1. .Using the Chart of Accounts attached for a Sample Company, identify the (5-digits) GL Account Number for the corresponding debits and credits for your response to this question. Please be sure to use the correct GL Account No. The computer will recognize just the account number. For questions when an amount is involved, just enter the number. Do not put a dollar sign, do not put a comma, do not put cents, and do not put a decimal point. Please observe these guidelines to obtain full credit. No exceptions.Please use Perpetual Inventory method. July 1 Your Name Drug Store purchased medical supplies intended for sale for $1,000.00 from Vendor X. Terms of sale: 2/10, n/30, FOB Destination. The freight charges = $50.00. The journal entry is a debit to ___________ (GL Account No.).
2. Please use Perpetual Inventory method. July 1 Your Name Drug Store purchased medical supplies intended for sale for $1,000.00 from Vendor X. Terms of sale: 2/10, n/30, FOB Destination. The freight charges = $50.00. The journal entry is a credit to ___________ (GL Account No.).
3. Please use Perpetual Inventory method. July 1 Your Name Drug Store purchased medical supplies intended for sale for $1,000.00 from Vendor X. Terms of sale: 2/10, n/30, FOB Destination. The freight charges = $50.00. The debit amount is ___________ (amount).
4. Please use Perpetual Inventory method. July 3 Your Name Drug Store purchased medical equipment for sale for $3,000.00 from Vendor Y. Terms of sale: 1/10, n/30 FOB Shipping Point. The freight charges = $150.00. The entry is a debit to _____________ (GL Account No.)
5. Please use Perpetual Inventory method. July 3 Your Name Drug Store purchased medical equipment for sale for $3,000.00 from Vendor Y. Terms of sale: 1/10, n/30 FOB Shipping Point. The freight charges = $150.00. The entry is a credit to _____________ (GL Account No.)
6. Please use Perpetual Inventory method. July 3 Your Name Drug Store purchased medical equipment for sale for $3,000.00 from Vendor Y. Terms of sale: 1/10, n/30 FOB Shipping Point. The freight charges = $150.00. The debit amount is _____________ .
7. Please use Perpetual Inventory method. July 4 Your Name Drug Store returned $200.00 worth of merchandise purchased from Vendor Y. The debit is to ____________ (GL Account No.)
8. Please use Perpetual Inventory method. July 4 Your Name Drug Store returned $200.00 worth of merchandise purchased from Vendor Y. The credit is to ____________ (GL Account No.)
9. Please use Perpetual Inventory method. July 4 Your Name Drug Store returned $200.00 worth of merchandise purchased from Vendor Y. The debit amount is ____________ .
10. Please use Perpetual Inventory method. July 5 Your Name Drug Store purchased medical supplies for use for $2,000.00 from Vendor Z. Terms of sale, 2/15, n/20, FOB Destination. Freight Charges = $100.00. The debit is to _____________ (GL Account No.)
11. Please use Perpetual Inventory method. July 5 Your Name Drug Store purchased medical supplies for use for $2,000.00 from Vendor Z. Terms of sale, 2/15, n/20, FOB Destination. Freight Charges = $100.00. The credit is to _____________ (GL Account No.)
12. Please use Perpetual Inventory method. July 5 Your Name Drug Store purchased medical supplies for use for $2,000.00 from Vendor Z. Terms of sale, 2/15, n/20, FOB Destination. Freight Charges = $100.00. The debit amount is _____________ .
13. Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00. The $8,000.00 debit is to _______________ (GL Account No.).
14. Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00.The $8,000.00 credit is to _______________ (GL Account No.).
15. Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00. The $3,200.00 debit is to _______________ (GL Account No.).
16. Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00. The $3,200.00 credit is to _______________ (GL Account No.).
17. Please use Perpetual Inventory method. On July 9 Your Name Drug Store paid the amount owed to Vendor X on the purchased of July 1. The debit is to ______________ (GL Account No.)
18. Please use Perpetual Inventory method. July 9 Your Name Drug Store paid the amount owed to Vendor X on the purchased of July 1. The debit amount is ______________ .
19. Please use Perpetual Inventory method. July 9 Your Name Drug Store paid the amount owed to Vendor X on the purchased of July 1. The amount of Cash paid is _____________ (amount).
