Please answer problem, via the provided excel spreadsheet.

`Thank you

General Ledger Software for Accounting http://gls.edugen.wiley.com/JWS02/pages/student/problem.jsp?... GLS Problem Rockford Practice Set - Perpetual Inventory Method Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of 10,000 shares of no-par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired as of Friday, December 26, 2014, to replace the controller, who has resigned. As controller, you are responsible for the corporation's accounting records, preparation of the financial statements, safeguarding the corporate assets, and providing management with financial information to set prices and to monitor and control operations. You have an assistant who keeps the payroll records, the plant asset ledger, and the perpetual inventory. There is an inventory subsidiary ledger that is posted to daily for purchases and sales. This ledger is not included in this practice set. The corporation secretary maintains the stockholder records, and the receptionist/secretary acts as the petty cashier. Rockford Corporation closes its books annually on December 31 but prepares financial statements quarterly. Adjusting entries are posted to the general ledger only at year-end; at the end of the first, second, and third quarter the adjustments are entered only on a ten-column work sheet, not in the general ledger. Therefore, the adjusting entries to be recorded on December 31 are annual adjustments that you must journalize and then post to the general ledger accounts before preparing the financial statements. Rockford Corporation maintains a perpetual inventory system and takes a physical count each year to adjust the inventory carrying amount. Purchases are recorded at the gross amount (discounts taken are recognized at the date of payment) of the supplier's invoice, and the terms vary with each supplier. Sales on account are subject to terms of 2/10, n/30. Discounts are taken and granted only when the terms are met. The cost of all inventory sold in December was 80% of the sales price. The corporation uses the following journals and ledgers: JOURNALS 1. 2. 3. 4. 5. A A A A A sales journal (S)-to record sales of merchandise on account. purchases journal (P)-to record purchases of merchandise on account. cash receipts journal (CR)-to record all cash receipts. cash disbursements journal (CD)-to record all cash payments. general journal (J)-to record all transactions that cannot be recorded in the other journals. LEDGERS 1. A general ledger. 2. An accounts receivable subsidiary ledger. 3. An accounts payable subsidiary ledger. In recording sales transactions, each sale should be posted on the day of the sale directly to the customer's account in the subsidiary ledger, using the invoice number as the posting reference number in the subsidiary account. Also, cash receipts from customers should be posted to the subsidiary ledger on the day they are received. The purchase order number should be used as the posting reference number in the subsidiary ledger for purchases on account from suppliers. Purchases from suppliers and payments to them should be posted daily. All other individual posting may be made weekly or at the month-end. Account numbers should be used as posting reference numbers in the journals. Officers and office personnel are salaried employees and are paid monthly on the last day of each month. The delivery truck drivers and warehouse employees are hourly wage employees and are paid biweekly. Each biweekly pay period ends Friday. On the following Monday your assistant, who maintains the payroll records, provides you with a payroll summary from which you prepare general journal entries to record the biweekly payroll and the employer's taxes on the payroll. The biweekly employees' paychecks are distributed on the following day (Tuesday). The January 