Need to complete journal entries, as well as Income Statement and Balance sheet.
Need to complete the spreadsheet template.
Unit 1 Activity 10 Assignment Exercise 1 - Periodic vs. Perpetual Inventory Analyze each of the following transactions and record journal entries under both the: (1) periodic inventory system, and (2) perpetual inventory system. Include a description line for each journal entry. a) Jan 2: Purchased $4500 + HST of inventory from Wholesale Inc. on terms 1/10 n30 (1% discount if paid within 15 days otherwise the total or net amount is due in 30 days) b) Jan 5: Returned $500 +HST of inventory from purchase made on Jan 2. c) Jan 10: Sold merchandise for $2875 plus HST. The purchase price of the merchandise was $2000. The sale was made on account on terms 2/10 n30 to B. Caldwell d) Jan 13: Paid for purchase made on Jan 2 (less the returned items) e) Jan 26: B. Caldwell paid for the Jan 10 purchase. Exercise 2- Use the Trial Balance information in the second tab to create and Income Statement(3rd tab) and Balance Sheet (4th tab) for the company. Assume the company uses a periodic Inventory system. Be sure to use Excel Formulas for all calculations and include the necessary $ signs and underlining. AutoSave or OFF AAP U1A10 template.xls - Compatibility Mode Home - Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X v 10 v P A a Wraa Text General v Insert 29.0 Delete Pasto BIU 1 - CA A = = = - y Merge & Center Sensitivity y Conditional Format Cell Formatting as Table Styles Format v Sort & Filter Analyze Data y Find & Select 131 fx T . + x B A B D F E F G H J K M N a P R S T U w Y 1 2 3 Gararlbumal 9 Dulu Parleuters 4 Periodic Inventory System Entries P.R Dok PAGA Credil 5 7 . 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 20 20 30 311 32 Perpetual Inventory System Entries 33 34 35 36 37 IT 39 40 41 49 43 44 45 46 47 4 45 50 Journal entries Trial Balance Income Slalement Balance Sheel + Ready + 100% AutoSave or OFF AAP U1A10 template.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments v 10 Arial ~ Al A a Wraa Text X LE General v Insert Delete Format 24-O Paste BIUM 1 - CA A = = - Merge & Center Sort & $ % ) Conditional Format Cell Formatting as Table Styles Sensitivity v Analyze Data y Fit Find & Select F17 T A B C c D E F F B H 1 1 J L M M N o P R S - u v W w peny 2 9 4 5 My Worksheet For the Monik Endla langur 2021 Accounts Trial Blanco DR CR 8 Bank & Accounts Recivable 10 Merchandis: Inventary 73,806,54 13951.04 42,100.00 12.758.40 72,744.00 The Anding Inventory for the period WAR 545 400 11 Supplies 17,872.110 1.311.124.110 55011 9.110 2X.1011.10 II 12.11.02 21.11.40 3.251.43 990.10 12 Onice Humiture 13 Ac. Amort - Furniture 14 One Rquipment 15 As, Amort. - Equipment 16 Delivery Trock 17 Acc. Amort.- Truck 18 Accounts Payable 19 HST Payable 20 HST Recoverable 21 Lean Payah 22 Mortezze Payable 23 J. Boulton, Capital 24 J. Doulton, Drawings 25 Sales Revenue 2e Sales Returns 27 Sulus Discount 28 Purchase 29 Nurchase Relumns 30 Purchase Discounts 31 Advertising Expense 25,880.00 94,900.00 131,401,93 1,210.00 25.300.00 1,320.00 730.90 2.870.00 325.00 34.40 39 w Espen 1,490.40 172.80 401.45 156,20 sot. 2.3 11.110 395,396.93 395,396.83 39 Amor Expense - Furniture 34 Ament Expense - Equipment 35 Amort Expense Truck 36 trilities Expat 37 38 36 40 41 42 43 44 45 46 47 Journal entries Trial Balance Income Slalement Balance Sheet + Ready - 100% AutoSave or OFF AAP U1A10 template.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X LG v 10 ~ Al A a Wraa Text General v Insert Delete Ayo Paste BIU 1 - UAY == - - Merge & Center Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Sensitivity Analyze Data y 131 fx T 4 C D E G H L M N 0 P Q R S T u 1 2 My Company Income Statement For the Month Ende Juary 2022 3 5 Revenue Cost of Goods Sold 10 11 12 13 14 15 1e 17 18 19 20 21 22 29 24 25 26 27 28 25 30 311 Operating Expenses 34 35 36 37 35 40 41 42 43 44 45 40 47 Journal entries Trial Balance Income Slalement Balance Sheet + Ready S: + 100% AutoSave OFF AAP U1A10 template.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments AGaramond v 10 ~ Al A a Wraa Text X [G Custom Insert Delete Format Ayo Paste BIU - A = = - y Merge & Center v $ % ) Conditional Format Cell Formatting as Table Styles Sort & Filter Sensitivity v Find & Select Analyze Data y F38 3 D F F G H K L M N 0 0 R 8 U V V 1 2 3 My Company Balance Sheet January 31, 2022 Assets 7 Current Assels 10 11 12 13 14 Fixed Assets 15 16 17 18 18 20 21 22 23 Total Assets 24 20 Llabilities and Owner's Equity 20 27 Current Liabilities 28 29 30 31 Total Current Libilities 32 33 Long-Term Liabilities 34 35 36 Total Long-Term Liabides 37 38 J. Boulton, Capital 36 40 41 42 43 Equity, End of the Period 44 45 Total Liabilities and Owner's Equity 46 47 Journal entries Trial Balance Income Slalement Balance Sheet + Ready S: + 100% Unit 1 Activity 10 Assignment Exercise 1 - Periodic vs. Perpetual Inventory Analyze each of the following transactions and record journal entries under both the: (1) periodic inventory system, and (2) perpetual inventory system. Include a description line for each journal entry. a) Jan 2: Purchased $4500 + HST of inventory from Wholesale Inc. on terms 1/10 n30 (1% discount if paid within 15 days otherwise the total or net amount is due in 30 days) b) Jan 5: Returned $500 +HST of inventory from purchase made on Jan 2. c) Jan 10: Sold merchandise for $2875 plus HST. The purchase price of the merchandise was $2000. The sale was made on account on terms 2/10 n30 to B. Caldwell d) Jan 13: Paid for purchase made on Jan 2 (less the returned items) e) Jan 26: B. Caldwell paid for the Jan 10 purchase. Exercise 2- Use the Trial Balance information in the second tab to create and Income Statement(3rd tab) and Balance Sheet (4th tab) for the company. Assume the company uses a periodic Inventory system. Be sure to use Excel Formulas for all calculations and include the necessary $ signs and underlining. AutoSave or OFF AAP U1A10 template.xls - Compatibility Mode Home - Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X v 10 v P A a Wraa Text General v Insert 29.0 Delete Pasto BIU 1 - CA A = = = - y Merge & Center Sensitivity y Conditional Format Cell Formatting as Table Styles Format v Sort & Filter Analyze Data y Find & Select 131 fx T . + x B A B D F E F G H J K M N a P R S T U w Y 1 2 3 Gararlbumal 9 Dulu Parleuters 4 Periodic Inventory System Entries P.R Dok PAGA Credil 5 7 . 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 20 20 30 311 32 Perpetual Inventory System Entries 33 34 35 36 37 IT 39 40 41 49 43 44 45 46 47 4 45 50 Journal entries Trial Balance Income Slalement Balance Sheel + Ready + 100% AutoSave or OFF AAP U1A10 template.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments v 10 Arial ~ Al A a Wraa Text X LE General v Insert Delete Format 24-O Paste BIUM 1 - CA A = = - Merge & Center Sort & $ % ) Conditional Format Cell Formatting as Table Styles Sensitivity v Analyze Data y Fit Find & Select F17 T A B C c D E F F B H 1 1 J L M M N o P R S - u v W w peny 2 9 4 5 My Worksheet For the Monik Endla langur 2021 Accounts Trial Blanco DR CR 8 Bank & Accounts Recivable 10 Merchandis: Inventary 73,806,54 13951.04 42,100.00 12.758.40 72,744.00 The Anding Inventory for the period WAR 545 400 11 Supplies 17,872.110 1.311.124.110 55011 9.110 2X.1011.10 II 12.11.02 21.11.40 3.251.43 990.10 12 Onice Humiture 13 Ac. Amort - Furniture 14 One Rquipment 15 As, Amort. - Equipment 16 Delivery Trock 17 Acc. Amort.- Truck 18 Accounts Payable 19 HST Payable 20 HST Recoverable 21 Lean Payah 22 Mortezze Payable 23 J. Boulton, Capital 24 J. Doulton, Drawings 25 Sales Revenue 2e Sales Returns 27 Sulus Discount 28 Purchase 29 Nurchase Relumns 30 Purchase Discounts 31 Advertising Expense 25,880.00 94,900.00 131,401,93 1,210.00 25.300.00 1,320.00 730.90 2.870.00 325.00 34.40 39 w Espen 1,490.40 172.80 401.45 156,20 sot. 2.3 11.110 395,396.93 395,396.83 39 Amor Expense - Furniture 34 Ament Expense - Equipment 35 Amort Expense Truck 36 trilities Expat 37 38 36 40 41 42 43 44 45 46 47 Journal entries Trial Balance Income Slalement Balance Sheet + Ready - 100% AutoSave or OFF AAP U1A10 template.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments X LG v 10 ~ Al A a Wraa Text General v Insert Delete Ayo Paste BIU 1 - UAY == - - Merge & Center Conditional Format Cell Formatting as Table Styles Sort & Filter Format v Find & Select Sensitivity Analyze Data y 131 fx T 4 C D E G H L M N 0 P Q R S T u 1 2 My Company Income Statement For the Month Ende Juary 2022 3 5 Revenue Cost of Goods Sold 10 11 12 13 14 15 1e 17 18 19 20 21 22 29 24 25 26 27 28 25 30 311 Operating Expenses 34 35 36 37 35 40 41 42 43 44 45 40 47 Journal entries Trial Balance Income Slalement Balance Sheet + Ready S: + 100% AutoSave OFF AAP U1A10 template.xls - Compatibility Mode Home Insert Draw Page Layout Formulas Data Review View Tell me Share Comments AGaramond v 10 ~ Al A a Wraa Text X [G Custom Insert Delete Format Ayo Paste BIU - A = = - y Merge & Center v $ % ) Conditional Format Cell Formatting as Table Styles Sort & Filter Sensitivity v Find & Select Analyze Data y F38 3 D F F G H K L M N 0 0 R 8 U V V 1 2 3 My Company Balance Sheet January 31, 2022 Assets 7 Current Assels 10 11 12 13 14 Fixed Assets 15 16 17 18 18 20 21 22 23 Total Assets 24 20 Llabilities and Owner's Equity 20 27 Current Liabilities 28 29 30 31 Total Current Libilities 32 33 Long-Term Liabilities 34 35 36 Total Long-Term Liabides 37 38 J. Boulton, Capital 36 40 41 42 43 Equity, End of the Period 44 45 Total Liabilities and Owner's Equity 46 47 Journal entries Trial Balance Income Slalement Balance Sheet + Ready S: + 100%
