Shaq's Shake Shack		My Bronc's ID
		Compilation Project		#006193255
Record the following transactions in the General Journal.
Transaction No.	Description of Transaction		Dr.	Cr.
1	December 1	Began his business by contributing restaurant equipment, valued at $18,000 and office equipment, valued at $6,000 and depositing $43,255 (3255- represents the last 4 digits of your Bronc's identification number) in a checking account in the name of the corporation in exchange for 10,000 shares, $3 par value shares of capital stock.	Cash, Equipment	Common Stock, APIC
2	1	Received $21,000 proceeds from an unsecured, non-interest bearing, 5 year, bank loan. $32,000 is due on July1, 2022. On the due The proceeds will be used to pay daily operation costs of the company. The company uses the straight-line method.	Cash	Loan	$ 21,000
3	1	Purchased 30 shares of Facebook common stock for a short-term investment (Available for Sale). Use the price at the close of business on July 1, 2017. Ms. Ferguson paid $25.00 commission to the broker. Use the Short-term Investment (AFS) account.	Short-term Investment (AFS)	Cash	$ 25
4	1	Paid Reynolds Construction for lease improvements, $5,006 (006 represents the first three digits of your Bronc's ID).	Lease Expense	Cash	$ 5,006
5	1	Paid Snappy Supply Co. tables and chairs for restaurant patrons, $9,700. Use Restaurant Furniture and Equipment Account.	Equipment	Cash	$ 9,700
6	1	Purchase tables, chairs and other restaurant furniture from Southern Furniture Store on account, $7,300.	Furniture	Account Payable	$ 7,300
7	2	Hired 3 waiters, 2 bus boys, 1 head chef, 1 delivery truck driver, and 2 assistant (preparation) chefs.	no entry	no entry	no entry
8	2	Paid $3,600 on a three-year insurance policy, effective July 1.	Prepaid Insurance	Cash	$ 3,600
9	2	Paid cash for an exclusive 3 year right to sell software from Emill Food Products, $6,000.	Franchise	Cash	$ 6,000
10	2	Purchased a delivery van used to make deliveries to outside catering jobs (Use Van account) for $17,000, paying $5,000 cash and the balance with a 9%, 48 month (4 years) note from Queen Bank.	Van 17000	Cash 5000, Note payable 12000
11	2	Purchased food and beverages from T.J. Market, $26,800, on account, 3/30, net 45.--Use Food and Beverage Inventory Account-Purchases Account. (Assume that TBE uses the periodic method to account for food and beverages sold).	Food and Beverage Inventory Account-Purchases Account	Account Payable	$ 26,800
12	3	Purchased restaurant supplies for $4,000 on account from LeBrown Supply, Co,. These supplies will not be resolduse!?!? the Restaurant Supply Inventory account. TBE uses the periodic method, without control accounts!?!?, to account for supplies.	Supplies	Account Payable	$ 4,000
13	3	Paid NJ Daily Times $1,850 for advertising.	Advertising Expense	Cash	$ 1,850
14	5	Purchased 200 boxes of Emill's Hot Sauce, on account, for resale purposes only.. Each box costs $10.90. TBE was charged shipping costs of $20, which was also included in the amount owed, total invoice price $2,200. Use the Product Inventory Account, terms 2/30, net 45. Use perpetual method to account for this inventory.	Product Inventory	Account Payable	$ 2,200
15	5	Signed a two year lease agreement. Paid 3 months of rent in advance, $4,500, plus security deposit of $1,000, total $5,500.	Prepaid Rent $4,500 Security $1,000	Cash $5,500	$ 5,500
16	5	Returned 50 boxes of the hot sauce purchased on July 5 because the containers were damaged.
