UUTUU ULFULLU VW Sdvod Search Love preet ayout References Mailings Review View Help the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing Kodiak Enterprises (2019) (Lee Irvine) Due: As per the due date posted in Canvas for the assignment. Value: This is worth 10 % of your final grade in ACC 1170 You are to do the following: 1 Review the opening account balances in the ledger accounts provided 2 Enter the transactions in the general journal and post to the ledger accounts. 3 Prepare a trial balance based on your ledger accounts and compare it to the checksumus provided with this assignment. Correct any ledger and journal errors you may have found. The transactions and postings in your accounts must match the totals from the check sums. If you only correct the trial balance, you will lose markt 4 Transfer the now corrected numbers from Step #3 into the Unadjusted Trial Balance columns of the provided work sheet form, and complete the work sheet using the following information for your adjusting entries. - Ending merchandise inventory Ending store supplies inventory Ending office supplies inventory Estimated monthly depreciation of store equipment Estimated monthly depreciation of office equpment Expired insurance Bank Service charges for May Overdraft free for when your cash account went negative in May Interest Eamed in the month of May 547026 59,800 52.975 $900 5278 5333 550 $125 $10 Protected View - Saved - O Search Love preet ayout References Mailings Review View Help the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing 5 61 7 10 5 Prepare a May classified, multiple-step income statement, a May statement of owner's equity, and a May 31 classified balance sheet. 6 Prepare and post adjusting and closing entries (omit explanations) 7 Prepare a post-closing trial balance. Also prepare a list of the outstanding Accounts Receivable and Accounts Payable. Submit all of your work including: journal entries, ledger accounts, worksheet, financial statements, and your journals with adjusting and closing entries along with the post closing trial balance and the list of Accounts Payable and Accounts Receivable. ***YOUR LEDGER ACCOUNT BALANCES MUST EQUAL THE AMOUNTS YOU HAVE LISTED ON YOUR UNADJUSTED AND ADJUSTED TRIAL BALANCES, WORKSHEET AND FINANCIAL REPORTS. DATA and TRANSACTIONS Assume it is Monday, May 1, 2017, the first business day of the month, and you have just been hired as the accountant for Kodiak Enterprises, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Kodunk uses a perpetual system to account for inventory. The terms of all credit sales are 2/10, 1/30. During your first month on the job, you record the following transactions May 1 Issued cheque # 3410 to Double A-Squared Management Co in payment of the May rent Charge 80% of the rent to Rent Experise - Selling Space and the balance to Rent Expense - Office Space. Total amount of the cheque is $6,000 00 Isud cheque #3411 to Marine Water Co for water & sewer charges, total is May 2 Sold merchandise on credit to the Chinook Tractor Company, invoice 8785 The total retail price for the merchandise w $1,000 00 The wholesale cost of the merchandise is $2,040 00 May 2 $425.00 Kodiak Case Fall 2019 for DL - Protected View - Saved - Search Layout References Mailings Review View Help am the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Love preet Enable Editing 3 10 $1,000 00 $8,000 00 $8,000.00 $161 00 May 3 Received a credit memorandum from Canola Products for merchandise received on April 29 and that we returned for credit this morning The amount of the return was May 4 Purchased the following items on credit from Taber Supply Co with invoice dated May 4, terms 1/10 EOM - Merchandise for resale -Office Equipment Office Supplies May 5 Received payment from Waterton Farms Inc from the sale of Apl 28. May 8 Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 m/30) May 11 Recerved payment from Chinook Tractor Company for the May 2 sale May 12 Received a credit memorandum from Taber Supply Co for defective office equipment received on May 10 and returned for credit. The amount of the retum was May 15 Recorded the cash sales for the first half of the month The total retail price for the merchandise is: The wholesale cost of the merchandise is May 17 Received merchandise and an invoice dated May 14, terms 2/10, 160, from The Kipp Corp The amount of the invoice was May 22 Sold merchandise to Coaldale Services, invoice 8786 Terms 2/10,0 60 The total retail price for the merchandise is The wholesale cost of the merchandise is S4,080 00 $25,000 00 $12,750 00 $14,50000 $36,000.00 $18,360.00 Kodiak Case Fall 2019 for DL Protected View - Saved O Search but References Mailings Review View