NEED HELP WITH PART 2, 3, 4 AND 5 PLEASE!!!!

CCOUNTING SETY The Business This practice set is designed in five parts. In the first part, the student will complete the journal entries for the month of January in an Excel spreadsheet using the Chart of Accounts listed in the Practice Set for Rockin' Roller Blades. In the second part, the student will record the adjusting journal entries in an Excel Practice. Here, the necessary adjusting month-end entries are entered. Part three consists of preparing the balances in a T-Account for each account. Part four consists of preparing a bank reconciliation. Additionally, journal entries related to the reconciliation are entered into the system. Lastly, the Adjusted Trial Balance, Income Statement, Statement of Stockholders' Equity and Balance Sheet are prepared and will be turned in. Background Rockin' Roller Blades is a roller blade shop started in January of 2021 by Beth Blade. She has saved over $36,000 to invest in the business. She has had a meeting with her lawyer and her Certified Public Accountant (CPA) and they have determined that the business should be organized as a corporation. The CPA has agreed to help Ms. Blade set up her accounting system. He provided to Ms. Blade a chart of accounts. Ms. Blade will be using a Perpetual Inventory System. Chart of Accounts Numbering System 1xxxx 15xxx 17xxx 2xxxx 27xxx 39xxx 4xxxx 5xxxx Current Asset Property, Plant & Equipment Accumulated Depreciation Current Liabilities Long-term Liabilities Stockholders' Equity Revenues Cost of Goods Sold Operating Expenses 6xxxx 2 Page TA CCOUNTING ACCOUNTING SOCIETY SOCIETY Part One Instructions Below is the Chart of Accounts that will be used in the journal entries. Use the account numbers listed below. Chart of Accounts Record the January 2021 transactions, journal entries, in an Excel Spreadsheet. An example of an Excel spreadsheet follows the transactions below. No explanation is required for the journal entries. Instead of recording the names of the accounts use the corresponding account numbers in the chart of accounts. Prepare the journal entries as shown in an Excel Spreadsheet following the transactions below. Once you have written all the journal entries in the Excel Spreadsheet you will use the spreadsheet to enter the information into Blackboard for a grade. Once you are finished entering the journal entries into Blackboard you will upload your Excel Spreadsheet into Blackboard. Here are the instructions to turn in the documents for each part of the practice set: Current Assets 10000 Cash 11000 Accounts Receivable 12000 Inventory - Orange Roller Blades 12100 Inventory - Black Roller Blades 13100 Office Supplies 13200 Shipping Supplies 14000 Prepaid Rent 14100 Prepaid Insurance Current Liabilities 20000 Accounts Payable 23100 Wages Payable 23200 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable 27000 Note Payable-Western 27100 Note Payable-Computer, Inc. Step 1: Write the journal entries in an Excel spreadsheet or Word document Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends Long-Term Assets 15000 Metal Shelves 17000 Accumulated Depreciation - Metal Shelves 15100 Land 15200 Computer Equipment 17200 Accumulated Depreciation - Computer Equipment 15300 Truck 17300 Accumulated Depreciation Truck Revenue 40000 Sales Transactions Date Deposit No. Description / Check No. 1. 1/02/2021 Ms. Blade met with her lawyer and CPA for advice on starting the business. The lawyer told Ms. Blade to register the company name Rockin' Roller Blades with the County of El Paso. In addition, Ms. Blade will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. 2. 1/02/2021 Deposit #1 Ms. Blade opened a business checking account at Western Bank by depositing $36,000. The corporation issued her a stock certificate for 9,000 shares of common stock with no par value. 3. 1/03/2021 Ck #1001 Ms. Blade signed a one-year rental. She was required to pay $12,000 for rent for the months of January 1, 2021 - April 30, 2021. 4. 1/03/2021 Ck #1002 Arranged for a general business liability insurance policy and paid $6,000 to State Penn Insurance. This premium is for twelve months coverage. 5. 1/03/2021 Deposit #2 Signed a note payable to borrow $20,000 from Western Bank. Interest is 10% annually and the note is to be repaid with interest in twelve months. (Interest will be calculated and shown as an adjusting journal entry) 6. 