Kodiak Enterprises UNADJUSTED Trial Balance May 31, 2017 Account Titles Debit Credit 94,530 6,000 44,698 865 850 2,400 60,272 45,000 80,000 56,750 42,550 12,400 Cash A/R Turin A/R Chinook A/R Waterton A/R Coaldale Merchandise Inventory Office Supplies Store Supplies Prepaid Insurance Office Equipment Accumulated Deprec Office Equip Store Equipment Accumulated Deprec Store Equip AP Kipp A/P Windworks A/P Canola A/P Taber Bank Loan Payable Benny Kodiak, Capital Benny Kodiak, Withdrawals Sales Sales Returns & Allowance Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Exp, Office Equip Depreciation Exp, Store Equip Insurance Expense Rent Expense Office Space Rent Expense Store Space Office Supplies Expense Store Supplies Expense Bank Charges Expense Utilities Expense 10,637 73,700 20,000 2,350 102,400 1,600 494 66,528 500 1,500 850 363,437 363,437 $1,600.00 $1,056.00 $1,250.00 $10,000.00 $800.00 $365.00 $528.00 May 2 Issued a credit memorandum to Waterton Farms Inc. for merchandise we sold them on April 30 and which they returned for credit. The merchandise was returned to inventory. The memorandum was for the amount of: The wholesale cost of the retumed merchandise is: May 3 Received a credit memorandum from Canola Products for merchandise purchased on April 29 and that we retumed for credit this moming. The amount of the return was: May 4 Purchased the following items on credit from Taber Supply Co. with invoice dated May 4, terms n/10 EOM. - Merchandise for resale: - Office Equipment: - Office Supplies May 7 Received payment from Waterton Farms Inc. from the sale of April 30. May 8 Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 n/30). May 11 Received payment from Chinook Tractor Company for the May 2 sale. May 12 Received a credit memorandum from Taber Supply Co. for defective office equipment received on May 10 and returned for credit. The amount of the retum was: May 15 Recorded the cash sales for the first half of the month. The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 17 Received merchandise and an invoice dated May 14, terms 2/10, n/60, from The Kipp Corp. The amount of the invoice was: May 22 Sold merchandise to Coaldale Services, invoice 8786. Terms 2/10, n/60. The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 26 Issued cheque # 3413 to [YOUR FIRST NAME] Power Works in payment of the May electric bill. The amount of the bill was: May 29 The owner, Benny Kodiak, withdrew money from the business for personal use using cheque # 3414. The amount of the withdrawal was: May 30 Received payment from Coaldale Services for the May 22 sale. May 30 Made an electronic transfer to pay the monthly bank loan payment May 30 Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise May 31 Recorded the cash sales for the second half of the month. The total retail price for the merchandise is: The wholesale cost of the merchandise is: $48,000.00 $31,680.00 $42,550.00 $8,800.00 $5,808.00 $350.00 $2,350.00 $1,200.00 $225.00 $35,600.00 $23,496.00 Due: As announced by your instructor in class Value: This is worth 10 % of your final grade in ACC 1170 You are to do the following: 1 Review the opening account balances in the ledger accounts provided 2 Enter the transactions in the general journal and post to the ledger accounts. 3 Prepare a trial balance based on your ledger accounts and compare it to the check-sums provided with this assignment. Correct any ledger and journal errors you may have found. The transactions and postings in your accounts must match the totals from the check sums. If you only correct the trial balance, you will lose marks. 4 Transfer the now corrected numbers from Step # 3 into the Unadjusted Trial Balance columns of the provided work sheet form, and complete the work sheet using the following information for your adjusting entries. - Ending merchandise inventory - Ending store supplies inventory - Ending office supplies inventory - Estimated monthly depreciation of store equipment - Estimated monthly depreciation of office equipment - Expired insurance - Bank Service charges for May - Overdraft fee for when your cash account went negative i - Interest Earned in the month of May 5 Prepare a May classified, multiple-step income statement, a May statement of owner's equity, and a May 31 classified balance sheet. S42,973 S553 $872 $814 $382 $200 $40 $165 SS 6 Prepare and post adjusting and closing entries (omit explanations). 7 Prepare a post-closing trial balance. Submit all of your work including: journal entries, ledger accounts, worksheet, financial statements, and your journals with adjusting and closing entries along with the post closing trial balance ***YOUR LEDGER ACCOUNT BALANCES MUST EQUAL THE AMOUNTS YOU HAVE LISTED ON YOUR UNADJUSTED AND ADJUSTED TRIAL BALANCES, WORKSHEET AND FINANCIAL REPORTS. DATA and TRANSACTIONS Assume it is Monday, May 1, 202X, the first business day of the month, and you have just been hired as the accountant for Kodi and Company, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Kodi uses a perpetual system to account for inventory. The terms of all credit sales are 2/10,n/30. During your first month on the job, you record the following transactions: May 1 $2,000.00 Issued cheque # 3410 to [YOUR LAST NAME] Management Co. in payment of the May rent. Charge 75% of the rent to Rent Expense - Selling Space and the balance to Rent Expense- Office Space. Total amount of the cheque is: Issued cheque #3411 to Village of Kipp for water & sewer charges, total is: Sold merchandise on credit to the Chinook Tractor Company, invoice 8785. The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 2 May 2 $500.00 $10,000.00 $6,600.00 Kodiak Enterprises