Part 2 Instructions and Submissions 1. Complete the remainder of the worksheet. a. See adjustments on p. 10. 2. Prepare the following financial statements and schedules: a. Multi-Step Income Statement (see chapters for an example) b. Statement of Retained Earnings C. Classified Balance Sheet (see chapter 4 for an example) d. Schedule of Accounts Receivable (see example on p. 4) e Schedule of Account Payable (see example on p. 4) 3. Journalize and post the adjusting entries from the worksheet in your GJ and GL. 4. Journalize and post the closing entries in your G) and GL. 5. Prepare a post-closing trial balance from your GL (see chapter 4 for an example) 6. Review your work and submit Part 2 of your assignment via Blackboard by 9:00 p.m. on Saturday, November 13th. Any late assignments will be charged a 10% per day late fee (including weekend days). Submit the following: a. Electronic copy of entire Excel workbook, including completed: 1. General Journal 2. Worksheet 3. General Ledger 4. Multi-Step Income Statement 5. Statement of Retained Earnings 6. Classified Balance Sheet 7. Schedule of Accounts Receivable 8. Schedule of Account Payable 9. Post-Closing Trial Balance Adjustment Information use in Part 2 of the project. This information is used in Part 2 of the project. NOTE: Before entering adjusting journal entries in the general ledger, please create a header in the general joumal called "Adjusting Journal Entries" so I can see where your regular journal entries end and where your adjusting journal entries begin. Item The following information is provided for adjusting entry purposes: Rent for the store is $2350 per month, payable 6 months in advance on Feb 1 and Aug 1 of a each year b d e f Office supplies on hand on June 30 totaled $100. The beginning balance of the prepaid insurance account contains the remainder of a one-year comprehensive business policy purchased on April 1 of the current year. The Store and Office Equipment (excluding the display case that was exchanged) were purchased on 30 April, 5 years prior, have a useful life of 10 years, and $0 salvage value. The sign was acquired on 1 February, 4 years prior. The estimated useful life is 10 years, with $0 salvage value The Long-Term Receivable consists of a $4000 loan made to one of the employees, Don Formosa. The loan was made on February 8, current year, and is due three years from now on February 28. Interest is charged at the rate of 6% per annum and is payable quarterly. interest was last received on May 31, current year. The Note Payable consists of a $9000, 5-year note payable to Grand Valley State Bank. The note was signed on June 1, last year, and accrues interest at the rate of 12% per year. Interest is paid semiannually on May 31 and Nov 30. A physical inventory taken on June 30 showed goods costing $36290 were actually on hand. Estimated income taxes for the current year ending June 30 are $10500. Prepare any necessary adjustment. The Long-Term Investments consist of $60000 of bonds earning 8%. Interest was last accrued in May of the current year. & h i j NOTE 2: When you are finished entering the adjusting journal entries, please create a header in the general journal called "Closing Journal Entries' so I can see where your adjusting journal entries end and your closing journal entries begin. Adjusted Trial Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Worksheet Sourdough Alaska, Inc. 4 Unadjusted Trial Adjustments 5 Acct # Account Title Debit Credit Debit Credit 6 6. 