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AutoSave HI Accounting for Cathy - Excel BHATIAKA1 B 7 File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments 16 F H 1 K L M N O Q R 1 B D E G CUMULATIVE PROBLEM - Elton Systems (Perpetual) 2 3 The first three segments of this comprehensive problem were presented in Chapters 2, 3, and 4. If 4 those segments have not been completed, the assignment can begin at this point. However, you 5 should use the Working Papers1 that accompany this text because they reflect the account balances 6 that resulted from posting the entries required in Chapters 2, 3, and 4. 7 8 Earlier segments of this problem have described how Elton Worth created Elton Systems on 9 October 1, 2020. The company has been successful, and its list of customers has started to grow. 10 To accommodate the growth, the accounting system is ready to be modified to set up separate 11 accounts for each customer. The following list of customers includes the account number used for 12 each account and any balance as of the end of 2020. Elton decided to add a fourth digit with 13 a decimal point to the 106 account number that had been used for the single Accounts 14 Receivable account. This modification allows the existing chart of accounts to continue being 15 used. The list also shows the balances that two customers owed as of December 31, 2020: 16 17 Customer Account 18 Sopher's Electrical 19 Rocky Mountain Ski Lodges 20 Videotron Entertainment Corp. 21 Wallace & Sons Inc. 22 Kokanee Golf Resorts Inc. 23 Papier Inc. 24 Media Link Co. 25 Mountain Springs Beverage Inc. 26 Outerwear Unlimited Co. Sheet1 + No. Dec. 31 Balance 106.1 0 106.2 0 106.3 0 106.4 2780 106.5 0 106.6 850 106.7 0 106.8 0 106.9 0 Select destination and press ENTER or choose Paste 100% Type here to search i la ENG 11:50 AM 2020-08-06 AutoSave Off H2 Accounting for Cathy - Excel BHATIAKA1 B 7 File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments 16 X fx 1 K N M O - P Q R A B C D E F G H 26 Outerwear Unlimited Co. 106.9 0 27 28 In response to frequent requests from customers, Elton has decided to begin selling computer 29 software. The company will extend credit terms of 1/10, n/30 to customers who purchase 30 merchandise. No cash discount will be available on consulting fees. The following additional accounts 31 were added to the General Ledger to allow the system to account for the company's new 32 merchandising activities: 33 34 Account Number Account Name 35 119 Merchandise Inventory 36 413 Sales 37 414 Sales Discounts 38 415 Sales Returns and Allowances 39 502 Cost of Goods Sold 40 41 Because the accounting system does not use reversing entries, all revenue and expense accounts 42 have zero balances as of January 1, 2021. 43 44 1 If students have not purchased the Working Papers package, the Working Papers for the Serial 45 Problem are available on the website at Connect. 46 47 48 49 50 51 Sheet1 + Ready 3 + 100% Type here to search | 0 W E la ENG 11:51 AM 2020-08-06 72 AutoSave Off H2 Accounting for Cathy - Excel BHATIAKA1 B 7 File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments 16 X A B D E F H 1 K N M O - P Q R 52 Required 53 1. Prepare journal entries to record each of the following transactions for Elton Systems, assuming 54 a perpetual system. 55 56 Jan. 4 57 58 59 60 61 62 63 64 65 66 67 Paid Anne Stafford for two days at the rate of $265 per day, in addition to the 9 unpaid days from the prior year. 5 Elton Worth invested an additional $55,000 cash in the business. 7 Purchased $65,000 of merchandise from Mannville Grain Co. with terms of 1/10, n/30, FOB shipping point. 9 Received the balance owing from Papier Inc.. 11 Completed five-day project for Sopher's Electrical and billed them $7,000, which is the total price of $12,340 less the advance payment of $5,340. 13 Sold merchandise with a retail value of $37,700 and a cost of $26,000 to Kokanee Golf Resorts Inc. with terms of 1/10, n/30, FOB shipping point. 15 Paid $3,980 for freight charges on the merchandise purchased on January 7. 16 Received $7,900 cash from Medical Imaging Co. for computer services performed today. 