please do all of the required
sales journal
purchases journal
cash receipts journal
cash payments journal
general journal
general ledger
Acct Rec Ledger
Accts Pay Ledger
The Fashion Rack The Fashion Rack is a retall merchandising business that sells brand-name clothing at discount prices. The firm is owned and managed by Teresa Lojay, who started the business on April 1, 20X1. This project will give you an opportunity to put your knowledge of accounting into practice as you handle the accounting work of The Fashion Rack during the month of October 20X1. INTRODUCTION The Fashion Rack has a monthly accounting period. The firm's chart of accounts is shown below. The Journals used to record transactions are the sales journal purchases journal, cash receipts Journal, cash payments journal, and general Journal. Postings are made from the Journals to the accounts receivable ledger, accounts payable ledger, and general ledger. The employees are paid at the end of the month. A computerized payroll service prepares all payroll records and checks. DATE TRANSACTIONS Oct. 1 Issued Check 601 for $4,400 to pay Properties Management, Inc., the monthly rent. 1 signed a three-month radio advertising contract with cable station KTLE for $5,100; Losued Check 602 to pay the full amount in advance. 2 Received $520 from Megan Greening, a credit customer, in payment of her account. 2 Issued Check 603 for $17,820 to remit the sales tax owed for July through September to the State Tax Commission. 2 Ionued Check 604 for $7,673.40 to A Fashion Statement, a creditor, in payment of Invoice 9387 ($7,830), los a Canh di maourt (156,60 ) 3 Sold merchandise on credit for $2,400 plus sales tax of $124 to Mariam Salib, Sales Slip 241. 4 Issued Check 605 for $1,050 to MX Supply Co. for supplies. 4 Tonued Check 606 for $8,594.60 to Unique styles, a creditor, in payment of Invoice 5671 (88.770), 10. a canh discount ($175.40). 5 Collected $1,700.00 on account from Amy Trinh, a credit customer. 5 Accepted a return of nerchandise from Mariam Salib. The merchandise was originally sold on Solen slip 241, dated October 31 issued Credit Memorandum 18 for $630, which includes sales tax of 630. 5 Ionued Check 607 for $1,666 to claony Threads, a creditor, in payment of Invoice 3292 ($1,700), lesa a cash discount ($34). 6 Had cash sales of $10,600 plus sales tax of 6930 during October 1-6. 8 Received a check from James Helmer, a credit customer, for $832 to pay the balance he owes. 8 Innued Check 600 for $1,884 to deposit social security tax (6702), Medicare tax ($162), and federal income tax withholding ($1,020) from the September payroll. Record this check in the cash payments Journal. 9 Sold merchandise on credit for $2,050 plus salos tax of $102.50 to Emma Maldonado, Salen Slip 242. 10 Issued Check 609 for $1,525 to pay The Daily News for a newspaper advertisement that appeared in October. 11 Purchased merchandise for $4,820 from A Fashion Statement, Invoice 9422, dated October 8; the terms are 2/10, n/30. 12 Issued Check 610 for $395 to pay freight charges to Ace Freight Company, the trucking company that delivered merchandise from A Fashion Statement on September 27 and October 11. 13 Had cash sales of $13,200 plus sales tax of $660 during October 8-13. 15 Sold merchandise on credit for $1,940 plus sales tax pf $97 to James Helmer, Sales Slip 243. 16 Purchased discontinued merchandise from Acme Jobberspl paid for it immediately with Check 611 for $5,120. 16 Received $510 on account from Mariam Salib, a credit customer. ALAR 19 CA 92 Aoshian Catamant 1 naman af TA 047 et On 13 Had cash sales of $13,200 plus sales tax of $660 during October 8-13. 15 Sold merchandise on credit for $1,940 plus sales tax of $97 to James Helmer, Sales Slip 243. 16 Purchased discontinued merchandise from Acme Jobbers: paid for it immediately with Check 611 for $5,120. 16 Received $510 on account from Mariam Salib, a credit customer. 16 Issued Check 612 for $4,723.60 to A Fashion Statement, a creditor, in payment of Invoice 9422 ($4,820.00), less cash discount ($96.40). 18 Issued Check 613 for $7,400 to Teresa Lojay as a withdrawal for personal use. 20 Had cash sales of $13,500 plus sales tax of $675 during October 15-20. 22 Issued Check 614 to City Utilities for $1,492 to pay the monthly electric bill. 24 Sold merchandise on credit for $820 plus sales tax of $41 to Megan Greening, Sales Slip 244. 25 Purchased merchandise for $3,580 from Classy Threads, Invoice 3418, dated October 23; the terms are 2/10, n/30. 26 Issued Check 615 to Regional Telephone for $940 to pay the monthly telephone bill. 27 Had cash sales of $14,240 plus sales tax of $712 during October 22-27. 29 Received Credit Memorandum 175 for $430 from Classy Threads for defective goods that were returned. The original purchase was recorded on October 25. 