1, 2014, balances appear in the general ledger accounts as well as the November 30, 2014, balances, for those accounts whose balances have changed. All transactions affecting the noncurrent accounts from January 1, 2014, through November 30, 2014, with explanations, appear in these accounts to facilitate the preparation of the statement of cash flows. Subsidiary ledger account balances as of November 30, 2014, are as follows (the balances appear in the appropriate subsidiary ledger accounts): Accounts Receivable Boecker Builders $62,920 The Potts Company 50,300 Swanson Brothers Construction 24,050 Trudy's Plumbing 15,100 Coconino Contractors, Inc. 27,800 Rankin Plumbing Corp. 74,350 Beverly's Building Products 14,000 Bilder Construction Company 45,200 Iwanaga Plumbing and Heating Total accounts receivable 1 of 6 3,700 $317,420 7/11/15, 7:54 AM General Ledger Software for Accounting http://gls.edugen.wiley.com/JWS02/pages/student/problem.jsp?... Accounts Payable Phoenix Plastics $17,450 Edward's Plumbing Supplies, Inc. 20,050 Oxenford Copperworks 26,400 Smith Pipe Company 38,100 Ron & Rod's Plumbing Products 14,850 Khatan Steel Corp. Total accounts payable 10,000 $126,850 The transactions through December 23 have already been recorded by the former controller. You are to begin your work by entering the transaction of December 26 for the payment of cash to repurchase stock. December 1 Received a check in the amount of $23,569 from Swanson Brothers Construction in full payment of invoice No. 1120 dated November 26 in the amount of $24,050. 1 Sold sewer and drainage pipe to Beverly's Building Products on account, invoice No. 1201 for $13,150. 2 Purchased copper tubing and fittings from Edward's Plumbing Supplies Inc. on account, purchase order No. 315 for $24,320, terms n/60. 2 Issued check No. 1580 for $26,400 to Oxenford Copperworks in settlement of the balance owed on purchase order No. 280. 3 A court notice indicates that Iwanaga Plumbing and Heating is bankrupt and payment of its account improbable; the president orders the account to be written off as a bad debt (invoice No. 780). 3 Sold bathroom fixtures to Bilder Construction Company on account, invoice No.1202 for $44,900. 4 Received a check in the amount of $49,294 from The Potts Company in full payment of invoice No. 1128 dated November 27 for $50,300. 4 Sold plumbing supplies and plastic pipe to Coconino Contractors, Inc. on account, invoice No. 1203 for $10,300. 4 Issued check No. 1581 for $810 to Standard Oil Co. in payment of gas, oil, and truck repair from Tierney's Standard Service. 5 Issued check No. 1582 for $9,900 to Khatan Steel Corp. in full settlement of purchase order No. 312 for $10,000. 5 Issued check No. 1583 for $10,486 to Phoenix Plastics in full payment of Phoenix's invoice dated November 28 in the amount of $10,700, for purchase order No. 313, terms 2/10, n/30. 5 Received a check in the amount of $72,863 from Rankin Plumbing Corp. in full payment of invoice No. 1129 dated November 28 for $74,350. 8 Sold cast pipe to Trudy's Plumbing on account, invoice No. 1204 for $29,300. 8 Received a check in the amount of $27,800 from Coconino Contractors, Inc. in full payment of invoice No. 1091 dated October 20. 8 Purchased bathroom fixtures from Phoenix Plastics, on account, purchase order No. 316 for $52,700 terms 1/10, n/30. 8 Received a check in the amount of $29,000 from Boecker Builders in partial payment of balance outstanding covering invoice Nos. 1050 and 1071. 9 The payroll summary for the biweekly pay period ended Friday, December 5 contained the following information: Delivery and warehouse wages.............................. $4,860 FICA taxes withheld ................................................ 350 Federal income taxes withheld .............................. 