020. (g) Using the adjusted trial balance, prepare the following financial statements i) A multiple-step income statement for January. ii) Statement of changes in equity for January iii) Statement of cash flows for January iv) Classified statement of financial position at the end of January (h) Prepare and post the closing journal entries. O Prepare a post-closing trial balance. Determine (prove) whether the subsidiary ledgers agree with the control accounts in the general ledger (k) Prepare reversing journal entries on February 1,2020 and post to the general ledger. (100 Marks) Packard Company has the following Opening account balances in its general and subsidiary ledgers on January 1 and uses the Periodic Inventory System. All accounts have normal debit and credit balances. General Ledger Account Number 101 112 115 January 1 Opening Balance Kshs 33,750 13,000 39,000 20,000 1,000 2,000 6,450 120 Account Title Cash Accounts Receivable Notes Receivable Merchandise Inventory Office Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Ordinary Share Capital Retained Earnings 125 130 157 158 201 1,500 35,000 50,000 28,700 301 303 Accounts Receivable Customer Subsidiary Ledger January 1 Opening Balance Kshs 1,500 R Devo B. Habari S. Ingunza 7,500 4,000 Accounts Payable Subsidiary Ledger January 1 Opening Balance Kshs 9,000 Creditor S. Koskei R. Michuki D. Maneno 15,000 11,000 The transactions for January 2020 were as follows:- I January 3 Sell merchandise on account to B. Ratemo Kshs3,100, invoice no. 510, and J. Furaha Kshs 1,800 invoice no. 511. 5 Purchase merchandise on account from S. Yimbo Kshs3,000 and D. Lelei Kshs 2,700 7 Receive checks for Kshs 4,000 from S. Ingunza and Kshs 2,000 from B. Habari 8 Pay freight on merchandise purchased Kshs 180. 9 Send checks to S. Koskei for Kshs 9,000 and D. Maneno for Kshs 11,000 10 Summary cash sales total Kshs 15.500. 9 Send checks to S. Koskei for Kshs 9,000 and D. Maneno for Kshs 11,000 10 Summary cash sales total Kshs 15,500. 11 Sell merchandise on account to R. Devo for Kshs 1,900, invoice no. 512, and to S. Ingunza Kshs 900, invoice no. 513. Post all entries to the subsidiary ledgers 12 Pay rent of Kshs 1,000 for January. 13 Receive payment in full from B. Ratemo and J. Furaha. 15 Paid dividends Kshs 800 by cash to the shareholders. 16 Purchase merchandise on account from D. Maneno for Kshs 15,000, from S. Koskei for Kshs 13,900, and from S. Yimbo for Kshs 1,500. 17 Pay Kshs400 cash for office supplies. 18 Return Kshs 200 of merchandise to S. Koskei and receive credit. 20 Summary cash sales total Kshs 17,500. 2. I 21 Issue Kshs 15,000 note to R. Michuki in payment of balance due. 21 Receive payment in full from S. Ingunza Post all entries to the subsidiary ledgers 22 Sell merchandise on account to B. Ratemo for Kshs 3,700, invoice 514, and to R. Devo for Kshs 800, invoice no. 515. 23 Send checks to D. Maneno and S. Koskei in full payment. 25 Sell merchandise on account to B. Habari forkshs 3,500, invoice no. 516, and to J. Furaha for Kshs 6.100, invoice no. 517. no. 516, and to J. Furaha for Kshs 6,100, invoice no. 517. 27 Purchase merchandise on account from D. Maneno for Kshs 12,500, from D. Lelei for Kshs 1,200, and from S. Yimbo for Kshs 2,800. 28 Pay Kshs 200 cash for office supplies. 31 Summary cash sales total Kshs 22,920. 31 Pay sales salaries of Kshs 4,300 and office salaries of Kshs 3,600. Required (a) Show the effect of each event on the Elements of the financial statements using a horizontal statements model like the following one. Use+ for increase, - for decrease, and NA for not affected. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). The first transaction is entered as an example. Date Assets Liabs + Equity Rev. or Exp. or Cash Flow Gain Loss Net Inco. Jan +3,100 NA NA NA NA 3rd -3,100) = NA + NA (b) Record the January transactions in the appropriate journal: i) Sales journal ii) Purchases journal iii) Cash receipts journal iv) Cash payment journal v) General journal (c) Post the journals to the general and subsidiary ledgers. Add and number new accounts v) General journal (c) Post the journals to the general and subsidiary ledgers. Add and number new accounts (chart) in an orderly fashion as needed. (d) Prepare a unadjusted trial balance at January 31, 2020. 3 (e) Prepare adjusting journal entries and post to the general ledger using the following additional information:- 1. Office supplies at January 31 total Kshs 700, 2. Insurance coverage expires on October 31,2020. 3 Annual depreciation on the equipment is Kshs 1,500. 4. Interest of Kshy 30 has accrued on the note payable. 5. Merchandise inventory at January 31 is Kshs 15,000. (1) Prepare an adjusted trial balance on January 21,2020. 5. Merchandise inventory at January 31 is Kshs 15,000. (1) Prepare an adjusted trial balance on January 21,2020. (8) Using the adjusted trial balance, prepare the following financial statements i) A multiple-step income statement for January. ii) Statement of changes in equity for January. 11) Statement of cash flows for January. iv) Classified statement of financial position at the end of January. (h) Prepare and post the closing journal entries. (1) Prepare a post-closing trial balance. (1) Determine (prove) whether the subsidiary ledgers agree with the control accounts in the general ledger (k) Prepare reversing journal entries on February 1,2020 and post to the general ledger, (100 Marks)