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Accounting Cycle Project FA23

Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of September.

Sep 1

Tina Smith invested $95,000 cash and equipment worth $40,000 in

Roadrunner Bookstore.

Sep 2

Purchased $100,000 of merchandise inventory on credit, Invoice #123 dated Sep 1 from Cengage, terms 2/15, n/45.

Sep 4

Roadrunner Bookstore rented a portion of their building to Craft Corners for $1,500 per month. Craft Corners paid Roadrunner Bookstore five months of rent in advance.

Sep 5

Issued check #301 payable to Cash to establish a petty cash fund in the amount of $500.

Sep 8

Sold merchandise to Rowan University for $75,000 on credit, terms 1/15, n/30. Invoice no. 001. Cost of the merchandise sold is $50,000.

Sep 9

Purchased additional equipment totaling $20,000 on credit from Warehouse Depot, terms 3/15, n/45, Invoice #579 dated Sep 8.

Sep 10 The cash register's record shows $20,000 in sales at the end of the shift, but the count of cash in the register is $20,050. Cost of the merchandise sold is $12,000. Prepare the journal entry to record the day's cash sales.

Sep 11

Sold merchandise to Rutgers University for $22,000 with terms 1/15, n/30. Invoice no. 002. Cost of the merchandise sold is $11,000.

Sep 15

Sold merchandise to Rowan University for $35,000, terms 1/15, n/30.

Invoice No. 003. Cost of the merchandise sold is $22,000.

Sep 16

Issued check #302 made payable to you, the company accountant, for your salary totaling $4,500.

Sep 17

Issued check #303 to Cengage for the purchase recorded on Sep 2nd.

Sep 20

Roadrunner Bookstore signed a short-term note payable in the amount of $55,000 with an interest rate of 8% due in 60 days.

Sep 22 Rowan University paid the balance due from the sale on Sep 8th

Sep 24

The cash balance in the petty cash drawer is $100. Receipts in the drawer show $75 for Transportation In, $175 for delivery expenses, $80 for postage expense, and $60 for office supplies expenses. Replenish petty cash using check #304 made payable to Cash.

Sep 25

Sep 27

Received $12,000 check from Rutgers University for the Sep 11 sale.

Issued check #305 made payable to Tina Smith for $20,000 for personal use.

Sep 29

Issued check #306 for $6,000 payable to Jones Property Management for September rent.

Roadrunner Bookstore uses the following Special Journals:

Sales, Purchases, Cash Receipts, and Cash Disbursements.

1. ) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month-end.
2. ) Complete the unadjusted trial balance columns on the worksheet for Roadrunner Bookstore as of the end of September 2023, and the Schedules of Accounts Receivable and Accounts Payable.

Roadrunner Bookstore must consider the following for adjusting entry purposes:

1. September rent from Craft Corners has been earned.
2. Depreciation on the Equipment for the month totaled $415.
3. A phone bill was received totaling $400 that will be paid in October.
4. Salaries have accrued in the amount of $2,500 and have not been paid.
5. Interest on the short-term note through the end of September has accrued but has not been paid. (Round to a whole number)
6. A count of inventory showed remaining inventory had a cost of $3,000.
7. Bad debt is estimated to be .65% of total net credit sales. (Round to a whole number)

Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet.

Prepare Financial Statements (Single or Multi-Step Income Statement and Classified Balance Sheet) for Roadrunner Bookstore considering the following:

• Depreciation Expense, Delivery Expense, Bad Debts Expenses, and Cash Overages are selling expenses
• Postage and Telephone Expenses are general and admin expenses
• Rent Expense is split between selling and general and admin expenses.

Prepare Closing Entries for Roadrunner Bookstore.

Prepare Post Closing Trial Balance for Roadrunner Bookstore.

