Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of September. Sep 1 Sep 2 Sep 4 Sep 5 Sep 8 Sep 9 Tina Smith invested $95,000 cash and equipment worth $40,000 in Roadrunner Bookstore. Purchased $100,000 of merchandise inventory on credit, Invoice #123 dated Sep 1 from Cengage, terms 2/15, n/45. Roadrunner Bookstore rented a portion of their building to Craft Corners for $1,500 per month. Craft Corners paid Roadrunner Bookstore five months of rent in advance. Issued check #301 payable to Cash to establish a petty cash fund in the amount of $500. Sold merchandise to Rowan University for $75,000 on credit, terms 1/15, n/30. Invoice no. 001. Cost of the merchandise sold is $50,000. Purchased additional equipment totaling $20,000 on credit from Warehouse Depot, terms 3/15, n/45, Invoice #579 dated Sep 8. Sep 10 The cash register's record shows $20,000 in sales at the end of the shift, but the count of cash in the register is $20,050. Cost of the merchandise sold is $12,000. Prepare the journal entry to record the day's cash sales. Sep 11 Sold merchandise to Rutgers University for $22,000 with terms 1/15, n/30. Invoice no. 002. Cost of the merchandise sold is $11,000. Sep 15 Sold merchandise to Rowan University for $35,000, terms 1/15, n/30. Invoice No. 003. Cost of the merchandise sold is $22,000. Sep 16 Issued check #302 made payable to you, the company accountant, for your salary totaling $4,500. Sep 17 Issued check #303 to Cengage for the purchase recorded on Sep 2nd Sep 20 Roadrunner Bookstore signed a short-term note payable in the amount of $55,000 with an interest rate of 8% due in 60 days. Sep 22 Sep 24 Sep 25 Sep 27 Rowan University paid the balance due from the sale on Sep 8th The cash balance in the petty cash drawer is $100. Receipts in the drawer show $75 for Transportation In, $175 for delivery expenses, $80 for postage expense, and $60 for office supplies expenses. Replenish petty cash using check #304 made payable to Cash. Received $12,000 check from Rutgers University for the Sep 11 sale. Issued check #305 made payable to Tina Smith for $20,000 for personal use. Sep 29 Issued check #306 for $6,000 payable to Jones Property Management for September rent. Roadrunner Bookstore uses the following Special Journals: Sales, Purchases, Cash Receipts, and Cash Disbursements. 1.) Record the above transactions to the appropriate Journal and post as necessary to the Subsidiary Ledgers and General Ledger Accounts. Make sure to foot and cross foot totals at month-end. 2.) Complete the unadjusted trial balance columns on the worksheet for Roadrunner Bookstore as of the end of September 2023, and the Schedules of Accounts Receivable and Accounts Payable. Roadrunner Bookstore must consider the following for adjusting entry purposes: a) September rent from Craft Corners has been earned. b) Depreciation on the Equipment for the month totaled $415. c) A phone bill was received totaling $400 that will be paid in October. d) Salaries have accrued in the amount of $2,500 and have not been paid. e) Interest on the short-term note through the end of September has accrued but has not been paid. (Round to a whole number) f) A count of inventory showed remaining inventory had a cost of $3,000. g) Bad debt is estimated to be .65% of total net credit sales. (Round to a whole number) Prepare adjusting entries and post to the General Ledger Accounts. Post adjusting entries to the adjustments column on the worksheet and prepare the adjusted trial balance columns. Complete the remaining columns on the worksheet. Prepare Financial Statements (Single or Multi-Step Income Statement and Classified Balance Sheet) for Roadrunner Bookstore considering the following: Depreciation Expense, Delivery Expense, Bad Debts Expenses, and Cash Overages are selling expenses Postage and Telephone Expenses are general and admin expenses Rent