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ACC 121 Project Summer 2020 100 points 1. Use working papers for this problem I've posted on our class in D2L: Practice Set Working Papers. Be careful to print all 16 sheets. 2. This project must be completed by hand, in pencil. 3. This company uses the perpetual system of inventory. 4. Check figures: Cash Receipts Journal, total Cash DR: Cash Payments Journal, total Cash CR: Net Income: Total Assets: Total Post Closing Trial Balance: $ 68,290 61,985 31,594 154,369 155,994 5. Legibility, neatness, and correct use of posting references will count towards total points. ACC 121 Practice Set transactions Summer 2020 (Use the working papers provided by your instructor to work this project.) Polaris Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Polaris are indicated in the working papers. Below are a series of transactions for Polaris Co. for the month of January. Credit sales terms are 2/10, 1/30. The cost of all merchandise sold was 46% of the sales price. Jan.3 Sell merchandise on account to S. Jones $3,100, invoice no. 825, and to B. Smith $1,800, invoice no. 826. 5 Purchase merchandise from N. Cairns $5,000 and B. Tanza $2,200, terms n/30. 7 Receive checks from D. Brown $4,000 and H. Stone $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $235.ins 9 Send checks to P. Winston for $9,000 less 2% cash discount, and to C. Boxer for $11,000 less 1% cash discount. 9 Issue credit of $300 to B. Smith for merchandise returned. 10 Summary daily cash sales total $15.500. 11 Sell merchandise on account to M. Fergus $1,600, invoice no. 827, and to D. Brown $900, invoice no. 828 12 Pay rent of $1.000 for January 13 Receive payment in full from S. Jones and B. Smith less cash discounts. 15 Withdrawal of $800 cash by J. Betel for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from C. Boxer $18,000, terms 1/10, n/30; P. Winston $14,200, terms 2/10, n/30; and N. Caims $1,500, terms n/30. 17 Pay $400 cash for office supplies. 18 Return $200 of merchandise to P. Winston and receive credit 20 Summary daily cash sales total $20,100. 21 Issue $15,000 note, maturing in 90 days, to K. Greene in payment of balance due. 21 Receive payment in full from D. Brown less cash discount. 22 Sell merchandise on account to S. Jones $2,700, invoice no. 829, and to M. Fergus $1,300, invoice no. 830. 22 Post all entries to the subsidiary ledgers. 23 Send checks to C. Boxer and P. Winston in full payment less cash discounts. 25 Sell merchandise on account to H. Stone $3,500, invoice no. 831, and to B. Smith S6,100, invoice Do. 832 27 Purchase merchandise from C. Boxer $14,500, terms 1/10, 1/30; B. Tanza $1,200, terms n/30; and N. Caims $5,400, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Summary daily cash sales total $21,300. 31 Pay salaries and wages of $8,100. (continued) Page 1 of 2 Instructions: (a) Record the January transactions in a Sales Journal, a single-column Purchases Journal, a Cash Receipts Journal, a Cash Payments Journal, and a two-column General Journal. (b) Post the journals to the General Ledger. (c) Prepare a Trial Balance at January 31, 2020, in the trial balance columns of the Worksheet. Complete the Worksheet using the following additional information. 1. Office supplies at January 31 total $900. 2. Insurance coverage expires on October 31, 2020. 3. Annual depreciation on the equipment is $1,500. 4. Interest of $75 has accrued on the note payable. (d) Prepare a multiple-step Income Statement and an Owner's Equity Statement for January and a classified Balance Sheet at the end of January (e) Prepare and post adjusting and closing entries. (1) Prepare a Post-Closing Trial Balance, and determine whether the subsidiary ledgers agree with the control accounts in the General Ledger (g) Calculate the following ratios. Include the written formula in words in addition to your calculations and your final answers: 1. Inventory Turnover 2. Days in Inventory for the month of January 3. Gross Profit Rate 4. Working Capital ACC 121 Project Summer 2020 100 points 1. Use working papers for this problem I've posted on our class in D2L: Practice Set Working Papers. Be careful to print all 16 sheets. 