20. Please use Perpetual Inventory method. On July 12 Your Name Drug Store sold merchandise to Customer B for $6,000.00 Terms: 1/10, n/30. The cost of the inventory is $2,400.00. The $6,000.00 debit is to ____________ (GL Account No.).
21. Please use Perpetual Inventory method. On July 12 Your Name Drug Store sold merchandise to Customer B for $6,000.00 Terms: 1/10, n/30. The cost of the inventory is $2,400.00. The $6,000.00 credit is to ____________ (GL Account No.).
22. Please use Perpetual Inventory method. On July 12 Your Name Drug Store sold merchandise to Customer B for $6,000.00 Terms: 1/10, n/30. The cost of the inventory is $2,400.00. The $2,400.00 debit is to ____________ (GL Account No.).
23. Please use Perpetual Inventory method. On July 12 Your Name Drug Store sold merchandise to Customer B for $6,000.00 Terms: 1/10, n/30. The cost of the inventory is $2,400.00. The $2,400.00 credit is to ____________ (GL Account No.).
24. Please use Perpetual Inventory method. On July 13 Your Name Drug Store paid the amount owed to Vendor Y on the purchased of July 3. The debit is to ____________ (GL Account No.).
25. Please use Perpetual Inventory method. July 13 Your Name Drug Store paid the amount owed to Vendor Y on the purchased of July 3. The debit amount is to ____________ .
26. Please use Perpetual Inventory method. July 13 Your Name Drug Store paid the amount owed to Vendor Y on the purchased of July 3. The amount of Cash paid is ______________.
27. Please use Perpetual Inventory method. July 13 Your Name Drug Store paid the amount owed to Vendor Y on the purchased of July 3. The discount is a credit to ______________ (GL Account No.).
28. Please use Perpetual Inventory method. On July 15 Your Name Drug Store collected cash from Customer A from the sale of July 7. The amount of Cash collected is ______________.
29. Please use Perpetual Inventory method. On July 15 Your Name Drug Store collected cash from Customer A from the sale of July 7. The amount of discount is ______________.
30. Please use Perpetual Inventory method. On July 15 Your Name Drug Store collected cash from Customer A from the sale of July 7. The credit is to ______________ (GL Account No.).
31. Please use Perpetual Inventory method. On July 15 Your Name Drug Store collected cash from Customer A from the sale of July 7. The credit amount is ______________.
32. Please use Perpetual Inventory method. On July 17 Customer B returned $300.00 worth of defective merchandise to Your Name Drug Store. The cost is120.00. The $300.00 debit is to __________ (GL Account No.).
33. Please use Perpetual Inventory method. On July 17 Customer B returned $300.00 worth of defective merchandise to Your Name Drug Store. The cost is120.00.The $300.00 credit is to __________ (GL Account No.).
34. Please use Perpetual Inventory method. On July 17 Customer B returned $300.00 worth of defective merchandise to Your Name Drug Store. The cost is120.00.The $120.00 debit is to __________ (GL Account No.).
35. Please use Perpetual Inventory method. On July 17 Customer B returned $300.00 worth of defective merchandise to Your Name Drug Store. The cost is120.00.The $120.00 credit is to __________ (GL Account No.).
36. Please use Perpetual Inventory method.On July 21 Your Name Drug Store paid the amount owed to Vendor Z. The debit is to _________________ (GL Account No.).
37. Please use Perpetual Inventory method. On July 22 Received cash from Customer B on the sale of July 12. The amount of Cash received is ____________ .
38. Please use Perpetual Inventory method. On July 22 Received cash from Customer B on the sale of July 12. The credit is to ____________ (GL Account No.).
39. Please use Perpetual Inventory method. On July 22 Received cash from Customer B on the sale of July 12. The discount amount is ____________
40. Please use Perpetual Inventory method. On July 22 Received cash from Customer B on the sale of July 12. The credit is to ____________ (GL Account No.).
41. Please use Perpetual Inventory method. On July 30 Purchased medical supplies for use, $1,000.00 paying cash. Terms: FOB Destination, Freight Charges = 50.00. The debit is to ______________ (GL Account).
42. Please use Perpetual Inventory method. On July 30 Purchased medical supplies for use, $1,000.00 paying cash. Terms: FOB Destination, Freight Charges = 50.00. The debit amount is ______________
43. Please use Perpetual Inventory method. On July 30 Purchased medical supplies for use, $1,000.00 paying cash. Terms: FOB Destination, Freight Charges = 50.00. The credit is to ______________ (GL Account No.).