900 State income taxes withheld .................................. Net pay.............................................................. 190 $3,420 Employer's payroll taxes: FICA tax ............................................................ $350 Federal unemployment tax.............................. - State unemployment tax .................................. - Issued check No. 1584 for the amount of the net pay and deposited it in the payroll bank account. Individual payroll checks were then prepared for distribution to the biweekly employees on Tuesday, December 9. 9 Issued check No. 1585 for $600 to Scooter Gordon for lettering and sign painting on some delivery trucks. 9 Issued check No. 1586 for $6,750 to Phoenix Plastics, in payment of Phoenix's invoice dated November 12 in the amount of $6,750, our purchase order No. 299. 10 10 2 of 6 Issued check No. 1587 for $37,719 to Smith Pipe Company in full payment of their invoice dated November 28, terms 1/15, n/60, our purchase order No. 314. Received a check in the amount of $15,100 from Trudy's Plumbing in full settlement of invoice No. 1106 dated November 7. 7/11/15, 7:54 AM General Ledger Software for Accounting http://gls.edugen.wiley.com/JWS02/pages/student/problem.jsp?... 10 Sold pipe, fixtures, and accessories to Trudy's Plumbing on account, invoice No. 1205 for $28,850. 11 Sold plumbing supplies and copper tubing to The Potts Company on account, invoice No. 1206 for $31,450 11 Received a check in the amount of $33,920 from Boecker Builders in full payment of invoice No. 1071. 11 Cash sales to date totaled $12,292. 12 Received a check in the amount of $28,714 from Trudy's Plumbing in payment of invoice No. 1204. 12 Sold plumbing fixtures and supplies to Boecker Builders, on account, invoice No. 1207 for $24,730. 15 The Potts Company returned defective copper tubing that it purchased on December 10. A credit memo in the amount of $4,680 is issued relative to invoice No. 1206. The copper tubing had a cost of $3,550. 15 The defective copper tubing is returned to Edward's Plumbing Supplies, Inc. along with a debit memo in the amount of $3,550 in reduction of purchase order No. 315. 15 Issued check No. 1588 for $399 in payment of November telephone bill to Northern Illinois Communications. 16 Issued check No. 1589 in the amount of $11,360 in payment of federal withholding taxes, $9,573, and FICA taxes, $1,787, payable on November salaries and wages; the check is remitted to the Winnebago County Bank as the depository. 16 Issued check No. 1590 for $52,173 to Phoenix Plastics, Inc. in payment of purchase order No. 316. 17 The president informs you that Bilder Construction Company agrees to convert the $45,200 overdue account receivable (invoice No. 1120) to a 14% note due six months from today. 17 Purchased plumbing materials from Smith Pipe Company on account, purchase order No. 317 for $50,800 terms 1/15, n/60. 17 Sold drain tile, plastic pipe, and copper tubing to A & B Hardware on account, invoice No. 1208 for $7,920. 18 Sold fixtures and materials to Coconino Contractors, Inc. on account, invoice No. 1209 for $42,780. 18 An invoice in the amount of $1,021 was received from S. White Trucking Company for freight on purchase order No. 317 and paid by issuing check No. 1591. 18 Received a check in the amount of $28,273 from Trudy's Plumbing in payment of invoice No. 1205. 19 Purchased office supplies from the Pen & Pad, issuing check No. 1592 in the amount of $1,360. (Note: Debit asset account). 19 Purchased a new Faith computer for $6,100 from Business Basics, Inc., purchase order No. 318, paying $600 down through Check No. 1593 with the balance due in thirty days (n/30). The computer has an estimated life of five years with a salvage value of $1,300. Use subsidiary account No. 16. Journalize the entire entry in the cash disbursements journal. 22 Purchased bathroom and kitchen fixtures from Phoenix Plastics, on account, purchase order No. 319 for $48,330, terms 1/10, n/30. 