InstructionsThis 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 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 making a cell equal another 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-Jan Monsters Inc. purchased merchandise on account from Star Trek EnterprisesTerms: FOB shipping point Discount 3% if paid in 10 days, otherwise, n/45$10,250$25,000COGS:2-Jan Monsters Inc. pays freight$5753-Jan Monsters Inc. purchased additional merchandise on account from Star Trek EnterprisesTerms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45COGS:$2,300$1257-Jan Star Trek Enterprises pays freight10-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 3rd31-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 3rd.$4,500$225Input instructions:Journal Entries:If cash is received, make it the first debit in the entryIf cash is paid, make it the last credit in the entryDebits are listed first, credits are listed second AssetsCash$43,138$43,138Supplies$ 16,200$ 16,200Equipment$ 107,900$ 107,900Accumulated Depreciation - Equipment$17,400Inventory$60,000$60,000Accounts Receivable$10,000$17,400$10,000LiabilitiesAccounts Payable$$$18,000Wages Payable$18,000$6,9806,980Insurance Payable2,0002,000Sales Revenue$ 309,392Common Stock$ 309,392$4,200$4,200$ 42,550Retained Earnings$ 22,630$ 42,550Dividends$ 22,630EquitySales Discounts$4,144$4,144Sales Returns and Allowances$2,763$2,763Wages Expense$99,265$99,265Supplies Expense$6,980$6,980Depreciation Expense$17,400$17,400COGS$45,000$45,000Delivery Expense$1,962$1,962

T-Accounts are the T-shaped ledgers. All the transactions recorded using journal entries are posted…

Assets Cash $43,138 543,138 Supplies $ 16,200 S 16,200 Equipment $ 107,900 $107.900 Accumulated Depreciation Equipment $17,400 Inventory $60,000 $60,000 Accounts Receivable $10,000 $17,400 $10,000 Liabilities Accounts Payable $ 18,000 $ 18,000 Wages Payable 6,980 S 6,980 Insurance Payable S 2,000 2,000 Sales Revenue S 309.392 Common Stock $ 309,392 $4,200 $4,200 $ 42,550 Retained Earnings $ 22,630 $ 42,550 Dividends $ 22,630 Equity Sales Discounts $4,144 $4,144 Sales Returns and Allowances 52,763 $2,763 Wages Expense $99.265 $99.265 Supplies Expense 56,980 56,980 Depreciation Expense $17,400 $17.400 COGS $45.000 $45,000 Delivery Expense $1.962 $1,962

Assets Cash $43,138 543,138 Supplies $ 16,200 S 16,200 Equipment $ 107,900 $107.900 Accumulated Depreciation Equipment $17,400 Inventory $60,000 $60,000 Accounts Receivable $10,000 $17,400 $10,000 Liabilities Accounts Payable $ 18,000 $ 18,000 Wages Payable 6,980 S 6,980 Insurance Payable S 2,000 2,000 Sales Revenue S 309.392 Common Stock $ 309,392 $4,200 $4,200 $ 42,550 Retained Earnings $ 22,630 $ 42,550 Dividends $ 22,630 Equity Sales Discounts $4,144 $4,144 Sales Returns and Allowances 52,763 $2,763 Wages Expense $99.265 $99.265 Supplies Expense 56,980 56,980 Depreciation Expense $17,400 $17.400 COGS $45.000 $45,000 Delivery Expense $1.962 $1,962

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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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…
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