Help Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 2. $700 00 $3,600.00 May 26 Issued cheque #3413 to Sparks Power Works in payment of the April electric bill. The amount of the bill was May 29 The owner, Benny Kodiak, withdrew money from the business for personal use using cheque # 3414. The amount of the withdrawal was May 30 Received payment from Coaldale Services for the May 22 sale. May 30 Issued cheque # 3415 to Thumb-Tack Supply for photocopy paper May 30 Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise May 31 Recorded the cash sales for the second half of the month The total retail price for the merchandise is: The wholesale cost of the merchandise is: S45.00 $450.00 $45,000.00 $22.950.00 nternet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Help Love preet 2. Enable Editing + 5.6 10 April 30 Account Balances are as follows: Cr. Acct # Item 101 Cash 105a A/R - Turin Corp 1056 A/R - Chinook Tractor Company 105c AR - Waterton Farms Inc 105d AR - Coaldale Services 107 Not Used 119 Merchandise Inventory 124 Office Supplies 125 Store Supplies 128 Prepaid Insurance 163 Office Equipment 164 Accumulated Depreciation Office Equip 165 Store Equipment 166 Accumulated Depreciation, Store Equip 201a AJP - Kipp Corp 2015 A/P-Windworks Inc 2010 AP - Canola Products 2010 A/P - Taber Supply Co. 301 Benny Kodink, Capital All other accounts are Zero balance Dr. 20,000.00 6,000.00 0.001 15,000.00 0.00 0.00 85,000.00 6,000.00 14,000.00 4,000.00 50,000.00 40,000.00 100,000.00 55,000.00 0 00 25,000.00 60,000.00 0.00 120,000.00 300,000.00 300,000 00 Kodiak Enterprises Trial Balance May 31, 2017 Debit Account Titles Credit 74272 6,000 49,976 6206 14,000 4.000 53 920 40,000 100 000 Cash AR Turn AR Chinook AR Waterton AR Coaldaie Merchandise Inventory Onice Supplies Store Supplies Prepaid insurance Onice Equipment Accumulated Deprec Once Equip Store Equipment Accumulated Deprec Store Loup WP Kipp AP Windworks AP Candia NP Taber Benny Kodiak Capital Senny Kodiak Withdrawals Sales Sales Returns Allowance Sales Oncounts netest Revenge Cost of Goods Sold Depreciznon poce Equip Depreciation Ep Store Equip nuance Expense Fleet pere oncepce Fen Lipeme Space ce Supplies Expense Lank Changes Expense 55 000 14500 25000 12.061 120.000 3.600 110.000 600 1.00 55754 1200 800 UUTUU ULFULLU VW Sdvod Search Love preet ayout References Mailings Review View Help the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing Kodiak Enterprises (2019) (Lee Irvine) Due: As per the due date posted in Canvas for the assignment. Value: This is worth 10 % of your final grade in ACC 1170 You are to do the following: 1 Review the opening account balances in the ledger accounts provided 2 Enter the transactions in the general journal and post to the ledger accounts. 3 Prepare a trial balance based on your ledger accounts and compare it to the checksumus provided with this assignment. Correct any ledger and journal errors you may have found. The transactions and postings in your accounts must match the totals from the check sums. If you only correct the trial balance, you will lose markt 4 Transfer the now corrected numbers from Step #3 into the Unadjusted Trial Balance columns of the provided work sheet form, and complete the work sheet using the following information for your adjusting entries. - Ending merchandise inventory Ending store supplies inventory Ending office supplies inventory Estimated monthly depreciation of store equipment Estimated monthly depreciation of office equpment Expired insurance Bank Service charges for May Overdraft free for when your cash account went negative in May Interest Eamed in the month of May 547026 59,800 52.975 $900 5278 5333 550 $125 $10 Protected View - Saved - O Search Love preet ayout References Mailings Review View Help the Internet can contain viruses. Unless you need to edit it's safer to stay in Protected View. Enable Editing 5 61 7 10 5 Prepare a May classified, multiple-step income statement, a May statement of owner's equity, and a May 31 classified balance sheet. 6 Prepare and post adjusting and closing entries (omit explanations) 7 Prepare a post-closing trial balance. Also prepare a list of the outstanding Accounts Receivable and Accounts Payable. Submit all of your work including: journal entries, ledger accounts, worksheet, financial statements, and your journals with adjusting and closing entries along with the post closing trial balance and the list of Accounts Payable and Accounts Receivable. ***YOUR LEDGER ACCOUNT BALANCES MUST EQUAL THE AMOUNTS YOU HAVE LISTED ON YOUR UNADJUSTED AND ADJUSTED TRIAL BALANCES, WORKSHEET AND FINANCIAL REPORTS. DATA and TRANSACTIONS Assume it is Monday, May 1, 2017, the first business day of the month, and you have just been hired