17 Paid Mannville Grain Co. for the purchase on January 7. 20 Kokanee Golf Resorts Inc. returned $4,000 of defective merchandise from its purchase on January 13. The returned merchandise, which had a cost of $2,800, was scrapped. 22 Received the balance due from Kokanee Golf Resorts Inc. 24 Returned defective merchandise to Mannville Grain Co. and accepted credit against future purchases. Its cost, net of the discount, was $5,940. 26 Purchased $21,800 of merchandise from Mannville Grain Co. with terms of 1/10, n/30, FOB destination. 26 Sold merchandise costing $32,000 for $46,400 to Mountain Springs Beverage Inc.; 1/10, n30. 29 Received a $5,940 credit memo from Mannville Grain Co. concerning the Sheet1 68 69 70 71 72 73 74 75 76 77 Ready 3 + 100% Type here to search w PI E la ENG 11:51 AM 2020-08-06 72 AutoSave Off HI Accounting for Cathy - Excel BHATIAKA1 B File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments 16 for A F K L M N o P o R 78 79 80 Feb. 1 81 82 83 84 85 86 B D E G H merchandise returned on January 24. 31 Paid Anne Stafford for 25 days' work at $265 per day. Paid $5,940 for another three months' rent in advance at the landlord's request. 3 Paid Mannville Grain Co. for the balance due. 5 Paid $1,800 to the local newspaper for advertising. 11 Received the balance due from Sopher's Electrical for fees billed on January 11. 15 Elton Worth withdrew $5,000 cash for personal use. 23 Sold merchandise with a cost of $12,000 for $17,400 on credit to Media Link Co.; terms 1/10, n30. 26 Paid Anne Stafford for 24 days' work at $265 per day. 27 Reimbursed Elton Worth's business automobile expenses for 1,400 kilometres at $2.00 per kilometre. Purchased $4,300 of computer supplies from Kensington Supplies on credit. 9 Received the balance due from Media Link Co. for merchandise sold on February 23. 11 Repaired the company's computer equipment paying cash of $260. 16 Received $3,750 cash from Outerwear Unlimited Co. for a computing services project completed today. 87 88 89 90 91 Mar. 8 92 93 94 95 96 AutoSave HI Accounting for Cathy - Excel BHATIAKA1 B 7 File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments 16 F H 1 K L M N O Q R 1 B D E G CUMULATIVE PROBLEM - Elton Systems (Perpetual) 2 3 The first three segments of this comprehensive problem were presented in Chapters 2, 3, and 4. If 4 those segments have not been completed, the assignment can begin at this point. However, you 5 should use the Working Papers1 that accompany this text because they reflect the account balances 6 that resulted from posting the entries required in Chapters 2, 3, and 4. 7 8 Earlier segments of this problem have described how Elton Worth created Elton Systems on 9 October 1, 2020. The company has been successful, and its list of customers has started to grow. 10 To accommodate the growth, the accounting system is ready to be modified to set up separate 11 accounts for each customer. The following list of customers includes the account number used for 12 each account and any balance as of the end of 2020. Elton decided to add a fourth digit with 13 a decimal point to the 106 account number that had been used for the single Accounts 14 Receivable account. This modification allows the existing chart of accounts to continue being 15 used. The list also shows the balances that two customers owed as of December 31, 2020: 16 17 Customer Account 18 Sopher's Electrical 19 Rocky Mountain Ski Lodges 20 Videotron Entertainment Corp. 21 Wallace & Sons Inc. 22 Kokanee Golf Resorts Inc. 23 Papier Inc. 24 Media Link Co. 25 Mountain Springs Beverage Inc. 26 Outerwear Unlimited Co. Sheet1 + No. Dec. 31 Balance 106.1 0 106.2 0 106.3 0 106.4 2780 106.5 0 106.6 850 106.7 0 106.8 0 106.9 0 Select destination and press ENTER or choose Paste 100% Type here to search i la ENG 11:50 AM 2020-08-06 AutoSave Off H2 Accounting for Cathy - Excel BHATIAKA1 B 7 File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments 16 X fx 1 K N M O - P Q R A B C D E F G H 26 Outerwear Unlimited Co. 106.9 0 27 28 In response to frequent requests from customers, Elton has decided