17	8	Purchased 250 boxes of Emill's Hot Sauce, on account, for resale purposes only each box costs $9.20. TBE was charged shipping costs of $30.00, which was also included in the amount owed, total invoice price $2,330use the Product Inventory Account, 2/30, net 45.	Product Inventory	Account Payable	$ 2,330
18	10	Sales of food and beverages for the week, $15,900, per cash register tapes.	Cash	Sales Revenue	$ 15,900
19	12	Billed various outside catering customers $48,255 (255 represents last 3 digits of your Bronc's identification).	Account Receivable	Service Revenue	$ 48,255
20	13	Paid utilities for the month, $2,000.	Utilities Expense	Cash	$ 2,000
21	15	Paid $900 of amount owed on Emill's Foods on July 5th.	Account Payable	Cash	$ 900
22	18	TBE completed the salary and wage payroll for the payroll period ending July18, 2017. The employees were paid on July18th . The payroll provided the following details: (Note: account for all withholding taxes into the Employee Payroll Taxes Withheld Payable account.)
		Salaries and wages earned $3275	Salaries and wages Expenses	Cash	$ 3,275
	????	Other Employee income taxes withheld (includes Federal, City, and State Taxes) $786	Employee Income Taxes withheld Expense $786	Employee Payroll Taxes Withheld Payable	$ 786
	?????	FICA Taxes Withheld $250.5375	FICA Taxes Withheld Expense		$ 250.54
23	18	Accrue employer tax, $429 (related to July18th payroll). These taxes include employer portion of FICA and Medicare tax and state and federal unemployment tax. Use the Employer Tax Payable account for the total employer payroll taxes.	Employer Tax Payable	Accrued Payroll taxes	$ 429
24	19	Purchased food and beverages from T.J. Market, $25,800, on account, 3/30, net 45.--Use Food and Beverage Inventory Account-Purchases Account. Assume that TBE uses the periodic method to account for food and beverages sold.	Food and Beverage Inventory Account-Purchases Account	Account Payable	$ 25,800
25	21	Collected $37,400 from customers billed on July 12.	Cash	Account Receivable	$ 37,400
26	22	Sold 300 boxes of Emill's Hot Sauce to patrons for cash for $18 per box . TBE uses a perpetual inventory system for its merchandise inventory sales and determines costs using first in-first out costing method. (FIFO)	Cash	Sales Revenue	$ 5,400
27	23	Paid Emill's Food Products in full.	Account Payable	Cash	$ 3,985
28	23	Billed various outside catering customers $28,255 (255 represents last 3 digits of your Bronc's identification).	Account Receivable	Service Revenue	$ 28,255
29	23	Paid J & J Printing for menu printing, $350.	Printing Expense	Cash	$ 350
30	23	Using Mr. Pieri's credit card, purchased a new cash register for $1,800.	cash register	credit card	$ 1,800
31	23	Paid WAMA gasoline credit card $800.	Gasoline Expense	credit card	$ 800
32	24	Sales of food and beverages for the weeks $8,500, per cash register tapes.	Cash	Sales Revenue	$ 8,500
33	??????	Collected $15,000 from customer who were billed earlier in the month.	Cash	Account Receivable	$ 15,000
34	27	Paid LeBrown Supply Company in full.	Account Payable	Cash	$ 4,000
35	28	Traded in the van for a new one for $17,000. The fair market value of old van is $15,000. Harvey paid $2,000 cash. The exchange has commercial substance. (See Chapter 10).	Equipment (New Van), Accumulated Depreciation - Equipments	Van used, Gain on Disposal of Equipments, Cash	??????
