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ACTG 381 Pre-requisite Accounting Mechanics Quiz Spring 2017-Day Class Purpose of Quiz: This take home quiz has been designed as a review of the pre-requisite accounting knowledge necessary to be successful in ACTG381. This quiz focuses on recording basic accounting transactions/journal entries, understanding T accounts, and creating a set of financial statements. It is also intended as an opportunity to practice using basic Excel functions. The accounting issues included in this quiz are assumed to have been covered in your prerequisite financial accounting course. If you need a reference, you could refer to the textbook from your pre-requisite accounting course or Chapter 3 in the textbook for this class. Students who are unable to successfully complete this quiz should consider taking ACTG281 prior to ACTG381. Possible Points: 25 points; 20 for accounting accuracy and 5 for appropriate Excel technique (i.e., internal referencing among spreadsheets, auto-sum, dr/cr control total, formatting). Due Date: A printed copy of your solution must be turned in at the beginning of class on Thursday, April 6th. Your Excel file should be posted to https://d2l.pdx.edu/ Dropbox by 3pm on Friday, April 7th. Late assignments will receive a score of zero as the solution will be posted on D2L the next day. If you are unfamiliar with D2L, please refer to http://www.pdx.edu/oit/d2l Background: Summer Corporation (Summer) was founded in 2008 by Erica and Phil Summer. The company designs, sells, installs, and services security systems for high-tech companies. The founders, who describe themselves as "entrepreneurial geeks," met in a computer lab when they were teenagers and found they had common interests in working on security systems for critical industries. Summer also has one employee, Suzanne Johnson, who has an MBA. To date Suzanne has been doing all the accounting for the company. In June 2017, Summer hires you as an accounting intern. Required: Suzanne Johnson has just provided you with the attached preliminary unadjusted trial balance for 5/31/17. Assume this trial balance has been correctly prepared. Summer's year end is June 30th. (A) Using the Excel General Journal spreadsheet in this file, record the June transactions listed below AND the necessary month end adjusting journal entries. Label the transactions in numeric sequence corresponding to the letters below. Each of the transactions below requires a journal entry. Note that there is a debit and credit control total at the top of the general journal so that you can check after each entry to see if you are in balance. 1. $970,000 of product was sold on account. This product had a cost of goods sold of $590,000 2. $63,500 received from customer for sales made on account in previous months. 3. The following invoices totaling $66,850 were received and recorded on account: Legal and Accounting Expense of $19,200 Office Supplies Expense of $5,450 Utilities Expense of $13,700 Repair & Maintenance of $28,500 4. $112,000 of inventory was purchased on account and received into the warehouse during June. The company uses a perpetual inventory system. 5. $91,500 of vendor invoices were paid during June. These invoices had already been accrued into accounts payable in May. 6. On June 1 a customer made a $75,000 deposit for product sales to be made in July 2017. 7. Total June wages were $95,000, of which $73,365 were paid in June and $21,635 were to be paid in July. Payroll taxes should be ignored when you record this entry. 8. On July 1, 2016, Summer sold equipment with an original cost of $10,000 and accumulated depreciation of $7,000 for $5,000. In June 2017 Summer realized this entry had not yet been recorded. Hint: Since this equipment was sold on 7/1/16, make sure not to include it in the calculation of year-end depreciation. Suzanne also provided you the following information that she thought may be helpful in preparing the yearend financial statements. 9. On January 1, 2017, ABC Corp. had paid Summer $135,000 in advance for 8 months of consulting services starting on January 1, 2017. Suzanne has been properly recording consulting revenue each month. 10. Bad debt expense has been estimated at $18,708. Bad debt expense is recorded annually at the end of the year, and has not yet been recorded. 