To get you started in your new role, Mr Smith has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended Use a perpetual inventory system Your debits and credits should equal and the entries should have proper impact on the accounts that are being used Summit LLC operates with monthly accounting periods All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances Terms for all credit sales are 2 10, n 30, unless otherwise stated May 1 Issued Check No 3410 to S P Management Co in payment of the May rent, $3,710 (Use two lines to record the transaction Charge 80 of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space ) 2 Sold merchandise on credit to Hensel Company, Invoice No 8785, for $6,100 (cost is $4,100) 2 Issued a $175 credit memorandum to Knox Co for defective (worthless) merchandise sold on April 28 and returned for credit The total selling price (gross) was $4,725 3 Received a $798 credit memorandum from Peyton Products for the return of merchandise purchased on April 29 4 Purchased the following on credit from Gear Supply Co merchandise, $37,072 store supplies, $574 and office supplies, $83 Invoice dated May 4, terms n 10 EOM 5 Received payment from Knox Co for the balance from the April 28 sale less the May 2 return and the discount 8 Issued Check No 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2 discount 9 Sold store supplies to the merchant next door at their cost of $350 cash 10 Purchased $4,074 of office equipment on credit from Gear Supply Co , invoice dated May 10, terms n 10 EOM 11 Received payment from Hensel Company for the May 2 sale less the discount 11 Purchased $8,800 of merchandise from Garcia, Inc , invoice dated May 10, terms 2 10, n 30 12 Received an $854 credit memorandum from Gear Supply Co for the return of defective office equipment received on May 10 15 Issued Check No 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150 Cashed the check and paid the employees 15 Cash sales for the first half of the month are $59,220 (cost is $38,200) (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries ) 16 Sold merchandise on credit to Hensel Company, Invoice No 8786, for $3,990 (cost is $1,890) 17 Purchased $13,650 of merchandise from Fink Corp , invoice dated May 14, terms 2 10, n 60 19 Issued Check No 3413 to Garcia, Inc , in payment of its May 10 invoice less the discount 22 Sold merchandise to Lee Services, Invoice No 8787, for $6,850 (cost is $4,990), terms 2 10, n 60 23 Issued Check No 3414 to Fink Corp in payment of its May 14 invoice less the discount 24 Purchased the following on credit from Gear Supply Co merchandise, $8,120 store supplies, $630 and office supplies, $280 Invoice dated May 24, terms n 10 EOM 25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2 10, n 30 26 Sold merchandise on credit to Crane Corp , Invoice No 8788, for $14,210 (cost is $8,230) 26 Issued Check No 3415 to Perennial Power in payment of the May electric bill, $1,283 29 The owner of Colo Company, Jenny Colo, used Check No 3416 to withdraw $7,000 cash from the business for personal use 30 Received payment from Lee Services for the May 22 sale less the discount 30 Issued Check No 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150 Cashed the check and paid the employees 31 Cash sales for the last half of the month are $66,052 (cost is $42,500) Week 12 Trial Balance, Adjustments, Closing Entries submit your work by the end of Week 13 Using the information from the Excel workbook from Week 5's submission, complete worksheet using the following information for accounting adjustments Complete the columns for the below adjusting entries, income statement, and balance sheet Also, record the required closing entries Add any lines as necessary Expired insurance, $553 Ending store supplies inventory, $2,632 Ending office supplies inventory, $504 Depreciation of store equipment, $567 5 Depreciation of office equipment, $329 Week 13 Financial Statements Complete assignment using the Excel workbook provided (add any necessary additional lines), and submit your work by the end of Week 14 Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps This week, you are to prepare the multiple step income statement, statement of owners' equity, and classified balance sheet You should use the information completed in prior weeks Prepare the income statement, where net income will be carried through to the statement of owners' equity as one of the adjustments to the final balance in the equity account You will then need to prepare the balance sheet, where you will show the updated owners' equity balance ACCT205 Accounting Principles II Portfolio Project Directions and Rubric This Assessment is worth 20 of your grade Outcomes Completing this Assessment will help you to meet the following Course Outcomes Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information including receivable and payable transactions for a merchandising business using computerization Select and utilize appropriate technology to complete real world accounting project that requires the construction of a multiple step income statement and a classified balance sheet Program Outcomes Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information Apply contemporary knowledge and skill sets to work effectively in the business community Institutional Outcomes Information Literacy and Communication Utilize appropriate current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and or oral formats Relational Learning Transfer knowledge, skills and behaviors acquired through formal and informal learning and life experiences to new situations Thinking Abilities Employ strategies for reflection on learning and practice in order to adjust learning processes for continual improvement Quantitative and Scientific Reasoning Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions Community and Career