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Due Oct 19, 2015

American Meter Company closes its books and prepares financial statements at the end of each month. American uses the perpetual inventory system. The company completed the following transactions during August, 2015:

Accounting 201 Comprehensive Problem (100 Points) Name Due October 19, 2015 American Meter Company closes its books and prepares financial statements at the end of each month. American uses the perpetual inventory system. The company completed the following transactions during August, 2015: Aug 1 2 2 3 4 4 5 5 6 7 8 11 12 16 19 19 22 23 25 26 30 30 31 31 Issued check no. 682 for August rent of $1,000 Issued check no. 683 to pay salaries of $1,240, which includes salary payable of $930 from July 31 (ignore payroll deductions). Issued invoice no. 503 for sale on account to R. T. Loeb, $600. American's cost of this merchandise was $190. Purchased inventory on credit terms of 1/15, n/60 from Grant, Inc., $1,400 Received net amount of cash on account from Fullam Company, $2,156, within the discount period. The invoice, dated July 26 with terms of 2/10, net 30, was in the amount of $2,200. Sold inventory for cash, $330 (cost, $104) Received from Park-Hee, Inc. merchandise that had been sold earlier for $550 (cost, $174) Issued check no. 684 to purchase supplies for cash, $780 Collected interest revenue of $1,100 Issued invoice no. 504 for sale on account to K. D. Skipper, $2,400 (cost, $759) Issued check no. 685 to pay Federal Company $2,600 of the amount owed at July 31. This payment occurred after the discount period. Issued check no. 686 to pay Grant, Inc. the net amount owed from August 3 Received cash from R. T. Loeb in full settlement of her account receivable from August 2 Issued check no. 687 to pay salary expense of $1,240 Received half the July 31 amount receivable from K. D. Skipperafter the end of the discount period Purchased inventory for cash $850, issuing check no. 688 Purchased furniture on credit terms of 3/15, n/60 from Beaver Corporation, $510 Sold inventory on account to Fullam Company, issuing invoice no. 505 for $9,966 (cost, $3,152) Issued check no. 689 to pay utilities, $432 Purchased supplies on credit terms 2/10, n/30 from Federal Company, $180 Returned damaged inventory to company from whom American made the cash purchase on August 19, receiving cash of $850 Granted a sales allowance of $175 to K. D. Skipper Purchased inventory on credit terms 1/10, n/30 from Suncrest Supply, $8,330 Issued check no. 690 to Lester Mednick, owner of the business, for personal withdrawal, $1,700 1 of 3 Accounting 201 Comprehensive Problem (100 Points) Name Requirements: 1. The chart of accounts with account balances as of July 31, 2015 are as follows: General Ledger 101 102 104 105 109 117 140 160 161 201 204 207 220 301 302 400 Cash Accounts Receivable Interest Receivable Inventory Supplies Prepaid Insurance Note Receivable, Long-Term Furniture Accumulated Depreciation Accounts Payable Salary Payable Interest Payable Note Payable, Long-Term Lester Mednick, Capital Lester Mednick, Withdrawals Income Summary $ 8,650 19,560 41,800 2,150 2,200 11,000 37,270 10,550 13,410 930 320 42,000 55,420 401 402 403 410 501 510 513 514 516 517 519 523 Sales Revenue Sales Discounts Sales Returns & Allowances Interest Revenue Cost of Goods Sold Salary Expense Rent Expense Depreciation Expense Insurance Expense Utilities Expense Supplies Expense Interest Expense Accounts Receivable Subsidiary Ledger: Fullam Company, $3,200 R T. Loeb, 0 Park-Hee Inc., 7,590 K.D. Skipper, 8,770 Accounts Payable Subsidiary Ledger: Beaver Corporation $ 0 Federal Company 13,410 Grant, Inc, 0 Suncrest Supply 0 2. Journalize the August transactions in the general journal (page 9). Do not include the explanations. American makes all credit sales on terms of 2/10, n/30 unless otherwise indicated. I have posted the beginning balances to the general ledgers and subsidiary ledgers for you. 3. Post daily to the general ledger. Also post to the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger when appropriate. On August 31 post to the general ledger. 4. Prepare a Trial Balance in the Trial Balance Columns of a Worksheet (Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet headings). Check figure: Trial Balance before any adjusting entries should total $142,516 2 of 3 Accounting 201 Comprehensive Problem (100 Points) 5. Name Bring your partial worksheet to me to check and I will give you the values for your adjusting entries so you can complete the partial worksheet: a. b. c. d. e. f. g. Accrued interest revenue Supplies on hand Prepaid insurance expired Depreciation expense Accrued salary expense Accrued interest expense Inventory on hand 6. Prepare American Meter Company's multi-step Income Statement for the month of August, 2015. 7. Prepare American's classified Balance Sheet at August 31, 2015. 8. Journalize and post the adjusting entries 9. Journalize and post the closing entries 10. Prepare a Post-Closing Trial Balance at August 31, 2015. 