midterm

ACCOUNTING I FINAL EXAM This final exam includes a comprehensive assignment, described below, and an assignment on the last tab where you will complete journal entries for a merchandising business. The comprehensive problem is explained below. This is a comprehensive problem that includes the entire accounting cycle, from recording transactions through period end adjustments, closing, and financial statement preparation. The accounting period begins on April 1, 2010 and ends on April 30, 2010. BE PREPARED TO SPEND AT LEAST 3 TO 4 HOURS OR MORE TO COMPLETE THE PROBLEM. REFER TO THE INFORMATION PROVIDED IN PREVIOUS WEEKS FOR ASSISTANCE. The instructions for the problem appear below. You will find the transactions listed on the next two tabs, followed by the Chart of Accounts, the General Journal, the General Ledger, the 10 column worksheet, and the formatted financial statements. It may be helpful to print each page to work on before entering the completed information. Some check figures have been provided for you. Be sure that your calculations match those check figures. If they do not match you must look for your error! REQUIRED (Complete your work in the following order): 1. Enter the transactions in the general journal. 2. Post the journal entries to the general ledger. Be aware that the accounting period begins on April 1, when the company began operations. The beginning balance of each account on April 1 is zero, and will appear as zero on the ledger. 3. Prepare a trial balance on the 10 column worksheet. Be sure that the total of debits equals the total of credits before you continue to the preparation of adjustments! 4. Complete the 10 column worksheet. Show your calculations of the adjusting entry amounts in the "Adjustments" tab! 5. Post the adjusting entries to the general journal. 6. Post the adjusting entries to the general ledger. 7. Prepare the income statement. 8. Prepare the statement of owner's equity. 9. Prepare the balance sheet. 10. Record the closing entries in the general journal. 11. Prepare the post-closing trial balance. Bob Night opened "The General's Favorite Fishing Hole." The fishing camp is open from April through September and attracts many famous college basketball coaches during the offseason. Guests typically register for one week. THE FOLLOWING TRANSACTIONS TOOK PLACE DURING APRIL, 2010: Ref. J.1 1-Apr Night invested $90,000 cash in the business. J.2 1-Apr Paid 6 month insurance premium for the camping season: $9,000. J.3 2-Apr Paid rent for lodge and campgrounds for the month of April: $30,000. J.4 2-Apr Deposited registration fees (revenue): $35,000. J.5 2-Apr Purchased 10 fishing boats on account for $60,000 total. The boats have estimated useful lives of five years, at which time they will be donated to a local day camp. Arrangements are made to pay for the boats in July. J.6 3-Apr Purchased food supplies from Acme Super Market on account: $7,000. (Night records Food Supplies as an asset on the balance sheet.) J.7 5-Apr Purchased office supplies from Gordon Office Supplies on account: $500. J.8 10-Apr Paid wages to fishing guides: $10,000. J.9 14-Apr Deposited registration fees (revenue): $30,500. J.10 16-Apr Purchased food supplies from Acme Super Market on account: $9,000. J.11 18-Apr Paid cash for postage: $150. J.12 24-Apr Paid wages to fishing guides: $10,000. J.13 28-Apr Deposited registration fees (revenue): $32,000. J.14 30-Apr Purchased food supplies from Acme Super Market on account: $6,000. J.15 30-Apr Paid Acme Super Market on account: $32,500. J.16 30-Apr Paid telephone bill: $1,200. J.17 30-Apr Bob Night withdrew cash for personal use: $6,000. MONTH END ADJUSTING JOURNAL ENTRIES Adjustment information for the end of April is provided below. Be sure to show your calculations and post to the 10-column worksheet, the journal, and the ledger! (a) Office Supplies remaining on-hand: $100. Office supplies purchased (from GL) Office supplies counted Office supplies used (b) Food supplies remaining on hand: $8,000. Food supplies purchased (from GL) Food supplies counted Food supplies used (c) Insurance expired (used up) during the month of April: $1,500. (d) Monthly depreciation on the fishing boats = $1,000 (e) Wages earned, but not yet paid, at the end of April: $5,000. Be sure to post! The General's Favorite Fishing Hole Chart of Accounts ASSETS 101 142 144 145 181 181.1 Cash Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Deprec. - Fishing Boats 202 219 LIABILITIES Accounts Payable Wages Payable 311 312 313 OWNER'S EQUITY Bob Night, Capital Bob Night, Drawing Income Summary 401 REVENUES Registration Fees Revenue 511 521 523 524 525 535 536 542 EXPENSES Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Telephone Expense Insurance Expense Postage Expense Deprec. Exp. - Fishing Boats The General's Favorite Fishing Hole General Journal Post the account name and the debit OR credit amount. The date and description are provided! DATE J. 1 ACCOUNTS & DESCRIPTIONS Apr. 1 POST REF dr cr Remember - Each journal entry must be 101 balanced so that the debits equal the 311 credits in each entry. No amount is Initial owner investment recorded in the description row! dr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr Apr. 1 cr dr J.2 cr cr 145 101 Purchased 6 month insurance policy. J.3 Apr. 2 521 101 Paid April rent. J.4 Apr. 2 101 401 Deposited registration fees. J.5 Apr. 2 181 202 Purchased 10 fishing boats on account. J.6 Apr. 3 144 202 Purchased food supplies on account. J.7 Apr. 5 142 202 Purchased office supplies on account. J.8 Apr. 10 511 101 Paid wages to fishing guides J.9 Apr. 14 101 401 Deposited registration fees J.10 Apr. 16 144 202 Purchased food supplies on account. J.11 Apr. 18 536 101 Paid postage dr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr cr dr J.12 Apr. 24 cr cr 511 101 Paid wages to fishing guides J.13 Apr. 28 101 401 Deposited registration fees J.14 Apr. 30 144 202 Purchased food supplies on account. J.15 Apr. 30 202 101 Paid Acme Market on account. J.16 Apr. 30 525 101 Paid telephone bill J.17 Apr. 30 312 101 Owner withdrawal of cash. A.1 Apr. 30 523 142 Adj. (a) Record office supplies used in April. A.2 Apr. 30 524 144 Adj. (b) Record food supplies used in April. A.3 Apr. 30 535 145 Adj. (c) Record insurance expired in April A.4 Apr. 30 542 181.1 Adj. (d) Record fishing boat depreciation for April. A.5 Apr. 30 511 219 Adj. (e) Record wages earned in April but not paid. dr C.1 Apr. 30 401 cr 97,500 313 (Clo. 1) Close revenues for April dr C.2 Apr. 30 Income Summary 313 cr 73,250 511 521 523 524 525 535 536 542 (Clo. 2) Close expenses for April dr dr C.3 Apr. 30 Income Summary cr cr 313 311 (Clo. 3) Close Income Summary to Capital C.4 Apr. 30 311 312 (Clo. 4) Close Drawing to Capital The General's Favorite Fishing Hole General Ledger Account: CASH DATE Apr. 1 Apr. 1 Apr. 1 Apr. 2 Apr. 2 Apr.10 Apr.14 Apr.18 Apr.24 Apr.28 Apr.30 Apr.30 Apr.30 ITEM Beginning balance Owner investment Purchased 6 mo. Policy Paid April rent Deposited registration fees Paid guide wages Deposited registration fees Paid postage Paid guide wages Deposited registration fees Paid Acme Paid telephone bill Owner withdrawal POST REF (transaction) DEBIT CREDIT J.1 J.2 J.3 J.4 J.8 J.9 J.11 J.12 J.13 J.15 J.16 J.17 88,650 Account: OFFICE SUPPLIES DATE ITEM Apr. 1 Beginning balance Apr. 5 Purchased from Gordon's Apr.30 Adjustment for usage POST REF (transaction) DEBIT CREDIT Account No. 142 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 144 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 145 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 181 (balance) DEBIT CREDIT -0- J.7 A.1 Account: FOOD SUPPLIES DATE Apr. 1 Apr.3 Apr.16 Apr.30 Apr.30 ITEM Beginning balance Purchased