QUARTER 1 OPENING ENTRIES: Sold 100 shares of common stock for $12 each. Par value = $10/share Purchased supplies with cash for $150 Purchased 50 units of inventory for $10 each on account. Purchased equipment for $1200 on account. Residual value = $200. Useful life = 5 years Invested $300 into an interest bearing account earning 8% Borrowed $1800 and signed a 4 year notes payable. Interest = 10% Prepaid insurance for 18 months with cash $360 Prepaid rent for the next 8 months with cash $120 Collected deposits of $400 to be earned evenly over the next 6 months

End of Quarter 1 work: Quarter 1 due Tuesday Oct 13th Transfer all entries to t accounts and determine the ending balances in each account. Create a trial balance on your worksheet and make sure all debit balances = credit balances Do the following adjustments (refer to the original entries for additional information) o Supplies used = $25 o Interest on loans o Interest on investments o Depreciation on equipment o Amount of prepaid insurance and prepaid rent that has been used o Amount of unearned revenue that has been earned by the end of Q1 *Remember to put them in your journal, t-accounts and worksheet Finish up the worksheet by extending column totals over to the appropriate column Calculate the following ratios and list them at the bottom of your worksheet o Current Ratio o Debt/Equity o Earnings per share

cash	1200
common stock		1000
Additional paid in capital in excess of par		200
supplies	150
cash		150
inventory	500
accounts payable		500
equipment	1200
accounts payable		1200
investment	300
cash		300
cash	1800
notes payable(4yr note/ interest 10%)		1800
prepaid insurance	360
cash		360
prepaid rent	120
cash		120
cash	400
unearned rev.		400
rent expense	25
cash		25
property purchase	120
cash		120
rent expene	12
cash		12
property purchased	180
cash		180
rent expese	25
cash		25
rent reenue	14
cash		14
property purchased	320
cash		320
rent expense	6
cash		6
utility expense	24
cash		24
rent revenue	28
cash		28
rent expense	18
cash		18
misc. revenue	200
cash		200
rent expense	26
cash		26
rent revenue	8
cash		8
rent rev.	8
cash		8
rent expense	50
cash		50
(Adjustments)
supplies expense	25
supplies		25
interest expense	45
interest payable		45
interest receivable	6
interest revenue		6
depreciation expense	50
accumulated		50
insurance expense	60
prepaid insurance		60
rent expense	45
prepaid rent		45
unearned revenue	200
service revenue		200

Quarter 2 Opening Entries: 1. Purchase supplies with cash for $30 2. Purchase another 30 units of inventory for $12 each on account (A/P) 3. Invest another $100 into your investment account. 4. Pay $500 towards A/P 5. Sell another 100 shares: If you had a profit in Q1, selling price = $14 per share, if you had a loss in Q1, selling price = $12 per share 6. Purchase an intangible asset for $400 cash. Call the account intangible and in your report your group will need to describe the nature of this account. The intangible asset should be amortized over 4 years. *If you need a loan in Q2 interest rates are as follows: If you had a loss in Q1 interest = 12% per year If you produced a profit in Q1 interest = %8 per year

End of Quarter 2 Work Last entries for all students in quarter 2: Sold 50 units on account for $20 each Customer returned 5 units on account 1. Transfer all entries including the beginning entries I gave you in class and all game playing transaction in Q2 to your t-accounts 2. Determine the ending balance in all t-accounts (remember the ending balance from your balance sheet accounts from Q1 came over the Q2) 3. Start the worksheet by completing the trial balance 4. Do all adjustments including: (create a journal entry, transfer to t-accounts, and list these on the worksheet) a. Supplies used $25 b. Interest on loans c. Interest on investments d. Insurance expense e. Rent expense expired from the prepaid rent f. Depreciation on equipment and houses. For all houses useful life = 5 years, no residual value g. Amortize the intangible over 4 years h. Unearned revenue i. Cost of goods sold using FIFO j. Bad debt expense using the net sales method with a historical bad debt percentage of 5% 5. Finish the worksheet: adjusted trial balance, income statement and balance sheet 6. Calculate the following ratios: Current ratio, debt/equity, EPS, & inventory turnover

quarter 2 journal entries:

Supplies	30
cash		30
inventory	360
accounts payable		360
investment	100
cash		100
accounts payable	500
cash		500
Cash	1400
common stock		1000
Additional paid in capital		400
intangible assets	400
cash		400
property purchase	50
cash		50
Misc. Revenue	200
cash		200
misc. expense	50
cash		50
property purchase	140
cash		140
propety purchase	280
cash		280
rent expense	25
cash		25
misc. revenue	200
cash		200
rent revenue	14
cash		14
utility expense	48
cash		48
rent expense	14
cash		14
propert purchase	240
cash		240
misc. expense	50
cash		50
Rent revenue	24
cash		24
rent expense	26
cash		26
rent revenue	20
cash		20
rent expense	175
cash		175
rent revenue	10
cash		10
misc. revenue	200
cash		200
property purchase	50
cash		50
rent revenue	20
cash		20
misc. revenue	50
cash		50
rent revenue	10
cash		10
rent revenue	14
cash		14
rent expense	14
cash		14
rent revenue	14
cash		14
property purchase	150
cash		150
rent revenue	100
cash		100
utility expense	150
cash		150
rent expense	50
cash		50
accounts receivable	1000
sales		1000
sales return	100
accounts receivable		100
(Adjustments)
Supplies expense	25
supplies		25
Interest expense	54
interest payable		54
interest receivable	8
interest revenue		8
insurance expense	60
prepaid insurance		60
rent expense	45
prepaid rent		45
depreciation dep.	50
accumulates dep.		50
amartisation	25
intangable		25
unearned revenue	200
service revenue		200
bad debts	45
provision for bad debts		45
COGS	450
inventory		450

I need help in constructing the worksheets for both the quarters and T-accounts