22 Received a bill from DeKalb Transport for $2,300 for freight costs incurred during the last 30 days, terms n/30. 23 The payroll summary for the biweekly pay period ended Friday, December 19, contained the following information: Delivery and warehouse wages.............................. FICA taxes withheld ................................................ Federal income taxes withheld .............................. State income taxes withheld .................................. Net pay.............................................................. $5,770 415 1,067 225 $4,063 Employer's payroll taxes: FICA tax ............................................................ $ 415 Federal unemployment tax.............................. - State unemployment tax .................................. - Issued check No. 1594 for the amount of the net pay and deposited it in the payroll bank account. Individual payroll checks were then prepared for distribution to the biweekly employees on Tuesday, December 23. NOTE: Transactions up to this point have been recorded. At this point you became controller and are responsible for recording all further transactions. 26 26 The board of directors declared a $1.80 per-share cash dividend payable on January 14 to stockholders of record on December 26 (after purchase of stock). Opening balance in Treasury Stock account of $42,610 on January 1, 2014 is reflecting cost of 700 shares. 26 The president informs you that Beverly's Building Products agrees to convert the $14,000 overdue accounts receivable (invoice No. 1119) balance to a 12% note due six months from today. 29 A half-acre parcel of land adjacent to the building is acquired in exchange for 600 shares of unissued common stock. The land has a fair value of $54,000 and will be used immediately as an outside storage lot and parking lot. 29 An invoice in the amount of $2,650 is received from Wayne McManus, lawyer, for legal services involved in the acquisition of the adjacent parcel of land; check No. 1596 is issued in payment. 29 Sold pipe and plumbing materials to Boecker Builders on account, invoice No. 1210 for $49,040. 30 3 of 6 The board of directors voted to purchase 1,000 shares of its own stock from stockholder Dionne Schivone at $83 per share and issued check No. 1595 in payment. Stock repurchases are recorded at cost. Rockford is purchasing these shares because Ms. Schivone had been a valuable employee. Issued check No. 1597 in the amount of $500 to the Northern Star for advertisement run in the home building supplement of December 13. 7/11/15, 7:54 AM General Ledger Software for Accounting http://gls.edugen.wiley.com/JWS02/pages/student/problem.jsp?... 30 Issued check No. 1598 in the amount of $925 to Standard Oil Co. in payment of gas, oil, and truck repairs from Standard Oil Co. (use Freight-out). 30 Purchased copper and cast iron pipe from Oxenford Copperworks on account, purchase order No. 320 for $63,940, terms 1/10, n/30. 30 Check No. 1599 for $15,000 is issued to the bond sinking fund trustee, Chicago Trust Co., for deposit in the sinking fund. (Use Other Assets). 30 Sold plumbing supplies to Swanson Brothers Construction on account, invoice No. 1211 for $24,650. 31 Received a check for $24,730 from Boecker Builders in payment of invoice No. 1207. 31 Issued check No. 1600 for $50,292 to Smith Pipe Company in payment of purchase order No. 317. 31 The custodian of the petty cash fund submits the following receipts for reimbursement and reports a cash-on-hand count of $8. Postage stamps used .............................................. $68 United Parcel (freight-out) .................................... 23 C.O.D. postage (freight costs) .................................... 