11. Monthly interest expense on long-term liabilities is $6,235. Interest should be accrued every month but has not yet been accrued for June. 12. The Prepaid Expense account includes a one-year insurance policy purchased and recorded on January 1, 2017 for $11,520. Suzanne has been properly recognizing insurance expense each month through the end of May. 13. Depreciation is recorded annually on the straight line basis at the end of the fiscal year (i.e., no depreciation expense has been recorded yet for 2017). The company owns one building which has a useful life of 30 years and is assumed to have a $200,000 salvage value. Furniture and equpment are assumed to have a useful life of 10 years with no salvage value. 14. On June 1, 2017 Summer declared a dividend of $142,000, to be paid on October 20, 2017. Do not use a separate Dividends account. Debit the amount directly to Retained Earnings. (B) "Post" the journal entries from the General Journal to the Excel spreadsheet of T-accounts in this file. All necessary T-accounts have been provided. This should be completed through the use of Excel formulas rather than retyping the numbers in your T-accounts. Please also place the number of each transaction next to each journal entry (see transaction '1' in the Excel T-Account sheet for an example). TIP: Set up your spreadsheet to have debit and credit control totals so that you can check after each entry to see if you are in balance. (C) In Excel, prepare a balance sheet as of 06/30/17 and a SINGLE-STEP income statement for the year ended 6/30/17. This should be completed through the use of Excel formulas rather than retyping the ending balances from your T-accounts in the financial statements. Note that you do not need to record closing entries to the General Journal, just use the T-account balances to create your balance sheet and income statement. You do NOT need to prepare a Statement of Shareholders' Equity or Statement of Cash Flows. Income taxes should be ignored. General Ledger Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Prepaid expenses Building Furniture & Equipment Land Accum Depreciation Investments Goodwill Other Intangible Assets Accounts Payable Dividends Payable Interest Payable Unearned Revenue Accrued Wages Payroll Taxes Payable Long Term Debt Common Stock Paid-in Capital Treasury Stock Retained Earnings Sales Revenue Cost of Goods Sold Advertising Expense Bad Debt Expense Depreciation Expense Insurance Expense Interest Expense Investment Income Gain on sale of PPE Legal and Accounting Expense Office supplies Expense Payroll Tax Expense Property Tax Expense Repair and Maintenance Expense Utilities Expense Wage Expense Total Unadjusted T/B 5/31/17 Debit Credit 208,520 195,743 84,962 1,752,160 22,774 700,000 125,000 398,791 205,564 140,186 630,000 121,944 1,234,177 0 5,100 158,660 83,350 8,850 602,500 920,000 105,000 400,000 607,017 9,390,249 5,914,053 202,000 0 0 60,101 45,200 13,230 0 201,340 195,641 156,975 104,570 192,809 57,134 1,593,718 13,418,659 13,418,659 0.00 Summer Corporation Cash Accounts Receivable 195,743 970,000 Allow for Doubtful Accts Prepaid Expenses Building Furniture & Equipment Accum Depreciation Land Investments Goodwill Other Intangible Assets Accounts Payable Dividends Payable Interest Payable Unearned Revenue Accrued Wages Payroll Taxes Payable Long Term Debt Common Stock Paid-in Capital Treasury Stock Retained Earnings Investment Income Gain on Equipment beg 1 beg Student Name: Inventory 1,752,160 590,000 1 ` Revenue 9,390,249 beg 970,000 1 beg 1 Cost of Goods Sold 5,914,053 590,000 Advertising Expense Bad Debt Expense Depreciation Expense Insurance Expense Interest Expense Legal & Actg Expense Office Supplies Expense Payroll Tax Expense Property Tax Expense Repair & Maintenance Exp Utilities Expense Wage Expense Student Name: Summer Corporation General Journal 1,560,000 # Transaction 1 Accounts Receivable Revenue Cost of Goods Sold Inventory To record sale of product 1,560,000 (Control totals) Debit Credit 970,000 970,000 590,000 590,000 Summer Corporation Income Statement For the year ended 6/30/17 Revenues Total Revenues Expenses Total Expenses Net Income Summer Corporation Balance Sheet 6/30/2017 Current assets Total Current Assets Total Assets Liabilities and Stockholders' Equity Current Liabilities Total Current Liabilities Total liabilities Stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity