Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help need with journal entries November and december transactions entries adjusting entries , december un adjudted teial balance financial statments dated 12/31/2020 for income

please help need with journal entries November and december transactions entries adjusting entries , december un adjudted teial balance financial statments dated 12/31/2020 for income statement ,statement of retained earnings, balance sheet, statwment of cashflows. december closing journal entries, december post closing trial balance, ledgers rhat include all november and december posted journal entries
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
ACCT 3313 Project Submission Upload your HANDWRITIEN project submission for the following itemis (nole, templates have been provided for JEs, Ledgers, and Trial Balances): 1. November Transaction Joumal Entries 2. November Adjusting Joumal Entries 3. December Transaction Joumal Entries 4. December Unadjusted Trial Balance 5. December Adjusting Journal Entries 6. December Adjusted Trial Baiance 7. Financial Statements dated 12/31/2020 a. Income Statement b. Statement of Retained Earnings c. Balance Sheet d. Statement of Cash Flows 8. December Closing Journal Entries 9. December Pont-Closing Trial Balance 10. Ledgers that include all November and December posted Joumal Entries: PROJECT INFORMATION Chelsea Harper and Clint Casey create a partnership, Pedal Pushers LLP. It is a retail store that sells bicycles for long-distance and mountain biking. Chelsea will work the cash register and assist customers, while Clint will manage the inventory, purchasing, etc. They have contracted you on a part-time basis to assist with bookkeeping and reporting. Inventory: the business will use a perpetual system and LIFO method. Additionally, purchases and sales on account are accounted for Gross Method. Plant Assets: the business will depreciate the office equipment assets straight-line method for 10 years. Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 11/01/2020: Chelsea contributes $25,000 cash and Clint contributes $6,000 in cash and also contributes industrial shelving and other equipment worth $19,000 (fair value). The shelving and equipment have a useful life of 10 years and no residual value. 1,000 shares of $1 par Common Stock are issued to the Partners for this transaction (equally). 11/01/2020: Pedal Pushers signs a lease with Rightway Realty for retail space and pays \$6,600 for the first 6 month's rent. 11/01/2020: Pedal Pushers purchases a 6 month insurance policy to insure the business, paying $1,500. 11/02/2020: Pedal Pushers buys a Point-of-Sale (POS) system for the cashier station, \$4,500, on account with terms Net 45 FOB Shipping Point. It has an estimated 10 year life and no residual value. 11/04/2020: The POS system arrives and the trucking company presents a freight invoice of $92, which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15,000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $590. 11/04/2020: Pedal Pushers purchases 100$85 Pro-Cycle bikes (regular size) and 60$95 ProCycle bikes (XL size) on account from Discount Distribution LLC, terms 2%/15, Net 30,FOB Destination. Pedal Pushers is selling the regular size bike for \$165 and the XL size bike for \$185. The inventory should be delivered 11/9/2020. 11/05/2020: Pedal Pushers purchases 55 regular size $12 bike helmets and 25XL size $15 bike helmets from Outfitters Wholesale Corp, terms 1\%/10, Net 30 , FOB Destination. The helmets should arrive 11/9/2020. The company will charge customers $24 for the regular size and $30 for the larger size. 11/09/2020: Both purchases from the 4th and the 5th arrive at the shop. 11/12/2020: Customer buys a regular size bike, paying cash. 11/14/2020: Customer buys 3 XL bikes, paying cash. 11/21/2020: Pedal Pushers pays for the purchase made on the 4th. 11/22/2020: Customer buys a regular size bike and a regular size helmet, paying cash. 11/30/2020: A count of office supplies shows that $320 are remaining. Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 12/01/2020: Sell on account to Walker Fitness Gym, terms 1/15, n/30, the following: 36 Regular Bikes, 36 Regular Helmets, 14 XL Bikes, 14 XL Helmets. 12/02/2020: Pay for the helmet purchase that was made November 5th. 12/03/2020: Purchase on account, terms 2/15, n/30, FOB Destination from Discount Sports Distribution the following items, and received the same day: - 30 Regular Bikes for $92/ each - 16 XL Bikes for $101/ each - 80 Regular Helmets for $13/ each - 40 XL Helmets for $14/ each 12/04/2020: Sold to cash customers 6 XL Bikes, 5 XL Helmets, 3 Regular Bikes, and 4 Regular Helmets. 12/5/2020: Sold to cash customers 22 Regular Bikes, 18 Regular Helmets, and 5 XL Bikes. 12/6/2020: Paid the bill for the purchase of the Point-of-Sale system. 12/8/2020: Received a utilities bill for the bundled phone/internet for the shop. Paid it the same day, $245. 12/10/2020: Sold to cash customers 19 Regular Bikes, 2 Regular Helmets, 12 XL Bikes, 6 XL Helmets. 12/11/2020: Sold on account to Ripley's Raceway Park, terms 1/15, n/30, 20 each of the 4 inventory items. 