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,…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1EA: For each of the following, indicate if the statement reflects an input component, output component,...

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Instructions 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. Each missing piece of information is highlighted in yellow. The only cell where an actual number is 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, and statements 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 making a cell equal another from the journal entry page, summing numbers together, or using the plus or minus symbols to help you…
You can also right-click either navigation arrow to open a dialog box that lists all of the worksheets in the workbook. 7 Directions: 8 On the Accounts Receivable Ledger worksheet use the blank form to open an account for a new customer, Andrews Career Center, their customer number is 110. The opening account balance for Andrews Career Center is 1,300.00. Use February 1 for the opening balance date. Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each journal has a separate worksheet. 9 10 HINTS: the Accounts Receivable Subsidiary Ledger deals with customers only so only post the amounts that affect a customer. How can you tell if a transaction affects a customer? 11 See if the journal transaction identifies a customer by name. If it does you need to determine if the amount is a debit or credit. How can you tell? Look at column heading, it will
In June 2021, Chan Lee opened a photography studio that provides services to public and private schools. His firm's Chart of Accounts and financial activities for the first month of operations appear below: Chan Lee Photography Studio Chart of Accounts ASSETS REVENUE 101 Cash 404 Service Fees 111 Accounts Receivable EXPENSES Rent Expense Salaries Expense Telephone Expense Utilities Expense Miscellaneous Expense Supplies Office Furniture 121 511 141 512 Office Equipment Photographic Equipment LIABILITIES 142 513 151 514 531 202 Accounts Payable OWNER’S EQUITY Chan Lee, Capital Chan Lee, Drawing 301 302 Date Transactions June 1 Chan Lee invested P300,000 cash in the business. 2 Issued Check # 1001 for P30,000 to pay the June rent. 5 Purchased desks and other office furniture for P50,000 from Office Plus; received Invoice # 5312, payable in 60 days. 6 Issued Check # 1002 for P150,000 to purchase photographic equipment. 7 Purchased photography supplies for P40,000, paid with Check # 1003.…
Raymond Autobody Shop has the following accounts: A (Click the icon to view the accounts.) Create a chart of accounts for Raymond Autobody Shop using the standard numbering system. Each account is separated by a factor of 10. For example, the first asset account will be 100 and the next asset account will 110. (Use the first available line under each section, Asset, Liabilities, etc., when selecting the accounts. If a box is not used, leave the box empty; do not select any labels.) Balance Sheet Accounts - X More info Assets Liabilities Equity Accounts Payable Service Revenue Cash Equipment Utilities Expense Common Stock Automotive Supplies Advertising Expense Income Statement Accounts Dividends Unearned Revenue (Part of Equity) Retained Earnings Revenues Expenses Print Done
Answer True or False to each of the following. 1. To add a customer you click on the Task menu. True/False 2. A list of all the accounts used by a company showing the assigned numbers to each account is called Chart of Accounts. True/False 3. Reports can only be generated for final accounts when using an accounting software package. True/False 4. Under the File Menu, more than one company can be viewed at a time. True/False 5. To add a vendor click on Maintain, add vendor. True/False Answer True or False to each of the following. 1. A quote can be converted to a sales invoice 2. Most companies use batch posting instead of real-time posting for transactions 3. The Peachtree system can use both the accrual basis and cash basis to record transactions of accounting 4. To set up a new company, you would select the maintain option on the menu bar 5. Accounts descriptions cannot be changed once they have been saved
Complete this question by entering your answers in the tabs below. Analyze General Joumal T accounts Post the entry using T-accounts to represent ledger accounts. (TIP: For right side T-account entries you must use a right side date selection. For left side T- account entries you must use a left side date selection.) Cash 101 Office Supplies 124 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Equipment 167 Accounts Payable 201 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Unearned Landscaping Revenue 236 Common Stock 307 Date Amount Date Amount Date Amount Date Amount End. bal. End. bal. Landscaping Revenue 403 Date Amount Date Amount End. bal. Caneral lournal reounts
enensive Pro Part 3: Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem. Based on the banik reconciliation prepared in (2), joumalize the entry or entries to be made by Kornett Company. If an amount box does not require an entry, leave it blank. Description Debit Credit
Creating a customer account for each customer on Pastel is the same as creating a ... 1. customer category 2. customer ledger 3. general ledger account 4. subledger account оо О О
View Policies Show Attempt History Current Attempt in Progress Ayayai, a coffee-mug producer, generally conducts over half of its business in the last month of the calendar year due to holiday sales. By the end of December, its fiscal year-end, Ayayai had accumulated Cost of Goods Sold in the amount of $270,000. Ayayai's business model is to maintain minimal WIP Inventory and FG Inventory, so these two accounts had balances of just $34,000 and $40,000, respectively, on December 31. Ayayai does hold a fair amount of RM Inventory, however, so it will be able to quickly fulfill its orders. As a result, its December 31 RM Inventory (all direct materials) is $105,000. Ayayai utilizes a normal costing system, in its effort to have timely applied MOH information for each custom job, and its budgeted MOH rate is $2.25/direct labor hour. Budgeted MOH at the beginning of the year was $175,000; actual MOH costs incurred by the end of the year were $216,000. Actual direct labor hours used were…
Which of the following will be the Correct source document assuming that your business received invoices from various suppliers each day? a. Credit note b. Purchase invoice c. Sales invoice d. Receipt
Can you do proper formatting, if you use a table or or excel for the spreadsheet, attach proper image. I have attached an image on how the table should look like. Also properly format the journal entries, make it easier to understand what is debit what is credit and the dates.
Prepare the journal entries to record the following transactions on Carla Vista Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) (b) (c) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. On March 12, Carla Vista Company received the balance due from Tamarisk Company. Date Account Titles and Explanation (To record sale of merchandise on account). (To record cost of goods sold) (To record return of merchandise) (To record cost of goods…

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