Problem This problem is a continuation of Sample Problem 2 S You will enter the general journal entries for the month of December of the current year and complete the end of fiscal period processing Answer Audit Questions 2 A pages on 8788 while you are working on this problem As you complete this problem, click Info on the toolbar for helpful check figures to audit your work General Journal Transactions Dec 01 Paid cash for months rent, $1,200 00 Check No 3829 01 Paid cash for monthly telephone bill, $237 73 Check No 3830 02 Paid cash for delivery charges, $42 00 Check No 3831 Charge to Miscellaneous Expense 05 Purchased advertising on account, $255 00 Invoice No 2515 05 Billed client for services rendered, $3,200 00 Invoice No 5435 06 Purchased supplies on account, $118 56 Invoice No 2516 06 Paid cash for mileage reimbursement, $405 00 Check No 3832 Charge to Automobile Expense 07 Purchased repair services on account, $285 00 Invoice No 2517 07 Paid cash for travel expenses, $125 35 Check No 3833 09 Paid cash on account, $175 00 Check No 3834 09 Purchased supplies on account, $225 30 Invoice No 2518 09 Billed client for services rendered, $2,000 00 Invoice No 5436 12 Billed client for services rendered, $3,575 00 Invoice No 5437 13 Purchased advertising on account, $500 00 Invoice No 2519 14 Paid cash for dues for a professional organization, $265 00 Check No 3835 15 Received cash on account, $3,200 00 Invoice No 5435 16 Paid cash for charitable contribution, $75 00 Check No 3836 19 Received cash on account, $3,700 00 Invoice No 5434 20 Billed client for services rendered, $1,200 00 Invoice No 5438 21 Purchased supplies on account, $135 00 Invoice No 2520 23 Paid cash on account, $136 85 Check No 3837 27 Paid cash on account, $250 00 Check No 3838 29 Received cash on account, $3,250 00 Invoice No 5433 30 Paid cash on account, $311 86 Check No 3839 30 Received cash on account, $2,000 00 Invoice No 5436 30 Paid monthly salaries, $2,054 38 Check No 3840 30 The owner withdrew cash for personal use, $3,200 00 Check No 3841 Step 1 Start Integrated Accounting 8e Step 2 Open the opening balances file named IA8 Problem 02 A Step 3 Enter your name in the Your Name text box Step 4 Save the file to your disk or folder with a file name of 02 ABC Your Name, where 02 A is the problem number, and BC stands for Before Closing Step 5 Enter the December general journal transactions Step 6 Display the general journal report for the month of December Step 7 Use the Explorer and other error correction features of the software to correct the following error It was discovered that the cash received, invoice number 5434, on December 19, was recorded as $50 00 less than the actual amount of cash received Use the Explore Accounting System window to find and make note of the amount of the transaction entered in error, then use the general journal to enter and post the correct amount of the journal entry in error Step 8 Display a corrected general journal report Step 9 Display a trial balance Step 10 Enter the December adjusting entries for the month of December for Morrow Consulting Insurance expired during December $85 00 Inventory of supplies on December 31 $1,178 50 Depreciation on office equipment for December $423 00 Step 11 Display the December adjusting entries Step 12 Display the income statement Step 13 Display the yearly Consulting Fees account detail from the income statement by clicking the Show Detail button on the income statement Step 14 Display the statement of owners equity Step 15 Display the balance sheet Step 16 Display the Supplies account detail from the balance sheet Step 17 Generate an expense distribution graph Step 18 Process the following bank reconciliation data Checkbook balance $12,764 00 Bank credit $283 96 Bank charge $12 00 Balance shown on bank statement $6,652 20 Outstanding deposits as follows $3,200 00 $3,750 00 $3,250 00 $2,000 00 Outstanding checks as follows Check No Amount 3838 $250 00 3839 $311 86 3840 $2,054 38 3841 $3,200 00 Step 19 Display the bank reconciliation report Step 20 Check your work Click Check on the toolbar button If errors appear, use the Explorer and other error corrections features of the software to correct your errors Step 21 Save your data file (with a file name of 02 ABC Your Name) Step 22 Optional spreadsheet and word processing integration activity Joyce Morrow, owner, asked you to create a spreadsheet report showing only the cash receipt transactions entered into the accounting system for the month of December Prepare an interoffice memorandum that contains this information Use the following steps to complete this task a Display and copy the general journal report to the clipboard in spreadsheet format b Start your spreadsheet software and load spreadsheet template file IA8 Spreadsheet 02 S c Select cell A1 as the current cell (if not already selected) and paste the general journal report into the spreadsheet d Delete all rows of data that are not cash receipt transactions, change the title of the report from General Journal to Cash Receipts, and replace the old totals with the sum of the debit and credit columns Format the spreadsheet similar to Figure e Print the Cash Receipts report f Save your spreadsheet file to your disk or folder with a file name of 02 A Your Name g Select and copy the spreadsheet report to the clipboard h End your spreadsheet application i Start your word processing application software and load template file IA8 Wordprocessing 02 AB (load as a document file) j Replace FROM Student Name with your name k Position the insertion point one line after the last line in the document and paste the spreadsheet report Format your document as necessary l Print the completed document m Save the document to your disk or folder with a file name of 02 A Your Name n End your word processing application and return to the Integrated Accounting application Step 23 Generate and post the closing journal entries Click on the Gen Led navigation button, and then click the Generate Closing Entries menu button When the dialog box appears asking if you want to generate closing journal entries, click Yes The closing journal entries automatically generated by the computer will appear in a dialog box Click Post When the general journal appears, showing that the closing entries have been posted, click Close Step 24 Display the closing entries Click on the Gen Led navigation button, and then click the Journal Reports menu button When the Report Selection window appears, choose the Journal option and the General Journal report (if not already selected) and click OK When the Journal Report Selection dialog box appears, choose the Customize Journal Report option and enter a Reference restriction of Clo Ent so that only the closing entries are reported Step 25 Display a trial balance (called the post closing trial balance) Step 26 Save your data to disk with a file name of 02 AAC Your Name where 02 A is the problem, and AC is After Closing Step 27 Use the Check toolbar button to check your work Step 28 End the Integrated Accounting 8e session Figure 2 32 Spreadsheet Cash Receipts Report (November) If you have access to the Internet, use the browser to find accounting services provided via the Internet For example, use accounting services to narrow your search Report what types of accounting services you find Be sure to include the source and the URL (Web address) of your search Morrow Consulting Accounts Receivable As Of 11 30 If you have access to the Internet, use the browser to find accounting services provided via the Internet For example, use accounting services to narrow your search Report what types of accounting services you find Be sure to include the source and the URL (Web address) of your search Morrow Consulting Accounts Receivable As Of 11 30

