Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) [Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of $2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) 12/20/Y2 Purchased office supplies for $280 (paid by check) 12/22/Y2 Received phone bill for $225 from AT&T (didn't pay it) 12/24/Y2 Weekly cash sales included: 1001 (20@$125), 1002 (9@$190), 1003 (4@$250), 1004 (3$500) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system. 12/24/Y2 The following sale was made on account to A. McMullen: 1001 (3@$125), 1004 (1@$500) Sales tax of 9.125% is added to all sales. Watson Sales uses a perpetual inventory system. Shipping cost of $16 was paid by Watson's for this order but not charged to the customer. 12/28/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (30 units @ $250 plus shipping of $15) from MNO, Inc. on account. Watson Sales uses a perpetual inventory system. [Hint: Shipping is part of the cost of inventory. This is important now and later for COGS.] 12/28/Y2 Received $700 from C. McKnight; deposited. 12/30/Y2 Weekly Sales included: 1001 (16@$125), 1002 (10@$190), 1003 (3@$250), 1004 (3$500), 1005 (1@$620) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system. 12/30/Y2 The following sales were made on account: To K. Oxner 1002 (3@$190) To J. Simer 1005 (2@$620) Sales tax of 9.125% is added to all sales. Shipping cost of $37 was paid by Watson for these two orders but not charged to customers. Watson Sales uses a perpetual inventory system. 12/31/Y2 Paid all Sales tax due (paid by check) Post from Journal to T-accounts As you post a transaction, record a check mark or an X in the post reference column of the journal. For each entry in the general ledger (t-accounts), include a date. Keep the General Ledger and Subsidiaries where appropriate on a different tab in the GL Excel file. Prepare a Trial Balance Remember, you dont have to list accounts with a zero balance. When your trial balance is in balance, highlight your t-account balances in YELLOW. Check Figures Trial Balance Debits = $557,806.80 Cash on Deposit = $21,099.73 Sales Revenue = $301,165.00 Cost of Goods Sold = $12,526.50 Note: The correct answer will not be given in class. If you dont meet the check figures, it is your responsibility to see help outside of class. Submit General Journal (Excel) General Ledger (Excel) Trial Balance (Excel)

Accounting Information Systems ACCT 3320 Watson Cycle Project #2 Part A: Journal Entries Watson sales was incorporated on 5/1/Y1 and began operations on 8/1/Y1. The last time any bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/Y2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 17,627.29 Checking Account Cash on Hand 600.00 For making change in the cash register Accounts Receivable 3,400.00 $800 due from P.Jensen: S1500 due from P.Spikes: $1100 due from C. McKnight Inventory 54,945.00 Cost: Item 1001:290@S50; Item1002: 190@590; Item 1000: 131@895; Item 1004: 64@$200 Office Supplies 998.00 Prepaid Insurance 3,000.00 3 months remaining at $1000/month Land 20,000.00 Purchase 6/30/41 Building 155,000.00 Purchased 6/30/Y1; salvage = $35.000; Useful life = 20 years Accum DeprBuilding 18,793.75 Double Declining Balance Equipment 52,000.00 Purchased 6/30/Y1; salvage - $4,000 Useful life - 5 years Accum Depr-Equip 12,000.00 Straight Line Accounts Payable 6,225.43 $3200 due to ABC Inc: 52400 due to XYZ Inc; $625.43 to Electric Co-op Salaries Payable 1,584.00 All due to only employee A. Phillips for 12/1-12/15 Sales Tax Payable 520.13 Unearned Revenue 1,800.00 Paid by customer K.Atkinson for a custom item due to customer by January 10, Y3. Notes Payable 17./10.45 Borrowed $100,000 on 6/30/91, 5 years, 6% interest Quarterly payments of $5825 Common Stock 30,000.00 $10 par value; 10,000 shares authorized: 3,000 shares authorized and outstanding Additional Paid-in Capital 48,000.00 Relained Earnings 57.391.60 Dividends 22,000.00 Sales Revenue 285,000.00 Cost of Goods Sold 1 14,000.00 Depreciation Expense 18,243.75 Insurance Expense 26,000.00 Interest Expense 3,906.32 Salaries Expense 35,856 00 Shipping Expense 950 00 Supplies Expense 1,100.00 Utilities Expense 9,405.00 Total $539,031.36 $539,031.36 You must use the Excel templates provided on Blackboard to complete this project. Save your work as an Excel Workbook, not a template. Make sure all of your dollar amount show two decimal places even if they are zeros. Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of S2000. (paid by check) Accounting Information Systems ACCT 3320 Watson Cycle Project #2 Part A: Journal Entries Watson sales was incorporated on 5/1/Y1 and began operations on 8/1/Y1. The last time any bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/Y2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 17,627.29 Checking Account Cash on Hand 600.00 For making change in the cash register Accounts Receivable 3,400.00 $800 due from P.Jensen: S1500 due from P.Spikes: $1100 due from C. McKnight Inventory 54,945.00 Cost: Item 1001:290@S50; Item1002: 190@590; Item 1000: 131@895; Item 1004: 64@$200 Office Supplies 998.00 Prepaid Insurance 3,000.00 3 months remaining at $1000/month Land 20,000.00 Purchase 6/30/41 Building 155,000.00 Purchased 6/30/Y1; salvage = $35.000; Useful life = 20 years Accum DeprBuilding 18,793.75 Double Declining Balance Equipment 52,000.00 Purchased 6/30/Y1; salvage - $4,000 Useful life - 5 years Accum Depr-Equip 12,000.00 Straight Line Accounts Payable 6,225.43 $3200 due to ABC Inc: 52400 due to XYZ Inc; $625.43 to Electric Co-op Salaries Payable 1,584.00 All due to only employee A. Phillips for 12/1-12/15 Sales Tax Payable 520.13 Unearned Revenue 1,800.00 Paid by customer K.Atkinson for a custom item due to customer by January 10, Y3. Notes Payable 17./10.45 Borrowed $100,000 on 6/30/91, 5 years, 6% interest Quarterly payments of $5825 Common Stock 30,000.00 $10 par value; 10,000 shares authorized: 3,000 shares authorized and outstanding Additional Paid-in Capital 48,000.00 Relained Earnings 57.391.60 Dividends 22,000.00 Sales Revenue 285,000.00 Cost of Goods Sold 1 14,000.00 Depreciation Expense 18,243.75 Insurance Expense 26,000.00 Interest Expense 3,906.32 Salaries Expense 35,856 00 Shipping Expense 950 00 Supplies Expense 1,100.00 Utilities Expense 9,405.00 Total $539,031.36 $539,031.36 You must use the Excel templates provided on Blackboard to complete this project. Save your work as an Excel Workbook, not a template. Make sure all of your dollar amount show two decimal places even if they are zeros. Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of S2000. (paid by check)