This assignment includes the whole cycle, from journalizing to preparing fina

will StayHome ? 6:47 PM 0 87% A eclass.bethlehem.edu 1 of 14 Assignment . ACCT 102 - Spring 2020 Narrative and Instructions Rockford Corporation is a wholesale plumbing supply distributor. The Corporation was orga- udarad in Hell, under the laws of the state of Illinois, with an authorized capitalization of 10,09 shares of no par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired at the beginning of December 2049, to replace the controller, who has resigned. As controller, you are responsible for the corporation's nling records, preparation of the financial statements, safeguarding of corporate aerts, and providing management with financial information to set prices and monitor and control operations Hockford Corporation chers its books annually on December 31, but prepares financial state- ments quaterly. Adjusting cutries are posted to the general ledger only at pear-end. Therefore, the adjusting entries to be recorded on December 31 are annual adjustments that you mint journalme nad then post to the general ledger recounts before preparing the Enmacial state- Rockford Corporation maintains a perpetual inventory system and takes a physical count each year to adjust the inventory carrying amount. Purchases are recorded at the gross amount [discounts taken are recognised at the date of payment) of the supplier's ineice, and the bermis vary with each supplier. Sales on account are subject to terms 7/10, n/32. Discounts are taken and granted only when the terms are met. The cost of all imentory sold in December wis ROM of the sales price. The company uses the following badgers I. A general ledger. 2. An accounts receivable subsidiary badger- 1. An accounts payable subsidiary badger. In recording sales transactions, each sale should be posted on the day of the sale directly to the customer's mecount in the subsidiary ledger, using the invoice number as the posting reference number in the subsidiary recount. Also, cash receipts from customers should be posted to the sulebdiary ledger on the day they are received. The purchase order munter should be used as the posting reference number in the subsidiary badger for purchases on account from suppliers. Purchooses from suppliers and payments to thimm should be posted daily. All other individual posting may be made weekly or at the month-end Account munbers should be seed as posting reference members in the journals. Officers, sikes, nal office presumed we salaried employers and we paid monthly on the last day of each month. The delivery truck drivers and warehouse employees are hourly wage employers and are paid biweekly. Each biweekly pay period ends Friday. On the following Monday, your