44. For questions where an account number is required, usethe Chart of Accounts attached for a Sample Company to identify the (5-digit) GL account number for the corresponding debits and credits for your response to this question. Please be sure to use the correct GL account number. The computer will recognize just the account number. For questions wherean amount is involved, just enter the number. Do not put a dollar sign, do not put a comma, do not put cents, and do not put a decimal point. Please observe these guidelines to obtain full credit. No exceptions. For example, if your answer is one thousand dollars, you should write it as1000. If your answer is one hundred twenty dollars and fifty cents, you should write it as 120.50. The rules of rounding up and dropping off must be observed to the exact penny to obtain the correct response. Req. #1: The total Gross Pay is ___________________ (amount).
45. Req. #2: The total amount of voluntary deductions is ___________________ (amount).
46. Req. #2: The total amount of mandatory deductions is ___________________ (amount).
47. Req. #2: The total amount of deductions is ___________________ (amount).
48. Req. #3: The Net Pay is ___________________ (amount).
49. Req. # 4: The total amount of FICA contribution of the employer is ___________________ (amount).
50. Req. #4: The total amount of Medicare contribution of the employer is ___________________ (amount).
51. Req. #4: The total amount of FUTA contribution is ___________________ (amount). (Use the new FUTA rate.)
52. Req. #4: The total amount of SUTA contribution is ___________________ (amount).
53. Req. #4: The total amount of workers' compensation contribution is ___________________ (amount).
54. Req. #4: The total amount of mandatory contributions of the employer is ___________________ (amount).
55. Req. #5: The total amount of company's voluntary contribution is ___________________ (amount).
56. Req. #6: The debit is to ___________________ (GL account).
57. Req. #6: The debit amount is ___________________ (amount).
58. Req. #6: The net amount or take-home pay is a credit to ___________________ (GL account).
59. Using the Chart of Accounts attached for a Sample Company, identify the (5-digit) GL account number for the corresponding debits and credits for your response to this question. Please be sure to use the correct GL account number. The computer will recognize just the account number. Please observe these guidelines to obtain full credit. No exceptions. Req. #7: The debit is to ___________________ (GL account).
60. Req. #7: The debit amount is ___________________ (amount).
61. Req. #8: The debit is to ___________________ (GL account).
62. Req. #8: The $100.00 credit is to ___________________ (GL account).
63. Req. #8: The $400.00 credit is to ___________________ (GL account).
64. .For questions wherean amount is involved, just enter the number. Do not put a dollar sign, do not put a comma, do not put cents, and do not put a decimal point. Please observe these guidelines to obtain full credit. No exceptions. Complete the behind-the-scenesclosing entry to close all the Revenue accounts. This entry includesa credit to Retained Earnings for the amount of ___________________ .
65. Complete the behind-the-scenesclosing entry to close all the Expense accounts. This entry includesa debit to Retained Earnings for the amount of ___________________ .
66. To close the Owner's Drawing account, the entry is whichof the following?

a. a debit to the Owner's Drawing account

b. a credit to the Owner's Capital account

c. a debit to the Miscellaneous Expense account

d. a credit to the Owner's Drawing account

e. a debit to the Cash account

67.In manual accounting, the Income Summary Account is closed to ________.