from Acme Purchased from Acme Purchased from Acme Adjust for supplies used POST REF J.6 J.10 J.14 A.2 Account: PREPAID INSURANCE DATE ITEM Apr. 1 Beginning balance Apr. 1 Purchased 6 mo. Policy Apr.30 Adjustment for expiration POST REF J.2 A.3 Account: FISHING BOATS DATE ITEM Apr. 1 Beginning balance Apr. 2 Purchased 10 boats Account No. 101 (balance) DEBIT CREDIT -0- POST REF J.5 Account: ACCUMULATED DEPRECIATION - FISHING BOATS POST (transaction) DATE ITEM REF DEBIT CREDIT Apr. 1 Beginning balance Apr.30 April depreciation A.4 Account No. 181 (balance) DEBIT CREDIT -0- Account: ACCOUNTS PAYABLE Account No. 202 (balance) DEBIT CREDIT -0- DATE Apr. 1 Apr. 2 Apr. 3 Apr. 5 Apr.16 ITEM Beginning balance Purchased 10 boats Purchased from Acme Purchased from Gordon's Purchased from Acme POST REF J.5 J.6 J.7 J.10 (transaction) DEBIT CREDIT NOTE: The beginning balance of zero in every account has been given to you. Some check figures have been provided in red. Apr.30 Purchased from Acme Apr.30 Paid Acme J.14 J.15 50,000 Account: WAGES PAYABLE DATE ITEM Apr. 1 Beginning balance Apr.30 Adj-wage earned but not paid POST REF (transaction) DEBIT CREDIT Account No. 219 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 311 (balance) DEBIT CREDIT -0- A.5 Account: BOB NIGHT, CAPITAL DATE Apr. 1 Apr. 1 Apr.30 Apr.30 ITEM Beginning balance Initial investment Close net income Close drawing POST REF J.1 C.3 C.4 108,250 Account: BOB NIGHT, DRAWING DATE ITEM Apr. 1 Beginning balance Apr.30 Owner withdrawal Apr.30 Close drawing POST REF (transaction) DEBIT CREDIT Account No. 312 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 313 (balance) DEBIT CREDIT -0- J.17 C.4 Account: INCOME SUMMARY DATE Apr. 1 Apr.30 Apr.30 Apr.30 ITEM Beginning balance Close Revenue Close Expenses Close to Capital POST REF C.1 C.2 C.3 -0- Account: REGISTRATION FEES REVENUE DATE Apr. 1 Apr.2 Apr.14 Apr.28 Apr.30 ITEM Beginning balance Deposited registration fees Deposited registration fees Deposited registration fees Close to Income Summary POST REF (transaction) DEBIT CREDIT Account No. 401 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 511 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 521 (balance) DEBIT CREDIT -0- J.4 J.9 J.13 C.1 Account: WAGES EXPENSE DATE Apr. 1 Apr.10 Apr.24 Apr.30 Apr.30 ITEM Beginning balance Paid guide wages Paid guide wages Adj - wage earned but not paid Close to Income Summary POST REF J.8 J.12 A.5 C.2 Account: RENT EXPENSE DATE ITEM Apr. 1 Beginning balance Apr. 2 Paid April rent Apr.30 Close to Income Summary POST REF J.3 C.2 Account: OFFICE SUPPLIES EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjust for usage Apr.30 Close to Income Summary POST REF (transaction) DEBIT CREDIT Account No. 523 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 524 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 525 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 535 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 536 (balance) DEBIT CREDIT -0- (transaction) DEBIT CREDIT Account No. 542 (balance) DEBIT CREDIT -0- A.1 C.2 Account: FOOD SUPPLIES EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjust for supplies used Apr.30 Close to Income Summary POST REF A.2 C.2 Account: TELEPHONE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Paid telephone bill Apr.30 Close to Income Summary POST REF J.16 C.2 Account: INSURANCE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.30 Adjustment for expiration Apr.30 Close to Income Summary POST REF A.3 C.2 Account: POSTAGE EXPENSE DATE ITEM Apr. 1 Beginning balance Apr.18 Paid postage Apr.30 Close to Income Summary POST REF J.11 C.2 Account: DEPRECIATION EXPENSE - FISHING BOATS POST DATE ITEM REF Apr. 1 Beginning balance Apr.30 Depreciation for April A.4 Apr.30 Close to Income Summary C.2 of zero en to you. n provided THE GENERAL'S FAVORITE FISHING HOLE WORKSHEET FOR MONTH ENDED APRIL 30, 2010 (Note: Some check figures have been provided for you. You will need to input addition and subtraction formulas to find totals.) ADJUSTED INCOME BALANCE ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS TRIAL BALANCE STATEMENT SHEET dr cr dr cr dr cr dr cr dr cr Cash 88,650 Office Supplies Food Supplies Prepaid Insurance Fishing Boats Accum. Depr.-Fishing Boats Accounts Payable Wages Payable Bob Night, Capital Bob Night, Drawing Registration Fees Revenue 97,500 Wages Expense Rent Expense Office Supplies Expense Food Supplies Expense Telephone Expense Insurance Expense Postage Expense Depr. Exp.-Fishing Boats TOTALS 237,500 21,900 243,500 170,250 NET INCOME TOTALS THE GENERAL'S FAVORITE FISHING HOLE INCOME STATEMENT MONTH ENDED APRIL 30, 2010 REVENUES: $ EXPENSES: $ TOTAL EXPENSES NET INCOME $ THE GENERAL'S FAVORITE FISHING HOLE STATEMENT OF OWNER'S EQUITY FOR MONTH ENDED APRIL 30, 2010 Bob Night, Capital, April 1, 2010 $ Owner Investment Net Income for April Less: Withdrawals for April Increase in Capital Bob Night, Capital, April 30, 2010 $ -0- THE GENERAL'S FAVORITE FISHING HOLE BALANCE SHEET APRIL 30, 2010 ASSETS $ Total Assets $ LIABILITIES $ Total Liabilities $ OWNER'S EQUITY $ Total Liabilities and Owner's Equity $ 163,250 THE GENERAL'S FAVORITE FISHING HOLE POST-CLOSING TRIAL BALANCE APRIL 30, 2010 DR Cash $ CR The purposes of the post-closing trial balance are to verify that the debit Office Supplies balances in the general ledger are Food Supplies equal to the credit balances after closing Prepaid Insurance and that the balances of the temporary Fishing Boats accounts are all zero. If total debits do Accum. Depr.-Fishing Boats not equal total credits you have an Accounts Payable error in the ledger that you need to Wages Payable identify and correct! Bob Night, Capital TOTAL $ 164,250 PLEASE NOTE: THE INSTRUCTIONS FOR WEEK 5 ARE DIFFERENT FROM PREVIOUS WEEKS!!!!! You will upload two separate files this week, your QuickBooks file from Exercises 3-1 and 3-2, and your regular assignment file, Acct'g I Week 5 Assignments. Both of these must be uploaded in the Week 5 Weekly Learning Activities folder, Week 5 Assignment area. YOU MUST ATTACH BOTH FILES BEFORE YOU CLICK 'SUBMIT'! If you submit after attaching only one file, you will not be able to access the assignment upload area to submit the second file! Here are the instructions for submitting two files: When you are in the assignment upload area, submit one of the files, but DO NOT HIT SUBMIT! Instead click on "Add another file". Your first file will appear as a link. Go back to the "Attach local file" field, then Browse to locate and select your second file. Now click submit! Both of your files will be submitted together. QUICKBOOKS ASSIGNMENT, CHAPTER 3 - NEW COMPANY SETUP You may want to print these detailed instructions for exporting QuickBooks reports to Excel. You do not have to print the assigned reports unless you want a hard copy for future reference. Exercise 3-1 Chart of Accounts: * Follow this path to export the chart of accounts: Report Center: Accountant & Taxes: Account Listing * Once the report has opened, click on the "Export" button at the top of the page. A window will pop up asking you to select some options. * In the Basic tab select "A new Excel Workbook" and leave the checkmark in front of the selection "Include a new worksheet in the workbook that explains Excel worksheet linking." This worksheet w ill provide helpful information for you if you have any difficulties with this process. * In the Advance tab click on the radio button for "Send header to screen in Excel". If you do not select this option your company name and the name of the file will not appear on your reports. * Click "Export" at the bottom of the window. An Excel workbook will open. The first tab has has helpful hints for exporting to Excel. The