Expense is split between selling and general and admin expenses. Prepare Closing Entries for Roadrunner Bookstore. Prepare Post Closing Trial Balance for Roadrunner Bookstore. Chart of Accounts Roadrunner Bookstore 101 Cash 403 Sales 102 Petty Cash 408 Rental Revenue 106 Accounts Receivable 415 Sales Discounts 109 Allowance for Doubtful Accounts 602 Cost of Goods Sold 119 Merchandise Inventory 621 Office Salaries Expense 140 Equipment 626 Rent Expense 141 Accumulated Depreciation - Equipment 630 Office Supplies Expense 201 Accounts Payable 633 Depreciation Expense 221 Salaries Payable 636 Postage Expense 231 Notes Payable 646 Delivery Expense 241 Interest Payable 656 Telephone Expense 251 Unearned Revenue 659 Interest Expense 301 T. Smith, Capital 661 Bad Debts Expense 302 |T. Smith, Withdrawals 686 Cash Over and Short Sales Journal Date Purchases Journal Date Page 1 Accounts Account Debited Invoice Number Receivable Dr. Cost of Goods Sold Dr. TERMS PR Sales Cr. Inventory Cr. Page 1 Account Date of Invoice TERMS PR Accounts Payable Cr. Inventory Dr. Other Accounts Dr. Cash Receipts Journal Page 1 Date Account Credited Explanation PR Cash Dr. Sales Discount Dr. Accounts Receivable Cr. Cost of Good Other Sold Dr. Sales Cr. Accounts Cr. Inventory Cr. Cash Disbursements Journal Page 1 Date Check No. Payee Account Debited PR Cash Cr. Inventory Cr. Other Accounts Accounts Dr. Payable Dr. Cash Date Explanation Petty Cash Date General Ledger (Partial Listing) PR Debit Acct. No. Credit 101 Balance Explanation PR Debit Acct. No. Credit 102 Balance Accounts Receivable Acct. No. 106 Date Explanation PR Debit Credit Balance Allowance for Doubtful Accounts Date Explanation PR Debit Acct. No. Credit 109 Balance Merchandise Inventory Date Acct. No. 119 Explanation PR Debit Credit Balance Equipment Date Explanation Accumulated Depreciation - Equipment Date Explanation Acct. No. 140 PR Debit Credit Balance Acct. No. 141 PR Debit Credit Balance Accounts Payable Date Explanation General Ledger (Partial Listing) Acct. No. 201 PR Debit Credit Balance Acct. No. 221 Explanation PR Debit Credit Balance Salaries Payable Date Notes Payable Date Explanation PR Debit Acct. No. Credit 231 Balance Interest Payable Date Explanation PR Debit Acct. No. Credit 241 Balance Unearned Revenue Acct. No. 251 Date Explanation PR Debit Credit Balance T. Smith, Capital Acct. No. 301 Date Explanation PR Debit Credit Balance T. Smith, Withdrawals Date Explanation PR Debit Acct. No. Credit 302 Balance Sales Date Explanation General Ledger (Partial Listing) Acct. No. 403 PR Debit Credit Balance Rental Revenue Acct. No. 408 Date Explanation PR Debit Credit Balance Sales Discounts Date Acct. No. 415 Explanation PR Debit Credit Balance Cost of Goods Sold Acct. No. 602 Date Explanation PR Debit Credit Balance Office Salaries Expense Acct. No. 621 Date Explanation PR Debit Credit Balance Rent Expense Date Explanation PR Debit Acct. No. Credit 626 Balance Office Supplies Expense Explanation Date PR Debit Acct. No. Credit 630 Balance Depreciation Expense Date Explanation General Ledger (Partial Listing) Acct. No. 633 PR Debit Credit Balance Postage Expense Date Explanation PR Debit Acct. No. Credit 636 Balance Delivery Expense Acct. No. 646 Date Explanation PR Debit Credit Balance Telephone Expense Date Explanation PR Debit Acct. No. Credit 656 Balance Interest Expense Date Acct. No. 659 Explanation PR Debit Credit Balance Bad Debts Expense Acct. No. 661 Date Explanation PR Debit Credit Balance Cash Over and Short Acct. No. 686 Date Explanation PR Debit Credit Balance Income Summary Date Explanation PR Debit Acct. No. Credit 901 Balance Accounts Receivable Ledger Date PR Debit Accounts Payable Ledger Credit Balance Date PR Debit Credit Balance Date PR Debit Credit Balance Date PR Debit Credit Balance Date PR Debit Credit Balance Date PR Debit Credit Balance