51 Check No. 1601 is issued and cashed to reimburse the fund. 31 Sold an electric truck-lift to Leila Stierman Co. for $2,500 cash. The original cost was $7,900 with salvage value of $900, a life of 10 years, and accumulated depreciation recorded through 12/31/13 of $4,550. The straight-line method is used. (Note: the company follows the practice of recording a half year's depreciation in the year of acquisition and a half year in the year of disposal.) First, bring the depreciation expense up to date in the general journal. Then journalize the entire entry for the sale in the general journal. 31 Sold bathroom fixtures and plumbing supplies to Trudy's Plumbing on account, invoice No. 1212 for $55,770. 31 Because for some time the petty cash fund has been smaller than required for monthly expenditures, the fund is increased by $75 by cashing check No. 1602 and placing the money in the petty cash fund. 31 The payroll summary for the monthly paid employees is submitted so that December checks can be distributed before the year-end; the details are as follows: Office and administrative salaries.......................... $42,900 Federal income taxes withheld .............................. 7,696 State income taxes withheld .................................. 1,517 FICA taxes withheld ................................................ Net pay.............................................................. 3,120 $30,567 Issued check No. 1603 for the amount of the net pay and deposited it in the payroll bank account. Individual payroll checks were prepared for distribution to all monthly employees by the end of the day. Employer's payroll taxes: FICA tax (all office and administrative).......... $3,120 Federal unemployment tax.............................. 31 - State unemployment tax .................................. - Cash sales since December 13 total $29,980. Adjusting entries a. The annual provision for doubtful accounts receivable is recorded by providing a charge to Bad Debt Expense in an amount equal to 2% of net sales. b. An inventory count of the office supplies revealed $830 of supplies on hand at year-end. c. The insurance premium outstanding ($3,220) on January 1, 2014, covers the period January 1 through August 31, 2014. The insurance premium of $7,800 recorded in August covers the period of September 1, 2014 through August 31, 2015. Rockford estimates that 75% of the premiums are attributable to general activities and 25% to selling activities. (Use Miscellaneous Expense). d. The payroll summary for the employees who are paid biweekly shows the following information at December 31, 2014: Delivery and Warehouse Wages ............................ FICA Taxes Payable ................................................ Federal Withholding Taxes .................................... State Withholding Taxes.......................................... Net pay.............................................................. $6,100 430 1,036 218 $4,416 e. The employer's share of the FICA tax ($430) must be accrued; no state or federal unemployment tax is incurred during the fourth quarter because all wages and salaries earned during the last quarter exceed the maximum subject to unemployment tax. f. Interest has accrued at 8% on the long-term notes payable since July 1, 2014. The next six-month interest payment at 6% on the bonds is due on March 1, 2015. The discount on bonds payable has not been amortized for any part of 2014; the bonds are dated March 1, 2008, and mature March 1, 2018. (Use straight-line.) g. The interest accrued to 12/31/14 on notes receivable is composed of the following: Platteville Plumbers, 10%, 6 months, due March 31, 2015 Bilder Construction, 11%, 6 months, due June 14, 2015 4 of 6 $1,125 232 7/11/15, 7:54 AM General Ledger Software for Accounting http://gls.edugen.wiley.com/JWS02/pages/student/problem.jsp?... 17 Beverly's Building, 9%, 6 months, due June 26, 2015 $1,374 The interest