Please open the attached screenshots and use them as directions to complete the attached Microsoft Excel template.

Comprehensive Problem NAME:___________________________________________________________________________ Date Submitted: ______________________ ____________________ Requirements 1. Using the transactions previously listed, prepare a perpetual inventory record for Bike World, Inc., December. Bike World, Inc., uses the FIFO inventory costing method. (Bike World records inventory inventory record net of any discounts as it is company policy to take advantage of all purchase discou Req 1 Perpetual Inventory Record - FIFO Date Purchases Cost of Goods Sold QuantityUnit Cost Total Cost QuantityUnit Cost Total Cost y record for Bike World, Inc., for the month of Bike World records inventory in the perpetual vantage of all purchase discounts.) Inventory on Hand Quantity Unit Cost Total Cost Requirements 2 & 3 2. Open four-column general ledger accounts and enter the balances from the November 30 trial balance. 3. Record each transaction in the general journal. Explanations are not required. Post the journal entries to the general ledger, creating new ledger accounts as necessary. Omit posting references. Calculate the new account balances. Req 3 Req 2 & 3 Cash DATE Nov ITEM 30 Bal. POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 9,150 CREDIT BALANCE DEBIT CREDIT 12,300 CREDIT BALANCE DEBIT CREDIT 36,300 CREDIT BALANCE DEBIT CREDIT 900 Accounts Receivable DATE Nov ITEM 30 Bal. POST. REF. DEBIT Inventory DATE Nov ITEM 30 Bal. POST. REF. DEBIT Supplies DATE Nov ITEM 30 Bal. Office Equipment POST. REF. DEBIT DATE Nov ITEM 30 Bal. POST. REF. DEBIT CREDIT Accumulated Depreciation, Office Equipment POST. DATE ITEM REF. DEBIT CREDIT Nov 30 Bal. BALANCE DEBIT CREDIT 18,000 BALANCE DEBIT CREDIT 3,000 Accounts Payable DATE Nov ITEM 30 Bal. POST. REF. Notes Payable, Long-Term POST. DATE ITEM REF. Nov 30 Bal. DEBIT DEBIT CREDIT BALANCE DEBIT CREDIT 1,325 CREDIT BALANCE DEBIT CREDIT 5,000 CREDIT BALANCE DEBIT CREDIT 8,500 CREDIT BALANCE DEBIT CREDIT 21,425 CREDIT BALANCE DEBIT CREDIT 4,250 Common Stock DATE Nov ITEM 30 Bal. POST. REF. DEBIT Retained Earnings DATE Nov ITEM 30 Bal. POST. REF. DEBIT Dividends DATE Nov ITEM 30 Bal. POST. REF. DEBIT Sales Revenue DATE Nov ITEM 30 Bal. POST. REF. Sales Returns and Allowances POST. DATE ITEM REF. Nov 30 Bal. DEBIT DEBIT CREDIT BALANCE DEBIT CREDIT 150,950 CREDIT BALANCE DEBIT CREDIT 1,700 CREDIT BALANCE DEBIT CREDIT 1,275 CREDIT BALANCE DEBIT CREDIT 78,900 CREDIT BALANCE DEBIT CREDIT 11,300 Sales Discounts DATE Nov ITEM 30 Bal. POST. REF. DEBIT Cost of Goods Sold DATE Nov ITEM 30 Bal. POST. REF. Sales Commissions Expense POST. DATE ITEM REF. Nov 30 Bal. DEBIT DEBIT Office Salaries Expense DATE Nov ITEM 30 Bal. POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 7,425 POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 5,500 Office Rent Expense DATE Nov ITEM 30 Bal. Shipping Expense DATE Nov ITEM 30 Bal. POST. REF. DEBIT CREDIT BALANCE DEBIT CREDIT 3,200 Requirement 4 Prepare an unadjusted trial balance as of December 31, 2014. Bike World, Inc. Unadjusted Trial Balance December 31, 2014 ACCOUNT DEBIT CREDIT Requirement 5 Journalize and post the adjusting journal entries based on the following information, creating new ledger accounts as necessary: a. Depreciation expense on office equipment, $1,875. b. Supplies on hand, $245. c. Accrued salary expense for the office receptionist, $845. Depreciation Expense DATE Nov ITEM 30 Bal. POST. REF. DEBIT Accumulated Depreciation, Office Equipment POST. DATE ITEM REF. DEBIT Nov 30 Bal CREDIT CREDIT BALANCE DEBIT 0 BALANCE DEBIT Supplies Expense DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT 0 CREDIT BALANCE DEBIT 900 Supplies DATE Nov ITEM 30 Bal POST. REF. DEBIT Office Salaries Expense POST. BALANCE DATE Nov ITEM 30 Bal REF. DEBIT CREDIT DEBIT 7,425 Salaries Payable DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT owing information, BALANCE CREDIT BALANCE CREDIT 3,000 BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT 0 Requirement 6 Prepare an adjusted trial balance as of December 31, 2014. Use the adjusted trial balance to prepare Bike World, Inc.'s multi-step income statement and statement of retained earnings for the year ending December 31, 2014. Also, prepare the balance sheet at December 31, 2014. Bike World, Inc. Adjusted Trial Balance December 31, 2014 ACCOUNT DEBIT Bike World, Inc. Income Statement Year ended December 31, 2014 Bike World, Inc. Statement of Retained Earnings Year Ended December 31, 2014 Bike World, Inc. Balance Sheet December 31, 2014 Assets Liabilities Stockholders' Equity he adjusted trial and statement of repare the balance CREDIT Requirement 7 Journalize and post the closing entries. Retained Earnings DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT Dividends DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT 4,250 Sales Revenue DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT Sales Returns and Allowances DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT 1,700 Sales Discounts DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT 1,275 CREDIT BALANCE DEBIT 78,900 CREDIT BALANCE DEBIT 11,300 CREDIT BALANCE DEBIT 7,425 CREDIT BALANCE DEBIT 5,500 CREDIT BALANCE DEBIT 3,200 Cost of Goods Sold DATE Nov ITEM 30 Bal POST. REF. DEBIT Sales Commissions Expense DATE Nov ITEM 30 Bal POST. REF. DEBIT Office Salaries Expense DATE Nov ITEM 30 Bal POST. REF. DEBIT Office Rent Expense DATE Nov ITEM 30 Bal POST. REF. DEBIT Shipping Expense DATE Nov ITEM 30 Bal POST. REF. DEBIT Depreciation Expense POST. BALANCE DATE Nov ITEM 30 Bal REF. DEBIT CREDIT DEBIT 0 Supplies Expense DATE Nov ITEM 30 Bal POST. REF. DEBIT CREDIT BALANCE DEBIT 0 Requirement 8 Prepare a post-closing trial balance at December 31, 2014. Bike World, Inc. Post-Closing Trial Balance December 31, 2014 ACCOUNT DEBIT CREDIT BALANCE CREDIT 21,425 BALANCE CREDIT BALANCE CREDIT 150,950 BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT BALANCE CREDIT