1/05/2021 Purchased Office Supplies $2,800 on account Expenses 50000 60100 60150 60200 60300 60350 60400 60450 60500 60550 Cost of Goods Sold Legal Expense Office Supplies Expense Shipping Supplies Expense Insurance Expense Wage Expense Credit Card Expense Delivery Expense Advertising and Promotion Expense Utility Expense 60600 60650 60700 60750 60800 60850 Rent Expense Depreciation Expense Interest Expense Bank Service Fee Gasoline Expense Registration Fee 3 Page 4 Page LES CCOUNTING 7. 1/05/2021 8. 9. 1/05/2021 Ck #1003 1/06/2021 Ck #1004 10. 1/06/2021 ACCOUNTING S. SOCIETY Purchased metal shelving on account for $3,000. It will be depreciated over 5 years using straight-line depreciation and it will have $500 of salvage value at the end of 5 years. Depreciation will be calculated at the end of the month and in the adjusting journal entries. Purchased Shipping Supplies $1,000 Purchased land for a future building site $75,000; paying $10,000 in cash and giving a note payable from Western Bank for the remainder. The bank note will carry 10% interest and will be repaid in 9 months. The first month of interest will be paid in the adjusting journal entries at the end of the month. Purchased a new computer system that cost $6,255 from Computer Inc. for use in the business. Ms. Blade signed a 6 month, 10% note payable for the cost of the system. The computer system has an estimated useful life of five years the residual (salvage) value is $400. This will be recorded as Computer Equipment. Depreciation and interest will be an adjusting journal entry using straight-line depreciation to be repaid with interest in twelve months and will be done at the end of the month. Arranged for Move West to make the delivery of the computer system and paid the delivery charge of $550. This charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment. The depreciation will be calculated in the adjusting journal entries at the end of the month. Purchased 230 merchandise inventory-orange roller blades for $6,900 on account. The vendor did not extend credit terms. Purchased 250 merchandise inventory-black roller blades for $7,500 of on account. There were no credit terms for prompt payment. Ms. Blade received and paid the $1,000 charge from her lawyer. Purchased a used truck for 11,000 using cash. The truck will be depreciated over 2 years. The depreciation will be straight-line and will be an adjusting journal entry at the end of the month. Rockin' Roller Blades is now open for business. Sold merchandise for $19,800 cash. Sales Tax was $1,633.50. The cost of the Roller Blades is $9,900; the cost of the Orange Roller Blades is $3,900. Part of this sale must be delivered to the customer. The merchandise will be shipped FOB destination. Paid $225 to ship the merchandise. Purchased additional orange roller blades on account for $6,000. Credit terms were 2/15, n/30. Assume credit terms will be used. Purchased additional black roller blades on account for $11,500. Credit terms were 1/15, n/30. Assume credit terms will be used. SOCIETY 21. 1/20/2021 Deposit #4 Recorded cash sales that totaled $15,000. Sales tax is $1,237.50. The cost of merchandise sold was $7,500 (orange blades were $3,750; black blades were $3,750) 22. 1/22/2021 Ck #1009 Ms. Blade signed up for a Roller Blade Exhibition. She paid the registration fee of $250. 23. 1/23/2021 Ms. Blade participated in a roller blade exhibition held at the convention center sponsored by the Chamber of Commerce. She felt this was a good way to publicize her new business. The cost to participate was $800 and she considers this an Advertising expense and paid on account. 24. 1/26/2021 Ck #1010 Paid for the roller blades purchased on 1/09/2021. 25. 1/27/2021 Deposit #5 Ms. Blade recorded cash sales totaling $10,500. Sales tax is $866.25. The cost of the merchandise sold was $5,250 (orange blades $2,250; black blades $3,000). 26. 1/27/2021 Ck # 1011 Paid the Advertising expense billed on account in transaction #23. 27. 1/27/2021 Ck #1012 Paid the balance due for the roller blades. There are three invoices. 28. 1/30/2021 Ck #1013 American Express sent a bill for $235 for gasoline expense and the bill was paid. 29. 1/30/2021 Received but did not pay the utility bill for the month, $445. 30. 1/30/2021 Ck #1014 Paid the first monthly installment on the computer equipment. $52.13 is for interest and $1,042.50 is for principal. 31. 