Watson sales was incorporated on 5/1/Y1 and began operations on 8/1/Y1. The last time any bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/Y2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (Last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 15,376.54 Checking our Cash on Hand 600.00 For making change in the cash Accounts Receivable 3,900.00 5900 due from Sims 31.300 dustom MM 1700 ton. Met Inventory 50.195.00 Cost to 1001230@550000101000121800421200 Office Supplies 998.00 Prepaid Insurance 3.000.00 3 months ag S1000 mont Land 20,000.00 Purchase 63041 Building 180.000.00 Purchased 30Y1 avage $35.000. Uwe ya Accum Depr---Building 21.825.00 Double Declining Balance Equipment 48,000.00 Purchased 6/30/71. aage = $4.000: Use o 5 year Accum Depr-Equip 11,000.00 Straight line Accounts Payable 6,22543 42200 dae b ABC in 52400 due tom XYZinc 1825.00 Bedcoco Salaries Payable 1,584,00 Al due to only employee A. Philips for 121-12/15 Sales Tax Payable 520,13 Uneamed Revenue 1,800.00 Paid by animar a tractomtom dus toontmarby laky 10, Notes Payable 78,912.16 Bonowed 100.000 on 6/30/91:5years: splittertypes of 282 Common Stock 35,000.00 $10 par valor 10.000 shares authorized 3.500 shares stored and outstanding Additional Paid-in Capital 70,000.00 Retained Earnings 44,851.70 Dividends 22,000.00 Sales Revenue 285,000.00 Cost of Goods Sold 114,000.00 Depreciation Expense 19,425.00 Insurance Expense 26,000.00 Interest Expense 5.912.88 Salaries Expense 35,856.00 Shipping Expense 950.00 Supplies Expense 1,100.00 Utilities Expense 9,405.00 Total 556,718,42 556,718.42 You must use the Excel template provided on Blackboard to complete this project. Save your work as an Excel Workbook, not a template. Make sure all of your dollar amount show two decimal places even if they are zeros. Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of $2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) 12/20/Y2 Purchased office supplies for $400 (paid by check) 12/22/Y2 Received phone bill for $275 from AT&T (didn't pay it) 12/24/Y2 Weekly cash sales included: 1001 (17@S125), 1002 0765190), 1003 ( 65250). 10045500) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/24/Y2 The following sale was made on account to A. McMullen: 1001 (1@5125). 1004 (195500) Sales tax of 9.125% is added to all sales. Watson Sales uses a perpetual inventory system Shipping cost of S16 was paid by Watson's for this order 12/28/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (32 units @ $250 plus shipping of S24) from MNO, Inc. on account Watson Sales uses a perpetual inventory system. (Hint: Shipping is part of the cost of inventory This is important now and later for COGS.] 12/28/Y2 Received S1000 from C. McKnight; deposited 12/30/Y2 Weekly Sales included: 1001 (16@$125), 1002 (10@$190), 1003 ($250), 1004085500). 1005 (1@ $620) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/30/Y2 The following sales were made on account: To K. Oxner 1002 (3@ $190) To L. Young1005 (1@5620) Shipping cost of $28 was paid by Watson for these two orders but not charged to customers Sales tax of 9.125% is added to all sales. Watson Sales uses a perpetual inventory system 12/31/Y2 Paid all Sales tax duc (paid by check) Post from Journal to T-accounts As you post a transaction, record a check mark or an X in the post reference column of the journal For each entry in the general ledger (t-accounts), include a date. Keep the General Ledger and Subsidiaries where appropriate on a different tab in the GL Excel file. Prepare a Trial Balance Remember, you don't have to list accounts with a zero balance When your trial balance is in balance, highlight your account balances in YELLOW Check Figures Trial Balance Debits - $575,177.86 Cash on Deposit - $18,839.55 Sales Revenue $300,290,00 Cost of Goods Sold -S120,156.50 Note: The correct answer will not be given in class. If you don't meet the check figures, it is your responsibility to see help outside of class. Watson sales was incorporated on 5/1/Y1 and began operations on 8/1/Y1. The last time any bookkeeping work was completed was on Friday, 12/15/Y2, and adjusting entries were last made on 9/30/Y2. Today is 12/31/Y2; the general