Assets Cash 529,805 $29,805 Supplies $ 2.000 S 2,000 Equipment $ 12.250 $ 12,250 Accumulated Depreciation Equipment $800 Inventory 53,200 $3,200 Accounts Receivable $1.260 $1,260 $800 Liabilities Accounts Payable $ 1,250 $ Wages Payable $ 1,250 S 450 450 Sales Revenue $ 66.150 Common Stock $ 66.150 $2.000 $2,000 |$ Retained Earnings 5,670 2,400 $ 2,400 Dividends 5,670 Equity Sales Discounts $125 $125 Sales Returns and Allowances 550 550 Wages Expense 521.280 521,280 Supplies Expense $100 $100 Depreciation Expense $800 $800 COGS $3,400 $3,400 Delivery Expense $450 5450
Assets Cash 529,805 $29,805 Supplies $ 2.000 S 2,000 Equipment $ 12.250 $ 12,250 Accumulated Depreciation Equipment $800 Inventory 53,200 $3,200 Accounts Receivable $1.260 $1,260 $800 Liabilities Accounts Payable $ 1,250 $ Wages Payable $ 1,250 S 450 450 Sales Revenue $ 66.150 Common Stock $ 66.150 $2.000 $2,000 |$ Retained Earnings 5,670 2,400 $ 2,400 Dividends 5,670 Equity Sales Discounts $125 $125 Sales Returns and Allowances 550 550 Wages Expense 521.280 521,280 Supplies Expense $100 $100 Depreciation Expense $800 $800 COGS $3,400 $3,400 Delivery Expense $450 5450
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![$
S
Assets
Cash
$29,805
$29,805
Supplies
2,000
2,000
Equipment
$ 12,250
$ 12,250
Accumulated Depreciation Equipment
$800
Inventory
$3,200
$3,200
Accounts Receivable
$1,260
$1,260
$800
Liabilities
Accounts Payable
$
$
1,250
$
1,250
Wages Payable
450
450
Sales Revenue
$ 66,150
Common Stock
$ 66,150
$2,000
$2,000
$
S
Retained Earnings
S
5,670
Dividends
S
2,400
2,400
5,670
Equity
Sales Discounts
$125
$125
Sales Returns and Allowances
$50
$50
Wages Expense
$21,280
$21,280
Supplies Expense
$100
$100
Depreciation Expense
$800
$800
COGS
$3,400
$3,400
Delivery Expense
$450
$450](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c5bee17-4a2a-458c-bc35-7a2316ac76e7%2F04d7b373-235a-407c-a12e-c2d4bd32df4f%2Fwcyy3c5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:$
S
Assets
Cash
$29,805
$29,805
Supplies
2,000
2,000
Equipment
$ 12,250
$ 12,250
Accumulated Depreciation Equipment
$800
Inventory
$3,200
$3,200
Accounts Receivable
$1,260
$1,260
$800
Liabilities
Accounts Payable
$
$
1,250
$
1,250
Wages Payable
450
450
Sales Revenue
$ 66,150
Common Stock
$ 66,150
$2,000
$2,000
$
S
Retained Earnings
S
5,670
Dividends
S
2,400
2,400
5,670
Equity
Sales Discounts
$125
$125
Sales Returns and Allowances
$50
$50
Wages Expense
$21,280
$21,280
Supplies Expense
$100
$100
Depreciation Expense
$800
$800
COGS
$3,400
$3,400
Delivery Expense
$450
$450
![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 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-Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises
Terms: FOB shipping point Discount 3% if paid in 10 days, otherwise, n/45
$10,250
$25,000
COGS:
2-Jan Monsters Inc. pays freight
$575
3-Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises
Terms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45
COGS:
$2,300
$125
7-Jan Star Trek Enterprises pays freight
10-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 1st.
22-Jan Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the 3rd
31-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 3rd.
$4,500
$225
Input instructions:
Journal Entries:
If cash is received, make it the first debit in the entry
If cash is paid, make it the last credit in the entry
Debits are listed first, credits are listed second](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1c5bee17-4a2a-458c-bc35-7a2316ac76e7%2F04d7b373-235a-407c-a12e-c2d4bd32df4f%2Fgz7ybp_processed.jpeg&w=3840&q=75)
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 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 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-Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises
Terms: FOB shipping point Discount 3% if paid in 10 days, otherwise, n/45
$10,250
$25,000
COGS:
2-Jan Monsters Inc. pays freight
$575
3-Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises
Terms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45
COGS:
$2,300
$125
7-Jan Star Trek Enterprises pays freight
10-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 1st.
22-Jan Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the 3rd
31-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 3rd.
$4,500
$225
Input instructions:
Journal Entries:
If cash is received, make it the first debit in the entry
If cash is paid, make it the last credit in the entry
Debits are listed first, credits are listed second
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