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(solution)- Foundations of Accounting I Accounting Project Written by: Karen Pitsch Special thanks to Donna Larner Randiddle Co. is a merchandising business. Their account balances...


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The Question

Foundations of Accounting I

 

Accounting Project

 

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Written by:? Karen Pitsch

 

Special thanks to Donna Larner

 

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Randiddle Co. is a merchandising business.? Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows:

 

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??????????? 110???? Cash? ??????????????????????????????????????????????????????????????????????? $? 74,770

 

??????????? 112???? Accounts Receivable????????????????????????????????????????????? ??? ??5,580

 

??????????? 113???? Allowance for Doubtful Accounts???????????????????????? ??? ?????200

 

??????????? 115???? Merchandise Inventory?????????????????????????????????????????? ? ????2,346

 

??????????? 116???? Prepaid Insurance?????????????????????????????????????????????????? ????? 5,750

 

??????????? 117???? Store Supplies????????????????????????????????????????????????????????? ????? 2,850

 

??????????? 123???? Store Equipment????????????????????????????????????????????????????? ? 100,800

 

??????????? 124???? Accumulated Depreciation-Store Equipment???? ??? 31,060

 

??????????? 210???? Accounts Payable?????????????????????????????????????????????????? ?? ???3,286

 

??????????? 211???? Salaries Payable????????????????????????????????????????????????????? ???????????? 0

 

??????????? 218???? Interest Payable?????????????????????????????????????????????????????????????????? ? 0

 

??????????? 220???? Note Payable (Due 2017)?????????????????????????????????????? ??? 30,000

 

??????????? 310???? Randiddle, Capital (January 1, 2012)????? ??????????? ??? 45,690

 

??????????? 311???? Randiddle, Withdrawals???? ??????????????????????? ?????????? ????60,000

 

??????????? 312???? Income Summary???????????????????????????????????????????????????????????????? ? 0

 

??????????? 410???? Sales????????????????????????????????????????????????????????????????????????? ? 296,130

 

??????????? 411???? Sales Returns and Allowances??????????????????????????? ??? 10,020

 

??????????? 412???? Sales Discounts?????????????????????????????????????????????????????? ??? ??7,200

 

??????????? 510???? Cost of Goods Sold???????????????????????? ??????????? ??????????? ? ??30,250

 

??????????? 520???? Sales Salaries Expense???????????????????????????????????????? ??? 34,400

 

??????????? 521???? Advertising Expense?????????????????????????????????????????????? ??? 18,000

 

??????????? 522???? Depreciation Expense??????????????????????????????????????????????????????? ? 0

 

??????????? 523???? Store Supplies Expense???????????????????????????????????????? ???????????? 0

 

??????????? 529???? Miscellaneous Selling Expense?????????????????????????? ????? 2,800

 

??????????? 530???? Office Salaries Expense???????????????????????????????????????? ??? 25,500

 

??????????? 531???? Rent Expense????????????????????????????????????????????????????????? ??? 24,200

 

??????????? 532???? Insurance Expense???????????????????????????????????????????????? ???????????? 0

 

??????????? 533???? Bad Debt Expense????????????????????????????????????????????????? ???????????? 0

 

??????????? 539???? Miscellaneous Administrative Expense????????????? ????? 1,650

 

??????????? 550 ??? Interest Expense????????????????????????????????????????????????????? ????? 1,100

 

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Randiddle Co. uses the perpetual inventory system and the Last-in, First-out costing method.? Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, First-out costing method, please ignore this step in the process.? They also use the Allowance Method for bad debt.

 

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The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).

 

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Randiddle Co. sells three types of microwave ovens.

 

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The sale prices of each are:

 

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? 900 watt microwave:? $199

 

1000 watt microwave:? $299

 

1200 watt microwave:? $499

 

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During December, the last month of the accounting year, the following transactions were completed:

 

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Dec.??? 1.?? Issued check number 2632 for the December rent, $2,200.

 

?2.?? Sold two 1200 watt microwaves for cash.

 

4.?? Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10,

 

????? n/30, FOB shipping point, $596.

 

5.?? Issued check number 2633 to pay the transportation charges on purchase of

 

????? December 4, $89.? (NOTE:? Do not include shipping and purchase

 

????? discounts to the Inventory Control sheet for this project.)

 

6.??? Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point.

 

?8.? Issued check number 2634 for refund of cash on sales made for cash, $150.

 

???? ?(Customer was going to return goods until an allowance was arranged.)

 

10.? Purchased store supplies on account from Prince Co., terms n/30, $310.

 

10.? Issued check to Matt Co. number 2635 for the full amount due, less discount

 

?????? allowed. (Round discount to nearest dollar.)

 

11.? Paid Prince Co. full amount due, check number 2636.

 

12.? Issued credit memo for one 1000 watt microwave returned on sale of

 

?????? December 6.?

 

13.? Issued check number 2637 for advertising expense for last half of December, $3,000.