36	31	Purchased for food and beverages from T.J. Market, $8,700 on account--Use Food and Beverage Inventory Account.	Food and Beverage Inventory	Account Payable	$ 8,700
37	31	Paid withholding tax for July 18th payroll, including employer tax.	Employee Payroll Taxes Withheld Payable	cash	$ 1,037
38	31	Declared and paid a $.60 per share cash dividend.	Dividends	Cash	$ 6,000
After talking with the client, Sue identified the following information related to July transactions. You must record any additional transactions as adjusting entries, based on this new information:
39		Record the depreciation for the month. All property and equipment is depreciated over 5 years, using the straight line method. Show all work.	depreciation Expense	Accumulated Equipment
40		G-Mobile bill received for month of December, $700	Expense	Cash	$ 700
41		An inventory count shows $1,100 of restaurant supplies on hand at July 31.
42		An inventory count shows $4,500 of food and beverages on hand at July 31.
43		Record the amortization of the franchise.	Amortization Expense - Franchise	accumulated amortization account	$ 2,000
44		TBE completed the salary and wage payroll for the payroll period as of July 31, 2017, but not payable until August 5th. The payroll provided the following details: (Note: account for all withholding taxes into the Employee Payroll Taxes Withheld Payable account.
		Salaries and wages earned	4215
		Other Employee income taxes withheld (includes Federal, City, and State Taxes)	1011.6
		FICA Taxes Withheld	322.4475
45		Accrue employer tax, $512 (related to the accrued payroll above). These taxes include employer portion of FICA and Medicare tax and state and federal unemployment tax. Use the Employer Tax Payable account for the total employer payroll taxes.
46		Record the interest incurred on the note for the month.	Interest Exp.	Interest Payable
47		Catering event was completed on July 31, but was not billed to the customer, $8,925.	Account Receivable	Service Revenue
48		Record amortization of the zero-interest bearing note.	??????
49		One-twelfth of the insurance expired.	Insurance Expense	Prepaid Insurance
50		Record the expiration of rent expense.	Rent Expense	Prepaid Expense
51		Accrue sales taxes for July, 7% of total sales.
52		Accrue income taxes for the period. The company expects to pay income taxes at a 15% rate. (Note: you must calculate income before you can determine the amount for this adjusting entry).			????
53		Based on the experience of other restaurants of this size, Daniel and Jacob, LLC estimates that 10% of outstanding accounts receivables will be uncollectible.	Bad Debt Expenses	Allowanse for Doutfull Accounts	????
54		Based on the bank reconciliation performed by John, the other new staff member at Daniel and Jacob, LLC, the following adjusting entries should be made:
		check from Yucatan Consulting, Inc. was returned for non sufficient funds (NSF) for ,500. check was apart of the money received on July 21th.	Account Receivable	Cash	$ 1,500
		--- The deposit made on July 24 for cash receipts was recorded $8,500, but bank correctly counted the deposit to be $8,800. ( +$300)	Cash	Account Receivable	$ 300
Required:
	a.	Record the above transactions in the general journal of this worksheet. You must use this worksheet.
	b.	Calculate the account balances by using Excel Pivot Tables instead of posting to the General Ledger Tab.
	c.	Using the VLOOKUP Commands, prepare an adjusted trial balance worksheet with a column for "Income Statement" and "Balance Sheet". Allocate the correct balances to each column.
	d.	Prepare the multi-step income statement, statement of comprehensive income, statement of changes in stockholders' equity, balance sheet, and statement of cash flows.
	e.	Prepare the closing entries at July 31. Add these entries to the general journal and prepare a second pivot table including all of the entries.
	f.	Prepare a formal post closing trial balance using the VLOOKUP function and balances from the pivot table in e.
	g	Prepare the disclosures for Nature of Business, Inventories, if applicable, and Depreciation. (See the checklist)
	h	Prepare & sign the compilation report. Use the accounting firm name: Daniel & Jacob, PC. The last day of fieldwork is July1, 2017. Address the report to "Stockholders' of Shaq's Food Shack Inc."
	i	Assemble your report to one PDF file and upload this file to Canvas. Upload this spreadsheet to Canvas.
	j.	Complete the checklist and correct all "no" answers (See last page of this workbook). YOU SHOULD NOT TURN IN A PROJECT WITH A "NO" ANSWER.
* only type numbers (hardcode) on the general journal. All other numbers are linked from the orginal source.