Wizard Computers is a retail business dealing in sales of computers and equipment. In addition, the company professionals, and private individuals. It is both a merchandising and a service business. It is owned by a small number of investors from Inman, South Carolina, with John Jones as the controlling investor The following journals should be included in your accounting for the company provides lastallation and servicing of computer systems. The dientele includes wholesale and retail businesses, Wizard Computer Sales and Services, Inc. bales fourt we Cash Receipts Joumat done Durchases loumal. Don esh Payments format Dore General omat Don The trial balance for November is included. The accounts receivable and accounts payable ledgers for November are also included. Cash sales are recorded at the end of each week. All sales on account are subject to terms of 2/10, 1/30. All purchases on account are subject to terms of 3/15, 1/30. Totals of the Special Joumals should be posted to the General Ledger weekly Instructions Post the balances from the trial balance to the appropriate General Ledger accounts Post the balances from the accounts receivable and accounts payable totals for Nov. to the ledgers. Post all transactions for December to the appropriate jumals and ledgers 4. Prepare a trial balance for December 5. Prepare a schedule of accounts receivable and accounts payable for the end of December 6. Joumalize and post the adjusting entries based on the following information 7. a. Allowance for Doubtful accounts should be 10% of total accounts receivable for the $123.879.41 97,359.22 539.42 2,768.39 3,275.00 year. b. Inventory at December 31Mis: Computers Other computer equipment Office supplies Store supplies c. Insurance expired December 31 d. Depreciation is straight line Building Office Equipment Store Equipment Accrued Salaries: Sales Salaries Officers' Salaries Office Salaries 16,750,00 3.111.00 247.00 3,147.00 1,500.00 220.00 8. Prepare financial statements for year end 9. Journalize and post-closing entries 10. Prepare a post-closing trial balance Trial Balance November 30, 20XX $149,372.55 400.00 21,761.00 1.232.00 Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Inventory - Computers Inventory-Other Computer Equipment Store Supplies Office Supplies Prepaid orance Land Building Accumulated Depreciation - Building Office Equipment 150.732.00 100,997.47 1.502.00 273.00 10,373.00 40,000.00 150,000.00 22,479,00 10,964.22 4,792.00 1,562,00 947.00 9,444.00 50,000.00 270,000.00 80,000.00 50,000.00 46,206,75 14,700.00 Accumulated Depreciation - Office Equipment Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Salaries Payable Federal Income Tax Payable FICA Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Cash Dividend Payable Notes Payable Common Stock, S10 PAR 27, OUo Stock Preferred Stock, S100 PAR SOUS- Paid In Excess - Common Stock Paid In Excess-Preferred Stock Retained Famings Cash Dividends Sales - Computers Sales - Other Computer Equipment Sales - Computer Services Sales Returns & Allowances Sales Discounts Purchases - Computers Purchases - Other Computer Equipment Purchase Returns and Allowances Purchase Discounts Freight Expense Sale Salaries Expense officers' Salaries Expense Office Salaries Expense Advertising Expense Depreciation Expense - Building Depreciation Expense - Office Equipment Depreciation Expense-Store Equipment 379,374.00 422,978.00 110,947.00 398.53 1.957.63 397,532.97 214,125.79 273.00 975.42 943.47 63,753.00 44,000.00 12,870,00 22,473.00 102.00 201.00 Office Supplies Expense Store Supplies Expense Payroll Taxes Expense Utilities Expense Repairs & Maintenance Expense Property Taxes Expense Bad Debt Expense Insurance Expense Professional Fees Expense Interest Expense 13,253.92 6,934.22 3,793.00 9,672.40 5,000.00 Accounts Receivable Schedule November, 20XX Akins Builders Ortega Investments /2-7 Shore Properties, Inc. 12-1 Daniel Grayson, Attomey at Law Johnson Construction Company/2-7 Kenya & Sons Developers 1.2-6 Orlando Professional Plaza /2-9 Silk Preparatory School 