accrued at 12/31/14 on the note payable of $15,000 @ 10% is $1,500. Interest is payable on January 2, 2015. (The note is due in 2015.) h. A warehouse lease payment of $9,600 was made on September 1, 2014, for rental through February 28, 2015. (The Prepaid Rent account is for advance lease payments on the warehouse.) i. $530 is owed to Northern Electric Co. and $279 is owed to City of Rockford for utility services provided during December 2014. j. Plant and equipment to be depreciated are composed of the following: Date Estimated Salvage Depreciation Assets Cost Acquired Usage or Life Value Method Building 7/1/10 $306,000 25 years $20,000 Truck No. 1 4/1/11 28,000 60,000 miles 3,100 miles driven Truck No. 2 9/1/13 33,000 60,000 miles 4,200 miles driven 8/17/07 7,900 10 years 900 straight-line Lift No. 2 3/29/11 4,500 10 years 500 straight-line Lift No. 3 9/16/12 5,000 10 years 500 straight-line 32,800 7 years 2,000 straight-line 6,100 5 years 1,300 Double-decling balance Lift No. 1 sum-of-the-years' digits (Sold 12/31/14) Office All prior to Equipment 1/1/14 Computer 12/22/14 Truck No. 1 has been driven 45,000 miles prior to 1/1/14 and truck No. 2 has been driven 30,500 miles prior to 1/1/14. During 2014 truck No. 1 was driven 12,000 miles and truck No. 2 was driven 14,000 miles. Remember that the Rockford Company takes a half-year's depreciation in the year of acquisition and a half-year in the year of sale. k. Complete the work sheet. In completing the worksheet, compute State of Illinois corporate income taxes at 41/2% of pretax income. The state income tax is deductible on the federal tax return, and the federal tax is not deductible on the Illinois return. Assume federal corporate income tax on income subject to federal tax is as follows: first $50,000 @15% next 25,000 @25% remainder @34% Income between $100,000 and $335,000 is assessed a 5% federal surtax, not to exceed $11,750. Hint: Corporations subject to federal income tax must make estimated tax payments throughout the year. At the time of the payment, the account Income Tax Expense is debited and Cash is credited. To determine the taxable income at year end, net the total debits and total credits from the income statement in the worksheet. Note that the estimated income tax expense is listed as a debit and must be subtracted from total debits when determining taxable income (federal tax is not a deductible item). Instructions: 1. To print this page, right click anywhere on the screen you want to print and click on Print. 2. To display/view the beginning balances use the Reports menu and click on the Trial Balance report. To print a report, right click anywhere on the screen and click on Print (online version) or use the print icon (CD version). 3. Rockford Corporation uses special journals. a. The Purchases Journal is used to record all purchases of merchandise on account. b. The Sales Journal is used to record all sales of merchandise on account. c. The Receipts Journal is used to record all cash receipts. (Except for sale of Trucks) d. The Payments Journal is used to record all cash payments. e. The General Journal is used to record all other transactions including adjusting and closing entries. 4. Use the Entries menu to journalize the transactions listed in the problem using a perpetual inventory system. Choose which journal you need to use for each transaction. Instructions for each of the journals are listed with the general instructions. The account balances shown at the beginning of the problem have been journalized and posted. 5. Use the Reports menu to display/print and review your entries. 6. If you need to make changes return to the Entries menu and select the correct journal. Get the entry by the number of the transaction. Make your correction and Save the entry. 7. Use the Post menu to post the journal entries when instructed. 