need help with a practice set for my accounting applications class. anyone out there who can help. i can email the info...

please!!!!

SWEET TREATS PRACTICE SET Madison Caner spent much of her childhood learning the art of enkle making from her grand They spent many enjoyable hours mastering af alle imaginable and later creating new recipes that were both healthy and delicious. Now at the star her second year in college, Madison investigating various possibilities for starting her own business as part of the requirements of the entrepreneurship program in which she is enrolled. A long-time friend insists that Madison has to somehow indude cookies in her business plan. After a series of brainstorming sessions, Madison the wea of operating a cookie-making school called "Sweet Treats. She will start on a part-time basis and offer her services in-house. Now that she has started thinking about it, the possibilities som endless. During the fall, she will concentrate on holiday cookies. She will offer individual lessons and group sessions Madison decides to operate Sweet Treats as a sole r o she beginning on October 8. with the year end at December 31" She purchased a new cell phone to use only for business operations also created a checklist to help her remember which elements of the accounting cycle need to be completed daily, monthly, and yearly. Daily (October) Record transactions in the general journal and post to the general ledger. (November & December) Record transactions in the four special journals, as needed - cash receipts journal, cash payments journal, purchases journal, and sales journal. Use the general journal to record anything that does not go into the special journals. (November & December) Post transactions into the two subsidiary ledgers, as needed - the accounts receivable subsidiary ledger and accounts payable subsidiary ledger. Use the general ledger to post anything that comes directly from the general journal. Monthly (November & December) Post special journals totals to the necessary general ledger accounts. Journalize and post adjusting entries. Complete a worksheet for each month. Yearly: Create financial statements for the year end December 31" - multi-step income statement, owner's equity statement, balance sheet, and statement of cash flows. Journalize and post closing entries. Prepare a post-closing trial balance. Madison continues to stay in touch with her grandmother during the first few months of operation. She appreciates that her grandmother has been so supportive of her. Madison has dreams of opening up a local Sweet Treats shop when she graduates from college. She wants to hire more employees and start offering more classes. INSTRUCTIONS 1. Record the following transactions according to Madison's checklist above. Be sure to read any new details given prior to each months' transactions. 2. Prepare any necessary worksheets or forms according to Madison's checklist above. 3. Record all information in the provided spreadsheets. Be sure to include headers, dates. explanations, and totals when appropriate. Add rows as needed. 4. Follow all recording, journalizing, and posting rules provided in your textbook. ER TY The following transactions occurred during the month of October Oct. 8 Madison cashes her U.S. Savines Bonds and receives $520, which she deposits in her personal bank account 8 She opens a bank account under the name Sweet Treats and transfers $500 from her personal account to the new account. 11 Madison pays $65 for advertising. Check 153. 13 She buys baking supplies, such as flour, sugar, butter and chocolate chips, for $125 cash. Check 154 Madison starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Madison decides to start using it only in her new business. She estimates that the food processor is currently worth $300. She invests the food processor in the business. (Record the asset at current worth.) Madison realizes that her initial cash investment is not enough. Her grandmother lends her $5,000 cash, for which Madison signs a note payable in the name of the business. Madison deposits the money in the business bank account. The note will be repaid in 24 months 17 She buys more baking equipment for $900 cash. Check 155. 20 She teaches her first class and collects $125 cash. 25 Madison withdraws $100 from the business for personal expenditures. Check 156. 30 Madison pays $1,320 for a one-year insurance policy that will expire on November 1 of the next year. Check 157. 30 A friend of Madison's asked her to teach a class at the neighborhood school, Newbury Elementary School. Madison agreed and taught a group of 35 first-grade students how to make gingerbread cookies. The next day. Madison prepared an invoice for $300 and left it with the school principal. The principal said that he will pass the invoice along to the head office, and it will be paid sometime in November As of October 31, the following adjusting entry data is available. 