Accounting Cycle Project FA23 Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of September. Sep 1 Tina Smith invested $95,000 cash and equipment worth $40,000 in Roadrunner Bookstore. Sep 2 Purchased $100,000 of merchandise inventory on credit, Invoice \#123 dated Sep 1 from Cengage, terms 2/15, n/45. Sep 4 Roadrunner Bookstore rented a portion of their building to Craft Corners for $1,500 per month. Craft Corners paid Roadrunner Bookstore five months of rent in advance. Sep 5 Issued check \#301 payable to Cash to establish a petty cash fund in the amount of $500. Sep 8 Sold merchandise to Rowan University for $75,000 on credit, terms 1/15,n/30. Invoice no. 001 . Cost of the merchandise sold is $50,000. Sep 9 Purchased additional equipment totaling $20,000 on credit from Warehouse Depot, terms 3/15,n/45, Invoice $579 dated Sep 8. Sep 10 The cash register's record shows $20,000 in sales at the end of the shift, but the count of cash in the register is $20,050. Cost of the merchandise sold is $12,000. Prepare the journal entry to record the day's cash sales. Sep 11 Sold merchandise to Rutgers University for $22,000 with terms 1/15, n/30. Invoice no. 002 . Cost of the merchandise sold is $11,000. Sep 15 Sold merchandise to Rowan University for $35,000, terms 1/15,n/30. Invoice No, 003 . Cost of the merchandise sold is $22,000. Sep 16 Issued check \#302 made payable to you, the company accountant, for your salary totaling $4,500. Sep 17 Issued check #303 to Cengage for the purchase recorded on Sep 2nd. Sep 20 Roadrunner Bookstore signed a short-term note payable in the amount of $55,000 with an interest rate of 8% due in 60 days. Sep 22 Rowan University paid the balance due from the sale on Sep 8th. Sep 24 The cash balance in the petty cash drawer is $100. Receipts in the drawer show $75 for Transportation In, \$175 for delivery expenses, \$80 for postage expense, and $60 for office supplies expenses. Replenish petty cash using check \#304 made payable to Cash. Sep 25 Received $12,000 check from Rutgers University for the Sep 11 sale. Sep 27 Issued check $305 made payable to Tina Smith for $20,000 for personal use. Sep 29 Issued check $306 for $6,000 payable to Jones Property Management for September rent. Roadrunner Bookstore uses the following Special Journals: Sales, Purchases, Cash Receipts, and Cash Disbursements. 1.) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month-end. 2.) Complete the unadjusted trial balance columns on the worksheet for Roadrunner Bookstore as of the end of September 2023, and the Schedules of Accounts Receivable and Accounts Payable. Roadrunner Bookstore must consider the following for adjusting entry purposes: a) September rent from Craft Corners has been earned. b) Depreciation on the Equipment for the month totaled $415. c) A phone bill was received totaling $400 that will be paid in October. d) Salaries have accrued in the amount of $2,500 and have not been paid. e) Interest on the short-term note through the end of September has accrued but has not been paid. (Round to a whole number) f) A count of inventory showed remaining inventory had a cost of $3,000. g) Bad debt is estimated to be .65% of total net credit sales. (Round to a whole number) Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet. Prepare Financial Statements (Single or Multi-Step Income Statement and Classified Balance Sheet) for Roadrunner Bookstore considering the following: - Depreciation Expense, Delivery Expense, Bad Debts Expenses, and Cash Overages are selling expenses - Postage and Telephone Expenses are general and admin expenses - Rent Expense is split between selling and general and admin expenses. Prepare Closing Entries for Roadrunner Bookstore. Prepare Post Closing Trial Balance for Roadrunner Bookstore. Complete the Online Quiz for the Accounting Project in eLearning. \begin{tabular}{|l|l|c|l|} \hline \multicolumn{5}{|c|}{ Chart of Accounts } \\ \hline \multicolumn{4}{|c|}{ Roadrunner Bookstore } \\ \hline 101 & Cash & 403 & Sales \\ \hline 102 & Petty Cash & 408 & Rental Revenue \\ \hline 106 & Accounts Receivable & 415 & Sales Discounts \\ \hline 109 & Allowance for Doubtful Accounts & 602 & Cost of Goods Sold \\ \hline 119 & Merchandise Inventory & 621 & Office Salaries Expense \\ \hline 140 & Equipment & 626 & Rent Expense \\ \hline 141 & Accumulated Depreciation - Equipment & 630 & Office Supplies Expense \\ \hline 201 & Accounts Payable & 633 & Depreciation Expense \\ \hline 221 & Salaries Payable & 636 & Postage Expense \\ \hline 231 & Notes Payable & 646 & Delivery Expense \\ \hline 241 & Interest Payable & 656 & Telephone Expense \\ \hline 251 & Unearned Revenue & 659 & Interest Expense \\ \hline 301 & T. Smith, Capital & 661 & Bad Debts Expense \\ \hline 302 & T. Smith, Withdrawals & 686 & Cash Over and Short \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{3}{|c|}{ Sales Journal } & \multicolumn{4}{|c|}{ Page 1} \\ \hline Date & Account Debited & \begin{tabular}{l} Invoice \\ Number \end{tabular} & TERMS & PR & \begin{tabular}{c} Accounts \\ Receivable Dr. \\ Sales Cr. \end{tabular} & \begin{tabular}{l} Cost of Goods Sold Dr. \\ imventory Cr. \end{tabular} \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline \multicolumn{8}{|c|}{ Purchases Journal } \\ \hline Date & Account & \begin{tabular}{l} Date of \\ Invoice \end{tabular} & TERMS & PR & \begin{tabular}{l} Accounts \\ Payoble C. \end{tabular} & \begin{tabular}{l} Inventory \\ De. \end{tabular} & \begin{tabular}{c} Other \\ Accounts Dr. \end{tabular} \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{10}{|c|}{ Cash fleceipts Inurnal } \\ \hline oate & Account Credited & Explanation & PR & Cash Dr. & Sales Discount Dr. & \begin{tabular}{c} Accounts \\ Recelvable \\ Cr. \end{tabular} & Sales Cr. & \begin{tabular}{c} Other \\ Accounts Cr. \end{tabular} & \begin{tabular}{l} Cost of Good \\ Sold Dr. \\ Imventory Cr. \end{tabular} \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline & & & & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline Date & Check No. & Payee & Account Debited & PR & Cashor. & \begin{tabular}{c} Inventory \\ Cr. \end{tabular} & \begin{tabular}{c} Other \\ Accounts Dr. \end{tabular} & \begin{tabular}{l} Accounts \\ Payable Or. \end{tabular} \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \end{tabular} T n-an? \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ General Ledger (Partial Listing) } \\ \hline \multicolumn{4}{|c|}{ Depreciation Expense } & Acct. No. & 633 \\ \hline Date & Explanation & PR & Debit. & Credit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{4}{|c|}{ Postage Expense } & Acct. No. & 636 \\ \hline Date & Explanation & PR & Debit & Credit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{4}{|c|}{ Delivery Expense } & Acct. No. & 646 \\ \hline Date & Explanation & PR & Debit & Credit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{4}{|c|}{ Telephone Expense } & Acct. No. & 656 \\ \hline Date & Explanation & PR & Debit & Credit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{4}{|c|}{ Interest Expense } & Acct. No. & 659 \\ \hline Date & Explanation & PR & Debit & Gredit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{4}{|c|}{ Bad Debts Expense } & Acct. No. & 661 \\ \hline Date & Explanation & PR & Debit & Credit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline & =0 & & & & \\ \hline \multicolumn{4}{|c|}{ Cash Over and Short } & Acct. No. & 686 \\ \hline Date & Explanation & PR & Debit & Credit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{4}{|c|}{ Income Summary } & Acct. No. & 901 \\ \hline Date & Explanation & PR & Debit & Credit & Balance \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Receivable Ledger } \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ Accounts Payable Ledger } \\ \hline Date & PR & Debit & Credit & Balance. \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline Date & PR & Debit & Credit & Balance \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Schedule of Accounts Receivable } \\ \hline \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Schedule of Accounts Payable } \\ \hline \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Income Statement Statement of Owner's Equity Balance Sheet