101 Cash 171,046 7 112 Accounts Receivable 370 8 115 Interest Receivable 2,000 9 9 120 Merchandise Inventory 38,897 10 130 Prepaid Rent 4,700 11 131 Office Supplies 650 12 132 Prepaid Insurance 15,500 13 140 Long Term Investments 60,000 14 150 Store & Office Equipment 64,000 15 151 Accumulated Deprec - Store & Office Equipment 19,825 16 152 Sign 18,000 17 153 Accumulated Depreciation - Sign 7,800 18 154 Delivery Vehicle 10 500 19 155 Accumulated Depreciation - Delivery Vehicle 20 180 Long Term Receivable 4,000 21 200 Accounts Payable 28,000 22 201 Interest Payable 22 202 Taxes Payable 1,800 24 203 Unearned Revenue 20 25 204 Dividends Payable 10,600 26 250 Long Term Note Payable 9,000 27 260 Bonds Payable 120,000 28 261 Premium on Bonds Payable 10,632 29 300 Common Stock, $1 par value: 100,000 shares authoriz 54,500 30 301 APIC, Common Stock 27,500 31 Retained Earnings 73,265 32 306 Treasury Stock 33,000 33 410 Sales Revenue 784,070 34 415 Sales Discounts 2,456 35 416 Sales Returns & Allowances 5,900 36 418 Interest Revenue 4,460 37 Cost of Goods Sold 494 543 38 615 Depreciation Expense: Store & Office Equipment 5,675 39 616 Depreciation Expense Sign 1,650 40 620 Salaries Expense 134,400 41 630 Interest Expense 990 42 42 635 Insurance Expense can 7,150 43 640 Rent Expense 25,850 44 650 Office Supplies Expense 5,800 45 660 Advertising Expense 17.300 46 665 Entertainment Expense 1,630 47 670 Legal Fees Expense 650 4 120 Charitable contributionsEnanca 1 en GJ GL Subledgers AR+AP Sched Worksheet Financials PCTB 304 500 8 120,000 10,632 54,500 27,500 73,265 33,000 784,070 2,466 5,900 4460 262 Premium on Bonds Payable 300 Common Stock, Si par value: 100,000 shares authoria 301 APIC, Common Stock 304 Retained Earnings 306 Treasury Stock 3 410 Sales Revenue 4 415 Sales Discounts 5 416 Sales Returns & Allowances 6 418 Interest Revenue 7 500 Cost of Goods Sold 8 615 Depreciation Expense: Store & Office Equipment -9 616 Depreciation Expense: Sign -0 620 Salaries Expense 11 630 Interest Expense 2 -2 635 Insurance Expense 3 640 Rent Expense 14 650 Office Supplies Expense 15 660 Advertising Expense 46 665 Entertainment Expense 670 Legal Fees Expense 675 Charitable Contributions Expense 49 680 Utilities Expense 50 685 Freight Out Expense 51 695 Income Tax Expense 52 700 Gain/Loss on Exchange 53 54 Totals 55 Net Income 56 Totals 57 58 59 494,543 5,675 1,650 134,400 990 7,150 25,850 5,800 17,300 1,630 650 1,600 13,200 1,830 9,900 48 1,725 1,153,197 1.153,197 Part 2 Instructions and Submissions 1. Complete the remainder of the worksheet. a. See adjustments on p. 10. 2. Prepare the following financial statements and schedules: a. Multi-Step Income Statement (see chapters for an example) b. Statement of Retained Earnings C. Classified Balance Sheet (see chapter 4 for an example) d. Schedule of Accounts Receivable (see example on p. 4) e Schedule of Account Payable (see example on p. 4) 3. Journalize and post the adjusting entries from the worksheet in your GJ and GL. 4. Journalize and post the closing entries in your G) and GL. 5. Prepare a post-closing trial balance from your GL (see chapter 4 for an example) 6. Review your work and submit Part 2 of your assignment via Blackboard by 9:00 p.m. on Saturday, November 13th. Any late assignments will be charged a 10% per day late fee (including weekend days). Submit the following: a. Electronic copy of entire Excel workbook, including completed: 1. General Journal 2. Worksheet 3. General Ledger 4. Multi-Step Income Statement 5. Statement of Retained Earnings 6. Classified Balance Sheet 7. Schedule of Accounts Receivable 8. Schedule of Account Payable 9. Post-Closing Trial Balance Adjustment Information use in Part 2 of the project. This information is used in Part 2 of the project. NOTE: Before entering adjusting journal entries in the general ledger, please create a header in the general joumal called "Adjusting Journal Entries" so I can see where your regular journal entries end and where your adjusting journal entries begin. Item The following information is provided for adjusting entry purposes: Rent for the store is $2350 per month, payable 6 months in advance on Feb 1 and Aug 1 of a each year b d e f Office supplies on hand on June 30 totaled $100. The beginning balance of the prepaid insurance account contains the remainder of a one-year comprehensive business policy purchased on April 1 of the current year. The Store and Office Equipment (excluding the display case that