1. A count reveals that $35 of baking supplies were used during October. 2. Madison estimates that her baking equipment depreciates $20 per month. 3. Madison's grandmother has decided to charge 8.4% interest on the note, and the loan plus interest is to be repaid in 24 months. Madison has decided to accrue the interest each month just to be sure her books correctly reflect what needs to be repaid. She will accrue a full month's interest in October, since she wouldn't even be off the ground without her grandma's help. 4. Madison had a friend assist her with the Newbury Elementary School class. She decides to hire her friend as an employee. She owes her $45 for the October 30 class, that she will pay on November 15. At the beginning of November, Madison decides to expand her business by selling fine European mixers. The owner of Batter Blender Supply Co has approached Madison to become the exclusive distributor of these fine mixers in her state. The current cost of a mixer is approximately $575, and Madison plans to sell each for $1,150. Each appliance has a serial number and can be easily identified. Madison uses the perpetual inventory system to account for these fine mixers. She also decides to start using special journals and subsidiary ledgers to help keep track of her new customers and vendors, sales and purchases, and cash flows. The following transactions occurred during the month of November. Nov. 4 Bought five mixers on account from Batter Blender Supply Co. for $2.875, terms n/30. 6 Paid $100 freight on the November 4 purchase. Check 158. 7 Returned one of the mixers to Batter Blender because it was damaged during shipping. Batter Blender issues Sweet Treats credit for the cost of the mixer. 9 Bought four mixers on account from Batter Blender Supply Co. for $2,300, terms n/30. Madison is concerned that there is not enough cash available to pay for all of the mixers purchased. She invests an additional $2,000 cash in Sweet Treats. 10 12 Paid $80 freight on the November 9 purchase. Check 159. 15 Madison issued a check to her assistant for all the help at the elementary school on October 30. (Recall this amount was accrued at the end of October.) Check 160. 20 Paid a $145 cell phone bill (Hint: Use Utilities Expense). Check 161. 21 Paid Batter Blender the amount due from the November 4 purchase. Check 162. 22 Collected $300 from the October 30 transaction with Newbury Elementary School. 23 Three mixers are sold to Peter's Pastries on account for $3,450, terms n/30. Invoice 1011 (Hint: You must record both the revenue and expense components on all sales transactions.) 26 Sold two mixers for $2,300 cash. 28 Collected the amount due from Peter's Pastries for the November 23 transaction. 29 Paid Batter Blender the amount due from the November 9 purchase. Check 163. 30 Paid her assistant for the last two weeks of November in the amount of $960. Check 164. 30 Madison withdrew $750 cash for personal use. Check 165. As of November 30, the following adjusting entry data is available. U I OP 1. A count of baking supplies reveals that none were used in November 2. Another month's worth of depreciation ponds to be recorded on the baking equipment bought in October 3. One month's worth of insurance has expired. 4. Madison records another month of accrued interest on her grandma's loan At the beginning of December, Madison is that Batter Blender Supply Co. has raised the cost of en to b00 each she will b e more chase from them this tont. She war Ny Onough to find comparable mixers at Garcia Go, a local manufacturer, so she has a contract to buy mixers from tham this month Garria Co. also has a $600 cost for each mixer. She sti plans to sell them for $1.150. Madison uning out of storage space in her small apartment, so she decides to rent a small office space to hold all of her supplies and inventory. Rent is due at the beginning of each month. The following transactions occurred during the month of December. Dec. 1 Paid $700 rent for the month of December. Check 166. Purchased two mixers on account from Batter Blender Supply Co. for $1.200, terms 1 30. 2 4 Paid $40 freight for the December 2 purchase. Check 167. 6 Sold one mixer for $1,150 cash to Fresh Greens. 7 Bought four mixers on account from Garcia Co. for $2,400, terms n/30. 10 Paid Batter Blender the amount due for the December 2 purchase. Check 168. 11 Three mixers are sold on account for $3,450 to Bakery Buns, invoice 1012, terms n/30. 12 Bought five mixers on account from Garcia Co. for $3,000, terms 1/30. 13 Pald $80 freight for the December 7 purchase. Check 169. 