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Problem This problem is a continuation of Sample Problem 2-S. You will enter the general journal entries for the month of December of the current

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This problem is a continuation of Sample Problem 2-S. You will enter the general journal entries for the month of December of the current year and complete the end-of-fiscal period processing. Answer Audit Questions 2-A pages on 8788 while you are working on this problem. As you complete this problem, click Info. on the toolbar for helpful check figures to audit your work.

General Journal Transactions

Dec. 01 Paid cash for months rent, $1,200.00; Check No. 3829.

01 Paid cash for monthly telephone bill, $237.73; Check No. 3830.

02 Paid cash for delivery charges, $42.00; Check No. 3831. Charge to Miscellaneous Expense.

05 Purchased advertising on account, $255.00; Invoice No. 2515.

05 Billed client for services rendered, $3,200.00; Invoice No. 5435.

06 Purchased supplies on account, $118.56; Invoice No. 2516.

06 Paid cash for mileage reimbursement, $405.00; Check No. 3832. Charge to Automobile Expense.

07 Purchased repair services on account, $285.00; Invoice No. 2517.

07 Paid cash for travel expenses, $125.35; Check No. 3833.

09 Paid cash on account, $175.00; Check No. 3834.

09 Purchased supplies on account, $225.30; Invoice No. 2518.

09 Billed client for services rendered, $2,000.00; Invoice No. 5436.

12 Billed client for services rendered, $3,575.00; Invoice No. 5437.

13 Purchased advertising on account, $500.00; Invoice No. 2519.

14 Paid cash for dues for a professional organization, $265.00; Check No. 3835.

15 Received cash on account, $3,200.00; Invoice No. 5435.

16 Paid cash for charitable contribution, $75.00; Check No. 3836.

19 Received cash on account, $3,700.00; Invoice No. 5434.

20 Billed client for services rendered, $1,200.00; Invoice No. 5438.

21 Purchased supplies on account, $135.00; Invoice No. 2520. 23 Paid cash on account, $136.85; Check No. 3837.

27 Paid cash on account, $250.00; Check No. 3838.

29 Received cash on account, $3,250.00; Invoice No. 5433.

30 Paid cash on account, $311.86; Check No. 3839.

30 Received cash on account, $2,000.00; Invoice No. 5436.

30 Paid monthly salaries, $2,054.38; Check No. 3840.

30 The owner withdrew cash for personal use, $3,200.00; Check No. 3841.

Step 1: Start Integrated Accounting 8e.

Step 2: Open the opening balances file named IA8 Problem 02-A.

Step 3: Enter your name in the Your Name text box.

Step 4: Save the file to your disk or folder with a file name of 02-ABC Your Name, where 02-A is the problem number, and BC stands for Before Closing.