Participate in social, learning, and professional communities for personal and career growth Deadline Deliverable items for the Portfolio Project will be required at different points during the course Details for each submission are included below The timeline is as follows Deadline Activity Due by Week 12 General Journal Entries Due by Week 13 Trial Balance, Adjusting Entries Closing Entries Due by Week 14 Financial Statements Due by Week 15 Final Project Submission Scenario You have just been promoted to the Senior Accountant position for Summit Company, LLC During your first month in your new role, you will be completing a full accounting cycle for the month Your Supervisor, Mr Smith, requests that he previews your work since you are new to the position Directions For this project, you will be using the Excel workbook provided in week 5 Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed Week 11 Journal Entries Complete assignment using the Excel workbook provided, and submit your work by Week 12 To get you started in your new role, Mr Smith has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended Use a perpetual inventory system Your debits and credits should equal and the entries should have proper impact on the accounts that are being used Summit LLC operates with monthly accounting periods All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances Terms for all credit sales are 2 10, n 30, unless otherwise stated May 1 Issued Check No 3410 to S P Management Co in payment of the May rent, $3,710 (Use two lines to record the transaction Charge 80 of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space ) 2 Sold merchandise on credit to Hensel Company, Invoice No 8785, for $6,100 (cost is $4,100) 2 Issued a $175 credit memorandum to Knox Co for defective (worthless) merchandise sold on April 28 and returned for credit The total selling price (gross) was $4,725 3 Received a $798 credit memorandum from Peyton Products for the return of merchandise purchased on April 29 4 Purchased the following on credit from Gear Supply Co merchandise, $37,072 store supplies, $574 and office supplies, $83 Invoice dated May 4, terms n 10 EOM 5 Received payment from Knox Co for the balance from the April 28 sale less the May 2 return and the discount 8 Issued Check No 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2 discount 9 Sold store supplies to the merchant next door at their cost of $350 cash 10 Purchased $4,074 of office equipment on credit from Gear Supply Co , invoice dated May 10, terms n 10 EOM 11 Received payment from Hensel Company for the May 2 sale less the discount 11 Purchased $8,800 of merchandise from Garcia, Inc , invoice dated May 10, terms 2 10, n 30 12 Received an $854 credit memorandum from Gear Supply Co for the return of defective office equipment received on May 10 15 Issued Check No 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150 Cashed the check and paid the employees 15 Cash sales for the first half of the month are $59,220 (cost is $38,200) (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries ) 16 Sold merchandise on credit to Hensel Company, Invoice No 8786, for $3,990 (cost is $1,890) 17 Purchased $13,650 of merchandise from Fink Corp , invoice dated May 14, terms 2 10, n 60 19 Issued Check No 3413 to Garcia, Inc , in payment of its May 10 invoice less the discount 22 Sold merchandise to Lee Services, Invoice No 8787, for $6,850 (cost is $4,990), terms 2 10, n 60 23 Issued Check No 3414 to Fink Corp in payment of its May 14 invoice less the discount 24 Purchased the following on credit from Gear Supply Co merchandise, $8,120 store supplies, $630 and office supplies, $280 Invoice dated May 24, terms n 10 EOM 25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2 10, n 30 26 Sold merchandise on credit to Crane Corp , Invoice No 8788, for $14,210 (cost is $8,230) 26 Issued Check No 3415 to Perennial Power in payment of the May electric bill, $1,283 29 The owner of Colo Company, Jenny Colo, used Check No 3416 to withdraw $7,000 cash from the business for personal use 30 Received payment from Lee Services for the May 22 sale less the discount 30 Issued Check No 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150 Cashed the check and paid the employees 31 Cash sales for the last half of the month are $66,052 (cost is $42,500) Week 12 Trial Balance, Adjustments, Closing Entries submit your work by the end of Week 13 Using the information from the Excel workbook from Week 5's submission, complete worksheet using the following information for accounting adjustments Complete the columns for the below adjusting entries, income statement, and balance sheet Also, record the required closing entries Add any lines as necessary Expired insurance, $553 Ending store supplies inventory, $2,632 Ending office supplies inventory, $504 Depreciation of store equipment, $567 5 Depreciation of office equipment, $329 Week 13 Financial Statements Complete assignment using the Excel workbook provided (add any necessary additional lines), and submit your work by the end of Week 14 Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps This week, you are to prepare the multiple step income statement, statement of owners' equity, and classified balance sheet You should use the information completed in prior weeks Prepare the income statement, where net income will be carried through to the statement of owners' equity as one of the adjustments to the final balance in the equity account You will then need to prepare the balance sheet, where you will show the updated owners' equity balance Prepare May (xxxx) multiple step income statement, a May (xxxx) statement of owner's equity, and a May 31, (xxxx), classified balance sheet Prepare post closing trial balance Also prove the accuracy of subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable

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To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JEs) for the following transactions, which

To get you started in your new role, Mr. Smith has asked you to prepare the necessary journal entries (JEs) for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. Your debits and credits should equal and the entries should have proper impact on the accounts that are being used.

Summit LLC operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. Terms for all credit sales are 2/10, n/30, unless otherwise stated.

May

Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent ExpenseSelling Space and the balance to Rent ExpenseOffice Space.)

Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).

Issued a $175 credit memorandum to Knox Co. for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725.

Received a $798 credit memorandum from Peyton Products for the return of merchandise purchased on April 29.

Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM.

Received payment from Knox Co. for the balance from the April 28 sale less the May 2 return and the discount.

Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount.

Sold store supplies to the merchant next door at their cost of $350 cash.

Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May 10, terms n/10 EOM.

Received payment from Hensel Company for the May 2 sale less the discount.

Purchased $8,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 2/10, n/30.

Received an $854 credit memorandum from Gear Supply Co. for the return of defective office equipment received on May 10.

Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)

Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is $1,890).

Purchased $13,650 of merchandise from Fink Corp., invoice dated May 14, terms 2/10, n/60.

Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.

Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60.

Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.

Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Invoice dated May 24, terms n/10 EOM.

Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2/10, n/30.

Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230).

Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.

The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash from the business for personal use.

Received payment from Lee Services for the May 22 sale less the discount.

Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees.

Cash sales for the last half of the month are $66,052 (cost is $42,500).

Week 12: Trial Balance, Adjustments, Closing Entries

submit your work by the end of Week 13.

Using the information from the Excel workbook from Week 5's submission, complete worksheet using the following information for accounting adjustments.

Complete the columns for the below adjusting entries, income statement, and balance sheet. Also, record the required closing entries. Add any lines as necessary.

Expired insurance, $553.
Ending store supplies inventory, $2,632.
Ending office supplies inventory, $504.
Depreciation of store equipment, $567.

5.Depreciation of office equipment, $329.

Week 13: Financial Statements

Complete assignment using the Excel workbook provided (add any necessary additional lines), and submit your work by the end of Week 14.

Now that you have completed most of the steps in the accounting cycle, it is time to complete the cycle with the last steps. This week, you are to prepare the multiple-step income statement, statement of owners' equity, and classified balance sheet. You should use the information completed in prior weeks.

Prepare the income statement, where net income will be carried through to the statement of owners' equity as one of the adjustments to the final balance in the equity account. You will then need to prepare the balance sheet, where you will show the updated owners' equity balance.

ACCT205 - Accounting Principles II

Portfolio Project Directions and Rubric

This Assessment is worth 20% of your grade

Outcomes

Completing this Assessment will help you to meet the following:

Course Outcomes

Interpret and apply Generally Accepted Accounting Principles (GAAP) to analyze, record, and report financial information including receivable and payable transactions for a merchandising business using computerization
Select and utilize appropriate technology to complete real world accounting project that requires the construction of a multiple-step income statement and a classified balance sheet.

Program Outcomes

Interpret and apply generally accepted accounting principles (GAAP) to analyze, record, and report financial information.

Apply contemporary knowledge and skill sets to work effectively in the business community.

Institutional Outcomes

Information Literacy and Communication - Utilize appropriate current technology and resources to locate and evaluate information needed to accomplish a goal, and then communicate findings in visual, written and/or oral formats.
Relational Learning - Transfer knowledge, skills and behaviors acquired through formal and informal learning and life experiences to new situations.
Thinking Abilities - Employ strategies for reflection on learning and practice in order to adjust learning processes for continual improvement.
Quantitative and Scientific Reasoning - Follow established methods of inquiry and mathematical reasoning to form conclusions and make decisions.
Community and Career - Participate in social, learning, and professional communities for personal and career growth.

Deadline

Deliverable items for the Portfolio Project will be required at different points during the course. Details for each submission are included below. The timeline is as follows:

Deadline

Activity

Due by Week 12

General Journal Entries

Due by Week 13

Trial Balance, Adjusting Entries & Closing Entries

Due by Week 14

Financial Statements

Due by Week 15

Final Project Submission

Scenario

You have just been promoted to the Senior Accountant position for Summit Company, LLC. During your first month in your new role, you will be completing a full accounting cycle for the month. Your Supervisor, Mr. Smith, requests that he previews your work since you are new to the position.

Directions

For this project, you will be using the Excel workbook provided in week 5.

Deliverable items for the Portfolio Project will be required at different points during the course as indicated in the table above, and then a final submission that includes corrected versions of each of the three submissions (as needed.

Week 11: Journal Entries

Complete assignment using the Excel workbook provided, and submit your work by Week 12.