14 Returned one of the mixers to Garcia Co. that was purchased on December 7 because it was damaged during shipping. Garcia issues Sweet Treats a credit for the cost of mixer 15 Collected the amount due from Bakery Buns for the December 11 transaction. 16 Three mixers are sold on account for $3,450 to the Chop House, Invoice 1013, terms n/30. 17 One mixer is sold to a new customer, Bagel Depot, on account for $1,150, invoice 1014, terms n/30. Paid a $75 cell phone bill for December. Check 170. 18 19 Paid $100 freight for items received on the December 12 purchase. Check 171. 20 Taught a 3hr cu nashr cupcake making class at Winslow Sweets for $150 per hour. Winslow Sweets paid in full at the end of the class. 20 20 Paid Garcia Co, the amount due for the December 7 purchase. Check 172. Collected the amount due from Chop House for the December 16 transaction. Collected the 21 Purchased baking supplies for $350 cash. Check 173. issued a check to Madison's assistant for $900 for the first two weeks in December. Check 174. 24 Four mixers are sold on account for 480 to the Seafood Shack, Invoice 1015. terms 30. 24 Taught a 2hr holiday cookie warehon at Young Souls, the local Senior Center. Madison offered her workshop at a discounted price of $50 per hour. She left involce 1016 with the director of Young Souls after the workshop. 26 Collected the amount due from Bagel Depot for the December 17 transaction. 27 Madison withdrew $1,200 cash for personal use. Check 175. As of December 31, the following adjusting entry data is available. 1. Accrued utilities total $340 for the current month. 2. Another month's worth of depreciation needs to be recorded on the baking equipment 3. A count reveals that $135 of baking supplies are remaining in the supply room, 4. Another month's worth of insurance has expired. 5. Madison owes her assistant $960 for the last two weeks of December, but will not pay it until January 2 6. Madison records another month of accrued interest on her grandma's loan. At year end, Madison completes all the financial statements and closes out the year. Madison is making huge strides in her entrepreneurship program by starting up Sweet Treats and she cannot thank her friends and family enough for all their support. In the new year, Madison intends on continuing to sell mixers and provide classes on multiple baking needs. She is even considering attending culinary classes at CNM to learn new things she can incorporate into her business. SWEET TREATS PRACTICE SET Madison Caner spent much of her childhood learning the art of enkle making from her grand They spent many enjoyable hours mastering af alle imaginable and later creating new recipes that were both healthy and delicious. Now at the star her second year in college, Madison investigating various possibilities for starting her own business as part of the requirements of the entrepreneurship program in which she is enrolled. A long-time friend insists that Madison has to somehow indude cookies in her business plan. After a series of brainstorming sessions, Madison the wea of operating a cookie-making school called "Sweet Treats. She will start on a part-time basis and offer her services in-house. Now that she has started thinking about it, the possibilities som endless. During the fall, she will concentrate on holiday cookies. She will offer individual lessons and group sessions Madison decides to operate Sweet Treats as a sole r o she beginning on October 8. with the year end at December 31" She purchased a new cell phone to use only for business operations also created a checklist to help her remember which elements of the accounting cycle need to be completed daily, monthly, and yearly. Daily (October) Record transactions in the general journal and post to the general ledger. (November & December) Record transactions in the four special journals, as needed - cash receipts journal, cash payments journal, purchases journal, and sales journal. Use the general journal to record anything that does not go into the special journals. (November & December) Post transactions into the two subsidiary ledgers, as needed - the accounts receivable subsidiary ledger and accounts payable subsidiary ledger. Use the general ledger to post anything that comes directly from the general journal. Monthly (November & December) Post special journals totals to the necessary general ledger accounts. Journalize and post adjusting entries. Complete a worksheet for each month. Yearly: Create financial statements for the year end December 31" - multi-step income statement, owner's equity statement, balance sheet, and statement of cash flows. Journalize and post closing entries. Prepare a post-closing trial balance. Madison continues to stay in touch with her grandmother during the first few months of operation. She appreciates that her grandmother has been so supportive of her. Madison has dreams of opening up a local Sweet Treats shop when she graduates from college. She wants to hire more employees and start offering more classes. INSTRUCTIONS 1. Record the following transactions according to Madison's checklist above. Be sure to read any new details given prior to each months' transactions. 