second tab is your chart of accounts. Change the name of the tab to "COA". You will be saving several files in this workbook and it is important to identify each one. * SAVE THIS EXCEL FILE IN YOUR AC107 FOLDER WITH A NAME SUCH AS "QB CHAPTER 3". * After saving you must close the Excel file before you can export the next file. Journal * Follow this path to locate the journal: Report Center: Accountant and Taxes: Journal * Change the date to: Sept. 30 (this year) to Oct. 31 (this year) Here is a hint to be sure that your journal is correct: The total of debits and credits is $112,910. * Click "Export" at the top of the page. This time select "an existing workbook" to save the journal in the same file as your chart of accounts. Be sure that the correct path to your Excel file appears in the Browse field. When you are sure it is correct, click "Export". * Your Excel file will open. Rename the "Journal" tab, save the report, then close the Excel file. Transaction Detail by Account Follow this path to locate the Transaction Detail by Account: Report Center: Accountant & Taxes: Transaction Detail by Account Before you export this report be sure that it agrees with the one shown on pp. 90-91. Follow the same instructions that you used to save the journal. Select "an existing workbook", be sure that your file path appears in the Browse field, then click "Export". When your Excel file opens rename the tab, save the report, then close the Excel file. Exercise 3-2 The reports for exericise 3-2 will be saved in the same Excel file where you saved the previous reports. Follow the instructions above to save each one. Trial Balance Follow this path to locate the trial balance: Report Center: Accountant & Taxes: Trial Balance. Change the dates and be sure that your report matches the one shown on page 92. Profit and Loss Report - This is just another name for the income statement. Follow this path to locate the P&L: Report Center: Company & Financial: P&L: Standard Change the dates and be sure that your report matches the one shown on page 93. Balance Sheet Follow this path to locate the balance sheet: Report Center: Company & Financial: Balance Sheet & Net Worth: Standard Change the dates and be sure that your report matches the one shown on page 94. Your week 5 assignment from your textbood includes problems from Chapters 10 and 11 which you will find in the following tabs. Before you begin working on the assignment, I suggest that you create a folder for all of your Accounting I assignments in the Documents folder. You might want to name this folder "AC107". After you open this file, please save the entire file to your AC107 folder. IF YOU OPEN THE FILE AND BEGIN WORKING WITHOUT SAVING YOU WILL LOSE YOUR WORK! Excel files are embedded web pages and your work will be lost if you do not SAVE the file first! Be sure to submit the entire file in the assignment upload area! Please do not try to save and send the tabs separately! Account Number 101 122 141 145 185 185.1 202 219 311 312 401 511 521 523 525 535 541 Jessie Jane's Campus Delivery Service Chart of Accounts Title Description Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum Depreciation-Office Equipment Accounts Payable Wages Payable Jessie Jane, Capital Jessie Jane, Drawing Delivery Fees Revenue Wages Expense Rent Expense Supplies Expense Telephone Expense Insurance Expense Deprec. Exp - Delivery Equipment B/S = Balance Sheet I/S = Income Statement O.E = Statement of Owner's Equity B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Contra Asset B/S - Liability B/S - Liability O.E. & B/S - Equity O.E.- Equity I/S - Revenue I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense Normal Balance DR DR DR DR DR CR CR CR CR DR CR DR DR DR DR DR DR CHART OF ACCOUNTS ASSETS REVENUE EXPENSES LIABILITIES DRAWING EQUITY This is the chart of accounts for Jessie Jane's Campus Delivery Service. A chart of accounts lists all general ledger accounts. It is like a table of contents. Assets, expenses and the Drawing account all have normal DEBIT balances. That means that we increase these accounts by recording the amount in the left, debit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the right, credit column. Liabilities, revenue and the Capital account all have normal CREDIT balances. That means that we increase these accounts by recording the amount in the right, credit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the left, debit column. Chapters 10 & 11 Provide a short explanation of each of the accounting terms listed below: You can research these terms at the end of the chapters and in the glossary. DO NOT CUT AND PASTE FROM ANOTHER SOURCE! TRY TO USE YUR OWN WORDS WHEN YOU CAN! 1 Cash discounts 2 Contra-purchases account 3 Contra-revenue account 4 Controlling account 5 Cost of goods sold 6 FOB Destination 7 FOB Shipping Point 8 Gross profit (gross margin) 9 Purchases account 10 Sales allowance 11 Subsidiary ledger 12 Trade discount PROBLEM 10-11A & 10-12A Complete Problems 10-11A & 10-12A found on page 386-387 of your textbook. Record the account names, the debit OR credit amount, and the posting references . Some of the account names are provided. If you cannot locate a checkmark symbol for the posting reference use a lower case "x". The dates and descriptions have also been provided. After the journal is completed, post the transactions to the general ledger in the P10-11A GL tab and then post any Accounts Receivable entries to the Accounts Receivable ledger found in the P10-11A AR Ledger tab. Then complete the Shedule of Accounts Receivable. Use this chart of accounts for your posting references: 101 122 Cash Accounts Receivable 231 Sales Tax Payable 401 401.1 Sales Revenue Sales Returns and Allowances REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! 's a hint: When the customer pays an invoice after some of the goods have been returned tract the selling price of the goods returned from the selling price of goods on the original ice. Then calculate sales tax payable on the price of the goods that the customer kept. The ustomer will pay for the total of the remaining goods plus the sales tax on those goods. DATE ACCOUNTS & DESCRIPTIONS J.1 Mar. 1 Accounts Receivable/Able & Co. POST REF 122/x dr cr POST REF 122/x dr cr POST REF dr cr POST REF 101 dr cr POST REF dr cr Sale on account no. 33C DATE ACCOUNTS & DESCRIPTIONS J.2 Mar. 3 Accounts Receivable/R.J.Kalas, Inc. Sale on account no. 33D DATE J.3 Mar. 5 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Credit memo no. 66 for return of goods DATE J.4 Mar. 7 Cash ACCOUNTS & DESCRIPTIONS 122/x Cash Sales for the week DATE J.5 Mar. 10 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Payment received on no. 33C less return DATE J.6 Mar. 11 ACCOUNTS & DESCRIPTIONS POST REF dr cr POST REF 101 dr cr POST REF dr cr dr cr dr cr dr cr dr cr POST REF 122/x dr cr POST REF 122/x dr cr POST REF 101 dr cr Sales Revenue Sale on account no. 33E DATE J.7 Mar. 13 Cash ACCOUNTS & DESCRIPTIONS Be sure to subtract the selling price of the earlier return from the original cost of goods before calculating sales tax payable on the remaining goods. The customer will pay for the remaining goods plus the sales tax on those goods. 