(The tables above are from quarter 1 as it mentions below.)

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

Need quarter 2 journal entries, adjustments, and worksheet. with the balance I was left with in quarter 1 entries.