2-6 Mark Taylor, JD 12-12 527.00 3,127.00 3,200.00 521.00 5,700.00 2,100.00 749.00 4,100.00 1,737.00 Accounts Payable Schedule November 20XX Southeast Computers 2-1 Arthur Gotts, CPA Digital Supplies, Inc. Ornando Tabloidb2 73-9 2,030.00 3,275.00 675.00 3,464.00 December Transactions Record each of the following transactions in the appropriate journal. Receiveda check for $136.00 from Shore Properties, Inc in profour invoice of Nov 22 for Toer CPS Deer SS Sourcps $3,200,00, levs discount 64 ec2 Deez cps per cps one2 ces Wees. Si Dec 3 CPS Dec 3 Deca Deca Sold merchandise on account to Melbooks Bookstore, ovde computers, 5749.00, peripherals, semed check 1102 for $1.29 A010 Southeast Computers lin payment of their Now invoice of 52.4730 for 40.60 PS Purchaud stor supelles on account from Ching Store Supplies & Equipment.co.fox.26 Issued check 1103 for 60 to Jedenen Insurance Agency for the premium on a 540,000 policy for one year beginning December 1. Issued check 1104 for $1.297 to Bellevue Advertising for store advertising materials Issued check #1806 for $3,275 to the Orlando Tabloid for newspaper advertising for the month of Nov. Sold computers on account to Botero Exporters, Inc, invoice #708 for $5475 Issued check w1 106 for $9,399 to Joe's Furniture for the purchase of new office equipment for the office P3 Received an involce for $747 from Wee. Chestum & Howe, Attomes for legal services. PS Purchased computers on account for $7.449 from Southeast Computers. PS Purchased peripherals on account from Computer Supply, Inc. for SSLAG Cash sales for Dec 1-3 were as follows: peripherals, 510,432; computers, 57,257. Received a check for 52,058 from Kenya & Sons Developers in payment of our invoice of Nov. 25 for $2,100, less discount bech Sj Sold computers on account to Shore Properties Inc., Invoice 1709. for 5979, Deco Declared dividendi, payable on Dec 20,to stockholders of record on Dec 13 as follows a. Quarterly cash dividends of $1.00 pershare on common stock outstanding b. Quarterly cash dividends of $3.00 per share on preferred stock outstanding Issued check 1 107 for $7.483 to Hal Computers for the purchase of computers. DooG Purchased 5865 of office supplies and S1 Z34 of store surses on account from Office Staples Issued check 1108 for $842 to Larry's Roofing, Inc for roof repair and maintenance Dec 55 back cp) 95 fech cps becs. PS "CP) Deco CPS check for $4,108 fra Silk Preparatory School in payment of our invoice of Nov 29 for $4,100, less discount Completed servicing and installing computers for Ortega Investments and billed them $12,493, Invoice #710, for professional services. Received a check for $5.586 from Johnson Construction Company in payment of our lavolor of Nov 30 for 55,700, less discount 114 Deco 50 Sold computers on account to McBooks Bookstore, invoice #711, for $1.550. Dees cps Issued check #1109 for $279 to Nhung Tran for plumbing repair Received a check for 579 from Orlando Professional Plaza in payment of our invoice of Nov 14 Voor eps Joec? CP) Joe CPS Joceso To cps Tecno Received a check for $130 from Office Staples for the return of office supplies previously purchased for Sold computer servicing services on account to Page & Associates, Invoice #712 for $1,542 Issued check #1110 for $6751) Arthur Golts for accounting Services for the month of Nov Record the biweekly payroll in the general journal, details as follows: $3,590 Office Salaries 2,000 95 Sales Salaries 585 Officers' Salaries Income Tax withheld 1,850 FICA tax widheld 432.25 Dioces Dee 10 bec 10 cps' Son ins) TORCAS Tec Inces Issued check #1111 for $3,892.75 to Payroll Bank Account in payment of the net payroll Record the employer's payroll taxes 95 RICA EX $432.25 SUTA tax 168.22 FUTA tax 19.42 Issued check W1112 to the Metro National Bank in payment of payroll taxes: FICA tax 5864.50 Employees' FTT Cash sales for the week ended Dec 10 were as follows: computer, 56.947; peripherals, $783; servicing 5947 Received a check for $1.737 from Mark Taylor, JDin payment of our invoice of Nov 15 for $1,757 Received a check for $1.396.52 from McBooks Bookstore in payment of our invoice for 51.424, less discount. 