122/x 401 Payment received on no. 33D DATE J.8 Mar. 14 ACCOUNTS & DESCRIPTIONS Sales Tax Payable Cash Sales for the week DATE J.9 Mar. 16 ACCOUNTS & DESCRIPTIONS 231 POST REF Accounts Receivable/Blevins Bakery CM No. 67 for returned goods. DATE J.10 Mar. 18 ACCOUNTS & DESCRIPTIONS 122 POST REF Sales Revenue 401 Sale on account no. 33F DATE J.11 Mar. 20 Cash ACCOUNTS & DESCRIPTIONS POST REF 101 Payment received on no. 33E less return CM67 DATE J.12 Mar. 21 ACCOUNTS & DESCRIPTIONS Sales Revenue POST REF 401 Cash sales for the week. DATE ACCOUNTS & DESCRIPTIONS J.13 Mar. 25 Accounts Receivable/Blevins Bakery Sale on account no. 33G DATE ACCOUNTS & DESCRIPTIONS J.14 Mar. 27 Accounts Receivable/Thompson Group Sale on account no. 33H DATE J.15 Mar. 28 Cash ACCOUNTS & DESCRIPTIONS Cash sales for the week. Be sure to subtract the selling price of the earlier return before calculating sales tax payable on the remaining goods. The customer w ill pay for the remaining goods plus the sales PROBLEM 10-11A & 10-12A Post the journal entries to the general ledger. Be sure to calculate and show the new balance after each transaction. The correct ending balances have been provided for you. Account: CASH POST REF DATE ITEM Mar.1 Beginning balance Mar. 7 Cash sales for the week J.4 Mar. 10 Payment-Able & Co. #33C J.5 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar. 14 Cash sales for the week J.8 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar. 21 Cash sales for the week J.12 Mar.28 Cash sales for the week J.15 Account: ACCOUNTS RECEIVABLE POST DATE ITEM REF Mar. 1 Beginning balance Mar. 1 Able & Co. #33C J.1 Mar. 3 R.J. Kalas #33D J.2 Mar. 5 Able & Co. CM #66 J.3 Mar. 10 Payment-Able & Co. #33C J.5 Mar.11 Blevins Bakery #33E J.6 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar.16 Blevins Bakery CM#67 J.9 Mar.18 R.J. Kalas #33F J.10 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar.25 Blevins Bakery #33G J.13 Mar.27 Thompson Group #33H J.14 (transaction) DEBIT CREDIT ### (transaction) DEBIT CREDIT DATE ITEM Mar.1 Beginning balance Mar.1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 5 Able & Co. CM #66 Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.16 Blevins Bakery CM#67 Mar.18 R.J. Kalas #33F Mar.21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week (transaction) DEBIT CREDIT J.1 J.2 J.3 J.4 J6 J.8 J.9 J.10 J.12 J.13 J.14 J.15 DATE ITEM Mar. 1 Beginning balance Mar. 1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.18 R.J. Kalas #33F Mar. 21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week J.1 J.2 J.4 J6 J.8 J.10 J.12 J.13 J.14 J.15 Account No. 231.00 (balance) DEBIT CREDIT -0- 1,998.96 Account: SALES REVENUE POST REF Account No. 122.00 (balance) DEBIT CREDIT 1,058.25 8,133.33 Account: SALES TAX PAYABLE POST REF Account No. 101 (balance) DEBIT CREDIT 9,741.00 (transaction) DEBIT CREDIT Account No. 401.00 (balance) DEBIT CREDIT -0- ### Account: SALES RETURNS AND ALLOWANCES Account No. 401.1 POST (transaction) (balance) DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Mar. 1 Beginning balance -0Mar. 5 Able & Co. CM #66 J.3 Mar.16 Blevins Bakery CM#67 J.9 74.00 PROBLEM 10-11A & 10-12A Complete the Accounts Receivable Ledger and then the Schedule of Accounts Receivable Hint: The easiest place to find the transactions for the A/R Ledger is the general ledger for Accounts Receivable. Be sure to calculate and record the new balance after every transaction is posted. Name: Able & Co. Address: 1424 Jackson Creek Road, Nashville, IN 47448 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 1 #33C J.1 Mar. 5 CM #66 J.3 Mar. 10 #33C J.5 Name: Blevins Bakery Address: 6422 E. Bender Road, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 11 #33E J.6 Mar. 16 CM #67 J.9 Mar.20 #33E J.11 Mar.25 #33G J.13 Name: R.J. Kalas, Inc. Address: 3315 Longview Ave, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 3 #33D J.2 Mar.13 #33D J.7 Mar.18 #33F J.10 Name: Thompson Group Address: 2300 E. National Rd, Cumberland, IN 46229 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar.1 Beginning Bal x ### Mar.27 #33H J.14 OWENS DISTRIBUTORS SCHEDULE OF ACCOUNTS RECEIVABLE 31-Mar-10 Balance Able & Co. 0.00 Blevins Bakery 2,068.20 R.J. Kalas, Inc. 2,829.60 Thompson Group 3,235.53 TOTAL 8,133.33 Be sure that this amount agrees with the ending balance in the Accounts Receivable account in the general ledger! CHAPTER 11 - PROBLEM 11-11A, page 427 PART 1 ONLY! Use the information provided for the transactions of Flint Fantasies in problem 11-11A, page 437, to complete the journal entries. You are NOT required to complete the general ledger or accounts payable ledger. (These ledgers would be completed exactly the same way that you completed the A/R ledger in the previous tabs.) There are examples of these journal entries on pages 403 and 404. Record the account names, the debit and credit amounts, and the posting references. Some of the the account names have been provided, as well as the dates, descriptions. REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! Here are some hints: Discount amounts are not recorded at the time of the purchase, only when the invoice is paid within the discount period. Discounts are taken on the amount AFTER subtracting any returns. These are the accounts to be used: 101 Cash 202 Accounts Payable / Co. Name 501 501.1 501.2 521 Purchases Purchase Returns & Allowances Purchase Discounts Rent Expense JE# DATE ACCOUNTS & DESCRIPTIONS J.1 Jul 1 Rent Expense POST REF 521 dr cr POST REF 501 dr cr POST REF dr cr POST REF 202/ dr cr POST REF dr cr dr cr Ck. No. 414 - Rent paid JE# DATE ACCOUNTS & DESCRIPTIONS J.2 Jul 1 Purchases Purchase - Invoice #311 JE# DATE J.3 Jul 3 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #812 JE# DATE ACCOUNTS & DESCRIPTIONS J.4 Jul 5 Accounts Payable / Tang's Toys Merchandise returned JE# DATE J.5 Jul 8 ACCOUNTS & DESCRIPTIONS Accounts Payable / Daisy's Dolls Purchase - Invoice #139 JE# DATE J.6 Jul 11 ACCOUNTS & DESCRIPTIONS Purchase Discounts Payment to Tang's Toys; Ck no. 415 JE# DATE J.7 Jul 13 ACCOUNTS & DESCRIPTIONS Cash 202/ POST REF Hint: Don't forget that Flint returned some merchandise to Tang's Toy's. He is paying for, and taking the discount on, the goods that were not returned. 501.2 POST REF dr cr dr cr POST REF dr cr POST REF dr cr POST REF 501 dr cr POST REF dr cr 101 Payment to Sillas & Co.; Ck no. 416 JE# DATE J.8 Jul 15 ACCOUNTS & DESCRIPTIONS Purchase Returns & Allowances Returned goods to Daisy's Dolls JE# DATE J.9 Jul 18 ACCOUNTS & DESCRIPTIONS POST REF 501.1 Payment to Daisy's Dolls - Ck no. 417 JE# DATE J.10 Jul 25 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #489 JE# DATE ACCOUNTS & DESCRIPTIONS J.11 Jul 26 Purchases Purchase - Invoice #375 JE# DATE J.12 Jul 29 ACCOUNTS & DESCRIPTIONS Accounts Payable / Sillas & Co. Purchase - Invoice #883 202/ PLEASE NOTE: THE INSTRUCTIONS FOR WEEK 5 ARE DIFFERENT FROM PREVIOUS WEEKS!!!!! You will upload two separate files this week, your QuickBooks file from Exercises 3-1 and 3-2, and your regular assignment file, Acct'g I Week 5 Assignments. Both of these must be uploaded in the Week 5 Weekly Learning Activities folder, Week 5 Assignment area. YOU MUST ATTACH BOTH FILES BEFORE YOU CLICK 'SUBMIT'! If you submit after attaching only one file, you will not be able to access the assignment upload area to submit the second file! Here are the instructions for submitting two files: When you are in the assignment upload area, submit one of the files, but DO NOT HIT SUBMIT! Instead click on "Add another file". Your first file will appear as a link. Go back to the "Attach local file" field, then Browse to locate and select your second file. Now click submit! Both of your files will be submitted together. QUICKBOOKS ASSIGNMENT, CHAPTER 3 - NEW COMPANY SETUP You may want to print these detailed instructions for exporting QuickBooks reports to Excel. You do not have to print the assigned reports unless you want a hard copy for future reference. Exercise 3-1 Chart of Accounts: * Follow this path to export the chart of accounts: Report Center: Accountant & Taxes: Account Listing * Once the report has opened, click on the "Export" button at the top of the page. A window will pop up asking you to select some options. * In