8. If you need to make changes to an entry once it has been posted, use the Entries menu to get the entry, click on the Void icon, then enter the transaction with a new entry and save and post that entry. 9. Use the Reports menu to access/print the Unadjusted Trial Balance. 10. Use the Entries menu to record the Adjusting Entries listed in the problem. Check the box next to Adjusting Entries. 11. Use the Reports menu to display/print the entries. 12. Use the Post menu to post the adjusting entries. 5 of 6 7/11/15, 7:54 AM General Ledger Software for Accounting http://gls.edugen.wiley.com/JWS02/pages/student/problem.jsp?... 13. Use the Reports menu to access/print the Adjusted Trial balance, Income Statement, Owners' Equity Statement and Balance Sheet. 14. Manually pass the entry to close Dividends declared to Retained earnings. Check the box next to Closing Entries. 15. Use the Close menu to close the books. Enter a zero in the dialog box when asked for the closing inventory amount. Click on Continue when requested. 16. Use the Reports menu to access/print the post closing Trial Balance. 17. To close a page click on the X in the upper right corner of the page. 6 of 6 7/11/15, 7:54 AM Instructions: Use the Entries menu to journalize the transactions listed in the problem using a perpetual inventory system. Choose balances shown at the beginning of the problem have been journalized and posted. which journal you need to use for each transaction. Instructions for each of the journals are listed with the general instructions. The account balances shown at the beginning of the problem have been journalized and posted. (Include a description of the entry.) Dec 26 Account Title Account Title Amount Dec 26 Account Title Account Title Amount Account Title Account Title Account Title Amount Dec 31 Account Title Account Title Amount Dec 31 Account Title Account Title Amount Dec 29 ADJUSTING ENTRIES AT 12/31/2014 Account Title Dec 31 Account Title Amount Amount Amount Amount Amount Amount Amount Amount Account Title Account Title Amount Account Title Account Title Account Title Amount Amount Account Title Account Title Account Title Account Title Account Title Amount Dec 31 Account Title Account Title Amount Dec 31 Account Title Account Title Amount Dec 31 Account Title Account Title Amount Dec 31 Account Title Account Title Amount Dec 31 Dec 31 Dec 31 Amount Amount Amount Amount Amount Amount Amount Amount Amount Amount PURCHASES JOURNAL Date 2014 12 2 8 17 19 22 30 PUR ORDER NO 315 316 317 318 319 ACCOUNT CREDITED Edward's Plumbing Supplies, Inc. n/60 Phoenix Plastics 1/10, n/30 Smith Pipe Company 1/15, n/60 (see Cash Disbursements Journal) Phoenix Plastics 1/10, n/30 ACCT NO AMOUNT 201-02 201-01 201-04 24 320 52 700 50 800 201-04 48 120/201 330 SALES JOURNAL INVOICE NO Date 2014 12 1 3 4 8 10 11 12 17 18 29 30 31 1201 1202 1203 1204 1205 1206 1207 1208 1209 ACCOUNT DEBITED Beverly's Building Products Bilder Construction Co. Coconino Contractors, Inc. Trudy's Plumbing Trudy's Plumbing The Potts Company Boecker Builders A & B Hardware Coconino Contractors, Inc. ACCT NO 112-07 112-08 112-05 112-04 112-04 112-02 112-01 112-10 112-05 ACCT. REC. DR SALES REV. CR 13 44 10 29 28 31 27 7 42 150 900 300 300 850 450 730 920 780 112/401 COST OF GOODS SOLD DR INVENTORY CR 10 520 35 920 8 240 23 440 23 80 25 160 19 784 6 336 34 224 505/120 Date 2014 DESCRIPTION CASH RECIEPTS JOURNAL SALES ACCOUNTS SALES REV CASH DR DISCOUNTS REF REC CR CR DR SUNDRY ACCTS ACCT NO CK 12 1 4 5 8 8 10 11 11 Swanson Brothers Construction The Potts Company Rankin Plumbing Corp. Coconino Contractors, Inc. Boecker Builders Trudy's Plumbing Boecker Builders Cash sales 12 Trudy's Plumbing 18 Trudy's Plumbing 31 31 23569 49294 72863 27800 29000 15100 33920 12292 481 1006 1487 112-03 112-02 112-06 112-05 112-01 112-04 112-01 12292 28714 28273 586 577 (101) (414) 155 155 