2. Prepare any necessary worksheets or forms according to Madison's checklist above. 3. Record all information in the provided spreadsheets. Be sure to include headers, dates. explanations, and totals when appropriate. Add rows as needed. 4. Follow all recording, journalizing, and posting rules provided in your textbook. ER TY The following transactions occurred during the month of October Oct. 8 Madison cashes her U.S. Savines Bonds and receives $520, which she deposits in her personal bank account 8 She opens a bank account under the name Sweet Treats and transfers $500 from her personal account to the new account. 11 Madison pays $65 for advertising. Check 153. 13 She buys baking supplies, such as flour, sugar, butter and chocolate chips, for $125 cash. Check 154 Madison starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer that originally cost her $750. Madison decides to start using it only in her new business. She estimates that the food processor is currently worth $300. She invests the food processor in the business. (Record the asset at current worth.) Madison realizes that her initial cash investment is not enough. Her grandmother lends her $5,000 cash, for which Madison signs a note payable in the name of the business. Madison deposits the money in the business bank account. The note will be repaid in 24 months 17 She buys more baking equipment for $900 cash. Check 155. 20 She teaches her first class and collects $125 cash. 25 Madison withdraws $100 from the business for personal expenditures. Check 156. 30 Madison pays $1,320 for a one-year insurance policy that will expire on November 1 of the next year. Check 157. 30 A friend of Madison's asked her to teach a class at the neighborhood school, Newbury Elementary School. Madison agreed and taught a group of 35 first-grade students how to make gingerbread cookies. The next day. Madison prepared an invoice for $300 and left it with the school principal. The principal said that he will pass the invoice along to the head office, and it will be paid sometime in November As of October 31, the following adjusting entry data is available. 1. A count reveals that $35 of baking supplies were used during October. 2. Madison estimates that her baking equipment depreciates $20 per month. 3. Madison's grandmother has decided to charge 8.4% interest on the note, and the loan plus interest is to be repaid in 24 months. Madison has decided to accrue the interest each month just to be sure her books correctly reflect what needs to be repaid. She will accrue a full month's interest in October, since she wouldn't even be off the ground without her grandma's help. 4. Madison had a friend assist her with the Newbury Elementary School class. She decides to hire her friend as an employee. She owes her $45 for the October 30 class, that she will pay on November 15. At the beginning of November, Madison decides to expand her business by selling fine European mixers. The owner of Batter Blender Supply Co has approached Madison to become the exclusive distributor of these fine mixers in her state. The current cost of a mixer is approximately $575, and Madison plans to sell each for $1,150. Each appliance has a serial number and can be easily identified. Madison uses the perpetual inventory system to account for these fine mixers. She also decides to start using special journals and subsidiary ledgers to help keep track of her new customers and vendors, sales and purchases, and cash flows. The following transactions occurred during the month of November. Nov. 4 Bought five mixers on account from Batter Blender Supply Co. for $2.875, terms n/30. 6 Paid $100 freight on the November 4 purchase. Check 158. 7 Returned one of the mixers to Batter Blender because it was damaged during shipping. Batter Blender issues Sweet Treats credit for the cost of the mixer. 9 Bought four mixers on account from Batter Blender Supply Co. for $2,300, terms n/30. Madison is concerned that there is not enough cash available to pay for all of the mixers purchased. She invests an additional $2,000 cash in Sweet Treats. 10 12 Paid $80 freight on the November 9 purchase. Check 159. 15 Madison issued a check to her assistant for all the help at the elementary school on October 30. (Recall this amount was accrued at the end of October.) Check 160. 20 Paid a $145 cell phone bill (Hint: Use Utilities Expense). Check 161. 