Step 5: Enter the December general journal transactions.

Step 6: Display the general journal report for the month of December.

Step 7: Use the Explorer and other error correction features of the software to correct the following error:

It was discovered that the cash received, invoice number 5434, on December 19, was recorded as $50.00 less than the actual amount of cash received. Use the Explore Accounting System window to find and make note of the amount of the transaction entered in error, then use the general journal to enter and post the correct amount of the journal entry in error.

Step 8: Display a corrected general journal report.

Step 9: Display a trial balance.

Step 10: Enter the December adjusting entries for the month of December for Morrow Consulting:

Insurance expired during December	$85.00
Inventory of supplies on December 31	$1,178.50
Depreciation on office equipment for December	$423.00

Step 11: Display the December adjusting entries.

Step 12: Display the income statement.

Step 13: Display the yearly Consulting Fees account detail from the income statement by clicking the Show Detail button on the income statement.

Step 14: Display the statement of owners equity.

Step 15: Display the balance sheet.

Step 16: Display the Supplies account detail from the balance sheet.

Step 17: Generate an expense distribution graph.

Step 18: Process the following bank reconciliation data:

Checkbook balance	$12,764.00
Bank credit	$283.96
Bank charge	$12.00
Balance shown on bank statement	$6,652.20

Outstanding deposits as follows:

$3,200.00

$3,750.00

$3,250.00

$2,000.00

Outstanding checks as follows:

Check No.	Amount
3838	$250.00
3839	$311.86
3840	$2,054.38
3841	$3,200.00

Step 19: Display the bank reconciliation report.

Step 20: Check your work.

Click Check on the toolbar button. If errors appear, use the Explorer and other error corrections features of the software to correct your errors.

Step 21: Save your data file (with a file name of 02-ABC Your Name).

Step 22: Optional spreadsheet and word processing integration activity.

Joyce Morrow, owner, asked you to create a spreadsheet report showing only the cash receipt transactions entered into the accounting system for the month of December. Prepare an interoffice memorandum that contains this information. Use the following steps to complete this task:

a. Display and copy the general journal report to the clipboard in spreadsheet format.

b. Start your spreadsheet software and load spreadsheet template file IA8 Spreadsheet 02-S.

c. Select cell A1 as the current cell (if not already selected) and paste the general journal report into the spreadsheet.

d. Delete all rows of data that are not cash receipt transactions, change the title of the report from General Journal to Cash Receipts, and replace the old totals with the sum of the debit and credit columns. Format the spreadsheet similar to Figure.

e. Print the Cash Receipts report.

f. Save your spreadsheet file to your disk or folder with a file name of 02-A Your Name.

g. Select and copy the spreadsheet report to the clipboard.

h. End your spreadsheet application.

i. Start your word processing application software and load template file IA8 Wordprocessing 02-AB (load as a document file).

j. Replace FROM: Student Name with your name.

k. Position the insertion point one line after the last line in the document and paste the spreadsheet report. Format your document as necessary.

l. Print the completed document.

m. Save the document to your disk or folder with a file name of 02-A Your Name.

n. End your word processing application and return to the Integrated Accounting application.

Step 23: Generate and post the closing journal entries.

Click on the Gen. Led. navigation button, and then click the Generate Closing Entries menu button. When the dialog box appears asking if you want to generate closing journal entries, click Yes. The closing journal entries automatically generated by the computer will appear in a dialog box. Click Post. When the general journal appears, showing that the closing entries have been posted, click Close.

Step 24: Display the closing entries.

Click on the Gen. Led. navigation button, and then click the Journal Reports menu button. When the Report Selection window appears, choose the Journal option and the General Journal report (if not already selected) and click OK. When the Journal Report Selection dialog box appears, choose the Customize Journal Report option and enter a Reference restriction of Clo.Ent. so that only the closing entries are reported.

Step 25: Display a trial balance (called the post-closing trial balance).

Step 26: Save your data to disk with a file name of 02-AAC Your Name where 02-A is the problem, and AC is After Closing.

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Step 27: Use the Check toolbar button to check your work.

Step 28: End the Integrated Accounting 8e session.

Figure 2.32

Spreadsheet Cash Receipts Report (November)

image text in transcribed

If you have access to the Internet, use the browser to find accounting services provided via the Internet. For example, use accounting services to narrow your search. Report what types of accounting services you find. Be sure to include the source and the URL (Web address) of your search. Morrow Consulting Accounts Receivable As Of 11/30/ If you have access to the Internet, use the browser to find accounting services provided via the Internet. For example, use accounting services to narrow your search. Report what types of accounting services you find. Be sure to include the source and the URL (Web address) of your search. Morrow Consulting Accounts Receivable As Of 11/30/