L B C D LE E G H 7 After completing the journal entries, you must then complete the missing pieces of the Taccounts, trial balance, and 8 statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages. 9 DO NOT INPUT THE ACTUAL NUMBER INTO THET ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. 10 Use excel functions (such as copying the number from the journal entry page, summing numbers together, or using the 11 plus or minus symbols to help you find the appropriate number). Your balance sheet should balance when you are complete. 12 Tip: After each journal entry, update the appropriate Taccounts. 13 14 Select Retailer/Merchandiser-Related Transactions: 15 1) Road Runner Racers (RRR) purchased $10,000 of merchandise from Warehouser Plus on January 10. 16 RRR was given terms of 4/15, n/30. FOB shipping point. RRR paid $100 for delivery. 17 18 2) RRR paid their invoice to Warehouser Plus on January 25th. 19 203) On February 2, RRR sold $1,000 of merchandise to Rowdy's Inc. RRR offered Rowdy credit terms of 21 2/10, n/45. RRR's cost of the merchandise was $500. 22 234) On February 5, Rowdy contacted RRR because some of the goods were damaged. RRR offered 24 Rowdy a $50 credit allowance. Rowdy agreed to the allowance. 25 26 5) Rowdy paid their invoice on February 12. 27 28 6) RRR counted inventory on February 28. Their books showed $69,200 in inventory, but the physical 29 inventory count only showed $68,650. 30 31 Paste Bru Merge & Center 3 Format Painter Clipboard Font Alignment B7 a D E A B 1 Sales related journal entries 2 Transaction Account 3 10-Jan Inventory Cash 5 Purchased merchandise with terms 4/15 n/30 Credit Nm Debit $10,000 4 $10,000 6 7 8 10-Jan Cash Paid delivery costs $100 9 10 25-Jan 11 12 Inventory 13 Cash 14 Paid for merchandise within discount period 2-Feb 15 $1,000 16 17 Sold merchandise 18 19 2-Feb 20 21 Cost of Sales 22 5-Feb 23 24 25 Credit allowance 26 27 12-Feb Cash 28 29 30 $950 Received payment from Rowdy's within discount period 28-Feb 31 32 33 Adjustment for inventory shrinkage 34 35 36 37 22 Instructions Journal Entries T accounts Ready Trial Balances Income Statement Statement of w L38 fx E F G H 1 J K L M N O P R S T U 19 A B C D Accumulated Depreciation - Equipment $11,600 $ 22,630 $6,980 20 21 22 $6,980 $11,600 Dividends $765 23 24 Depreciation Expense $11,600 $765 25 Inventory $60,000 $10,000 26 $11,600 27 28 $70,000 29 COGS $45,000 30 31 Accounts Receivable $7,500 $1,000 $950 32 33 $7,550 34 35 Delivery Expense $1,962 36 37 38 39 40 41 42 43 44 45 46 47 C14 ='T accounts'!N13 A B C D E 4 Debit Credit 5 Cash $ 43,038 6 A/R S 7,550 7 Supplies $ 9,220 8 Inventory $ 70,000 9 Equipment $ 116,100 10 Accumulated Depreciation $ 11,600 11 Accounts Payable $ 18,000 12 Wages Payable $ 2,500 13 Insurance Payable $ 2,000 14 Common Stock $ 40,050 15 Retained Earnings $ 22,630 16 Dividends S 765 17 Sales Revenue $ 309,392 18 Sales Discounts $ 4,144 19 Sales Returns and Allowances $ 2,763 20 COGS $ 21 Wages Expense S 97,000 22 Depreciation Expense $ 11,600 23 Delivery Expense $ 24 Supplies Expense $ 6,980 25 $ 369,160 $ 406,172 $(37,012) (Difference between debits and credits - you want this to be $0) 26 27 28 F18 D 1 A B Road Runner Racers Income Statement For Period ending February 28, 2025 mio Noo 5 Revenue 6 Sales Revenue 7 Sales Discounts 8 Sales Returns and Allowances 9 Net Sales 10 Cost of Goods Sold $ $ $ $ $ $ 309,392.00 (4,144.00) (2,763.00) 302,485.00 302,485.00 $ 97,000.00 11,600.00 12 Expenses 13 Wages Expense 14 Depreciation Expense 15 Delivery Expense 16 Supplies Expense 17 Total Expenses 6,980.00 $ $ (115,580.00) 186,905.00 20 21 22 23 24 25 A E B D c 1 2 18 Road Runner Racers Statement of Stockholder's Equity For period ending February 28, 2025 4 5 6 7 Beginning of Period 8 Net Income 9 Dividends 10 Stock Additions 11 End of Period, December 31 12 Common Stock Retained Earnings Total $ $ 22,630 $ $ 186,905 $ $ (765) $ $ $ 40,050 $ 208,770 $ 22,630 186,905 (765) 248,820 13 Calibri = de Wrap Text General Copy Format Painter 11 AA BIU A Merge & Center IH E Normal Conditional Format as Calculation Formatting Table $ % 98.00 board Font Alignment Number B C F G H D E Road Runner Racers Balance Sheet 28-Feb-25 Liabilities $ $ S $ 43,038 7,550 9,220 70,000 Current Liabilities Accounts Payable Wages Payable Insurance Payable Total Liabilities $ $ $ Assets Current Assets Cash |A/R Supplies Inventory Total Current Assets Property, plant and Equipment Equipment Accumulated Depreciation Book Value Total P P&E Total Assets 18,000 2,500 2,000 $ 129,808 $ 22,500 $ $ $ 116,100 (11,600) 104,500 $ $ Stockholder's Equity Common Stock S 40,050 Retained Earnings $ 208,770 Total Stockholder's Equity Total Liabilities and Stocholder Equity 104,500 234,308 $ 248,820 $ 271,320