as the accountant for Kodiak Enterprises, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Kodunk uses a perpetual system to account for inventory. The terms of all credit sales are 2/10, 1/30. During your first month on the job, you record the following transactions May 1 Issued cheque # 3410 to Double A-Squared Management Co in payment of the May rent Charge 80% of the rent to Rent Experise - Selling Space and the balance to Rent Expense - Office Space. Total amount of the cheque is $6,000 00 Isud cheque #3411 to Marine Water Co for water & sewer charges, total is May 2 Sold merchandise on credit to the Chinook Tractor Company, invoice 8785 The total retail price for the merchandise w $1,000 00 The wholesale cost of the merchandise is $2,040 00 May 2 $425.00 Kodiak Case Fall 2019 for DL - Protected View - Saved - Search Layout References Mailings Review View Help am the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Love preet Enable Editing 3 10 $1,000 00 $8,000 00 $8,000.00 $161 00 May 3 Received a credit memorandum from Canola Products for merchandise received on April 29 and that we returned for credit this morning The amount of the return was May 4 Purchased the following items on credit from Taber Supply Co with invoice dated May 4, terms 1/10 EOM - Merchandise for resale -Office Equipment Office Supplies May 5 Received payment from Waterton Farms Inc from the sale of Apl 28. May 8 Issued cheque #3412 to Canola Products to pay for the merchandise received on April 29 (terms of the purchase had been 2/10 m/30) May 11 Recerved payment from Chinook Tractor Company for the May 2 sale May 12 Received a credit memorandum from Taber Supply Co for defective office equipment received on May 10 and returned for credit. The amount of the retum was May 15 Recorded the cash sales for the first half of the month The total retail price for the merchandise is: The wholesale cost of the merchandise is May 17 Received merchandise and an invoice dated May 14, terms 2/10, 160, from The Kipp Corp The amount of the invoice was May 22 Sold merchandise to Coaldale Services, invoice 8786 Terms 2/10,0 60 The total retail price for the merchandise is The wholesale cost of the merchandise is S4,080 00 $25,000 00 $12,750 00 $14,50000 $36,000.00 $18,360.00 Kodiak Case Fall 2019 for DL Protected View - Saved O Search but References Mailings Review View Help Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 2. $700 00 $3,600.00 May 26 Issued cheque #3413 to Sparks Power Works in payment of the April electric bill. The amount of the bill was May 29 The owner, Benny Kodiak, withdrew money from the business for personal use using cheque # 3414. The amount of the withdrawal was May 30 Received payment from Coaldale Services for the May 22 sale. May 30 Issued cheque # 3415 to Thumb-Tack Supply for photocopy paper May 30 Issued cheque # 3416, payable to Al's Delivery Services for the following transaction: - shipping cost for incoming merchandise May 31 Recorded the cash sales for the second half of the month The total retail price for the merchandise is: The wholesale cost of the merchandise is: S45.00 $450.00 $45,000.00 $22.950.00 nternet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Help Love preet 2. Enable Editing + 5.6 10 April 30 Account Balances are as follows: Cr. Acct # Item 101 Cash 105a A/R - Turin Corp 1056 A/R - Chinook Tractor Company 105c AR - Waterton Farms Inc 105d AR - Coaldale Services 107 Not Used 119 Merchandise Inventory 124 Office Supplies 125 Store Supplies 128 Prepaid Insurance 163 Office Equipment 164 Accumulated Depreciation Office Equip 165 Store Equipment 166 Accumulated Depreciation, Store Equip 201a AJP - Kipp Corp 2015 A/P-Windworks Inc 2010 AP - Canola Products 2010 A/P - Taber Supply Co. 301 Benny Kodink, Capital All other accounts are Zero balance Dr. 20,000.00 6,000.00 0.001 15,000.00 0.00 0.00 85,000.00 6,000.00 14,000.00 4,000.00 50,000.00 40,000.00 100,000.00 55,000.00 0 00 25,000.00 60,000.00 0.00 120,000.00 300,000.00 300,000 00 Kodiak Enterprises Trial Balance May 31, 2017 Debit Account Titles Credit 74272 6,000 49,976 6206 14,000 4.000 53 920 40,000 100 000 Cash AR Turn AR Chinook AR Waterton AR Coaldaie Merchandise Inventory Onice Supplies Store Supplies Prepaid insurance Onice Equipment Accumulated Deprec Once Equip Store Equipment Accumulated Deprec Store Loup WP Kipp AP Windworks AP Candia NP Taber Benny Kodiak Capital Senny Kodiak Withdrawals Sales Sales Returns Allowance Sales Oncounts netest Revenge Cost of Goods Sold Depreciznon poce Equip Depreciation Ep Store Equip nuance Expense Fleet pere oncepce Fen Lipeme Space ce Supplies Expense Lank Changes Expense 55 000 14500 25000 12.061 120.000 3.600 110.000 600 1.00 55754 1200 800