Ledger Project

The Happy, Happy, Happy (Happy X3) Farm is a family-owned, 200-acre farm that grows and sells catfish through various retail outlets, including local grocery stores. Happy X3 has 10 full-time employees and hires some part-time employees when the catfish ponds need to be drained and the fish cleaned.

For the past six summers, you worked as one of the part-time employees for Happy X3. When you graduated, you were hired on as the full-time accountant/office manager. Until now, Happy X3 kept most of its accounting records in a big shoe box until tax season rolled around. Jack Robertson, the owner, would like a more organized approach to the farms accounting records. He asked you to establish a proper accounting information system based on the size of Happy X3. You decide to start by establishing appropriate paper-based journals and ledgers for these sales transactions.

Assignment

For this assignment, you need to finish recording the transactions on the next page in the appropriate journals and ledgers shown on the subsequent pages. Use the Journals_Ledgers supplement as your guide for this assignment, along with the discussion of journals and ledgers in Chapter 2. Also, the first transaction has already been done for you.

For each ledger and journal, be sure to leave a proper audit trail between the journals and ledgers, which means you need to include the proper posting references between the sections. Last, sum all the T-accounts and Balance columns to show the account balance after all transactions have been recorded.

Oklahoma State University Spears School of Business ACCT3603 - Accounting Information Systems Fall 2015 Ledger Project The Happy, Happy, Happy (Happy X3) Farm is a family-owned, 200-acre farm that grows and sells catfish through various retail outlets, including local grocery stores. Happy X3 has 10 full-time employees and hires some part-time employees when the catfish ponds need to be drained and the fish cleaned. For the past six summers, you worked as one of the part-time employees for Happy X3. When you graduated, you were hired on as the full-time accountant/office manager. Until now, Happy X3 kept most of its accounting records in a big shoe box until tax season rolled around. Jack Robertson, the owner, would like a more organized approach to the farm's accounting records. He asked you to establish a proper accounting information system based on the size of Happy X3. You decide to start by establishing appropriate paper-based journals and ledgers for these sales transactions. Assignment For this assignment, you need to finish recording the transactions on the next page in the appropriate journals and ledgers shown on the subsequent pages. Use the Journals_Ledgers supplement as your guide for this assignment, along with the discussion of journals and ledgers in Chapter 2. Also, the first transaction has already been done for you. For each ledger and journal, be sure to leave a proper audit trail between the journals and ledgers, which means you need to include the proper posting references between the sections. Last, sum all the T-accounts and Balance columns to show the account balance after all transactions have been recorded. Note that you must complete this assignment individually. You are allowed to discuss the project with your classmates, but each student must submit their own work for grading. To complete this assignment, answers must be handwritten into the pages provided. Typed submissions will receive zero points. Sales Invoices Date Customer Name Customer Address Invoice # Customer # Amount March 7 326 23 Buddy's IGA PO Box 34 March 11 327 36 Osto Farmers Supply 45 Main $ 67.50 March 14 328 38 Whalers Seafood Route 34 $ 5,000.00 March 21 329 36 Osto Farmers Supply 45 Main $ 3,094.37 March 22 330 24 IFM Wholesale Foods 587 Longview $ 4,050.00 March 24 331 24 IFM Wholesale Foods 587 Longview $ 267.88 March 28 332 38 Whalers Seafood Route 34 $198.78 March 31 333 23 Buddy's IGA PO Box 34 Invoice # Customer # March 18 326 23 Buddy's IGA PO Box 34 $ 2,067.85 March 25 328 38 Whalers Seafood Route 34 $ 2,045.00 March 30 329 36 Osto Farmers Supply 45 Main $ 3,094.37 $ 2,067.85 $4,925.75 Cash Receipts Date Customer Name Customer Address Amount Cash 9,659.22 Accounts Receivable 18,735.55 2,067.85 Credit Sales 54,688.49 2,067.85 Cash Receipts Journal (Page 1) Date Invoice # Customer # Account No. Post Ref Amount Amount Sales Journal (Page 1) Date March 7 Invoice # Customer # Account No. Post Ref 326 23 120-23/502 X 2,067.85 General Ledger Date Description Post Ref Debit Credit Balance Cash Account (Account 101) March 1 Balance Forward 9,659.22 Accounts Receivable (Account 120) March 1 Balance Forward March 7 Sale 18,735.55 SJ1 2,067.85 20,803.40 Credit Sales (Account 502) March 1 Balance Forward March 7 Sale 54,688.49 SJ1 2,067.85 56,756.34 Date Accounts Receivable Subsidiary Ledger Description Post Ref Debit Credit Account No: 23; Buddy's IGA March 1 Balance Forward March 7 Sale Balance 0.00 SJ1 2,067.85 2,067.85 Account No: 24; IFM Wholesale Foods March 1 Balance Forward 1,287.05 Account No: 36; Osto Farmers Supply March 1 Balance Forward 987.12 Account No: 38; Whalers Seafood March 1 Balance Forward 0.00