the Basic tab select "A new Excel Workbook" and leave the checkmark in front of the selection "Include a new worksheet in the workbook that explains Excel worksheet linking." This worksheet w ill provide helpful information for you if you have any difficulties with this process. * In the Advance tab click on the radio button for "Send header to screen in Excel". If you do not select this option your company name and the name of the file will not appear on your reports. * Click "Export" at the bottom of the window. An Excel workbook will open. The first tab has has helpful hints for exporting to Excel. The second tab is your chart of accounts. Change the name of the tab to "COA". You will be saving several files in this workbook and it is important to identify each one. * SAVE THIS EXCEL FILE IN YOUR AC107 FOLDER WITH A NAME SUCH AS "QB CHAPTER 3". * After saving you must close the Excel file before you can export the next file. Journal * Follow this path to locate the journal: Report Center: Accountant and Taxes: Journal * Change the date to: Sept. 30 (this year) to Oct. 31 (this year) Here is a hint to be sure that your journal is correct: The total of debits and credits is $112,910. * Click "Export" at the top of the page. This time select "an existing workbook" to save the journal in the same file as your chart of accounts. Be sure that the correct path to your Excel file appears in the Browse field. When you are sure it is correct, click "Export". * Your Excel file will open. Rename the "Journal" tab, save the report, then close the Excel file. Transaction Detail by Account Follow this path to locate the Transaction Detail by Account: Report Center: Accountant & Taxes: Transaction Detail by Account Before you export this report be sure that it agrees with the one shown on pp. 90-91. Follow the same instructions that you used to save the journal. Select "an existing workbook", be sure that your file path appears in the Browse field, then click "Export". When your Excel file opens rename the tab, save the report, then close the Excel file. Exercise 3-2 The reports for exericise 3-2 will be saved in the same Excel file where you saved the previous reports. Follow the instructions above to save each one. Trial Balance Follow this path to locate the trial balance: Report Center: Accountant & Taxes: Trial Balance. Change the dates and be sure that your report matches the one shown on page 92. Profit and Loss Report - This is just another name for the income statement. Follow this path to locate the P&L: Report Center: Company & Financial: P&L: Standard Change the dates and be sure that your report matches the one shown on page 93. Balance Sheet Follow this path to locate the balance sheet: Report Center: Company & Financial: Balance Sheet & Net Worth: Standard Change the dates and be sure that your report matches the one shown on page 94. Your week 5 assignment from your textbood includes problems from Chapters 10 and 11 which you will find in the following tabs. Before you begin working on the assignment, I suggest that you create a folder for all of your Accounting I assignments in the Documents folder. You might want to name this folder "AC107". After you open this file, please save the entire file to your AC107 folder. IF YOU OPEN THE FILE AND BEGIN WORKING WITHOUT SAVING YOU WILL LOSE YOUR WORK! Excel files are embedded web pages and your work will be lost if you do not SAVE the file first! Be sure to submit the entire file in the assignment upload area! Please do not try to save and send the tabs separately! Account Number 101 122 141 145 185 185.1 202 219 311 312 401 511 521 523 525 535 541 Jessie Jane's Campus Delivery Service Chart of Accounts Title Description Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum Depreciation-Office Equipment Accounts Payable Wages Payable Jessie Jane, Capital Jessie Jane, Drawing Delivery Fees Revenue Wages Expense Rent Expense Supplies Expense Telephone Expense Insurance Expense Deprec. Exp - Delivery Equipment B/S = Balance Sheet I/S = Income Statement O.E = Statement of Owner's Equity B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Contra Asset B/S - Liability B/S - Liability O.E. & B/S - Equity O.E.- Equity I/S - Revenue I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense Normal Balance DR DR DR DR DR CR CR CR CR DR CR DR DR DR DR DR DR CHART OF ACCOUNTS ASSETS REVENUE EXPENSES LIABILITIES DRAWING EQUITY This is the chart of accounts for Jessie Jane's Campus Delivery Service. A chart of accounts lists all general ledger accounts. It is like a table of contents. Assets, expenses and the Drawing account all have normal DEBIT balances. That means that we increase these accounts by recording the amount in the left, debit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the right, credit column. Liabilities, revenue and the Capital account all have normal CREDIT balances. That means that we increase these accounts by recording the amount in the right, credit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the left, debit column. Chapters 10 & 11 Provide a short explanation of each of the accounting terms listed below: You can research these terms at the end of the chapters and in the glossary. DO NOT CUT AND PASTE FROM ANOTHER SOURCE! TRY TO USE YUR OWN WORDS WHEN YOU CAN! 1 Cash discounts 2 Contra-purchases account 3 Contra-revenue account 4 Controlling account 5 Cost of goods sold 6 FOB Destination 7 FOB Shipping Point 8 Gross profit (gross margin) 9 Purchases account 10 Sales allowance 11 Subsidiary ledger 12 Trade discount PROBLEM 10-11A & 10-12A Complete Problems 10-11A & 10-12A found on page 386-387 of your textbook. Record the account names, the debit OR credit amount, and the posting references . Some of the account names are provided. If you cannot locate a checkmark symbol for the posting reference use a lower case "x". The dates and descriptions have also been provided. After the journal is completed, post the transactions to the general ledger in the P10-11A GL tab and then post any Accounts Receivable entries to the Accounts Receivable ledger found in the P10-11A AR Ledger tab. Then complete the Shedule of Accounts Receivable. Use this chart of accounts for your posting references: 101 122 Cash Accounts Receivable 231 Sales Tax Payable 401 401.1 Sales Revenue Sales Returns and Allowances REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! 's a hint: When the customer pays an invoice after some of the goods have been returned tract the selling price of the goods returned from the selling price of goods on the original ice. Then calculate sales tax payable on the price of the goods that the customer kept. The ustomer will pay for the total of the remaining goods plus the sales tax on those goods. DATE ACCOUNTS & DESCRIPTIONS J.1 Mar. 1 Accounts Receivable/Able & Co. POST REF 122/x dr cr POST REF 122/x dr cr POST REF dr cr POST REF 101 dr cr POST REF dr cr Sale on account no. 33C DATE ACCOUNTS & DESCRIPTIONS J.2 Mar. 3 Accounts Receivable/R.J.Kalas, Inc. Sale on account no. 33D DATE J.3 Mar. 5 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Credit memo no. 66 for return of goods DATE J.4 Mar. 7 Cash ACCOUNTS & DESCRIPTIONS 122/x Cash Sales for the week DATE J.5 Mar. 10 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Payment received on no. 33C less return DATE J.6 Mar. 11 ACCOUNTS & DESCRIPTIONS POST REF dr cr POST REF 101 dr cr POST REF dr cr dr cr dr cr dr cr dr cr POST REF 122/x dr cr POST REF 122/x dr cr POST REF 101 dr cr Sales Revenue Sale on account no. 33E DATE J.7 Mar. 13 Cash ACCOUNTS & DESCRIPTIONS Be sure to subtract the selling price of the earlier return from the original cost of goods before calculating sales tax payable on the remaining goods. The customer will pay for the remaining goods plus the sales tax on those goods. 