28.48 Ve 120ps Received a cheg for $5.35.30 from Botero Experts in payment of our invoice for 55.475, less discount. Dec 12 Sj Sold compile an account to Kenya & Sons, invoice #712, for $4.319. bec 13 CPS Issued check #1113 for $373.226 Orlando Power and Light for electricity Sold an additional 10,000 shares of common stock for $230,000 Purchased computers on account from Southeast Computers for 59,310. Issued check #1114 for $13222 to Bell Telephone Company Dec 15CBS Issued check 91115 for $63.22 to Orlando Water for water and sewer charges. Decrep3 Received a check for $979 from Share Properties, Inc. in payment of our invoice, no discuit Cash sales for the week ended Dec 17 were as follows: computers, 57,492 peripherals, $1.532; Dec 17 Sj servicing $737. CP3 Received a check for $1.519 from McBooks Bookstore ia payment of our invoice for 1.550, less discount Dec 19 plssund check #1116 for $175 10 Sam's Janitorial Services for cleaning, Issued check #1117 to the Metro National Bank for the cash dividends previously declared Die 5) Delops Dec 14Cp J Leczo cij Dec 24 gJ 434 Dec 24 Record the biweekly payroll details as follows: Sales Salaries $3,674 Office Salaries 585 Officers' Salaries 2,000 FIT withheld 1,422 FICA withheld Dec 24 CPS hasued ched 118 for $4.903 to Payroll Bank Account in payment of net payroll, Record the employer's pyroll taxes FICA Tax $434 SUTA Tax 92.75 FUTA Tax 13.42 Issued check w1119 to the Metro National Bank in payment of payroll taxes: CPS FICA taxes $868 Employees' FIT 1.422 Dec 24 SJ Cash sales for the week ended Dec 24 were as follows: computers, 56,421; peripherals, $1.327. Dec 31 Cash sales for the week ended Dec 31 were as follows: computers, 51,573; peripherals, 5679. Dec 31 Issued check 1120 for $312.49to replenish the petty cash fund. Payments from the fund are as follows: Store Supplies, $142.99; Office Supplies, $152.27: Freight In. $17.23 gJ Dec 24 1S) Wizard Computers is a retail business dealing in sales of computers and equipment. In addition, the company professionals, and private individuals. It is both a merchandising and a service business. It is owned by a small number of investors from Inman, South Carolina, with John Jones as the controlling investor The following journals should be included in your accounting for the company provides lastallation and servicing of computer systems. The dientele includes wholesale and retail businesses, Wizard Computer Sales and Services, Inc. bales fourt we Cash Receipts Joumat done Durchases loumal. Don esh Payments format Dore General omat Don The trial balance for November is included. The accounts receivable and accounts payable ledgers for November are also included. Cash sales are recorded at the end of each week. All sales on account are subject to terms of 2/10, 1/30. All purchases on account are subject to terms of 3/15, 1/30. Totals of the Special Joumals should be posted to the General Ledger weekly Instructions Post the balances from the trial balance to the appropriate General Ledger accounts Post the balances from the accounts receivable and accounts payable totals for Nov. to the ledgers. Post all transactions for December to the appropriate jumals and ledgers 4. Prepare a trial balance for December 5. Prepare a schedule of accounts receivable and accounts payable for the end of December 6. Joumalize and post the adjusting entries based on the following information 7. a. Allowance for Doubtful accounts should be 10% of total accounts receivable for the $123.879.41 97,359.22 539.42 2,768.39 3,275.00 year. b. Inventory at December 31Mis: Computers Other computer equipment Office supplies Store supplies c. Insurance expired December 31 d. Depreciation is straight line Building Office Equipment Store Equipment Accrued Salaries: Sales Salaries Officers' Salaries Office Salaries 16,750,00 3.111.00 247.00 3,147.00 1,500.00 220.00 8. Prepare financial statements for year end 9. Journalize and post-closing entries 10. Prepare