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Ultimate Frisbee, Inc. had the following post - closing trial balance as of December 3 1 , 2 0 2 2 . Ultimate Frisbee, Inc

Ultimate Frisbee, Inc. had the following post-closing trial balance as of December 31,2022.
Ultimate Frisbee, Inc had the following transactions during 2023:
Jan 15 One of the partners invested $20,000 into the company.
Feb 10 Purchased supplies on account for $750
Feb 25 Paid the invoice for Supplies that were purchased on Feb 10th
Apr 5 Purchased merchandise (Inventory) of 15,000 Frisbees at $2.25 per Frisbee on
account
Apr 10 Paid a Design Company cash to screen print your own logo and design on the frisbee
for .30 per Frisbee (needs to be added to the cost of inventory).
May 5 Paid the invoice of April 5
May 10 Sold 4,000 of the Frisbees on account to Sports Fanatics, Inc., for $5.50 per Frisbee.
May 19 Received cash from the sale on May 10.
Jun 1 Issued a 2-month, 5% note (receivable) for $7,000 to Phil Dumphy, one of our
managers, who stumbled upon some legal trouble.
Jun 15 Sold 2,000 Frisbees on account to Win or Go Home, Inc., for $5.90 per Frisbee.
Debit Credit
Cash 49,700
Accounts Receivable 1,200
Inventory 3,750
Prepaid Insurance 8,000
Supplies 4,000
Building 180,000
Accumulated Deprec - Bldg 22,500
Office Equipment 9,000
Accumulated Deprec - Office Equip 6,000
Accounts Payable 2,800
LT Note Payable - Bank 75,000
Partner, Capital 149,350
255,650255,650
Ultimate Frisbee, LLC
Post Closing Trial Balance
12/31/2022
Financial Accounting - Bus 212
Winter 2024
Page 2
Jun 30 Paid sales salaries of $2,700 and office salaries of $2,100(these should be
combined), utilities of $500, insurance expense of $400 and travel expenses of $250
July 5 Purchased a Screen-Printing Machine by paying $4,000 in cash and signing a 3-
month, 6% note for $6,000.
July 24 Received payment from Win or Go Home, Inc
Aug 1 Received amount owed on June 1 note, plus interest at the maturity date.
Sept 1 Sold 4,000 Frisbees to Players R Us, Inc, for $5.95 per Frisbee on Account.
Sep 5 Purchased land by issuing a $20,000,7%4-month note to Ace Development Co.
Oct 1 Received payment in full from Players R Us, Inc.
Oct 15 Paid off the Note for Equipment.
Nov 30 Paid sales salaries of $2,200 and office salaries of $1,100, utilities of $500, rent
expense of $1,000 and travel expenses of $150
Dec 5 Paid in full the September 5 note at maturity.
Instructions:
1. In Canvas, click on the file Financial Excel Project - Blank_Winter 2024.xlsx.
Download and save the file on your computer. Make sure you change the name of
the file per the instructions.
2. Enter in your beginning balances (Top of this Document) from December 31,2022
into your Financial Excel Project.
3. Journalize the above transactions (complete your journal entries)
4. Post beginning balances to the Ledgers (T-accounts)
5. Post your Journal Entries to the ledgers (T-accounts)
6. Based on the following data, prepare a bank reconciliation for December of the
current year:
a. Balance according to the bank statement at December 31, $48,083
b. Balance according to the ledger before your Bank Reconciliation at December
31,_________. Hard code this amount in your bank reconciliation.
c. The following checks were still outstanding as of Dec 31,2023:
Check #1234 $3,221
Check #1235 $1,300
Check #1236 $6,000
d. Interest earned, $125
e. Deposit in transit, not recorded by bank, $9,160
f. Bank debit memorandum for service charges, $35
g. A check for $300 in payment of an invoice was incorrectly recorded in the ledger
as $30
Financial Accounting - Bus 212
Winter 2024
Page 3
7. Based on the bank reconciliation prepared in 2 above, journalize the entry or
entries to be made by Ultimate Frisbee, Inc and post to the ledger (T-accounts).
8. Based on the above transactions, prepare an Unadjusted Trial balance.
9. Based on the following information, journalize the adjusting entries in your
Unadjusted Trial balance and prepare an Adjusted Trial Balance as of December
31, of the current year:
a. Accrued Sales Revenue, $4,600
b. Prepaid insurance expired during the year, $1,000.
c. Accrued Salaries for a 2-day period ending Dec 31st. Salaries of $2,000 are
typically paid weekly for a 5-day work week.
d. Accrued Interest expense for the 5yr,4% Long Term Note Payable from the
Bank.
e. A physical count of supplies showed $3,750 left on hand.
f. Depreciation is computed as follows:
Asset Cost Residual
Value
Acquisition Date Useful
Life in
Years
Depreciation
Method Used
B

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