1/30/2021 Deposit #6 Recorded sales made for the last week of the month. Sales tax is $891. Total cash sales were $10,800. The cost of the merchandise sold was $5,400 (orange blades $1,650; black blades $3,750). 32. 1/31/2021 Ck #1015 Paid the sales tax to the proper taxing authority. 33. 1/31/2021 Ck #1016 Declared and paid a cash dividend of $200 to Ms. Blade 11. 1/08/2021 Ck #1005 12. 1/08/2021 13. 1/09/2021 14. 1/13/2021 Ck #1006 15. 1/14/2021 Ck #1007 16. 1/14/2021 17. 1/14/2021 Deposit #3 18. 1/16/2021 Ck #1008 19. 1/16/2021 20. 1/17/2021 5 Page 6 Page ACCOUNTING ACCOUNTING OCIETY Part Three Instructions OCIETY Part Two Instructions: Before you prepare the ten adjusting journal entries below in an Excel spreadsheet please make sure corrections have been made to any previous journal entries. The following are the adjusting journal entries for the month of January. Record all adjusting entries on January 31, 2021. Record Adjusting Entries: Record the following month end adjusting entries for the month of January. Write the journal entries in a new Excel Spreadsheet. a. $150 of office supplies remained on hand. b. $200 of shipping supplies remained on hand. c. $2,300 of f wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes: Temp Services Inc. will handle these. d. Make the necessary adjusting entries for one month's depreciation for the Computer Equipment using Straight Line Depreciation. e. Make the necessary adjusting entry for one month's depreciation for the truck using Straight Line Depreciation. f. Make the necessary adjusting entry for one month's depreciation for the metal shelving using Straight Line Depreciation. g. One month of the prepaid insurance has expired. h. One month of the prepaid rent has expired. i. Record the interest for the loan for $20,000 from Western Bank for one month j. Record the interest for the loan for the land from Western Bank for one month. Follow the same instructions for the adjusting journal entries that you did in part one. Once the adjusting entries have been completed in the spreadsheet use the spreadsheet to answer the questions in Blackboard then upload the spreadsheet to Blackboard. Follow these instructions. Step 1: Write the adjusting journal entries in an Excel spreadsheet or Word document Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content intent folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button Before preparing the T-Accounts make sure that all journal entries are corrected so that the ending balance in the T-Accounts will be correct. Find the ending balance for each account. Do this by creating a T-account for each account in an Excel Spreadsheet as shown in the template after the instructions here. Put all debits and credits in each account and calculate the ending balance. All accounts that were used in the Chart of Accounts should be included and if the account has a zero balance place the zero on the normal balance side. Once you finish preparing all the balances in each account, use the spreadsheet to answer the questions in Blackboard. In Blackboard the question will be the same for each account. "What is the balance in Account number 10000 (or whatever account it asks) and what is the normal balance. Since it asked for account number 10000 that is cash so type in Dr $10,500.00 You will do this for each account. Use the spreadsheet to answer the questions in Blackboard. Once you complete answering the questions in Blackboard then upload your T-Account Spreadsheet to Blackboard following the instructions below: Step 1: Create an Excel spreadsheet or Word document with all the T-Accounts and input the numbers from the transactions into the proper account and calculate the ending balance in each account and input the balance on the normal balance side Step Use the Excel spreadsheet or Word document to answer the questions Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button . A template for the T-Accounts follows. Some accounts such as cash will require more than just one or two lines. ACCOUNTING ACCOUNTING " SOCIETY SOCIETY Template for T-Accounts: Prepare the T-Accounts in Excel and use the accounts listed in the Chart of Accounts. This is just an example of how to set it up. Part Four Instructions Cash Debit Credit Accounts Receivable Inventory-Flowers Debit Credit Debit Credit Inventory Containers Office Supplies Debit Credit Debit Credit Shipping Supplies Debit Credit ol ol 0 Prepaid Rent Debit Credit Prepaid Insurance Debit Credit Prepaid Domain Charges Debit Credit Computer Equipment Debit Credit Accumulated Depr.