122/x 401 Payment received on no. 33D DATE J.8 Mar. 14 ACCOUNTS & DESCRIPTIONS Sales Tax Payable Cash Sales for the week DATE J.9 Mar. 16 ACCOUNTS & DESCRIPTIONS 231 POST REF Accounts Receivable/Blevins Bakery CM No. 67 for returned goods. DATE J.10 Mar. 18 ACCOUNTS & DESCRIPTIONS 122 POST REF Sales Revenue 401 Sale on account no. 33F DATE J.11 Mar. 20 Cash ACCOUNTS & DESCRIPTIONS POST REF 101 Payment received on no. 33E less return CM67 DATE J.12 Mar. 21 ACCOUNTS & DESCRIPTIONS Sales Revenue POST REF 401 Cash sales for the week. DATE ACCOUNTS & DESCRIPTIONS J.13 Mar. 25 Accounts Receivable/Blevins Bakery Sale on account no. 33G DATE ACCOUNTS & DESCRIPTIONS J.14 Mar. 27 Accounts Receivable/Thompson Group Sale on account no. 33H DATE J.15 Mar. 28 Cash ACCOUNTS & DESCRIPTIONS Cash sales for the week. Be sure to subtract the selling price of the earlier return before calculating sales tax payable on the remaining goods. The customer w ill pay for the remaining goods plus the sales PROBLEM 10-11A & 10-12A Post the journal entries to the general ledger. Be sure to calculate and show the new balance after each transaction. The correct ending balances have been provided for you. Account: CASH POST REF DATE ITEM Mar.1 Beginning balance Mar. 7 Cash sales for the week J.4 Mar. 10 Payment-Able & Co. #33C J.5 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar. 14 Cash sales for the week J.8 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar. 21 Cash sales for the week J.12 Mar.28 Cash sales for the week J.15 Account: ACCOUNTS RECEIVABLE POST DATE ITEM REF Mar. 1 Beginning balance Mar. 1 Able & Co. #33C J.1 Mar. 3 R.J. Kalas #33D J.2 Mar. 5 Able & Co. CM #66 J.3 Mar. 10 Payment-Able & Co. #33C J.5 Mar.11 Blevins Bakery #33E J.6 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar.16 Blevins Bakery CM#67 J.9 Mar.18 R.J. Kalas #33F J.10 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar.25 Blevins Bakery #33G J.13 Mar.27 Thompson Group #33H J.14 (transaction) DEBIT CREDIT ### (transaction) DEBIT CREDIT DATE ITEM Mar.1 Beginning balance Mar.1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 5 Able & Co. CM #66 Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.16 Blevins Bakery CM#67 Mar.18 R.J. Kalas #33F Mar.21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week (transaction) DEBIT CREDIT J.1 J.2 J.3 J.4 J6 J.8 J.9 J.10 J.12 J.13 J.14 J.15 DATE ITEM Mar. 1 Beginning balance Mar. 1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.18 R.J. Kalas #33F Mar. 21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week J.1 J.2 J.4 J6 J.8 J.10 J.12 J.13 J.14 J.15 Account No. 231.00 (balance) DEBIT CREDIT -0- 1,998.96 Account: SALES REVENUE POST REF Account No. 122.00 (balance) DEBIT CREDIT 1,058.25 8,133.33 Account: SALES TAX PAYABLE POST REF Account No. 101 (balance) DEBIT CREDIT 9,741.00 (transaction) DEBIT CREDIT Account No. 401.00 (balance) DEBIT CREDIT -0- ### Account: SALES RETURNS AND ALLOWANCES Account No. 401.1 POST (transaction) (balance) DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Mar. 1 Beginning balance -0Mar. 5 Able & Co. CM #66 J.3 Mar.16 Blevins Bakery CM#67 J.9 74.00 PROBLEM 10-11A & 10-12A Complete the Accounts Receivable Ledger and then the Schedule of Accounts Receivable Hint: The easiest place to find the transactions for the A/R Ledger is the general ledger for Accounts Receivable. Be sure to calculate and record the new balance after every transaction is posted. Name: Able & Co. Address: 1424 Jackson Creek Road, Nashville, IN 47448 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 1 #33C J.1 Mar. 5 CM #66 J.3 Mar. 10 #33C J.5 Name: Blevins Bakery Address: 6422 E. Bender Road, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 11 #33E J.6 Mar. 16 CM #67 J.9 Mar.20 #33E J.11 Mar.25 #33G J.13 Name: R.J. Kalas, Inc. Address: 3315 Longview Ave, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 3 #33D J.2 Mar.13 #33D J.7 Mar.18 #33F J.10 Name: Thompson Group Address: 2300 E. National Rd, Cumberland, IN 46229 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar.1 Beginning Bal x ### Mar.27 #33H J.14 OWENS DISTRIBUTORS SCHEDULE OF ACCOUNTS RECEIVABLE 31-Mar-10 Balance Able & Co. 0.00 Blevins Bakery 2,068.20 R.J. Kalas, Inc. 2,829.60 Thompson Group 3,235.53 TOTAL 8,133.33 Be sure that this amount agrees with the ending balance in the Accounts Receivable account in the general ledger! CHAPTER 11 - PROBLEM 11-11A, page 427 PART 1 ONLY! Use the information provided for the transactions of Flint Fantasies in problem 11-11A, page 437, to complete the journal entries. You are NOT required to complete the general ledger or accounts payable ledger. (These ledgers would be completed exactly the same way that you completed the A/R ledger in the previous tabs.) There are examples of these journal entries on pages 403 and 404. Record the account names, the debit and credit amounts, and the posting references. Some of the the account names have been provided, as well as the dates, descriptions. REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! Here are some hints: Discount amounts are not recorded at the time of the purchase, only when the invoice is paid within the discount period. Discounts are taken on the amount AFTER subtracting any returns. These are the accounts to be used: 101 Cash 202 Accounts Payable / Co. Name 501 501.1 501.2 521 Purchases Purchase Returns & Allowances Purchase Discounts Rent Expense JE# DATE ACCOUNTS & DESCRIPTIONS J.1 Jul 1 Rent Expense POST REF 521 dr cr POST REF 501 dr cr POST REF dr cr POST REF 202/ dr cr POST REF dr cr dr cr Ck. No. 414 - Rent paid JE# DATE ACCOUNTS & DESCRIPTIONS J.2 Jul 1 Purchases Purchase - Invoice #311 JE# DATE J.3 Jul 3 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #812 JE# DATE ACCOUNTS & DESCRIPTIONS J.4 Jul 5 Accounts Payable / Tang's Toys Merchandise returned JE# DATE J.5 Jul 8 ACCOUNTS & DESCRIPTIONS Accounts Payable / Daisy's Dolls Purchase - Invoice #139 JE# DATE J.6 Jul 11 ACCOUNTS & DESCRIPTIONS Purchase Discounts Payment to Tang's Toys; Ck no. 415 JE# DATE J.7 Jul 13 ACCOUNTS & DESCRIPTIONS Cash 202/ POST REF Hint: Don't forget that Flint returned some merchandise to Tang's Toy's. He is paying for, and taking the discount on, the goods that were not returned. 501.2 POST REF dr cr dr cr POST REF dr cr POST REF dr cr POST REF 501 dr cr POST REF dr cr 101 Payment to Sillas & Co.; Ck no. 416 JE# DATE J.8 Jul 15 ACCOUNTS & DESCRIPTIONS Purchase Returns & Allowances Returned goods to Daisy's Dolls JE# DATE J.9 Jul 18 ACCOUNTS & DESCRIPTIONS POST REF 501.1 Payment to Daisy's Dolls - Ck no. 417 JE# DATE J.10 Jul 25 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #489 JE# DATE ACCOUNTS & DESCRIPTIONS J.11 Jul 26 Purchases Purchase - Invoice #375 JE# DATE J.12 Jul 29 ACCOUNTS & DESCRIPTIONS Accounts Payable / Sillas & Co. Purchase - Invoice #883 202/ PLEASE NOTE: THE INSTRUCTIONS FOR WEEK 5 ARE DIFFERENT FROM PREVIOUS WEEKS!!!!! You will upload two separate files this week, your QuickBooks file from Exercises 3-1 and 3-2, and your regular assignment file, Acct'g I Week 5 Assignments. Both of these must be uploaded in the Week 5 Weekly Learning Activities folder, Week 5 Assignment area. YOU MUST ATTACH BOTH FILES BEFORE YOU CLICK 'SUBMIT'! If you submit after attaching only one file, you will not be able to access the assignment upload area to submit the second file! Here are the instructions for submitting two files: When you are in the assignment upload area, submit one of the files, but DO NOT HIT SUBMIT! Instead click on "Add another file". Your first file will appear as a link. Go back to the "Attach local file" field, then Browse to locate and