29 Sold merchandise on credit for $3,450 plus sales tax of $172.50 to Amy Trinh, Sales slip 245. 29 Recorded the October payroll. The recorde prepared by the payroll service show the following totalot earnings, $10,000; social security, $702.00; Medicare, $162.00; income tax, $1,020; and net pay, $8,916. The excens withholdings corrected an error made in withholdings in September. 29 Recorded the employer's payroll taxes, which were caloulated by the payroll service social security, $7021 Medicare, $162; federal unemployment tax, $118; and state unemployment tax, 3584. This, too, reflects an understatement of taxes recorded in September and corrected in this month. 30 Purchased merchandise for $4,080 from Unique Styles, Invoice 5821, dated October 26; the terms aro 1/10, n/30. 31 Ionued Checka 616 through 619, totaling $8,916.00, to employees to pay October payroll. For the sake of implicity, enter the total of the checks on a single line in the cash payments journal. 31 Issued Check 620 for $525 to A+ Janitora tor October janitorial services. 31 Had cash sales of $1,800 plun nales tax of $90 for October 29-31. ADJUSTMENTS 31 During October, the firm had net credit sales of $10,140. From experience with similar businesses, the previous accountant had estimated that 1.0 percent of the firm's net credit sales would result in uncollectible accounts. Record an adjustment for the expected loss from uncollectible accounts for the month of October. 31 on October 31, an inventory of the supplies showed that items costing $2,740 were on hand. Record an adjustment for the supplies used in October. 31 On September 30, 20x1, the firm purchased a six-month insurance policy for $8,400. Record an adjustment for the expired insurance for October. 31 On October 1, 20x1, the firm signed a three-month advertising contract for $5,100 with a local cable television station and paid the full amount in advance. Record an adjustment for the expired advertising for October. 31 on April 1, 20x1, the firm purchased equipment for $83,000. The equipment was estimated to have a useful life of five years and a salvage value of $12,500. Record an adjustment for depreciation on the equipment for October. 31 Based on a physical count, ending merchandise inventory was determined to be $82,260. Required: Part 1 1. Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments Journal, and General Journal Tabs: Analyze the transactions for October and record each transaction in the proper Journal. 2. General Ledger, Accts Rec Sub Ledger, and Accts Pay Sub Ledger Tabs: Post the Individual entries that involve customer and creditor accounts from the journals to the subsidiary ledgers on a daily basis. Post the individual entries that appear in the general Journal and in the Other Accounts sections of the cash receipts and cash payments journals to the general ledger on a daily basis. 3. Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments Journal Tabs: Total, prove, and rule the special journals as of October 31, 20X1. Post the column totals from the special journals to the general ledger accounts. Scroll down to the bottom to complete both sets of Tabs. Complete this question by entering your answers in the tabs below. Requirement Sales Journal Purchases Journal Cash Receipts Journal Cash Payments Journal General Journal General Ledger Accts Rec Ledger Accts Pay Ledger Part 2 4. Schedule of Accts Rec and Schedule of Accts Pay Tabs: Check the accuracy of the subsidiary ledgers by preparing a schedule of accounts receivable and a schedule of accounts payable as of October 31, 20X1. Compare the totals with the balances of the Accounts Receivable account and the Accounts Payable account in the general ledger. 5. Worksheet Tab: Check the accuracy of the general ledger by preparing a trial balance in the first two columns of a 10-column worksheet. Make sure that the total debits and the total credits are equal. 6. Worksheet Tab: Complete the Adjustments section of the worksheet using the adjusting transactions. 7. Worksheet Tab: Complete the Adjusted Trial Balance section of the worksheet. Then determine the net income or net loss for October and complete the worksheet. 8. Income Statement Tab: Prepare a classified income statement for the month ended October 31, 20X1. (The firm does not divide its operating expenses into selling and administrative expenses.) 9. Stmt of Owner's Equity Tabs Prepare a statement of owner's equity for the month ended October 31, 20x1. 10. Balance Sheet TabPrepare a classified balance sheet as of October 31, 20x1. 