a post-closing trial balance Trial Balance November 30, 20XX $149,372.55 400.00 21,761.00 1.232.00 Cash Petty Cash Accounts Receivable Allowance for Doubtful Accounts Inventory - Computers Inventory-Other Computer Equipment Store Supplies Office Supplies Prepaid orance Land Building Accumulated Depreciation - Building Office Equipment 150.732.00 100,997.47 1.502.00 273.00 10,373.00 40,000.00 150,000.00 22,479,00 10,964.22 4,792.00 1,562,00 947.00 9,444.00 50,000.00 270,000.00 80,000.00 50,000.00 46,206,75 14,700.00 Accumulated Depreciation - Office Equipment Store Equipment Accumulated Depreciation Store Equipment Accounts Payable Salaries Payable Federal Income Tax Payable FICA Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Cash Dividend Payable Notes Payable Common Stock, S10 PAR 27, OUo Stock Preferred Stock, S100 PAR SOUS- Paid In Excess - Common Stock Paid In Excess-Preferred Stock Retained Famings Cash Dividends Sales - Computers Sales - Other Computer Equipment Sales - Computer Services Sales Returns & Allowances Sales Discounts Purchases - Computers Purchases - Other Computer Equipment Purchase Returns and Allowances Purchase Discounts Freight Expense Sale Salaries Expense officers' Salaries Expense Office Salaries Expense Advertising Expense Depreciation Expense - Building Depreciation Expense - Office Equipment Depreciation Expense-Store Equipment 379,374.00 422,978.00 110,947.00 398.53 1.957.63 397,532.97 214,125.79 273.00 975.42 943.47 63,753.00 44,000.00 12,870,00 22,473.00 102.00 201.00 Office Supplies Expense Store Supplies Expense Payroll Taxes Expense Utilities Expense Repairs & Maintenance Expense Property Taxes Expense Bad Debt Expense Insurance Expense Professional Fees Expense Interest Expense 13,253.92 6,934.22 3,793.00 9,672.40 5,000.00 Accounts Receivable Schedule November, 20XX Akins Builders Ortega Investments /2-7 Shore Properties, Inc. 12-1 Daniel Grayson, Attomey at Law Johnson Construction Company/2-7 Kenya & Sons Developers 1.2-6 Orlando Professional Plaza /2-9 Silk Preparatory School 2-6 Mark Taylor, JD 12-12 527.00 3,127.00 3,200.00 521.00 5,700.00 2,100.00 749.00 4,100.00 1,737.00 Accounts Payable Schedule November 20XX Southeast Computers 2-1 Arthur Gotts, CPA Digital Supplies, Inc. Ornando Tabloidb2 73-9 2,030.00 3,275.00 675.00 3,464.00 December Transactions Record each of the following transactions in the appropriate journal. Receiveda check for $136.00 from Shore Properties, Inc in profour invoice of Nov 22 for Toer CPS Deer SS Sourcps $3,200,00, levs discount 64 ec2 Deez cps per cps one2 ces Wees. Si Dec 3 CPS Dec 3 Deca Deca Sold merchandise on account to Melbooks Bookstore, ovde computers, 5749.00, peripherals, semed check 1102 for $1.29 A010 Southeast Computers lin payment of their Now invoice of 52.4730 for 40.60 PS Purchaud stor supelles on account from Ching Store Supplies & Equipment.co.fox.26 Issued check 1103 for 60 to Jedenen Insurance Agency for the premium on a 540,000 policy for one year beginning December 1. Issued check 1104 for $1.297 to Bellevue Advertising for store advertising materials Issued check #1806 for $3,275 to the Orlando Tabloid for newspaper advertising for the month of Nov. Sold computers on account to Botero Exporters, Inc, invoice #708 for $5475 Issued check w1 106 for $9,399 to Joe's Furniture for the purchase of new office equipment for the office P3 Received an involce for $747 from Wee. Chestum & Howe, Attomes for legal services. PS Purchased computers on account for $7.449 from Southeast Computers. PS Purchased peripherals on account from Computer Supply, Inc. for SSLAG Cash sales for Dec 1-3 were as follows: peripherals, 510,432; computers, 57,257. Received a check for 52,058 from Kenya & Sons Developers in payment of our invoice of Nov. 25 for $2,100, less discount bech Sj Sold computers on account to Shore Properties Inc., Invoice 1709. for 5979, Deco Declared dividendi, payable on Dec 20,to stockholders of record on Dec 13 as follows a. Quarterly cash dividends of $1.00 pershare on common stock outstanding b. Quarterly