- Comp. Equipment Debit Credit Website Development Debit Credit 0 ol 0 Accumulated Depr. Website Debit Credit Accounts Payable Debit Credit Note Payable Wells Fargo Debit Credit Note Payable Computer Inc Debit Credit Wages Payable Debit Credit Interest Payable Debit Credit 0 0 0 0 0 0 In this part of the practice set, the student will prepare a Bank Reconciliation for the month of January. Prepare it in Word or Excel and use the ending balance in your cash account for the cash for your books. Be prepared to turn in the Bank Reconciliation after answering the questions in Blackboard, upload the Bank Reconciliation. Requirements 1. Make sure you have corrected any errors on your journal and adjusting journal entries and have the correct balance for the cash account before starting the Bank Reconciliation. Please use the correct balance in the cash account to start on the book side of the reconciliation. 2. Bank Reconciliation: Using the cash balance per books and the bank statement, prepare a bank reconciliation. A template you can use to create a Bank reconciliation is located at the at the bottom of this page. 3. Record Bank Reconciliation Adjustments: After you have prepared the bank reconciliation you must make any adjusting journal entries to your cash account by entering them in the general of the practice set so that the general ledger cash account agrees with the bank reconciliation. Once you finish the Bank Reconciliation follow the instructions below: Step 1: Use the template below to create an Excel spreadsheet or Word document to show the reconciled balance using the Bank Statement and the correct ending balance in the cash account. Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button Sales Tax Payable Debit Credit Utilities Payable Debit Credit Mortgage Payable Debit Credit Note Payable Debit Credit Common Stock Debit Credit Retained Earnings Debit Credit journal of 0 0 0 0 0 0 0 Dividends Debit Credit Sales Debit Credit COGS Debit Credit Legal Expense Debit Credit Office Supplies Expense Debit Credit Shipping Supplies Expense Debit Credit 01 0 ol ol Advertising & Promotion Expense Debit Credit Domain Expense Debit Credit Insurance Expense Debit Credit Wages Expense Debit Credit Credit Card Expense Debit Credit Delivery Expense Debit Credit Template for Bank Reconciliation 0 ol 0 Western Bank Balance "Rocking Roller Blades" Ending Cash Balance on Bank Statement Ending Cash Balance in T-Account - Deposits in Transit Adjustments or Errors +/- Rent Expense Utility Expense Debit Credit Depreciation Expense Debit Credit Interest Expense Debit Credit Bank Service Fee Debit Credit Debit Credit Outstanding Checks Reconciled Balance 0 Adjustments or Errors +/- Reconciled Balance ACCOUNTING ACCOUNTING So Solo OCIETY OCIETY Part Five Instructions Bank Statement Western Bank Page 1 PO Box 12345 El Paso, Texas 79998-2345 Before preparing the Financial Statements make sure all the assignments have been corrected in your spreadsheets. Prepare the Financial Statements listed below. a. Adjusted Trial Balance b. Income Statement c. Statement of Retained Earnings d. Balance sheet Rocking' Roller Blades 123 Main Avenue El Paso, Texas 79945 Once you finish the Financial Statements follow the instructions below: Step 1: Take the corrected balances in each account and prepare the Financial Statements listed above. Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button WESTERN BANK STATEMENT "Rockin' Roller Blades" 01/01/2021 Balance, beginning Deposits and other credits Checks and other debits Balance on statement date January January 01/31/2021 $0 $105,307.25 $66,530.00 $38,777.25 Deposits Added 1/2/2021 Deposit $36,000.00 1/3/2021 Deposit 2 $20,000.00 1/14/2021 Deposit 3 $21,433.50 1/23/2021 Deposit 4 $16,237.50 1/27/2021 Deposit 5 $11,636.25 Wells Fargo Bank Statement - Checks Paid and other Debits 1001 $12,000.00 1007 $11,000.00 1002 $6,000.00 1008 $225.00 1003 $1,000.00 1009 $250.00 1004 $10,000.00 1012 1005 $550.00 DM $70 Check Printing Fee 1006 $1,000.00 NSF $750.00 *Assume any errors are made by the bank. $23,685.00 CCOUNTING SETY The Business This practice set is designed in five parts. In the first part, the student will complete the journal entries for the month of January in an Excel spreadsheet using the Chart of Accounts listed in the Practice Set for Rockin' Roller Blades. In the second part, the student will record