• a. Cash
• b. Owner's Capital
• c. Owner's Draw
• d. Revenue
• e. Expenses

OF LIVE Sample Company Chart of Accounts As of Dec 31, (year) Account ID Account Description Account Type 10000 Cash Current Assets 10100 Petty Cash Current Assets 11000 Accounts Receivable Current Assets 11400 Other Receivables Current Assets 11500 Allowance for Doubtful Account Contra Asset 12000 Merchandise Inventory Current Assets 13000 Medical Supplies Current Assets 13100 Office Supplies Current Assets 14000 Prepaid Expenses Current Assets 14100 Employee Advances Current Assets 14200 Notes Receivable-Current Current Assets 14700 Other Current Assets Current Assets 15000 Fumiture and Fixtures Fixed Assets 15100 Medical Equipment Fixed Assets 15200 Office Equipment Fixed Assets 15300 Other Depreciable Property Fixed Assets 15400 Leasehold Improvements Fixed Assets 15500 Building Fixed Assets 15600 Building Improvements Fixed Assets 16900 Land Fixed Assets 17000 Accum, Depreciation - Fumitur Contra Asset 17100 Accum, Depreciation - Med. Equip Contra Asset 17200 Accum, Depreciation - Office Equipment Contra Asset 17300 Accum, Depreciation - Other Contra Asset 17400 Accum, Depreciation - Leasehol Contra Asset 17500 Accum, Depreciation - Building Contra Asset 17600 Accum, Depreciation - Bida Imp Contra Asset 19000 Deposits Other Assets 19100 Organization Costs Other Assets 19150 Accum, Amortiz. - Org. Costs Other Assets 19900 Other Noncurrent Assets Other Assets 20000 Accounts Payable Current Liabilities 23000 Accrued Expenses Current Liabilities 23100 Sales Tax Payable Current Liabilities 23200 Salaries Payable Current Liabilities 23400 Federal Payroll Taxes Payable Current Liabilities 23500 FUTA Tax Payable Current Liabilities 23600 Workers' Comp. Ins. Taxes Payable Current Liabilities 23700 SUTA Payable Current Liabilities 23800 Pension Plan Payable Current Liabilities 24200 Current Portion Long-Term Debt Current Liabilities 24400 United Way Contributions Payable 24800 Current Liabilities Medical Health Ins. Payable 24900 Current Liabilities Suspense-Clearing Account Current LiabilitiesO LIVE Notes Payable-Noncurrent Long Term Liabilities 27400 Other Long-Term Liabilities Long Term Liabilities Equity-Retained Eamings 39005 Retained Earnings Owner's Capital Equity-doesn't get closed 39006 39007 Owner's Draw Equity-gets closed 40000 Sales-Drugs Income 40500 Service Revenue Income 41000 Interest Income Income 41200 Other Income Income 45400 Finance Charge Income Income 45500 Shipping Charges Reimbursed Income 48000 Sales Returns and Allowances Contra Income 49000 Sale Discounts Contra Income 50000 Cost of Sales-Drugs Expenses 58500 Inventory Adjustments Expenses 59000 Purchase Returns and Allowance Expenses 59500 Purchase Discounts Expenses 60100 Advertising Expense Expenses 60500 Amortization Expense Expenses 61000 Auto Expenses Expenses 61500 Bad Debt Expense Expenses 62000 Bank Charges Expenses 62500 Cash Over and Short Expenses 63000 Charitable Contributions Exp Expenses 63500 Commissions and Fees Exp Expenses 64000 Depreciation Expense Expenses 64500 Dues and Subscriptions Exp Expenses 65000 Employee Benefit Programs Exp Expenses 65500 Freight Expense Expenses 66000 Gifts Expense Expenses 66500 Income Tax Expense Expenses 67000 Insurance Expense Expenses 67500 Interest Expense Expenses 68000 Laundry and Cleaning Exp Expenses 68500 Legal and Professional Expense Expenses 69000 Licenses Expense Expenses 69500 Loss on NSF Checks Expenses 70000 Maintenance Expense Expenses 70500 Meals and Entertainment Exp Expenses 71000 Medical Supplies Expense Expenses 72000 Office Supplies Expense Expenses 72500 Payroll Tax Expense Expenses 73000 Penalties and Fines Exp Expenses 73500 Other Taxes Expenses 74000 Postage Expense 74100 Expenses Property Taxes Expense 74500 Expenses Rent or Lease Expense 75500 Expenses Repairs Expense 76000 Expenses Telephone Expense Expenses76500 Travel Expense Expenses 77000 Salaries Expense Expenses 78000 Utilities Expense Expenses 89000 Other Expense Expenses 89500 Purchase Disc-Expense Items Expenses 90000 Gain/Loss on Sale of Assets ExpensesFinal Exam (Chapters 6-12) Problem #1: Record the following transactions in a general journal entry format distinctly showing the debit and credit accounts as recorded in manual accounting. Credit accounts must be indented. Omit explanations. Skip a line after each transaction. Assume that the