ledger balances as of that date are shown below. Watson's Sales General Ledger Balances as of December 15, Year 2 (Last adjusted on 9/30/Y2) Account Debit Credit Additional Information Cash on Deposit 15,376.54 Checking our Cash on Hand 600.00 For making change in the cash Accounts Receivable 3,900.00 5900 due from Sims 31.300 dustom MM 1700 ton. Met Inventory 50.195.00 Cost to 1001230@550000101000121800421200 Office Supplies 998.00 Prepaid Insurance 3.000.00 3 months ag S1000 mont Land 20,000.00 Purchase 63041 Building 180.000.00 Purchased 30Y1 avage $35.000. Uwe ya Accum Depr---Building 21.825.00 Double Declining Balance Equipment 48,000.00 Purchased 6/30/71. aage = $4.000: Use o 5 year Accum Depr-Equip 11,000.00 Straight line Accounts Payable 6,22543 42200 dae b ABC in 52400 due tom XYZinc 1825.00 Bedcoco Salaries Payable 1,584,00 Al due to only employee A. Philips for 121-12/15 Sales Tax Payable 520,13 Uneamed Revenue 1,800.00 Paid by animar a tractomtom dus toontmarby laky 10, Notes Payable 78,912.16 Bonowed 100.000 on 6/30/91:5years: splittertypes of 282 Common Stock 35,000.00 $10 par valor 10.000 shares authorized 3.500 shares stored and outstanding Additional Paid-in Capital 70,000.00 Retained Earnings 44,851.70 Dividends 22,000.00 Sales Revenue 285,000.00 Cost of Goods Sold 114,000.00 Depreciation Expense 19,425.00 Insurance Expense 26,000.00 Interest Expense 5.912.88 Salaries Expense 35,856.00 Shipping Expense 950.00 Supplies Expense 1,100.00 Utilities Expense 9,405.00 Total 556,718,42 556,718.42 You must use the Excel template provided on Blackboard to complete this project. Save your work as an Excel Workbook, not a template. Make sure all of your dollar amount show two decimal places even if they are zeros. Record December Transactions in General Journal 12/16/Y2 Paid A. Phillips (paid by check) (Hint: Salaries Payable] 12/18/Y2 Paid electric bill (paid by check) 12/18/Y2 Paid Dividends of $2000. (paid by check) 12/19/Y2 Paid XYZ, Inc. (paid by check) 12/20/Y2 Purchased office supplies for $400 (paid by check) 12/22/Y2 Received phone bill for $275 from AT&T (didn't pay it) 12/24/Y2 Weekly cash sales included: 1001 (17@S125), 1002 0765190), 1003 ( 65250). 10045500) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/24/Y2 The following sale was made on account to A. McMullen: 1001 (1@5125). 1004 (195500) Sales tax of 9.125% is added to all sales. Watson Sales uses a perpetual inventory system Shipping cost of S16 was paid by Watson's for this order 12/28/Y2 Paid $3000 for another 3 months of insurance (paid by check) 12/28/Y2 Received inventory item 1005 (32 units @ $250 plus shipping of S24) from MNO, Inc. on account Watson Sales uses a perpetual inventory system. (Hint: Shipping is part of the cost of inventory This is important now and later for COGS.] 12/28/Y2 Received S1000 from C. McKnight; deposited 12/30/Y2 Weekly Sales included: 1001 (16@$125), 1002 (10@$190), 1003 ($250), 1004085500). 1005 (1@ $620) Sales tax of 9.125% is added to all sales. Cash deposited into checking account on transaction date. Watson Sales uses a perpetual inventory system 12/30/Y2 The following sales were made on account: To K. Oxner 1002 (3@ $190) To L. Young1005 (1@5620) Shipping cost of $28 was paid by Watson for these two orders but not charged to customers Sales tax of 9.125% is added to all sales. Watson Sales uses a perpetual inventory system 12/31/Y2 Paid all Sales tax duc (paid by check) Post from Journal to T-accounts As you post a transaction, record a check mark or an X in the post reference column of the journal For each entry in the general ledger (t-accounts), include a date. Keep the General Ledger and Subsidiaries where appropriate on a different tab in the GL Excel file. Prepare a Trial Balance Remember, you don't have to list accounts with a zero balance When your trial balance is in balance, highlight your account balances in YELLOW Check Figures Trial Balance Debits - $575,177.86 Cash on Deposit - $18,839.55 Sales Revenue $300,290,00 Cost of Goods Sold -S120,156.50 Note: The correct answer will not be given in class. If you don't meet the check figures, it is your responsibility to see help outside of class