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Chapter 11 PR 11-2B, PR 11-3B G/L Calculator Company Banking General Ledger Purchases Sales Inventory Payroll Assets Reports Company Setup Classify Accounts ? - Required Accounts ? -X Company Information From To Account Classification Account Required Account Classify Accounts 100 199 Assets 110 Cash Cash A Required Accounts 200 299 Liabilities 140 Inventory Merchandise Inventory Accounts Subtotal 300 399 Capital Accounts Receivable Graphs 499 Revenue 120 Accounts Receivable 400 500 599 Cost 210 Accounts Payable Accounts Payable Income Statement 600 699 Expenses 390 Income Summary Income Summary Expense Distribution 700 799 Other Revenue 510 Cost of Goods Sold Cost of Merchandise Sold Top Customers 800 899 Other Expenses 410 Sales Sales Balance Sheet 900 999 Corporate Income Tax 410 Sales Sales Tax Sales From To Extended Classification 380 Retained Earnings Retained Earning 151 199 Long-Term Assets 299 Long-Term Liabilities 285 Cach Dividende Cach Dividande 251 Appropriations Save Auto Setup Close Accounts Subtotals ? Company Information ? - X Company Name: Montague, Inc. Type of Business Account Range Problem Name: Problem 11-3B Service Business Subtotal Title From To Departments: None Merchandising Business Merchandising Bus. with CGS Account 100 149 Total Current Assets Business Organization Sole Proprietorship Income Statement 150 199 Total Plant Assets Partnership Equal Distribution Report by Month and Year Partnership Unequal Distribution Report by Fiscal Period Corporation Computer Checks Features Accounts Payable Checks Fixed Assets Payroll Inventory Budgeting Check My Work No Special Journals Previous Assignment Score: 50% Save Close d. Email Instructor Save and Exit Submit Assignment for Grading' , t = t i {31' cxp.cengage.com Ci \\'i'l ' @ Text Problem 11- student Instructions 33 Display the Hide the student instructions. text assignment. Print the Instructions. Follow the steps below to complete Problem 11-33 using Congage General Ledger. To access additional Help, click on the Help button that appears in the lower part of your screen (note that you may need to scroll down and over to see this button). 1. All account setups and opening balances required to begin this problem are loaded when you select the problem from the CengageNOW assignment menu. 2. Set the System Date in the lower part of your screen to 01/01/18 (note that you may need to scroll down to see the System Date box). . Enter the transactions, from the text problem shown in the frame to the left, in the general journal for Year 1, Year 2, and Year 3 (use 2018, 2019, and 2020 correspondingly). . Display the general journal entries. . Make corrections to thejoumal entries, if necessary. . Display the general ledger reports for the Interest Expense account and indicate the amount of interest expense in (a) 2018 and (b) 2019. . When you are comfortable that you have completed all steps of the problem correctly, click on the check My Work link if it is available, or click on the Submit Asslgnment for Grading button in the lower right of your screen. The program will then display the results of the grading. indicating accounts in error with a red X. Note that grading in Cengage Learning General Ledgeris based on the nal General Ledger account balances, not on the order of transactions. v2.cengagenow.com C Cengage CengageNOWv2 | Online teaching and learning resource from Cengag... Course Hero + Chapter 11 PR 11-2B, PR 11-3B G/L Calculator Company Banking General Ledger Purchases Sales Inventory Payroll Assets Reports Tasks v2.cengagenow.com C Cengage CengageNOWv2 | Online teaching and learning resource from Cengag... Course Hero + Chapter 11 PR 11-2B, PR 11-3B G/L Calculator Company Banking General Ledger Purchases Sales Inventory Payroll Assets Reports Tasks Accounts Vendors ? _ Customers ? -x Maintain Accounts Account Account Titi Vendor Name Customer Name Maintain Vendors 110 Cash Maintain Customers 120 Accounts Receivable General Journal 140 Inventory Generate Closing Entries 141 Prepaid Insurance Account Lists 142 Supplies 151 Equipment Chart of Accounts 152 Accum. Depr--Fouinment Vendor List General Journal ? -OX Customer List Date Refer. Account Debit Credit Journal Reports General Journal Purchases Journal Cash Payments Journal Sales Journal Cash Receipts Journal All Journals Ledger Reports Trial Balance Click Add New Entry General Ledger button to start Schedule of Accounts Payable Accounts Pavahle I adnor Search Post Add New Entry | | Insert Debit/Credit Delete Proof: Close Check My Work Previous Assignment Score: 50% All work saved. Email Instructor Save and Exit Submit Assignment for Grading v2.cengagenow.com C Cengage CengageNOWv2 | Online teaching and learning resource from Cengag... Course Hero + Chapter 11 PR 11-2B, PR 11-3B G/L Calculator Company Banking General Ledger Purchases Sales Inventory Payroll Assets Reports Tasks Chart of Accounts ? - Vendor List ? -0x Maintain Accounts Montague, Inc. Montague, Inc. Maintain Vendors Chart of Accounts Vendor List 07/01/18 07/01/18 Maintain Customers Classification Account Number Account Title Vendor Name General Journa Generate Closing Entries Assets Assets 110 Cash Account Lists Assets 120 Accounts Chart of Accounts Receivable Vendor List Assets 140 Inventory Customer List Assets 141 Prepaid Insurance Journal Reports General Journal Close Print Copy Close Customer List Purchases Journal Montague, Inc. Cash Payments Journal Customer List 07/01/18 Sales Journal Cash Receipts Journal Customer Name All Journals Ledger Reports Trial Balance General Ledger Schedule of Accounts Payable Accounts Pavahle I adnor Check My Work Previous Assignment Score: 50% All work saved. Email Instructor Save and Exit Submit Assignment for Grading