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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 THET ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as copying the number from the journal entry page, summing numbers together, or using the plus 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 S100 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 of

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 THET ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excel functions (such as copying the number from the journal entry page, summing numbers together, or using the plus 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 S100 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 of

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Road Runner Racers. 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 copying the number from the journal entry page, summing numbers together, or using the plus 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 of 2/10, 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 offered Rowdy 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 physical inventory count only showed $68,650.
Transcribed Image Text:Instructions This 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 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 copying the number from the journal entry page, summing numbers together, or using the plus 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 of 2/10, 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 offered Rowdy 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 physical inventory count only showed $68,650.
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