11. Balance the total of customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable balance in the General Ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the General Ledger. 3 of 3 Due October 19, 2015 American Meter Company closes its books and prepares financial statements at the end of each month. American uses the perpetual inventory system. The company completed the following transactions during August, 2015: Aug 1 Issued check no. 682 for August rent of $1,000 2 Issued check no. 683 to pay salaries of $1,240, which includes salary payable of $930 from July 31 (ignore payroll deductions). 2 Issued invoice no. 503 for sale on account to R. T. Loeb, $600. American's cost of this merchandise was $190. 3 Purchased inventory on credit terms of 1/15, n/60 from Grant, Inc., $1,400 4 Received net amount of cash on account from Fullam Company, $2,156, within the discount period. The invoice, dated July 26 with terms of 2/10, net 30, was in the amount of $2,200. 4 Sold inventory for cash, $330 (cost, $104) 5 Received from Park-Hee, Inc. merchandise that had been sold earlier for $550 (cost, $174) 5 Issued check no. 684 to purchase supplies for cash, $780 6 Collected interest revenue of $1,100 7 Issued invoice no. 504 for sale on account to K. D. Skipper, $2,400 (cost, $759) 8 Issued check no. 685 to pay Federal Company $2,600 of the amount owed at July 31. This payment occurred after the discount period. 11 Issued check no. 686 to pay Grant, Inc. the net amount owed from August 3 12 Received cash from R. T. Loeb in full settlement of her account receivable from August 2 16 Issued check no. 687 to pay salary expense of $1,240 19 Received half the July 31 amount receivable from K. D. Skipperafter the end of the discount period 19 Purchased inventory for cash $850, issuing check no. 688 22 $510 Purchased furniture on credit terms of 3/15, n/60 from Beaver Corporation, 23 Sold inventory on account to Fullam Company, issuing invoice no. 505 for $9,966 (cost, $3,152) 25 Issued check no. 689 to pay utilities, $432 26 Purchased supplies on credit terms 2/10, n/30 from Federal Company, $180 30 Returned damaged inventory to company from whom American made the cash purchase on August 19, receiving cash of $850 30 Granted a sales allowance of $175 to K. D. Skipper 31 Purchased inventory on credit terms 1/10, n/30 from Suncrest Supply, $8,330 31 Issued check no. 690 to Lester Mednick, owner of the business, for personal withdrawal, $1,700 Requirements: 1. The chart of accounts with account balances as of July 31, 2015 are as follows: General Ledger 101 Cash $ 8,650 401 Sales Revenue 102 Accounts Receivable 19,560 402 Sales Discounts 104 Interest Receivable 403 Sales Returns & Allowances 105 Inventory 41,800 410 Interest Revenue 109 Supplies 2,150 501 Cost of Goods Sold 117 Prepaid Insurance 2,200 510 Salary Expense 140 Note Receivable, Long-Term 11,000 513 Rent Expense 160 Furniture 37,270 514 Depreciation Expense 161 Accumulated Depreciation 10,550 516 Insurance Expense 201 Accounts Payable 13,410 517 Utilities Expense 204 Salary Payable 930 519 Supplies Expense 207 Interest Payable 320 523 Interest Expense 220 Note Payable, Long-Term 42,000 301 Lester Mednick, Capital 55,420 302 400 Lester Mednick, Withdrawals Income Summary Accounts Receivable Subsidiary Ledger: Fullam Company, $3,200 R T. Loeb, Park-Hee Inc., 0 7,590 K.D. Skipper, 8,770 Accounts Payable Subsidiary Ledger: Beaver Corporation $ Federal Company 13,410 Grant, Inc, Suncrest Supply 0 0 0 2. Journalize the August transactions in the general journal (page 9). Do not include the explanations. American makes all credit sales on terms of 2/10, n/30 unless otherwise indicated. I have posted the beginning balances to the general ledgers and subsidiary ledgers for you. 3. Post daily to the general ledger. Also post to the accounts receivable subsidiary ledger and the accounts payable subsidiary ledger when appropriate. On August 31 post to the general ledger. 4. Prepare a Trial Balance in the Trial Balance Columns of a Worksheet (Trial Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance Sheet headings). Check figure: Trial Balance before any adjusting entries should total $142,516 5. Bring your partial worksheet to me to check and I will give you the values for your adjusting entries so you can complete the partial worksheet: a. Accrued interest revenue b. Supplies on hand c. Prepaid insurance expired d. Depreciation expense e. Accrued salary expense f. Accrued interest expense g. Inventory on hand 6. 2015. Prepare American Meter Company's multi-step Income Statement for the month of August, 7. Prepare American's classified Balance Sheet at August 31, 2015. 8. Journalize and post the adjusting entries 9. Journalize and post the closing entries 10. Prepare a Post-Closing Trial Balance at August 31, 2015. 11. Balance the total of customer accounts in the accounts receivable subsidiary ledger against the Accounts Receivable balance in the General Ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the General Ledger