the adjusting journal entries in an Excel Practice. Here, the necessary adjusting month-end entries are entered. Part three consists of preparing the balances in a T-Account for each account. Part four consists of preparing a bank reconciliation. Additionally, journal entries related to the reconciliation are entered into the system. Lastly, the Adjusted Trial Balance, Income Statement, Statement of Stockholders' Equity and Balance Sheet are prepared and will be turned in. Background Rockin' Roller Blades is a roller blade shop started in January of 2021 by Beth Blade. She has saved over $36,000 to invest in the business. She has had a meeting with her lawyer and her Certified Public Accountant (CPA) and they have determined that the business should be organized as a corporation. The CPA has agreed to help Ms. Blade set up her accounting system. He provided to Ms. Blade a chart of accounts. Ms. Blade will be using a Perpetual Inventory System. Chart of Accounts Numbering System 1xxxx 15xxx 17xxx 2xxxx 27xxx 39xxx 4xxxx 5xxxx Current Asset Property, Plant & Equipment Accumulated Depreciation Current Liabilities Long-term Liabilities Stockholders' Equity Revenues Cost of Goods Sold Operating Expenses 6xxxx 2 Page TA CCOUNTING ACCOUNTING SOCIETY SOCIETY Part One Instructions Below is the Chart of Accounts that will be used in the journal entries. Use the account numbers listed below. Chart of Accounts Record the January 2021 transactions, journal entries, in an Excel Spreadsheet. An example of an Excel spreadsheet follows the transactions below. No explanation is required for the journal entries. Instead of recording the names of the accounts use the corresponding account numbers in the chart of accounts. Prepare the journal entries as shown in an Excel Spreadsheet following the transactions below. Once you have written all the journal entries in the Excel Spreadsheet you will use the spreadsheet to enter the information into Blackboard for a grade. Once you are finished entering the journal entries into Blackboard you will upload your Excel Spreadsheet into Blackboard. Here are the instructions to turn in the documents for each part of the practice set: Current Assets 10000 Cash 11000 Accounts Receivable 12000 Inventory - Orange Roller Blades 12100 Inventory - Black Roller Blades 13100 Office Supplies 13200 Shipping Supplies 14000 Prepaid Rent 14100 Prepaid Insurance Current Liabilities 20000 Accounts Payable 23100 Wages Payable 23200 Interest Payable 23300 Sales Tax Payable 23400 Utility Payable 27000 Note Payable-Western 27100 Note Payable-Computer, Inc. Step 1: Write the journal entries in an Excel spreadsheet or Word document Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button Stockholders' Equity 39003 Common Stock 39005 Retained Earnings 39007 Dividends Long-Term Assets 15000 Metal Shelves 17000 Accumulated Depreciation - Metal Shelves 15100 Land 15200 Computer Equipment 17200 Accumulated Depreciation - Computer Equipment 15300 Truck 17300 Accumulated Depreciation Truck Revenue 40000 Sales Transactions Date Deposit No. Description / Check No. 1. 1/02/2021 Ms. Blade met with her lawyer and CPA for advice on starting the business. The lawyer told Ms. Blade to register the company name Rockin' Roller Blades with the County of El Paso. In addition, Ms. Blade will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state of Texas. 2. 1/02/2021 Deposit #1 Ms. Blade opened a business checking account at Western Bank by depositing $36,000. The corporation issued her a stock certificate for 9,000 shares of common stock with no par value. 3. 1/03/2021 Ck #1001 Ms. Blade signed a one-year rental. She was required to pay $12,000 for rent for the months of January 1, 2021 - April 30, 2021. 4. 1/03/2021 Ck #1002 Arranged for a general business liability insurance policy and paid $6,000 to State Penn Insurance. This premium is for twelve months coverage. 5. 1/03/2021 Deposit #2 Signed a note payable to borrow $20,000 from Western Bank. Interest is 10% annually and the note is to be repaid with interest in twelve months. (Interest will be calculated and shown as an adjusting journal entry) 6. 1/05/2021 Purchased Office Supplies $2,800 on account Expenses 50000 60100 60150 60200 60300 60350 60400 60450 60500 60550 Cost of Goods Sold Legal Expense Office Supplies Expense Shipping Supplies Expense Insurance Expense Wage Expense Credit Card Expense Delivery Expense Advertising and Promotion Expense Utility Expense 60600 60650 60700 60750 60800 60850 Rent Expense Depreciation Expense Interest Expense Bank Service Fee Gasoline Expense Registration Fee 3 Page 4 Page LES CCOUNTING 7. 