Star Trek Enterprises Income Statement For Period ending July 31, current year Revenue Sales Revenue Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense Depreciation Expense Delivery Expense Supplies Expense Total Expenses $ 99,265.00 $ 17,400.00 $ $ 6,980.00 $ $ (123,645.00) (123,645.00) Monsters Inc. Income Statement For Period ending July 31, current year Revenue Sales Revenue Sales Discounts. Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense Depreciation Expense Delivery Expense Supplies Expense Total Expenses $ $ $ $ 21,280.00 800.00 100.00 $ $ (22,180.00) (22,180.00)
Star Trek Enterprises Income Statement For Period ending July 31, current year Revenue Sales Revenue Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense Depreciation Expense Delivery Expense Supplies Expense Total Expenses $ 99,265.00 $ 17,400.00 $ $ 6,980.00 $ $ (123,645.00) (123,645.00) Monsters Inc. Income Statement For Period ending July 31, current year Revenue Sales Revenue Sales Discounts. Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense Depreciation Expense Delivery Expense Supplies Expense Total Expenses $ $ $ $ 21,280.00 800.00 100.00 $ $ (22,180.00) (22,180.00)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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
Transcribed Image Text:Star Trek Enterprises
Income Statement
For Period ending July 31, current year
Revenue
Sales Revenue
Sales Discounts
Sales Returns and Allowances
Net Sales
Cost of Goods Sold
Expenses
Wages Expense
Depreciation Expense
Delivery Expense
Supplies Expense
Total Expenses
$
$
$
$
99,265.00
17,400.00
6,980.00
$
$
(123,645.00)
(123,645.00)
Monsters Inc.
Income Statement
For Period ending July 31, current year
Revenue
Sales Revenue
Sales Discounts
Sales Returns and Allowances
Net Sales
Cost of Goods Sold
Expenses
Wages Expense
Depreciation Expense
Delivery Expense
Supplies Expense
Total Expenses
$
$
$
$
21,280.00
800.00
100.00
$
$
(22,180.00)
(22,180.00)
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