**Balance Sheet and Income Statement Overview**---**Assets**- **Cash**: $29,805- **Supplies**: $2,000- **Equipment**: $12,250- **Accumulated Depreciation - Equipment**: $800- **Inventory**: $3,200- **Accounts Receivable**: $1,260---**Liabilities**- **Accounts Payable**: $1,250- **Wages Payable**: $450---**Equity**- **Sales Revenue**: $66,150- **Common Stock**: $2,400- **Retained Earnings**: $5,670- **Dividends**: $2,000---**Expenses**- **Sales Discounts**: $125- **Sales Returns and Allowances**: $50- **Wage Expense**: $21,280- **Supplies Expense**: $100- **Depreciation Expense**: $800- **Cost of Goods Sold (COGS)**: $3,400- **Delivery Expense**: $450---This document outlines the financial components of a business, detailing its assets, liabilities, and equity. The assets show the resources owned by the business, liabilities show the debts and obligations, while the equity section provides details on owner's claims and business profits retained and distributed (dividends). The expenses are deducted from the sales revenue to arrive at the net income, which is linked to retained earnings in the equity section. **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. **1-Jan:** Monsters Inc. purchased merchandise on account from Star Trek Enterprises - Amount: $25,000 - Terms: FOB shipping point - Discount: 3% if paid in 10 days, otherwise n/45 - COGS: $10,2502. **2-Jan:** Monsters Inc. pays freight - Amount: $5753. **3-Jan:** Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises - Amount: $4,500 - Terms: FOB destination - Discount: 1% if paid in 10 days, otherwise n/45 - COGS: $2,3004. **7-Jan:** Star Trek Enterprises pays freight - Amount: $1255. **10-Jan:** Star Trek Enterprises received payment from Monsters Inc. for purchase on the 1st 6. **22-Jan:** Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the 3rd - Amount: $2257. **31-Jan:** Star Trek Enterprises received payment from Monsters Inc. for purchase the 3rd---**Input Instructions:**- Journal Entries:

T-Accounts are the T-shaped accounts. After recording all the transactions into journal entries they…

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

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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sales of $183,000 $158,000 on account $25,000 for cash ignore cost of goods
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