was exchanged) were purchased on 30 April, 5 years prior, have a useful life of 10 years, and $0 salvage value. The sign was acquired on 1 February, 4 years prior. The estimated useful life is 10 years, with $0 salvage value The Long-Term Receivable consists of a $4000 loan made to one of the employees, Don Formosa. The loan was made on February 8, current year, and is due three years from now on February 28. Interest is charged at the rate of 6% per annum and is payable quarterly. interest was last received on May 31, current year. The Note Payable consists of a $9000, 5-year note payable to Grand Valley State Bank. The note was signed on June 1, last year, and accrues interest at the rate of 12% per year. Interest is paid semiannually on May 31 and Nov 30. A physical inventory taken on June 30 showed goods costing $36290 were actually on hand. Estimated income taxes for the current year ending June 30 are $10500. Prepare any necessary adjustment. The Long-Term Investments consist of $60000 of bonds earning 8%. Interest was last accrued in May of the current year. & h i j NOTE 2: When you are finished entering the adjusting journal entries, please create a header in the general journal called "Closing Journal Entries' so I can see where your adjusting journal entries end and your closing journal entries begin. Adjusted Trial Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Worksheet Sourdough Alaska, Inc. 4 Unadjusted Trial Adjustments 5 Acct # Account Title Debit Credit Debit Credit 6 6. 101 Cash 171,046 7 112 Accounts Receivable 370 8 115 Interest Receivable 2,000 9 9 120 Merchandise Inventory 38,897 10 130 Prepaid Rent 4,700 11 131 Office Supplies 650 12 132 Prepaid Insurance 15,500 13 140 Long Term Investments 60,000 14 150 Store & Office Equipment 64,000 15 151 Accumulated Deprec - Store & Office Equipment 19,825 16 152 Sign 18,000 17 153 Accumulated Depreciation - Sign 7,800 18 154 Delivery Vehicle 10 500 19 155 Accumulated Depreciation - Delivery Vehicle 20 180 Long Term Receivable 4,000 21 200 Accounts Payable 28,000 22 201 Interest Payable 22 202 Taxes Payable 1,800 24 203 Unearned Revenue 20 25 204 Dividends Payable 10,600 26 250 Long Term Note Payable 9,000 27 260 Bonds Payable 120,000 28 261 Premium on Bonds Payable 10,632 29 300 Common Stock, $1 par value: 100,000 shares authoriz 54,500 30 301 APIC, Common Stock 27,500 31 Retained Earnings 73,265 32 306 Treasury Stock 33,000 33 410 Sales Revenue 784,070 34 415 Sales Discounts 2,456 35 416 Sales Returns & Allowances 5,900 36 418 Interest Revenue 4,460 37 Cost of Goods Sold 494 543 38 615 Depreciation Expense: Store & Office Equipment 5,675 39 616 Depreciation Expense Sign 1,650 40 620 Salaries Expense 134,400 41 630 Interest Expense 990 42 42 635 Insurance Expense can 7,150 43 640 Rent Expense 25,850 44 650 Office Supplies Expense 5,800 45 660 Advertising Expense 17.300 46 665 Entertainment Expense 1,630 47 670 Legal Fees Expense 650 4 120 Charitable contributionsEnanca 1 en GJ GL Subledgers AR+AP Sched Worksheet Financials PCTB 304 500 8 120,000 10,632 54,500 27,500 73,265 33,000 784,070 2,466 5,900 4460 262 Premium on Bonds Payable 300 Common Stock, Si par value: 100,000 shares authoria 301 APIC, Common Stock 304 Retained Earnings 306 Treasury Stock 3 410 Sales Revenue 4 415 Sales Discounts 5 416 Sales Returns & Allowances 6 418 Interest Revenue 7 500 Cost of Goods Sold 8 615 Depreciation Expense: Store & Office Equipment -9 616 Depreciation Expense: Sign -0 620 Salaries Expense 11 630 Interest Expense 2 -2 635 Insurance Expense 3 640 Rent Expense 14 650 Office Supplies Expense 15 660 Advertising Expense 46 665 Entertainment Expense 670 Legal Fees Expense 675 Charitable Contributions Expense 49 680 Utilities Expense 50 685 Freight Out Expense 51 695 Income Tax Expense 52 700 Gain/Loss on Exchange 53 54 Totals 55 Net Income 56 Totals 57 58 59 494,543 5,675 1,650 134,400 990 7,150 25,850 5,800 17,300 1,630 650 1,600 13,200 1,830 9,900 48 1,725 1,153,197 1.153,197