OF LIVE Sample Company Chart of Accounts As of Dec 31, (year) Account ID Account Description Account Type 10000 Cash Current Assets 10100 Petty Cash Current Assets 11000 Accounts Receivable Current Assets 11400 Other Receivables Current Assets 11500 Allowance for Doubtful Account Contra Asset 12000 Merchandise Inventory Current Assets 13000 Medical Supplies Current Assets 13100 Office Supplies Current Assets 14000 Prepaid Expenses Current Assets 14100 Employee Advances Current Assets 14200 Notes Receivable-Current Current Assets 14700 Other Current Assets Current Assets 15000 Fumiture and Fixtures Fixed Assets 15100 Medical Equipment Fixed Assets 15200 Office Equipment Fixed Assets 15300 Other Depreciable Property Fixed Assets 15400 Leasehold Improvements Fixed Assets 15500 Building Fixed Assets 15600 Building Improvements Fixed Assets 16900 Land Fixed Assets 17000 Accum, Depreciation - Fumitur Contra Asset 17100 Accum, Depreciation - Med. Equip Contra Asset 17200 Accum, Depreciation - Office Equipment Contra Asset 17300 Accum, Depreciation - Other Contra Asset 17400 Accum, Depreciation - Leasehol Contra Asset 17500 Accum, Depreciation - Building Contra Asset 17600 Accum, Depreciation - Bida Imp Contra Asset 19000 Deposits Other Assets 19100 Organization Costs Other Assets 19150 Accum, Amortiz. - Org. Costs Other Assets 19900 Other Noncurrent Assets Other Assets 20000 Accounts Payable Current Liabilities 23000 Accrued Expenses Current Liabilities 23100 Sales Tax Payable Current Liabilities 23200 Salaries Payable Current Liabilities 23400 Federal Payroll Taxes Payable Current Liabilities 23500 FUTA Tax Payable Current Liabilities 23600 Workers' Comp. Ins. Taxes Payable Current Liabilities 23700 SUTA Payable Current Liabilities 23800 Pension Plan Payable Current Liabilities 24200 Current Portion Long-Term Debt Current Liabilities 24400 United Way Contributions Payable 24800 Current Liabilities Medical Health Ins. Payable 24900 Current Liabilities Suspense-Clearing Account Current LiabilitiesO LIVE Notes Payable-Noncurrent Long Term Liabilities 27400 Other Long-Term Liabilities Long Term Liabilities Equity-Retained Eamings 39005 Retained Earnings Owner's Capital Equity-doesn't get closed 39006 39007 Owner's Draw Equity-gets closed 40000 Sales-Drugs Income 40500 Service Revenue Income 41000 Interest Income Income 41200 Other Income Income 45400 Finance Charge Income Income 45500 Shipping Charges Reimbursed Income 48000 Sales Returns and Allowances Contra Income 49000 Sale Discounts Contra Income 50000 Cost of Sales-Drugs Expenses 58500 Inventory Adjustments Expenses 59000 Purchase Returns and Allowance Expenses 59500 Purchase Discounts Expenses 60100 Advertising Expense Expenses 60500 Amortization Expense Expenses 61000 Auto Expenses Expenses 61500 Bad Debt Expense Expenses 62000 Bank Charges Expenses 62500 Cash Over and Short Expenses 63000 Charitable Contributions Exp Expenses 63500 Commissions and Fees Exp Expenses 64000 Depreciation Expense Expenses 64500 Dues and Subscriptions Exp Expenses 65000 Employee Benefit Programs Exp Expenses 65500 Freight Expense Expenses 66000 Gifts Expense Expenses 66500 Income Tax Expense Expenses 67000 Insurance Expense Expenses 67500 Interest Expense Expenses 68000 Laundry and Cleaning Exp Expenses 68500 Legal and Professional Expense Expenses 69000 Licenses Expense Expenses 69500 Loss on NSF Checks Expenses 70000 Maintenance Expense Expenses 70500 Meals and Entertainment Exp Expenses 71000 Medical Supplies Expense Expenses 72000 Office Supplies Expense Expenses 72500 Payroll Tax Expense Expenses 73000 Penalties and Fines Exp Expenses 73500 Other Taxes Expenses 74000 Postage Expense 74100 Expenses Property Taxes Expense 74500 Expenses Rent or Lease Expense 75500 Expenses Repairs Expense 76000 Expenses Telephone Expense Expenses76500 Travel Expense Expenses 77000 Salaries Expense Expenses 78000 Utilities Expense Expenses 89000 Other Expense Expenses 89500 Purchase Disc-Expense Items Expenses 90000 Gain/Loss on Sale of Assets ExpensesFinal Exam (Chapters 6-12) Problem #1: Record the following transactions in a general journal entry format distinctly showing the debit and credit accounts as recorded in manual accounting. Credit accounts must be indented. Omit explanations. Skip a line after each transaction. Assume that the company uses the perpetual inventory