select your second file. Now click submit! Both of your files will be submitted together. QUICKBOOKS ASSIGNMENT, CHAPTER 3 - NEW COMPANY SETUP You may want to print these detailed instructions for exporting QuickBooks reports to Excel. You do not have to print the assigned reports unless you want a hard copy for future reference. Exercise 3-1 Chart of Accounts: * Follow this path to export the chart of accounts: Report Center: Accountant & Taxes: Account Listing * Once the report has opened, click on the "Export" button at the top of the page. A window will pop up asking you to select some options. * In the Basic tab select "A new Excel Workbook" and leave the checkmark in front of the selection "Include a new worksheet in the workbook that explains Excel worksheet linking." This worksheet w ill provide helpful information for you if you have any difficulties with this process. * In the Advance tab click on the radio button for "Send header to screen in Excel". If you do not select this option your company name and the name of the file will not appear on your reports. * Click "Export" at the bottom of the window. An Excel workbook will open. The first tab has has helpful hints for exporting to Excel. The second tab is your chart of accounts. Change the name of the tab to "COA". You will be saving several files in this workbook and it is important to identify each one. * SAVE THIS EXCEL FILE IN YOUR AC107 FOLDER WITH A NAME SUCH AS "QB CHAPTER 3". * After saving you must close the Excel file before you can export the next file. Journal * Follow this path to locate the journal: Report Center: Accountant and Taxes: Journal * Change the date to: Sept. 30 (this year) to Oct. 31 (this year) Here is a hint to be sure that your journal is correct: The total of debits and credits is $112,910. * Click "Export" at the top of the page. This time select "an existing workbook" to save the journal in the same file as your chart of accounts. Be sure that the correct path to your Excel file appears in the Browse field. When you are sure it is correct, click "Export". * Your Excel file will open. Rename the "Journal" tab, save the report, then close the Excel file. Transaction Detail by Account Follow this path to locate the Transaction Detail by Account: Report Center: Accountant & Taxes: Transaction Detail by Account Before you export this report be sure that it agrees with the one shown on pp. 90-91. Follow the same instructions that you used to save the journal. Select "an existing workbook", be sure that your file path appears in the Browse field, then click "Export". When your Excel file opens rename the tab, save the report, then close the Excel file. Exercise 3-2 The reports for exericise 3-2 will be saved in the same Excel file where you saved the previous reports. Follow the instructions above to save each one. Trial Balance Follow this path to locate the trial balance: Report Center: Accountant & Taxes: Trial Balance. Change the dates and be sure that your report matches the one shown on page 92. Profit and Loss Report - This is just another name for the income statement. Follow this path to locate the P&L: Report Center: Company & Financial: P&L: Standard Change the dates and be sure that your report matches the one shown on page 93. Balance Sheet Follow this path to locate the balance sheet: Report Center: Company & Financial: Balance Sheet & Net Worth: Standard Change the dates and be sure that your report matches the one shown on page 94. Your week 5 assignment from your textbood includes problems from Chapters 10 and 11 which you will find in the following tabs. Before you begin working on the assignment, I suggest that you create a folder for all of your Accounting I assignments in the Documents folder. You might want to name this folder "AC107". After you open this file, please save the entire file to your AC107 folder. IF YOU OPEN THE FILE AND BEGIN WORKING WITHOUT SAVING YOU WILL LOSE YOUR WORK! Excel files are embedded web pages and your work will be lost if you do not SAVE the file first! Be sure to submit the entire file in the assignment upload area! Please do not try to save and send the tabs separately! Account Number 101 122 141 145 185 185.1 202 219 311 312 401 511 521 523 525 535 541 Jessie Jane's Campus Delivery Service Chart of Accounts Title Description Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum Depreciation-Office Equipment Accounts Payable Wages Payable Jessie Jane, Capital Jessie Jane, Drawing Delivery Fees Revenue Wages Expense Rent Expense Supplies Expense Telephone Expense Insurance Expense Deprec. Exp - Delivery Equipment B/S = Balance Sheet I/S = Income Statement O.E = Statement of Owner's Equity B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Asset B/S - Contra Asset B/S - Liability B/S - Liability O.E. & B/S - Equity O.E.- Equity I/S - Revenue I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense I/S - Expense Normal Balance DR DR DR DR DR CR CR CR CR DR CR DR DR DR DR DR DR CHART OF ACCOUNTS ASSETS REVENUE EXPENSES LIABILITIES DRAWING EQUITY This is the chart of accounts for Jessie Jane's Campus Delivery Service. A chart of accounts lists all general ledger accounts. It is like a table of contents. Assets, expenses and the Drawing account all have normal DEBIT balances. That means that we increase these accounts by recording the amount in the left, debit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the right, credit column. Liabilities, revenue and the Capital account all have normal CREDIT balances. That means that we increase these accounts by recording the amount in the right, credit column. We reduce these accounts by doing just the opposite. We record a decrease by recording the amount in the left, debit column. Chapters 10 & 11 Provide a short explanation of each of the accounting terms listed below: You can research these terms at the end of the chapters and in the glossary. DO NOT CUT AND PASTE FROM ANOTHER SOURCE! TRY TO USE YUR OWN WORDS WHEN YOU CAN! 1 Cash discounts 2 Contra-purchases account 3 Contra-revenue account 4 Controlling account 5 Cost of goods sold 6 FOB Destination 7 FOB Shipping Point 8 Gross profit (gross margin) 9 Purchases account 10 Sales allowance 11 Subsidiary ledger 12 Trade discount PROBLEM 10-11A & 10-12A Complete Problems 10-11A & 10-12A found on page 386-387 of your textbook. Record the account names, the debit OR credit amount, and the posting references . Some of the account names are provided. If you cannot locate a checkmark symbol for the posting reference use a lower case "x". The dates and descriptions have also been provided. After the journal is completed, post the transactions to the general ledger in the P10-11A GL tab and then post any Accounts Receivable entries to the Accounts Receivable ledger found in the P10-11A AR Ledger tab. Then complete the Shedule of Accounts Receivable. Use this chart of accounts for your posting references: 101 122 Cash Accounts Receivable 231 Sales Tax Payable 401 401.1 Sales Revenue Sales Returns and Allowances REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! 