12/12/2020: Received payment from Walker's Fitness Gym for the entire purchase they made with us on December 1st. 12/15/2020: Clint and Chelsea decide to take a $2,000 dividend for each of them. They will close the shop for a few weeks to enjoy the year-end holidays and resume business the following year. Adjusting entries: you should make adjusting entries for any expense items needed. Also, a count of office supplies shows only $65 remaining. From the Adjusted Trial Balance prepared in Part 1, prepare the four financial statements, followed by closing entries, and the Post-closing Trial Balance. ACCT 3313 Project Submission Upload your HANDWRITIEN project submission for the following itemis (nole, templates have been provided for JEs, Ledgers, and Trial Balances): 1. November Transaction Joumal Entries 2. November Adjusting Joumal Entries 3. December Transaction Joumal Entries 4. December Unadjusted Trial Balance 5. December Adjusting Journal Entries 6. December Adjusted Trial Baiance 7. Financial Statements dated 12/31/2020 a. Income Statement b. Statement of Retained Earnings c. Balance Sheet d. Statement of Cash Flows 8. December Closing Journal Entries 9. December Pont-Closing Trial Balance 10. Ledgers that include all November and December posted Joumal Entries: PROJECT INFORMATION Chelsea Harper and Clint Casey create a partnership, Pedal Pushers LLP. It is a retail store that sells bicycles for long-distance and mountain biking. Chelsea will work the cash register and assist customers, while Clint will manage the inventory, purchasing, etc. They have contracted you on a part-time basis to assist with bookkeeping and reporting. Inventory: the business will use a perpetual system and LIFO method. Additionally, purchases and sales on account are accounted for Gross Method. Plant Assets: the business will depreciate the office equipment assets straight-line method for 10 years. Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 11/01/2020: Chelsea contributes $25,000 cash and Clint contributes $6,000 in cash and also contributes industrial shelving and other equipment worth $19,000 (fair value). The shelving and equipment have a useful life of 10 years and no residual value. 1,000 shares of $1 par Common Stock are issued to the Partners for this transaction (equally). 11/01/2020: Pedal Pushers signs a lease with Rightway Realty for retail space and pays \$6,600 for the first 6 month's rent. 11/01/2020: Pedal Pushers purchases a 6 month insurance policy to insure the business, paying $1,500. 11/02/2020: Pedal Pushers buys a Point-of-Sale (POS) system for the cashier station, \$4,500, on account with terms Net 45 FOB Shipping Point. It has an estimated 10 year life and no residual value. 11/04/2020: The POS system arrives and the trucking company presents a freight invoice of $92, which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15,000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $590. 11/04/2020: Pedal Pushers purchases 100$85 Pro-Cycle bikes (regular size) and 60$95 ProCycle bikes (XL size) on account from Discount Distribution LLC, terms 2%/15, Net 30,FOB Destination. Pedal Pushers is selling the regular size bike for \$165 and the XL size bike for \$185. The inventory should be delivered 11/9/2020. 11/05/2020: Pedal Pushers purchases 55 regular size $12 bike helmets and 25XL size $15 bike helmets from Outfitters Wholesale Corp, terms 1\%/10, Net 30 , FOB Destination. The helmets should arrive 11/9/2020. The company will charge customers $24 for the regular size and $30 for the larger size. 11/09/2020: Both purchases from the 4th and the 5th arrive at the shop. 11/12/2020: Customer buys a regular size bike, paying cash. 11/14/2020: Customer buys 3 XL bikes, paying cash. 11/21/2020: Pedal Pushers pays for the purchase made on the 4th. 11/22/2020: Customer buys a regular size bike and a regular size helmet, paying cash. 11/30/2020: A count of office supplies shows that $320 are remaining. Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 12/01/2020: Sell on account to Walker Fitness Gym, terms 1/15, n/30, the following: 36 Regular Bikes, 36 Regular Helmets, 14 XL Bikes, 14 XL Helmets. 12/02/2020: Pay for the helmet purchase that was made November 5th. 12/03/2020: Purchase on account, terms 2/15, n/30, FOB Destination from Discount Sports Distribution the following items, and received the same day: - 30 Regular Bikes for $92/ each - 16 XL Bikes for $101/ each - 80 Regular Helmets for $13/ each - 40 XL Helmets for $14/ each 12/04/2020: Sold to cash customers 6 XL Bikes, 5 XL Helmets, 3 Regular Bikes, and 4 Regular Helmets. 12/5/2020: Sold to cash customers 22 Regular Bikes, 18 Regular Helmets, and 5 XL Bikes. 12/6/2020: Paid the bill for the purchase of the Point-of-Sale system. 12/8/2020: Received a utilities bill for the bundled phone/internet for the shop. Paid it the same day, $245. 12/10/2020: Sold to cash customers 19 Regular Bikes, 2 Regular Helmets, 12 XL Bikes, 6 XL Helmets. 12/11/2020: Sold on account to Ripley's Raceway Park, terms 1/15, n/30, 20 each of the 4 inventory items. 12/12/2020: Received payment from Walker's Fitness Gym for the entire purchase they made with us on December 1st. 12/15/2020: Clint and Chelsea decide to take a $2,000 dividend for each of them. They will close the shop for a few weeks to enjoy the year-end holidays and resume business the following year. Adjusting entries: you should make adjusting entries for any expense items needed. Also, a count of office supplies shows only $65 remaining. From the Adjusted Trial Balance prepared in Part 1, prepare the four financial statements, followed by closing entries, and the Post-closing Trial Balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Glencoe Accounting Concepts Procedures Applicatons

Authors: McGraw-Hill Education

3rd Edition

0028036174, 978-0028036175

More Books

Students also viewed these Accounting questions