DR CR 24050 50300 74350 27800 29000 15100 33920 505 120 x x 9834 9834 29300 28850 31 (112) (401) (x) (x) CASH DISBURSEMENTS JOURNAL Date 2014 CHECK NO. PAYEE CASH CR REF ACCOUNTS INVENTORY PAYABLE CR DR SUNDRY ACCTS ACCT NO 12 2 4 5 5 9 1580 1581 1582 1883 1584 Oxenford Copperworks Standard Oil Company Khatan Steel Corp. Phoenix Plastics Payroll Bank Account 26400 810 9900 10486 3420 9 9 10 15 16 1585 1586 1587 1588 1589 Scooter Gordon Phoenix Plastics Smith Pipe Company N. Ill. Communications Winnebago County Bank 600 6750 37719 399 11360 16 18 19 19 1590 1591 1592 1593 Phoenix Plastics S. White Trucking Pen & Pad Business Basics, Inc. 52173 1021 1360 600 23 1594 Payroll Bank Account x 810 726 214 216 218 610 x x x x x 4860 732 216 214 x x x 399 9573 1787 120 126 151 201/16 726 214 216 218 10000 10700 DR x x x x x x x x 1021 1360 6100 CR 26400 201-06 201-01 x 644 201-03 201-01 201-04 201-01 6750 38100 52700 100 214 350 900 190 600 381 527 4063 26 29 30 30 30 31 31 5500 5770 415 1067 225 31 31 (101) (201) (102) (x) (x) ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER ACCOUNT: Boecker Builders DATE 2014 EXPLANATION 1 11/30 Balance 2 12/08 3 12/11 4 12/12 5 12/29 6 12/30 7 8 9 10 ACCOUNT: Swanson Brothers Construction DATE 2014 EXPLANATION 1 11/30 Balance 2 12/01 3 12/30 4 5 6 7 UNT: Trudy's Plumbing DATE 2014 1 11/30 Balance 2 12/08 3 12/10 4 12/10 5 12/12 6 12/18 7 12/31 8 112-01 REF DEBIT X 1050 & 1071 1071 1207 24730 CREDIT 29000 33920 BALANCE 62920 33920 0 24730 1 2 3 4 5 6 7 8 9 10 112-03 REF x 1120 DEBIT CREDIT 24050 BALANCE 24050 0 1 2 3 4 5 6 7 112-04 EXPLANATION REF x 1204 1106 1205 1204 1205 DEBIT CREDIT 29300 15100 28850 29300 28850 BALANCE 15100 44400 29300 58150 28850 0 1 2 3 4 5 6 7 8 ACCOUNTS PAYABLES SUBSIDIARY LEDGER ACCOUNT: Oxenford Copperworks DATE 2014 EXPLANATION 1 11/30 Balance 2 12/02 3 12/30 1/10, n/30 4 5 6 7 8 9 10 ACCOUNT: Smith Pipe Company DATE 2014 EXPLANATION 1 2 3 4 5 6 7 11/30 Balance 12/10 12/17 12/31 1/15, n/60 201-03 REF x 280 320 DEBIT CREDIT BALANCE 26400 26400 1 2 3 4 5 6 7 8 9 10 201-04 REF x 314 317 317 DEBIT CREDIT BALANCE 50800 38100 0 50800 38100 1 2 3 4 5 6 7 City of Rockford ACCOUNT: Northern Electric Co DATE 2014 EXPLANATION 1 12/31 2 3 4 5 6 7 8 ACCOUNT: City of Rockford DATE 2014 EXPLANATION 1 12/31 2 3 4 5 6 7 8 Student ID# REF J12 DEBIT CREDIT BALANCE 1 2 3 4 5 6 7 8 Student ID# REF J12 DEBIT CREDIT BALANCE 1 2 3 4 5 6 7 8 SELECTED GENERAL LEDGER ACCOUNTS ACCOUNT: CASH DATE 2014 1 1/1 Balance 2 3 4 11/30 Balance 5 12/31 6 12/31 7 8 9 10 101 EXPLANATION ACCOUNT: INVENTORY DATE 2014 1 1/1 Balance 2 3 11/30 Balance 4 12/11 5 12/15 6 12/15 7 12/18 9 12/19 10 12/31 11 12/31 12 12/31 13 12/31 14 12/31 15 16 DEBIT X CR12 CD18 ACCOUNT: Accounts Receivable DATE 2014 EXPLANATION 1 1/1 Balance 2 3 11/30 Balance 4 12/3 5 12/15 6 12/17 7 12/26 8 12/31 9 12/31 10 11 REF X CREDIT 24730 BALANCE 39610 249930 1 2 3 4 5 6 7 8 9 10 112 REF X DEBIT X J9 J9 J9 J9 S12 CR12 CREDIT 3700 4680 45200 BALANCE 253643 317420 313720 309040 263940 1 2 3 4 5 6 7 8 9 10 11 120 EXPLANATION ACCOUNT: ACCOUNTS PAYABLE DATE 2014 EXPLANATION 1 1/1 Balance 2 3 11/30 Balance 4 12/15 5 12/19 6 12/22 7 12/31 9 12/31 10 12/31 11 ACCOUNT: SALES REVENUE DATE 2014 EXPLANATION 1 11/30 Balance 2 12/31 3 12/31 4 12/31 5 6 ACCOUNT: COST OF GOODS SOLD REF X X CR12 J9 J9 CD18 J9 CD18 P12 S12 CR!2 CD18 DEBIT CREDIT 9834 3550 3550 1021 2300 BALANCE 450960 531960 522126 525676 522126 523147 525447 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 201 REF X X J9 CD18 J9 P12 CD18 J12 DEBIT CREDIT 3550 5500 2300 BALANCE 86352 126850 123300 128800 131100 1 2 3 4 5 6 7 9 10 11 401 REF X S12 CR12 J13 DEBIT CREDIT BALANCE 5234940 401 1 2 3 4 5 6 1 2 3 4 5 6 DATE 2014 11/30 Balance 12/11 12/15 12/31 12/31 12/31 EXPLANATION REF X CR12 J9 S12 CR12 J14 DEBIT CREDIT 9834 3550 BALANCE 3648722 3658556 365500 1 2 3 4 5 6