's a hint: When the customer pays an invoice after some of the goods have been returned tract the selling price of the goods returned from the selling price of goods on the original ice. Then calculate sales tax payable on the price of the goods that the customer kept. The ustomer will pay for the total of the remaining goods plus the sales tax on those goods. DATE ACCOUNTS & DESCRIPTIONS J.1 Mar. 1 Accounts Receivable/Able & Co. POST REF 122/x dr cr POST REF 122/x dr cr POST REF dr cr POST REF 101 dr cr POST REF dr cr Sale on account no. 33C DATE ACCOUNTS & DESCRIPTIONS J.2 Mar. 3 Accounts Receivable/R.J.Kalas, Inc. Sale on account no. 33D DATE J.3 Mar. 5 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Credit memo no. 66 for return of goods DATE J.4 Mar. 7 Cash ACCOUNTS & DESCRIPTIONS 122/x Cash Sales for the week DATE J.5 Mar. 10 ACCOUNTS & DESCRIPTIONS Accounts Receivable/Able & Co. Payment received on no. 33C less return DATE J.6 Mar. 11 ACCOUNTS & DESCRIPTIONS POST REF dr cr POST REF 101 dr cr POST REF dr cr dr cr dr cr dr cr dr cr POST REF 122/x dr cr POST REF 122/x dr cr POST REF 101 dr cr Sales Revenue Sale on account no. 33E DATE J.7 Mar. 13 Cash ACCOUNTS & DESCRIPTIONS Be sure to subtract the selling price of the earlier return from the original cost of goods before calculating sales tax payable on the remaining goods. The customer will pay for the remaining goods plus the sales tax on those goods. 122/x 401 Payment received on no. 33D DATE J.8 Mar. 14 ACCOUNTS & DESCRIPTIONS Sales Tax Payable Cash Sales for the week DATE J.9 Mar. 16 ACCOUNTS & DESCRIPTIONS 231 POST REF Accounts Receivable/Blevins Bakery CM No. 67 for returned goods. DATE J.10 Mar. 18 ACCOUNTS & DESCRIPTIONS 122 POST REF Sales Revenue 401 Sale on account no. 33F DATE J.11 Mar. 20 Cash ACCOUNTS & DESCRIPTIONS POST REF 101 Payment received on no. 33E less return CM67 DATE J.12 Mar. 21 ACCOUNTS & DESCRIPTIONS Sales Revenue POST REF 401 Cash sales for the week. DATE ACCOUNTS & DESCRIPTIONS J.13 Mar. 25 Accounts Receivable/Blevins Bakery Sale on account no. 33G DATE ACCOUNTS & DESCRIPTIONS J.14 Mar. 27 Accounts Receivable/Thompson Group Sale on account no. 33H DATE J.15 Mar. 28 Cash ACCOUNTS & DESCRIPTIONS Cash sales for the week. Be sure to subtract the selling price of the earlier return before calculating sales tax payable on the remaining goods. The customer w ill pay for the remaining goods plus the sales PROBLEM 10-11A & 10-12A Post the journal entries to the general ledger. Be sure to calculate and show the new balance after each transaction. The correct ending balances have been provided for you. Account: CASH POST REF DATE ITEM Mar.1 Beginning balance Mar. 7 Cash sales for the week J.4 Mar. 10 Payment-Able & Co. #33C J.5 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar. 14 Cash sales for the week J.8 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar. 21 Cash sales for the week J.12 Mar.28 Cash sales for the week J.15 Account: ACCOUNTS RECEIVABLE POST DATE ITEM REF Mar. 1 Beginning balance Mar. 1 Able & Co. #33C J.1 Mar. 3 R.J. Kalas #33D J.2 Mar. 5 Able & Co. CM #66 J.3 Mar. 10 Payment-Able & Co. #33C J.5 Mar.11 Blevins Bakery #33E J.6 Mar. 13 Payment-R.J.Kalas #33D J.7 Mar.16 Blevins Bakery CM#67 J.9 Mar.18 R.J. Kalas #33F J.10 Mar.20 Payment-Blevins Bakery #33EJ.11 Mar.25 Blevins Bakery #33G J.13 Mar.27 Thompson Group #33H J.14 (transaction) DEBIT CREDIT ### (transaction) DEBIT CREDIT DATE ITEM Mar.1 Beginning balance Mar.1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 5 Able & Co. CM #66 Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.16 Blevins Bakery CM#67 Mar.18 R.J. Kalas #33F Mar.21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week (transaction) DEBIT CREDIT J.1 J.2 J.3 J.4 J6 J.8 J.9 J.10 J.12 J.13 J.14 J.15 DATE ITEM Mar. 1 Beginning balance Mar. 1 Able & Co. #33C Mar. 3 R.J. Kalas #33D Mar. 7 Cash sales for the week Mar.11 Blevins Bakery #33E Mar. 14 Cash sales for the week Mar.18 R.J. Kalas #33F Mar. 21 Cash sales for the week Mar.25 Blevins Bakery #33G Mar.27 Thompson Group #33H Mar.28 Cash sales for the week J.1 J.2 J.4 J6 J.8 J.10 J.12 J.13 J.14 J.15 Account No. 231.00 (balance) DEBIT CREDIT -0- 1,998.96 Account: SALES REVENUE POST REF Account No. 122.00 (balance) DEBIT CREDIT 1,058.25 8,133.33 Account: SALES TAX PAYABLE POST REF Account No. 101 (balance) DEBIT CREDIT 9,741.00 (transaction) DEBIT CREDIT Account No. 401.00 (balance) DEBIT CREDIT -0- ### Account: SALES RETURNS AND ALLOWANCES Account No. 401.1 POST (transaction) (balance) DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Mar. 1 Beginning balance -0Mar. 5 Able & Co. CM #66 J.3 Mar.16 Blevins Bakery CM#67 J.9 74.00 PROBLEM 10-11A & 10-12A Complete the Accounts Receivable Ledger and then the Schedule of Accounts Receivable Hint: The easiest place to find the transactions for the A/R Ledger is the general ledger for Accounts Receivable. Be sure to calculate and record the new balance after every transaction is posted. Name: Able & Co. Address: 1424 Jackson Creek Road, Nashville, IN 47448 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 1 #33C J.1 Mar. 5 CM #66 J.3 Mar. 10 #33C J.5 Name: Blevins Bakery Address: 6422 E. Bender Road, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 11 #33E J.6 Mar. 16 CM #67 J.9 Mar.20 #33E J.11 Mar.25 #33G J.13 Name: R.J. Kalas, Inc. Address: 3315 Longview Ave, Bloomington, IN 47401 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar. 3 #33D J.2 Mar.13 #33D J.7 Mar.18 #33F J.10 Name: Thompson Group Address: 2300 E. National Rd, Cumberland, IN 46229 POST (transaction) (bal) DATE ITEM REF DEBIT CREDIT Mar.1 Beginning Bal x ### Mar.27 #33H J.14 OWENS DISTRIBUTORS SCHEDULE OF ACCOUNTS RECEIVABLE 31-Mar-10 Balance Able & Co. 0.00 Blevins Bakery 2,068.20 R.J. Kalas, Inc. 2,829.60 Thompson Group 3,235.53 TOTAL 8,133.33 Be sure that this amount agrees with the ending balance in the Accounts Receivable account in the general ledger! CHAPTER 11 - PROBLEM 11-11A, page 427 PART 1 ONLY! Use the information provided for the transactions of Flint Fantasies in problem 11-11A, page 437, to complete the journal entries. You are NOT required to complete the general ledger or accounts payable ledger. (These ledgers would be completed exactly the same way that you completed the A/R ledger in the previous tabs.) There are examples of these journal entries on pages 403 and 404. Record the account names, the debit and credit amounts, and the posting references. Some of the the account names have been provided, as well as the dates, descriptions. REMEMBER - DEBITS MUST EQUAL CREDITS IN EVERY TRANSACTION! Here are some hints: Discount amounts are not recorded at the time of the purchase, only when the invoice is paid within the discount period. Discounts are taken on the amount AFTER subtracting any returns. These are the accounts to be used: 101 Cash 202 Accounts Payable / Co. Name 501 501.1 501.2 521 Purchases Purchase Returns & Allowances Purchase Discounts Rent Expense JE# DATE ACCOUNTS & DESCRIPTIONS J.1 Jul 1 Rent Expense POST REF 521 dr cr POST REF 501 dr cr POST REF dr cr POST REF 202/ dr cr POST REF dr cr dr cr Ck. No. 414 - Rent paid JE# DATE ACCOUNTS & DESCRIPTIONS J.2 Jul 1 Purchases Purchase - Invoice #311 JE# DATE J.3 Jul 3 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #812 JE# DATE ACCOUNTS & DESCRIPTIONS J.4 Jul 5 Accounts Payable / Tang's Toys Merchandise returned JE# DATE J.5 Jul 8 ACCOUNTS & DESCRIPTIONS Accounts Payable / Daisy's Dolls Purchase - Invoice #139 JE# DATE J.6 Jul 11 ACCOUNTS & DESCRIPTIONS Purchase Discounts Payment to Tang's Toys; Ck no. 415 JE# DATE J.7 Jul 13 ACCOUNTS & DESCRIPTIONS Cash 202/ POST REF Hint: Don't forget that Flint returned some merchandise to Tang's Toy's. He is paying for, and taking the discount on, the goods that were not returned. 501.2 POST REF dr cr dr cr POST REF dr cr POST REF dr cr POST REF 501 dr cr POST REF dr cr 101 Payment to Sillas & Co.; Ck no. 416 JE# DATE J.8 Jul 15 ACCOUNTS & DESCRIPTIONS Purchase Returns & Allowances Returned goods to Daisy's Dolls JE# DATE J.9 Jul 18 ACCOUNTS & DESCRIPTIONS POST REF 501.1 Payment to Daisy's Dolls - Ck no. 417 JE# DATE J.10 Jul 25 ACCOUNTS & DESCRIPTIONS Purchase - Invoice #489 JE# DATE ACCOUNTS & DESCRIPTIONS J.11 Jul 26 Purchases Purchase - Invoice #375 JE# DATE J.12 Jul 29 ACCOUNTS & DESCRIPTIONS Accounts Payable / Sillas & Co. Purchase - Invoice #883 202/