company uses the perpetual inventory method. July 1 - Your Name Drugstore purchased medical supplies intended for sale for $1,000.00 from Vendor X. The terms of sale are 2/10, n/30, FOB destination. The freight charges are $50.00. July 3 - Your Name Drugstore purchased medical equipment for sale for $3,000.00 from Vendor Y. The terms of sale are 1/10, n/30, FOB shipping point. The freight charges are $150.00. July 4 - Your Name Drugstore returned $200.00 worth of merchandise purchased from Vendor Y. July 5 - Your Name Drugstore purchased medical supplies for use for $2,000.00 from Vendor Z. The terms of sale are 2/15, n/30, FOB destination. The freight charges are $100.00. July 7 - Your Name Drugstore sold merchandise to Customer A for $8,000.00. The terms of sale are 2/10, n/30. The cost of the inventory is $3,200.00. July 9 - Your Name Drugstore paid the amount owed to Vendor X for the purchase of July 1. July 12 - Your Name Drugstore sold merchandise to Customer B for $6,000.00. The terms of sale are 1/10, n/30. The cost of the inventory is $2,400.00. July 13 - Your Name Drugstore paid the amount owed to Vendor Y on the purchase of July 3. July 15 - Your Name Drugstore collected cash from Customer A for the sale of July 7. July 17 - Customer B returned $300.00 worth of defective merchandise to Your Name Drugstore. The cost is $120.00. July 21 - Your Name Drugstore paid the amount owed to Vendor Z. July 22 - Your Name Drugstore received cash from Customer B for the sale of July 12. July 30 - Your Name Drugstore purchased medical supplies for use for $1,000.00 and paid with cash. The terms of sale are FOB destination. The freight charges are $50.00. 1305 words Of English (United States) Focus EProblem #2: Your Name Drugstore pays employees on a weekly basis, and it is the first pay period of the year. The manager's weekly salary is $500.00 plus commission of 3% of month-to-date sales. The total month-to-date sales for January are $50,000.00. The manager contributes 5% of his gross pay to his 401K retirement plan. He also contributes $10.00 per pay period to United Way of Southern Nevada. Based on the Employer's Tax Guide, his federal withholding tax is 15% of total gross pay. Your Name Drugstore matches the manager's contributions to his 401K retirement plan. The company covers employees with medical health insurance at 20%. The company rate for Nevada state unemployment is 3%, and the rate for workers' compensation insurance is 5% For the pay period covering January 1-7 of the current year, complete the following: 1. Compute the manager's gross pay. 2. Compute the manager's total deductions. 3. Compute the manager's net pay. 4. Compute Your Name Drugstore's total involuntary contributions for the manager. 5. Compute Your Name Drugstore's total voluntary contributions for the manager. 6. Record the necessary journal entry to pay the manager's salaries for this pay period, assuming the company does not keep a separate payroll account. 7. Record the necessary journal entry for the payroll taxes. 8. Record the necessary journal entry for the employer's voluntary contributions. Problem #3: The following trial balance accounts were randomly arranged for Your Name Drugstore. Prepare the behind-the-scenes closing entries for the year ended December 31. Your Name Drug Store Trial Balance December 31, (year) Accounts Payable 12,000.00 Accounts Receivable 14,500.00 Accumulated Depreciation, Equipment 2,000.00 Accumulated Depreciation, Furniture 3,000.00 Advertising Expense 300.00 Automobile Expense 480.00 Bank Service Charge Expense 25.00 Cash 22,888.00 Depreciation Expense, Equipment 750.00 1305 words English (United States) FocusDepreciation Expense, Furniture 600.00 Entertainment Expense 200.00 Equipment 10,000.00 Furniture & Fixture 9,000.00 Insurance Expense 575.00 Interest Expense 290.00 Interest Income 175.00 Inventory 35,000.00 Legal Expense 2,500.00 Maintenance Expense 600.00 Medical Supplies 2,100.00 Medical Supplies Expense 290.00 Notes Payable 18,000.00 Office Supplies 850.00 Office Supplies Expense 1,575.00 Petty Cash 500.00 Postage Expense 420.00 Professional Fees Income 3,000.00 Rent Expense 2,500.00 Repairs Expense 120.00 Sales Discounts 2,000.00 Sales Returns & Allowances 1,000.00 Sales Revenue 40,000.00 Travel Expense 875.00 Unearned Revenue 5,000.00 Utilities Expense 782.00 Your Name, Capital 28,545.00 Your Name, Draw 1,000.00