method. July 1 - Your Name Drugstore purchased medical supplies intended for sale for $1,000.00 from Vendor X. The terms of sale are 2/10, n/30, FOB destination. The freight charges are $50.00. July 3 - Your Name Drugstore purchased medical equipment for sale for $3,000.00 from Vendor Y. The terms of sale are 1/10, n/30, FOB shipping point. The freight charges are $150.00. July 4 - Your Name Drugstore returned $200.00 worth of merchandise purchased from Vendor Y. July 5 - Your Name Drugstore purchased medical supplies for use for $2,000.00 from Vendor Z. The terms of sale are 2/15, n/30, FOB destination. The freight charges are $100.00. July 7 - Your Name Drugstore sold merchandise to Customer A for $8,000.00. The terms of sale are 2/10, n/30. The cost of the inventory is $3,200.00. July 9 - Your Name Drugstore paid the amount owed to Vendor X for the purchase of July 1. July 12 - Your Name Drugstore sold merchandise to Customer B for $6,000.00. The terms of sale are 1/10, n/30. The cost of the inventory is $2,400.00. July 13 - Your Name Drugstore paid the amount owed to Vendor Y on the purchase of July 3. July 15 - Your Name Drugstore collected cash from Customer A for the sale of July 7. July 17 - Customer B returned $300.00 worth of defective merchandise to Your Name Drugstore. The cost is $120.00. July 21 - Your Name Drugstore paid the amount owed to Vendor Z. July 22 - Your Name Drugstore received cash from Customer B for the sale of July 12. July 30 - Your Name Drugstore purchased medical supplies for use for $1,000.00 and paid with cash. The terms of sale are FOB destination. The freight charges are $50.00. 1305 words Of English (United States) Focus EProblem #2: Your Name Drugstore pays employees on a weekly basis, and it is the first pay period of the year. The manager's weekly salary is $500.00 plus commission of 3% of month-to-date sales. The total month-to-date sales for January are $50,000.00. The manager contributes 5% of his gross pay to his 401K retirement plan. He also contributes $10.00 per pay period to United Way of Southern Nevada. Based on the Employer's Tax Guide, his federal withholding tax is 15% of total gross pay. Your Name Drugstore matches the manager's contributions to his 401K retirement plan. The company covers employees with medical health insurance at 20%. The company rate for Nevada state unemployment is 3%, and the rate for workers' compensation insurance is 5% For the pay period covering January 1-7 of the current year, complete the following: 1. Compute the manager's gross pay. 2. Compute the manager's total deductions. 3. Compute the manager's net pay. 4. Compute Your Name Drugstore's total involuntary contributions for the manager. 5. Compute Your Name Drugstore's total voluntary contributions for the manager. 6. Record the necessary journal entry to pay the manager's salaries for this pay period, assuming the company does not keep a separate payroll account. 7. Record the necessary journal entry for the payroll taxes. 8. Record the necessary journal entry for the employer's voluntary contributions. Problem #3: The following trial balance accounts were randomly arranged for Your Name Drugstore. Prepare the behind-the-scenes closing entries for the year ended December 31. Your Name Drug Store Trial Balance December 31, (year) Accounts Payable 12,000.00 Accounts Receivable 14,500.00 Accumulated Depreciation, Equipment 2,000.00 Accumulated Depreciation, Furniture 3,000.00 Advertising Expense 300.00 Automobile Expense 480.00 Bank Service Charge Expense 25.00 Cash 22,888.00 Depreciation Expense, Equipment 750.00 1305 words English (United States) FocusDepreciation Expense, Furniture 600.00 Entertainment Expense 200.00 Equipment 10,000.00 Furniture & Fixture 9,000.00 Insurance Expense 575.00 Interest Expense 290.00 Interest Income 175.00 Inventory 35,000.00 Legal Expense 2,500.00 Maintenance Expense 600.00 Medical Supplies 2,100.00 Medical Supplies Expense 290.00 Notes Payable 18,000.00 Office Supplies 850.00 Office Supplies Expense 1,575.00 Petty Cash 500.00 Postage Expense 420.00 Professional Fees Income 3,000.00 Rent Expense 2,500.00 Repairs Expense 120.00 Sales Discounts 2,000.00 Sales Returns & Allowances 1,000.00 Sales Revenue 40,000.00 Travel Expense 875.00 Unearned Revenue 5,000.00 Utilities Expense 782.00 Your Name, Capital 28,545.00 Your Name, Draw 1,000.00