to begin selling computer 29 software. The company will extend credit terms of 1/10, n/30 to customers who purchase 30 merchandise. No cash discount will be available on consulting fees. The following additional accounts 31 were added to the General Ledger to allow the system to account for the company's new 32 merchandising activities: 33 34 Account Number Account Name 35 119 Merchandise Inventory 36 413 Sales 37 414 Sales Discounts 38 415 Sales Returns and Allowances 39 502 Cost of Goods Sold 40 41 Because the accounting system does not use reversing entries, all revenue and expense accounts 42 have zero balances as of January 1, 2021. 43 44 1 If students have not purchased the Working Papers package, the Working Papers for the Serial 45 Problem are available on the website at Connect. 46 47 48 49 50 51 Sheet1 + Ready 3 + 100% Type here to search | 0 W E la ENG 11:51 AM 2020-08-06 72 AutoSave Off H2 Accounting for Cathy - Excel BHATIAKA1 B 7 File Home Insert Draw Page Layout Formulas Data Review View Help Search Share Comments 16 X A B D E F H 1 K N M O - P Q R 52 Required 53 1. Prepare journal entries to record each of the following transactions for Elton Systems, assuming 54 a perpetual system. 55 56 Jan. 4 57 58 59 60 61 62 63 64 65 66 67 Paid Anne Stafford for two days at the rate of $265 per day, in addition to the 9 unpaid days from the prior year. 5 Elton Worth invested an additional $55,000 cash in the business. 7 Purchased $65,000 of merchandise from Mannville Grain Co. with terms of 1/10, n/30, FOB shipping point. 9 Received the balance owing from Papier Inc.. 11 Completed five-day project for Sopher's Electrical and billed them $7,000, which is the total price of $12,340 less the advance payment of $5,340. 13 Sold merchandise with a retail value of $37,700 and a cost of $26,000 to Kokanee Golf Resorts Inc. with terms of 1/10, n/30, FOB shipping point. 15 Paid $3,980 for freight charges on the merchandise purchased on January 7. 16 Received $7,900 cash from Medical Imaging Co. for computer services performed today. 17 Paid Mannville Grain Co. for the purchase on January 7. 20 Kokanee Golf Resorts Inc. returned $4,000 of defective merchandise from its purchase on January 13. The returned merchandise, which had a cost of $2,800, was scrapped. 22 Received the balance due from Kokanee Golf Resorts Inc. 24 Returned defective merchandise to Mannville Grain Co. and accepted credit against future purchases. Its cost, net of the discount, was $5,940. 26 Purchased $21,800 of merchandise from Mannville Grain Co. with terms of 1/10, n/30, FOB destination. 26 Sold merchandise costing $32,000 for $46,400 to Mountain Springs Beverage Inc.; 1/10, n30. 29 Received a $5,940 credit memo from Mannville Grain Co. concerning the Sheet1 68 69 70 71 72 73 74 75 76 77 Ready 3 + 100% Type here to search w PI E la ENG 11:51 AM 2020-08-06 72 AutoSave Off HI Accounting for Cathy - Excel BHATIAKA1 B File Home Insert Draw Page Layout Formulas Data Review View Help O Search Share Comments 16 for A F K L M N o P o R 78 79 80 Feb. 1 81 82 83 84 85 86 B D E G H merchandise returned on January 24. 31 Paid Anne Stafford for 25 days' work at $265 per day. Paid $5,940 for another three months' rent in advance at the landlord's request. 3 Paid Mannville Grain Co. for the balance due. 5 Paid $1,800 to the local newspaper for advertising. 11 Received the balance due from Sopher's Electrical for fees billed on January 11. 15 Elton Worth withdrew $5,000 cash for personal use. 23 Sold merchandise with a cost of $12,000 for $17,400 on credit to Media Link Co.; terms 1/10, n30. 26 Paid Anne Stafford for 24 days' work at $265 per day. 27 Reimbursed Elton Worth's business automobile expenses for 1,400 kilometres at $2.00 per kilometre. Purchased $4,300 of computer supplies from Kensington Supplies on credit. 9 Received the balance due from Media Link Co. for merchandise sold on February 23. 11 Repaired the company's computer equipment paying cash of $260. 16 Received $3,750 cash from Outerwear Unlimited Co. for a computing services project completed today. 87 88 89 90 91 Mar. 8 92 93 94 95 96