UNADJUSTED Trial Balance May 31, 2017 Account Titles Debit Credit 94,530 6,000 44,698 865 850 2,400 60,272 45,000 80,000 56,750 42,550 12,400 Cash A/R Turin A/R Chinook A/R Waterton A/R Coaldale Merchandise Inventory Office Supplies Store Supplies Prepaid Insurance Office Equipment Accumulated Deprec Office Equip Store Equipment Accumulated Deprec Store Equip AP Kipp A/P Windworks A/P Canola A/P Taber Bank Loan Payable Benny Kodiak, Capital Benny Kodiak, Withdrawals Sales Sales Returns & Allowance Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Exp, Office Equip Depreciation Exp, Store Equip Insurance Expense Rent Expense Office Space Rent Expense Store Space Office Supplies Expense Store Supplies Expense Bank Charges Expense Utilities Expense 10,637 73,700 20,000 2,350 102,400 1,600 494 66,528 500 1,500 850 363,437 363,437 $1,600.00 $1,056.00 $1,250.00 $10,000.00 $800.00 $365.00 $528.00 May 2 Issued a credit memorandum to Waterton Farms Inc. for merchandise we sold them on April 30 and which they returned for credit. The merchandise was returned to inventory. The memorandum was for the amount of: The wholesale cost of the retumed merchandise is: May 3 Received a credit memorandum from Canola Products for merchandise purchased on April 29 and that we retumed for credit this moming. The amount of the return was: May 4 Purchased the following items on credit from Taber Supply Co. with invoice dated May 4, terms n/10 EOM. - Merchandise for resale: - Office Equipment: - Office Supplies May 7 Received payment from Waterton Farms Inc. from the sale of April 30. May 8 Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 n/30). May 11 Received payment from Chinook Tractor Company for the May 2 sale. May 12 Received a credit memorandum from Taber Supply Co. for defective office equipment received on May 10 and returned for credit. The amount of the retum was: May 15 Recorded the cash sales for the first half of the month. The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 17 Received merchandise and an invoice dated May 14, terms 2/10, n/60, from The Kipp Corp. The amount of the invoice was: May 22 Sold merchandise to Coaldale Services, invoice 8786. Terms 2/10, n/60. The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 26 Issued cheque # 3413 to [YOUR FIRST NAME] Power Works in payment of the May electric bill. The amount of the bill was: May 29 The owner, Benny Kodiak, withdrew money from the business for personal use using cheque # 3414. The amount of the withdrawal was: May 30 Received payment from Coaldale Services for the May 22 sale. May 30 Made an electronic transfer to pay the monthly bank loan payment May 30 Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise May 31 Recorded the cash sales for the second half of the month. The total retail price for the merchandise is: The wholesale cost of the merchandise is: $48,000.00 $31,680.00 $42,550.00 $8,800.00 $5,808.00 $350.00 $2,350.00 $1,200.00 $225.00 $35,600.00 $23,496.00 Due: As announced by your instructor in class Value: This is worth 10 % of your final grade in ACC 1170 You are to do the following: 1 Review the opening account balances in the ledger accounts provided 2 Enter the transactions in the general journal and post to the ledger accounts. 3 Prepare a trial balance based on your ledger accounts and compare it to the check-sums provided with this assignment. Correct any ledger and journal errors you may have found. The transactions and postings in your accounts must match the totals from the check sums. If you only correct the trial balance, you will lose marks. 4 Transfer the now corrected numbers from Step # 3 into the Unadjusted Trial Balance columns of the provided work sheet form, and complete the work sheet using the following information for your adjusting entries. - Ending merchandise inventory - Ending store supplies inventory - Ending office supplies inventory - Estimated monthly depreciation of store equipment - Estimated monthly depreciation of office equipment - Expired insurance - Bank Service charges for May - Overdraft fee for when your cash account went negative i - Interest Earned in the month of May 5 Prepare a May classified, multiple-step income statement, a May statement of owner's equity, and a May 31 classified balance sheet. S42,973 S553 $872 $814 $382 $200 $40 $165 SS 6 Prepare and post adjusting and closing entries (omit explanations). 7 Prepare a post-closing trial balance. Submit all of your work including: journal entries, ledger accounts, worksheet, financial statements, and your journals with adjusting and closing entries along with the post closing trial balance ***YOUR LEDGER ACCOUNT BALANCES MUST EQUAL THE AMOUNTS YOU HAVE LISTED ON YOUR UNADJUSTED AND ADJUSTED TRIAL BALANCES, WORKSHEET AND FINANCIAL REPORTS. DATA and TRANSACTIONS Assume it is Monday, May 1, 202X, the first business day of the month, and you have just been hired as the accountant for Kodi and Company, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Kodi uses a perpetual system to account for inventory. The terms of all credit sales are 2/10,n/30. During your first month on the job, you record the following transactions: May 1 $2,000.00 Issued cheque # 3410 to [YOUR LAST NAME] Management Co. in payment of the May rent. Charge 75% of the rent to Rent Expense - Selling Space and the balance to Rent Expense- Office Space. Total amount of the cheque is: Issued cheque #3411 to Village of Kipp for water & sewer charges, total is: Sold merchandise on credit to the Chinook Tractor Company, invoice 8785. The total retail price for the merchandise is: The wholesale cost of the merchandise is: May 2 May 2 $500.00 $10,000.00 $6,600.00