21 Paid Batter Blender the amount due from the November 4 purchase. Check 162. 22 Collected $300 from the October 30 transaction with Newbury Elementary School. 23 Three mixers are sold to Peter's Pastries on account for $3,450, terms n/30. Invoice 1011 (Hint: You must record both the revenue and expense components on all sales transactions.) 26 Sold two mixers for $2,300 cash. 28 Collected the amount due from Peter's Pastries for the November 23 transaction. 29 Paid Batter Blender the amount due from the November 9 purchase. Check 163. 30 Paid her assistant for the last two weeks of November in the amount of $960. Check 164. 30 Madison withdrew $750 cash for personal use. Check 165. As of November 30, the following adjusting entry data is available. U I OP 1. A count of baking supplies reveals that none were used in November 2. Another month's worth of depreciation ponds to be recorded on the baking equipment bought in October 3. One month's worth of insurance has expired. 4. Madison records another month of accrued interest on her grandma's loan At the beginning of December, Madison is that Batter Blender Supply Co. has raised the cost of en to b00 each she will b e more chase from them this tont. She war Ny Onough to find comparable mixers at Garcia Go, a local manufacturer, so she has a contract to buy mixers from tham this month Garria Co. also has a $600 cost for each mixer. She sti plans to sell them for $1.150. Madison uning out of storage space in her small apartment, so she decides to rent a small office space to hold all of her supplies and inventory. Rent is due at the beginning of each month. The following transactions occurred during the month of December. Dec. 1 Paid $700 rent for the month of December. Check 166. Purchased two mixers on account from Batter Blender Supply Co. for $1.200, terms 1 30. 2 4 Paid $40 freight for the December 2 purchase. Check 167. 6 Sold one mixer for $1,150 cash to Fresh Greens. 7 Bought four mixers on account from Garcia Co. for $2,400, terms n/30. 10 Paid Batter Blender the amount due for the December 2 purchase. Check 168. 11 Three mixers are sold on account for $3,450 to Bakery Buns, invoice 1012, terms n/30. 12 Bought five mixers on account from Garcia Co. for $3,000, terms 1/30. 13 Pald $80 freight for the December 7 purchase. Check 169. 14 Returned one of the mixers to Garcia Co. that was purchased on December 7 because it was damaged during shipping. Garcia issues Sweet Treats a credit for the cost of mixer 15 Collected the amount due from Bakery Buns for the December 11 transaction. 16 Three mixers are sold on account for $3,450 to the Chop House, Invoice 1013, terms n/30. 17 One mixer is sold to a new customer, Bagel Depot, on account for $1,150, invoice 1014, terms n/30. Paid a $75 cell phone bill for December. Check 170. 18 19 Paid $100 freight for items received on the December 12 purchase. Check 171. 20 Taught a 3hr cu nashr cupcake making class at Winslow Sweets for $150 per hour. Winslow Sweets paid in full at the end of the class. 20 20 Paid Garcia Co, the amount due for the December 7 purchase. Check 172. Collected the amount due from Chop House for the December 16 transaction. Collected the 21 Purchased baking supplies for $350 cash. Check 173. issued a check to Madison's assistant for $900 for the first two weeks in December. Check 174. 24 Four mixers are sold on account for 480 to the Seafood Shack, Invoice 1015. terms 30. 24 Taught a 2hr holiday cookie warehon at Young Souls, the local Senior Center. Madison offered her workshop at a discounted price of $50 per hour. She left involce 1016 with the director of Young Souls after the workshop. 26 Collected the amount due from Bagel Depot for the December 17 transaction. 27 Madison withdrew $1,200 cash for personal use. Check 175. As of December 31, the following adjusting entry data is available. 1. Accrued utilities total $340 for the current month. 2. Another month's worth of depreciation needs to be recorded on the baking equipment 3. A count reveals that $135 of baking supplies are remaining in the supply room, 4. Another month's worth of insurance has expired. 5. Madison owes her assistant $960 for the last two weeks of December, but will not pay it until January 2 6. Madison records another month of accrued interest on her grandma's loan. At year end, Madison completes all the financial statements and closes out the year. Madison is making huge strides in her entrepreneurship program by starting up Sweet Treats and she cannot thank her friends and family enough for all their support. In the new year, Madison intends on continuing to sell mixers and provide classes on multiple baking needs. She is even considering attending culinary classes at CNM to learn new things she can incorporate into her business