2. This project must be completed by hand, in pencil. 3. This company uses the perpetual system of inventory. 4. Check figures: Cash Receipts Journal, total Cash DR: Cash Payments Journal, total Cash CR: Net Income: Total Assets: Total Post Closing Trial Balance: $ 68,290 61,985 31,594 154,369 155,994 5. Legibility, neatness, and correct use of posting references will count towards total points. ACC 121 Practice Set transactions Summer 2020 (Use the working papers provided by your instructor to work this project.) Polaris Company uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Polaris are indicated in the working papers. Below are a series of transactions for Polaris Co. for the month of January. Credit sales terms are 2/10, 1/30. The cost of all merchandise sold was 46% of the sales price. Jan.3 Sell merchandise on account to S. Jones $3,100, invoice no. 825, and to B. Smith $1,800, invoice no. 826. 5 Purchase merchandise from N. Cairns $5,000 and B. Tanza $2,200, terms n/30. 7 Receive checks from D. Brown $4,000 and H. Stone $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $235.ins 9 Send checks to P. Winston for $9,000 less 2% cash discount, and to C. Boxer for $11,000 less 1% cash discount. 9 Issue credit of $300 to B. Smith for merchandise returned. 10 Summary daily cash sales total $15.500. 11 Sell merchandise on account to M. Fergus $1,600, invoice no. 827, and to D. Brown $900, invoice no. 828 12 Pay rent of $1.000 for January 13 Receive payment in full from S. Jones and B. Smith less cash discounts. 15 Withdrawal of $800 cash by J. Betel for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from C. Boxer $18,000, terms 1/10, n/30; P. Winston $14,200, terms 2/10, n/30; and N. Caims $1,500, terms n/30. 17 Pay $400 cash for office supplies. 18 Return $200 of merchandise to P. Winston and receive credit 20 Summary daily cash sales total $20,100. 21 Issue $15,000 note, maturing in 90 days, to K. Greene in payment of balance due. 21 Receive payment in full from D. Brown less cash discount. 22 Sell merchandise on account to S. Jones $2,700, invoice no. 829, and to M. Fergus $1,300, invoice no. 830. 22 Post all entries to the subsidiary ledgers. 23 Send checks to C. Boxer and P. Winston in full payment less cash discounts. 25 Sell merchandise on account to H. Stone $3,500, invoice no. 831, and to B. Smith S6,100, invoice Do. 832 27 Purchase merchandise from C. Boxer $14,500, terms 1/10, 1/30; B. Tanza $1,200, terms n/30; and N. Caims $5,400, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Summary daily cash sales total $21,300. 31 Pay salaries and wages of $8,100. (continued) Page 1 of 2 Instructions: (a) Record the January transactions in a Sales Journal, a single-column Purchases Journal, a Cash Receipts Journal, a Cash Payments Journal, and a two-column General Journal. (b) Post the journals to the General Ledger. (c) Prepare a Trial Balance at January 31, 2020, in the trial balance columns of the Worksheet. Complete the Worksheet using the following additional information. 1. Office supplies at January 31 total $900. 2. Insurance coverage expires on October 31, 2020. 3. Annual depreciation on the equipment is $1,500. 4. Interest of $75 has accrued on the note payable. (d) Prepare a multiple-step Income Statement and an Owner's Equity Statement for January and a classified Balance Sheet at the end of January (e) Prepare and post adjusting and closing entries. (1) Prepare a Post-Closing Trial Balance, and determine whether the subsidiary ledgers agree with the control accounts in the General Ledger (g) Calculate the following ratios. Include the written formula in words in addition to your calculations and your final answers: 1. Inventory Turnover 2. Days in Inventory for the month of January 3. Gross Profit Rate 4. Working Capital