1/05/2021 8. 9. 1/05/2021 Ck #1003 1/06/2021 Ck #1004 10. 1/06/2021 ACCOUNTING S. SOCIETY Purchased metal shelving on account for $3,000. It will be depreciated over 5 years using straight-line depreciation and it will have $500 of salvage value at the end of 5 years. Depreciation will be calculated at the end of the month and in the adjusting journal entries. Purchased Shipping Supplies $1,000 Purchased land for a future building site $75,000; paying $10,000 in cash and giving a note payable from Western Bank for the remainder. The bank note will carry 10% interest and will be repaid in 9 months. The first month of interest will be paid in the adjusting journal entries at the end of the month. Purchased a new computer system that cost $6,255 from Computer Inc. for use in the business. Ms. Blade signed a 6 month, 10% note payable for the cost of the system. The computer system has an estimated useful life of five years the residual (salvage) value is $400. This will be recorded as Computer Equipment. Depreciation and interest will be an adjusting journal entry using straight-line depreciation to be repaid with interest in twelve months and will be done at the end of the month. Arranged for Move West to make the delivery of the computer system and paid the delivery charge of $550. This charge should be added to the cost of the computer equipment purchased and depreciated on the same basis as the computer equipment. The depreciation will be calculated in the adjusting journal entries at the end of the month. Purchased 230 merchandise inventory-orange roller blades for $6,900 on account. The vendor did not extend credit terms. Purchased 250 merchandise inventory-black roller blades for $7,500 of on account. There were no credit terms for prompt payment. Ms. Blade received and paid the $1,000 charge from her lawyer. Purchased a used truck for 11,000 using cash. The truck will be depreciated over 2 years. The depreciation will be straight-line and will be an adjusting journal entry at the end of the month. Rockin' Roller Blades is now open for business. Sold merchandise for $19,800 cash. Sales Tax was $1,633.50. The cost of the Roller Blades is $9,900; the cost of the Orange Roller Blades is $3,900. Part of this sale must be delivered to the customer. The merchandise will be shipped FOB destination. Paid $225 to ship the merchandise. Purchased additional orange roller blades on account for $6,000. Credit terms were 2/15, n/30. Assume credit terms will be used. Purchased additional black roller blades on account for $11,500. Credit terms were 1/15, n/30. Assume credit terms will be used. SOCIETY 21. 1/20/2021 Deposit #4 Recorded cash sales that totaled $15,000. Sales tax is $1,237.50. The cost of merchandise sold was $7,500 (orange blades were $3,750; black blades were $3,750) 22. 1/22/2021 Ck #1009 Ms. Blade signed up for a Roller Blade Exhibition. She paid the registration fee of $250. 23. 1/23/2021 Ms. Blade participated in a roller blade exhibition held at the convention center sponsored by the Chamber of Commerce. She felt this was a good way to publicize her new business. The cost to participate was $800 and she considers this an Advertising expense and paid on account. 24. 1/26/2021 Ck #1010 Paid for the roller blades purchased on 1/09/2021. 25. 1/27/2021 Deposit #5 Ms. Blade recorded cash sales totaling $10,500. Sales tax is $866.25. The cost of the merchandise sold was $5,250 (orange blades $2,250; black blades $3,000). 26. 1/27/2021 Ck # 1011 Paid the Advertising expense billed on account in transaction #23. 27. 1/27/2021 Ck #1012 Paid the balance due for the roller blades. There are three invoices. 28. 1/30/2021 Ck #1013 American Express sent a bill for $235 for gasoline expense and the bill was paid. 29. 1/30/2021 Received but did not pay the utility bill for the month, $445. 30. 1/30/2021 Ck #1014 Paid the first monthly installment on the computer equipment. $52.13 is for interest and $1,042.50 is for principal. 31. 1/30/2021 Deposit #6 Recorded sales made for the last week of the month. Sales tax is $891. Total cash sales were $10,800. The cost of the merchandise sold was $5,400 (orange blades $1,650; black blades $3,750). 32. 1/31/2021 Ck #1015 Paid the sales tax to the proper taxing authority. 