InstructionsThis assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills.Below are select sales transactions for Road Runner Racers. You will need to enter the missing pieces of each transactionon the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual numberis to be input is on the journal entries worksheet. Please note: not every yellow cell requires input (it could be left blank if appropriate).After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, andstatements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages.DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS.Use excel functions (such as copying the number from the journal entry page, summing numbers together, or using theplus or minus symbols to help you find the appropriate number). Your balance sheet should balance when you are complete.Tip: After each journal entry, update the appropriate T accounts.Select Retailer/Merchandiser-Related Transactions:1) Road Runner Racers (RRR) purchased $10,000 of merchandise from Warehouser Plus on January 10.RRR was given terms of 4/15, n/30. FOB shipping point. RRR paid $100 for delivery.2) RRR paid their invoice to Warehouser Plus on January 25th.3) On February 2, RRR sold $1,000 of merchandise to Rowdy's Inc. RRR offered Rowdy credit terms of2/10, n/45. RRR's cost of the merchandise was $500.4) On February 5, Rowdy contacted RRR because some of the goods were damaged. RRR offeredRowdy a $50 credit allowance. Rowdy agreed to the allowance.5) Rowdy paid their invoice on February 15.6) RRR counted inventory on February 28. Their books showed $69,200 in inventory, but the physicalinventory count only showed $68,650.

Hi, since you have asked a question with multiple subparts we are solving the 1st 3 subparts for…

Answered: After completing the journal entries,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 1SEB

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Select all that apply A partial Sales Journal for ABC Co. is shown below. Show how to post these transactions into the general ledger by selecting the correct actions below. (Check all that apply.) Account Debited PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Sparky's 1000 300 Q-Mart 3,500 800 Totals $4,500 $1,100 Multiple select question. A $4,500 credit is posted to the Sales account in the general ledger. An $1,100 debit is posted to the Cost of Goods Sold account in the general ledger. The account number of the Sales account is entered below the Accounts Receivable Dr./Sales Cr. column. A $1,000 debit is posted to the Accounts Receivable account in the general ledger on Mar. 4. An "S" is posted in the PR columns of the general ledger after posting is completed. A check mark is posted in the PR columns of the general ledger after posting is completed.
This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction on the journal entry tab. Select Retailer/Merchandiser-Related Transactions: 1-Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises $25,000 Input instructions: Terms: FOB shipping point Discount 3% if paid in 10 days, otherwise, n/45 Journal Entries: If cash is received, make it the first debit in the entry COGS: $10,250 If cash is paid, make it the last credit in the entry 2-Jan Monsters Inc. pays freight $575 Debits are listed first, credits are listed second 3-Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises $4,500 Terms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45 COGS: $2,300 7-Jan Star Trek Enterprises pays freight $125 10-Jan Star Trek Enterprises received…
All problems can be completed manually or by using either MyAccountingLab General Ledger or QuickBooks. Using the sales, cash receipts, and general journals Assume Peaceful Spring Company uses the perpetual inventory system. The general ledger of Peaceful Springs Company includes the Following selected accounts, along with their account numbers: Sales and cash receipts transactions in November were as follows: Requirements Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts journal (omit the Sales Discounts Forfeited column). Total each column of the sales journal and the cash receipts journal. Determine that total debits equal total credits. Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals.
Sawicki Music Supply is a mail-order business that accepts merchandise orders by telephone and mail. All payments must be prepaid with a major credit card. Once an order is received, either the item is found in inventory and shipped immediately, the item is not found in inventory and is ordered from the manufacturer, or a notice is sent to the customer indicating that the item is no longer stocked. Required Prepare a context, intermediate, and elementary-level data flow diagram for Sawicki Music Supply. For the elementary-level diagram, explode the inventory function.
Compare and contrast a manual accounting system with a computerized accounting system for process vendors transactions. What uses are there for using tje vendor balance summary and AP aging summary reports? Explain why the balance in merchandise inventory different than in accounts payable? Be sure to include at least one reference from an online resource.
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Every entry should have narration please Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $583. July 3 Paid $130 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,300 for $2,700 cash. July 9 Purchased…
Using all journals This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the following transactions: Requirements Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column), a cash receipts journal (omit Sales Discounts Forfeited column), a purchases journal, a cash payments journal (omit the Check No. column), and a general journal. Total each column of the special journals. Show that total debits equal total credits in each special journal.
1.Which of the following statements are true?a. Recording purchase transactions in a general journal is considered efficient.b. Most businesses will carefully enter all purchase orders using the purchase orderjournal.c. A purchase requisition follows a purchase order.d. It is important for a company to verify all numbers on a supplier’s invoicee. In general, cash discounts are so minor they can be ignored. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Account payable 210 Credit 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 800 9/18 GJ6 L VON CO. CREDIT 100 9/5 GJ4 XON CO. CREDIT 300 9/15 GJ6 J. BEE CO. CREDIT 800 9/18 GJ6 ZERO CO. CREDIT 200 9/7 GJ5
In each of the following situations, indicate whether you would expect the business to use a periodicinventory system or a perpetual inventory system. Explain the reasons for your answer.a. The Frontier Shop is a small retail store that sells boots and Western clothing. The store isoperated by the owner, who works full-time in the business, and by one part-time salesclerk.Sales transactions are recorded on an antique cash register. The business uses a manual accountingsystem, which is maintained by ACE Bookkeeping Service. At the end of eachmonth, an employee of ACE visits The Frontier Shop to update its accounting records, preparesales tax returns, and perform other necessary accounting services.b. Allister’s Corner is an art gallery in the Soho district of New York. All accounting records aremaintained manually by the owner, who works in the store on a full-time basis. The store sellsthree or four paintings each week, at sales prices ranging from about $5,000 to $50,000…
A retailer acquires new computers for use in the business operations. When recording this transaction, and assuming a perpertual inventory system is used, the journal entry will include a account. O credit to Equipment O debit to Merchandise Inventory credit to Merchandise Inventory O debit to Equipment
SpeeDIY Sdn. Bhd. is an online Do-It-Yourself (DIY) store located in Sintok that provides home delivery of DIY products purchased via the Internet. SpeeDIY uses a fully integrated accounting system and practices automated Economic Order Quantity (EOQ) model in managing its inventory. For each registered item in the inventory database, the system specifies quantity on hand and a desired quantity on hand. When the quantity on hand falls below the desired quantity on hand, a notification automatically pops up on the purchasing clerk's computer screen, alerting the clerk to reorder the item. The purchasing clerk can proceed with the reordering of items simply by checking the acceptance box. When the acceptance box is checked, the purchase order transaction file is created. In addition, the vendor is notified electronically through a transmission from the purchasing system. The purchasing clerk prepares a purchase summary report to his manager at the end of the day. SpeeDIY warehouse has…
SpeeDIY Sdn. Bhd. is an online Do-It-Yourself (DIY) store located in Sintok that provides home delivery of DIY products purchased via the Internet. SpeeDIY uses a fully integrated accounting system and practices automated Economic Order Quantity (EOQ) model in managing its inventory. For each registered item in the inventory database, the system specifies quantity on hand and a desired quantity on hand. When the quantity on hand falls below the desired quantity on hand, a notification automatically pops up on the purchasing clerk's computer screen, alerting the clerk to reorder the item. The purchasing clerk can proceed with the reordering of items simply by checking the acceptance box. When the acceptance box is checked, the purchase order transaction file is created. In addition, the vendor is notified electronically through a transmission from the purchasing system. The purchasing clerk prepares a purchase summary report to his manager at the end of the day. SpeeDIY warehouse has…

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