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To get you started in your new role, Pat Simons has asked you to review necessary journal entries ( JEs ) and T account postings
To get you started in your new role, Pat Simons has asked you to review necessary journal entries JEs and T account postings for the following transactions, which occurred in the month just ended. Use a perpetual inventory system. The debits and credits should equal and the entries should have proper impact on the accounts that are being used. The journal entries should be written in proper format. The accounts should not be abbreviated. Ensure that the entries are properly formatted with the names of the credited accounts indented and the proper description shown. Review the associated T accounts and ensure that the journal entries are properly posted to the T accounts. During this week, you are correcting any errors in the journal entries and T account postings. Please use the provided Excel spreadsheet to review the journal entries, T account postings, correct any errors and submit the corrected spreadsheet to BlackBoard. You are not creating correcting entries, you are changing correcting the entries that Pat created.
All the accounts that should be used during this project have a T account, if there is no T account, do not create one.
Please note that once you upload the spreadsheet, it will not look complete in the window, as long as you uploaded the full Excel spreadsheet, it will all be there for me to grade.
Fitchtown, Inc. operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April balances. Terms for all credit sales are n unless otherwise stated.Name
Worksheet
Fitchtown Inc.
Work Sheet
For Month Ended May XX
tableAccount Titles,tableUnadjustedTrial BalanceAdjustments,tableAdjustedTrial BalanceIncome Statement,tableStatement ofOwners EquityDrCrDrCrDrCrDrCrDrCashtabletableAccounts receivable,Merchandise inventory,tableOffice supplies,Store supplies,Prepaid insurance,Office equipment,Accumulated depreciationOffice Equipment,Store Equipment,Accumulated depreciationStore Equipment,tableAccounts payable,,Common Stock,,PaidinCapital, Excess of Par,,Retained Earnings,,Sales revenue,,tableSales returns and allowancesSales discounts,Cost of Goods Sold,Depreciation expense Office Equipment,,,Depreciation expense Store Equipment,,,Office supplies expense,,,tableStore supplies expenseInsurance expense,,,Rent expense Selling space,Rent expense Office space,tableSalaries expense SalesSalaries expense Office,Utilities expense Electric,Net Income,,,,,,,tabletabletable
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