33. 1/31/2021 Ck #1016 Declared and paid a cash dividend of $200 to Ms. Blade 11. 1/08/2021 Ck #1005 12. 1/08/2021 13. 1/09/2021 14. 1/13/2021 Ck #1006 15. 1/14/2021 Ck #1007 16. 1/14/2021 17. 1/14/2021 Deposit #3 18. 1/16/2021 Ck #1008 19. 1/16/2021 20. 1/17/2021 5 Page 6 Page ACCOUNTING ACCOUNTING OCIETY Part Three Instructions OCIETY Part Two Instructions: Before you prepare the ten adjusting journal entries below in an Excel spreadsheet please make sure corrections have been made to any previous journal entries. The following are the adjusting journal entries for the month of January. Record all adjusting entries on January 31, 2021. Record Adjusting Entries: Record the following month end adjusting entries for the month of January. Write the journal entries in a new Excel Spreadsheet. a. $150 of office supplies remained on hand. b. $200 of shipping supplies remained on hand. c. $2,300 of f wages for the part-time help from Irene's Temp Services for January should be accrued. Do not worry about payroll taxes: Temp Services Inc. will handle these. d. Make the necessary adjusting entries for one month's depreciation for the Computer Equipment using Straight Line Depreciation. e. Make the necessary adjusting entry for one month's depreciation for the truck using Straight Line Depreciation. f. Make the necessary adjusting entry for one month's depreciation for the metal shelving using Straight Line Depreciation. g. One month of the prepaid insurance has expired. h. One month of the prepaid rent has expired. i. Record the interest for the loan for $20,000 from Western Bank for one month j. Record the interest for the loan for the land from Western Bank for one month. Follow the same instructions for the adjusting journal entries that you did in part one. Once the adjusting entries have been completed in the spreadsheet use the spreadsheet to answer the questions in Blackboard then upload the spreadsheet to Blackboard. Follow these instructions. Step 1: Write the adjusting journal entries in an Excel spreadsheet or Word document Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content intent folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button Before preparing the T-Accounts make sure that all journal entries are corrected so that the ending balance in the T-Accounts will be correct. Find the ending balance for each account. Do this by creating a T-account for each account in an Excel Spreadsheet as shown in the template after the instructions here. Put all debits and credits in each account and calculate the ending balance. All accounts that were used in the Chart of Accounts should be included and if the account has a zero balance place the zero on the normal balance side. Once you finish preparing all the balances in each account, use the spreadsheet to answer the questions in Blackboard. In Blackboard the question will be the same for each account. "What is the balance in Account number 10000 (or whatever account it asks) and what is the normal balance. Since it asked for account number 10000 that is cash so type in Dr $10,500.00 You will do this for each account. Use the spreadsheet to answer the questions in Blackboard. Once you complete answering the questions in Blackboard then upload your T-Account Spreadsheet to Blackboard following the instructions below: Step 1: Create an Excel spreadsheet or Word document with all the T-Accounts and input the numbers from the transactions into the proper account and calculate the ending balance in each account and input the balance on the normal balance side Step Use the Excel spreadsheet or Word document to answer the questions Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button . A template for the T-Accounts follows. Some accounts such as cash will require more than just one or two lines. ACCOUNTING ACCOUNTING " SOCIETY SOCIETY Template for T-Accounts: Prepare the T-Accounts in Excel and use the accounts listed in the Chart of Accounts. This is just an example of how to set it up. Part Four Instructions Cash Debit Credit Accounts Receivable Inventory-Flowers Debit Credit Debit Credit Inventory Containers Office Supplies Debit Credit Debit Credit Shipping Supplies Debit Credit ol ol 0 Prepaid Rent Debit Credit Prepaid Insurance Debit Credit Prepaid Domain Charges Debit Credit Computer Equipment Debit Credit Accumulated Depr.