cash dividends of $3.00 per share on preferred stock outstanding Issued check 1 107 for $7.483 to Hal Computers for the purchase of computers. DooG Purchased 5865 of office supplies and S1 Z34 of store surses on account from Office Staples Issued check 1108 for $842 to Larry's Roofing, Inc for roof repair and maintenance Dec 55 back cp) 95 fech cps becs. PS "CP) Deco CPS check for $4,108 fra Silk Preparatory School in payment of our invoice of Nov 29 for $4,100, less discount Completed servicing and installing computers for Ortega Investments and billed them $12,493, Invoice #710, for professional services. Received a check for $5.586 from Johnson Construction Company in payment of our lavolor of Nov 30 for 55,700, less discount 114 Deco 50 Sold computers on account to McBooks Bookstore, invoice #711, for $1.550. Dees cps Issued check #1109 for $279 to Nhung Tran for plumbing repair Received a check for 579 from Orlando Professional Plaza in payment of our invoice of Nov 14 Voor eps Joec? CP) Joe CPS Joceso To cps Tecno Received a check for $130 from Office Staples for the return of office supplies previously purchased for Sold computer servicing services on account to Page & Associates, Invoice #712 for $1,542 Issued check #1110 for $6751) Arthur Golts for accounting Services for the month of Nov Record the biweekly payroll in the general journal, details as follows: $3,590 Office Salaries 2,000 95 Sales Salaries 585 Officers' Salaries Income Tax withheld 1,850 FICA tax widheld 432.25 Dioces Dee 10 bec 10 cps' Son ins) TORCAS Tec Inces Issued check #1111 for $3,892.75 to Payroll Bank Account in payment of the net payroll Record the employer's payroll taxes 95 RICA EX $432.25 SUTA tax 168.22 FUTA tax 19.42 Issued check W1112 to the Metro National Bank in payment of payroll taxes: FICA tax 5864.50 Employees' FTT Cash sales for the week ended Dec 10 were as follows: computer, 56.947; peripherals, $783; servicing 5947 Received a check for $1.737 from Mark Taylor, JDin payment of our invoice of Nov 15 for $1,757 Received a check for $1.396.52 from McBooks Bookstore in payment of our invoice for 51.424, less discount. 28.48 Ve 120ps Received a cheg for $5.35.30 from Botero Experts in payment of our invoice for 55.475, less discount. Dec 12 Sj Sold compile an account to Kenya & Sons, invoice #712, for $4.319. bec 13 CPS Issued check #1113 for $373.226 Orlando Power and Light for electricity Sold an additional 10,000 shares of common stock for $230,000 Purchased computers on account from Southeast Computers for 59,310. Issued check #1114 for $13222 to Bell Telephone Company Dec 15CBS Issued check 91115 for $63.22 to Orlando Water for water and sewer charges. Decrep3 Received a check for $979 from Share Properties, Inc. in payment of our invoice, no discuit Cash sales for the week ended Dec 17 were as follows: computers, 57,492 peripherals, $1.532; Dec 17 Sj servicing $737. CP3 Received a check for $1.519 from McBooks Bookstore ia payment of our invoice for 1.550, less discount Dec 19 plssund check #1116 for $175 10 Sam's Janitorial Services for cleaning, Issued check #1117 to the Metro National Bank for the cash dividends previously declared Die 5) Delops Dec 14Cp J Leczo cij Dec 24 gJ 434 Dec 24 Record the biweekly payroll details as follows: Sales Salaries $3,674 Office Salaries 585 Officers' Salaries 2,000 FIT withheld 1,422 FICA withheld Dec 24 CPS hasued ched 118 for $4.903 to Payroll Bank Account in payment of net payroll, Record the employer's pyroll taxes FICA Tax $434 SUTA Tax 92.75 FUTA Tax 13.42 Issued check w1119 to the Metro National Bank in payment of payroll taxes: CPS FICA taxes $868 Employees' FIT 1.422 Dec 24 SJ Cash sales for the week ended Dec 24 were as follows: computers, 56,421; peripherals, $1.327. Dec 31 Cash sales for the week ended Dec 31 were as follows: computers, 51,573; peripherals, 5679. Dec 31 Issued check 1120 for $312.49to replenish the petty cash fund. Payments from the fund are as follows: Store Supplies, $142.99; Office Supplies, $152.27: Freight In. $17.23 gJ Dec 24 1S)