11. Adjusting and Closing Tab: Journalize and post the adjusting entries and then the closing entries to the General Journal 12. Postclosing Tab: Prepare a postclosing trial balance. Complete this question by entering your answers in the tabs below. Requirement Schedule of Schedule of Accts Rec Accts Pay Worksheet Income Statement Stmt of Equity Balance Sheet Adjusting and Closing Postclosing Complete this question by entering your answers in the tabs below. Book Cash Sales Purchases Cash General Requirement Accts Rec General Journal Receipts Journal Payments Accts Pay Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 decimal places.) SALES JOURNAL Accounts Date Sales Slip No. Receivable Customer's Namo Sales Tax Sales Credit Debit Payable Credit Print rences Oct. 31, 20X1 Totals $ 0.00 $ 0.00 $ 0.00 Complete this question by entering your answers in the tabs below. Cash Cash Sales Purchases General General Accts Rec Receipts Requirement Accts Pay Payments Journal Journal Journal Ledger Journal Journal Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 decimal places.) PURCHASES JOURNAL Purchases Debit Invoice Date Purchased From Date of invoice Terms /Accounts Number Payable Credit October 31 Totals $ 0.00 Sales Journal Cash Receipts Journal Sales Purchases Cash Cash Requirement General General Receipts Accts Rec Journal Journal Acets Pay Payments Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 decimal places.) CASH RECEIPTS JOURNAL Accounts Sales Tax Other Accounts Credit Date Description Receivable Payable Credit Sales Credit Credit Account Name Cash Debit Oct. 2, 20X1 Oct. 5, 20x1 Oct. 6, 20X1 Oct 8, 20X1 Oct 13, 20X1 Oct 16, 20X1 Oct 20, 20X1 Oct 27, 20X1 Oct. 31, 20X1 Oct 31, 20X1 Totals S 0.00 $ 0.00 $ 0.00 $ 0.00 Date Purchases Discount Credit Cash Credit Sales Purchases Cash Cash General Requirement General Payments Journal Receipts Accts Rec Accts Pay Journal Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal (Round your answers to 2 decimal places.) CASH PAYMENTS JOURNAL Accounts Other Accounts Debit CK No. Description Payable Dobit Account Name Amount Oct 1, 20X1 Oct. 1. 20X1 Oct 220X1 Oct 2, 20x1 Oct. 4. 20X1 Od 4, 20X1 Oct. 5. 20X1 Oct 8, 20X1 Oct 10, 20X1 Oct. 12, 20X1 Oct 16, 20X1 Oct 16, 20X1 Oct 18, 20X1 Oct 22, 20X1 Od 26, 20X1 Oct 31, 20X1 Oct 31, 20X1 Oct 31, 20X1 Totals $ 0.00 S 0.00 $ 0.00 $ Sales Cash Purchases Cash General General Accts Rec Requirement Accts Pay Journal Receipts Payments Journal Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 Issued Credit Memo 18 for damaged merchandise originally sold on Sales Slip 241, October 3. Note: Enter debits before credits Date General Journal Dobit Credit Oct. 5, 20X1 Record entry Clear entry View general Journal Cash Cash Requirement Sales Purchases General General Accts Pay Receipts Journal Accts Rec Payments Journal Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 View transaction list Journal entry worksheet Complete this question by entering your answers in the tabs below. Cash Cash Sales Purchases General General Accts Rec Receipts Requirement Accts Pay Payments Journal Journal Journal Ledger Journal Journal Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 decimal places.) PURCHASES JOURNAL Purchases Debit Invoice Date Purchased From Date of invoice Terms /Accounts Number Payable Credit October 31 Totals $ 0.00 Sales Journal Cash Receipts Journal Sales Purchases Cash Cash Requirement General General Receipts Accts Rec Journal Journal Acets Pay Payments Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 decimal places.) CASH RECEIPTS JOURNAL Accounts Sales Tax Other Accounts Credit Date Description Receivable Payable Credit Sales Credit Credit Account Name Cash Debit Oct. 2, 20X1 Oct. 5, 20x1 Oct. 6, 20X1 Oct 8, 20X1 Oct 13, 20X1 Oct 16, 20X1 Oct 20, 20X1 Oct 27, 20X1 Oct. 31, 20X1 Oct 31, 20X1 Totals S 0.00 $ 0.00 $ 0.00 $ 0.00 Date Purchases Discount Credit Cash Credit Sales Purchases Cash Cash General Requirement General Payments Journal Receipts Accts Rec Accts Pay Journal Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal (Round your answers to 2 decimal places.) CASH PAYMENTS JOURNAL Accounts Other Accounts Debit CK No. Description Payable Dobit Account Name Amount Oct 1, 20X1 Oct. 1. 20X1 Oct 220X1 Oct 2, 20x1 Oct. 4. 20X1 Od 4, 20X1 Oct. 5. 20X1 Oct 8, 20X1 Oct 10, 20X1 Oct. 12, 20X1 Oct 16, 20X1 Oct 16, 20X1 Oct 18, 20X1 Oct 22, 20X1 Od 26, 20X1 Oct 31, 20X1 Oct 31, 20X1 Oct 31, 20X1 Totals $ 0.00 S 0.00 $ 0.00 $ Sales Cash Purchases Cash General General Accts Rec Requirement Accts Pay Journal Receipts Payments Journal Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 3 4 Issued Credit Memo 18 for damaged merchandise originally sold on Sales Slip 241, October 3. Note: Enter debits before credits Date General Journal Dobit Credit Oct. 5, 20X1 Record entry Clear entry View general Journal Cash Cash Requirement Sales Purchases General General Accts Pay Receipts Journal Accts Rec Payments Journal Journal Journal Journal Ledger Ledger Ledger Analyze the transactions for October and record each transaction in the proper journal. (Round your answers to 2 View transaction list Journal entry worksheet