- Comp. Equipment Debit Credit Website Development Debit Credit 0 ol 0 Accumulated Depr. Website Debit Credit Accounts Payable Debit Credit Note Payable Wells Fargo Debit Credit Note Payable Computer Inc Debit Credit Wages Payable Debit Credit Interest Payable Debit Credit 0 0 0 0 0 0 In this part of the practice set, the student will prepare a Bank Reconciliation for the month of January. Prepare it in Word or Excel and use the ending balance in your cash account for the cash for your books. Be prepared to turn in the Bank Reconciliation after answering the questions in Blackboard, upload the Bank Reconciliation. Requirements 1. Make sure you have corrected any errors on your journal and adjusting journal entries and have the correct balance for the cash account before starting the Bank Reconciliation. Please use the correct balance in the cash account to start on the book side of the reconciliation. 2. Bank Reconciliation: Using the cash balance per books and the bank statement, prepare a bank reconciliation. A template you can use to create a Bank reconciliation is located at the at the bottom of this page. 3. Record Bank Reconciliation Adjustments: After you have prepared the bank reconciliation you must make any adjusting journal entries to your cash account by entering them in the general of the practice set so that the general ledger cash account agrees with the bank reconciliation. Once you finish the Bank Reconciliation follow the instructions below: Step 1: Use the template below to create an Excel spreadsheet or Word document to show the reconciled balance using the Bank Statement and the correct ending balance in the cash account. Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button Sales Tax Payable Debit Credit Utilities Payable Debit Credit Mortgage Payable Debit Credit Note Payable Debit Credit Common Stock Debit Credit Retained Earnings Debit Credit journal of 0 0 0 0 0 0 0 Dividends Debit Credit Sales Debit Credit COGS Debit Credit Legal Expense Debit Credit Office Supplies Expense Debit Credit Shipping Supplies Expense Debit Credit 01 0 ol ol Advertising & Promotion Expense Debit Credit Domain Expense Debit Credit Insurance Expense Debit Credit Wages Expense Debit Credit Credit Card Expense Debit Credit Delivery Expense Debit Credit Template for Bank Reconciliation 0 ol 0 Western Bank Balance "Rocking Roller Blades" Ending Cash Balance on Bank Statement Ending Cash Balance in T-Account - Deposits in Transit Adjustments or Errors +/- Rent Expense Utility Expense Debit Credit Depreciation Expense Debit Credit Interest Expense Debit Credit Bank Service Fee Debit Credit Debit Credit Outstanding Checks Reconciled Balance 0 Adjustments or Errors +/- Reconciled Balance ACCOUNTING ACCOUNTING So Solo OCIETY OCIETY Part Five Instructions Bank Statement Western Bank Page 1 PO Box 12345 El Paso, Texas 79998-2345 Before preparing the Financial Statements make sure all the assignments have been corrected in your spreadsheets. Prepare the Financial Statements listed below. a. Adjusted Trial Balance b. Income Statement c. Statement of Retained Earnings d. Balance sheet Rocking' Roller Blades 123 Main Avenue El Paso, Texas 79945 Once you finish the Financial Statements follow the instructions below: Step 1: Take the corrected balances in each account and prepare the Financial Statements listed above. Step 2: Use the Excel spreadsheet or Word document to answer the questions in Blackboard in the content folder in the corresponding week. Step 3: Once you complete entering information click on the "Practice Set" tab on the navigation pane Step 4: When it opens, click on the corresponding assignment of the practice set Step 5: Once the assignment opens, scroll down and click on "Browse Local Files" Step 6: When you are done uploading the files, scroll down and click on the "Submit" button WESTERN BANK STATEMENT "Rockin' Roller Blades" 01/01/2021 Balance, beginning Deposits and other credits Checks and other debits Balance on statement date January January 01/31/2021 $0 $105,307.25 $66,530.00 $38,777.25 Deposits Added 1/2/2021 Deposit $36,000.00 1/3/2021 Deposit 2 $20,000.00 1/14/2021 Deposit 3 $21,433.50 1/23/2021 Deposit 4 $16,237.50 1/27/2021 Deposit 5 $11,636.25 Wells Fargo Bank Statement - Checks Paid and other Debits 1001 $12,000.00 1007 $11,000.00 1002 $6,000.00 1008 $225.00 1003 $1,000.00 1009 $250.00 1004 $10,000.00 1012 1005 $550.00 DM $70 Check Printing Fee 1006 $1,000.00 NSF $750.00 *Assume any errors are made by the bank. $23,685.00