 

14.? Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar).

 

19.? Issued check number 2638 to buy five 900 watt microwaves, $495.

 

19.? Issued check number 2639 for $596 to Joseph Co. on account.

 

20.?? Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point.?

 

20.? To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, $120.

 

21.? Received $1,396 cash from McKenzie Co. on account, no discount.

 

21.? Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, $747, shipping $78.

 

24.? Received notification that Marie Co. has been granted bankruptcy with no

 

?amount of recovery.? We are to write-off her amount due.? (Note: See page

 

?365 for entry required.)

 

26.? Issued a debit memo for return of $299 because of damage to one 1200 watt

 

?????? microwave purchased on December 21, receiving credit from the seller.

 

27. ?Issued check number 2641 for sales salaries of $2,050 and office

 

?????? salaries of $1,400.

 

28.??Purchased store equipment on account from Joseph Co., terms n/30, FOB

 

????? ?destination, $1,200.

 

29.??Issued check number 2642 for store supplies, $70.

 

29.? Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30,

 

?????? FOB shipping point, for $1,113 on account, shipping $107.

 

30.? Sold eight 1000 watt microwaves on account to Briana Co., invoice number

 

?????? 893, terms 2/10, n/30, FOB shipping point.

 

30.?Received cash from sale of December 20, less discount, plus transportation

 

?????? paid on December 20.? (Round calculations to the nearest dollar.)

 

31. ?Issued check number 2643 for purchase of December 21, less return

 

?of December 25 and discount.? (Round discount to the nearest dollar.)

 

31. ?Issued a debit memo for $200 of the purchase returned from

 

?????? December 28.

 

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Instructions:

 

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1.??? Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger).? Write Balance in the item section, and place a (x) in the Post Reference column.

 

2.??? Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7.? Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed.

 

3.??? Total each column on the special journals and prove the journals.

 

4.??? Post the totals of the account named columns and individually post the ?Other Accounts? columns as well to the General Ledger.

 

5.??? Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).

 

6.??? ?Prepare the unadjusted trial balance on the worksheet.

 

7.??? Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:

 

a.??? Merchandise inventory on December 31???????????????????????????? ? ??$1,090

 

b.??? Insurance expired during the year??????????????????????????????????????? ????? 2,250

 

c.??? Store supplies on hand on December 31??????????????????????????? ???????? 850

 

d.??? Depreciation for the current year needs to be calculated.? The business uses

 

????????????????? the Straight-line method, the store equipment has a useful life of 10 years

 

????????????????? with no salvage value.? (NOTE: the purchase and return will not be included

 

????????????????? as the dates of the transactions were after the 15th of the month).

 

e.??? Accrued salaries on December 31:

 

????????????????????????????? Sales salaries???????????????????????????????????????? $1,075

 

????????????????????????????? Office salaries??????????????????????????????????????? ???? 540??????????? ????? $1,615

 

f.?? The note payable terms are at 8%, payment is not being made until Jan. 3, 2013.? Interest must be recognized for one month.

 

g.? Calculate the Bad Debt adjustment amount; net realizable value of Accounts Receivable is determined to be $6,313.

 

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8.? Prepare a multiple-step income statement, a statement of owner?s equity, and a

 

classified balance sheet in good form. (Recommend review of ?Current Liabilities? on page 149.)

 

9.? Journalize and post the adjusting entries.

 

10.?? Journalize and post the closing entries.? Indicate closed accounts by inserting a zero

 

in both balance columns opposite the closing entry.

 

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11.?? Prepare a post-closing trial balance.

 


Solution details

Solution #000479071492

(solution)- Foundations of Accounting I Accounting Project Written by: Karen Pitsch Special thanks to Donna Larner Randiddle Co. is a merchandising business. Their account balances....zip

Randiddle Co. Accounting Project - A graded Solution

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SALES xxxxxxxxxxx No. 6
INVOICExxxx xxxxxx xxxx DR. xxxx xx xxxx DR.
xxxxxxxxxxxxxx DEBITED REF xxxxx xxxINVENTORY CR.
1xxxxx xxxxxxxxx xxxx 3,790xxxxx x
220-Dec xxxCameron xxx x1,393653x
x 30-Decxxx xxxxxx Co.xxxxxx1,2323
xTotal 7,575 3,675 x
x x
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POSTOTHER xxxxxxxxCOST/SOLD DR.xxxxxxxxx
DATEACCOUNT xxxxxxxxxxxACCTS x xxx xxxxx - CR xxxx - xxxINVENTORY CR.xxxxx x DR.xxx
1 2-Dec xxxxxxxx xxx478 998 x
2 xxxxxx Briana xxx X xxxxx70 xxxxx x
321-Decxxxxxxxx Co. Xxxxxxxxxxxx
4 30-Dec xxxxxxx Co.X xxxxxxx 1,499 x
5Total9986,400478xx xxxxx5
6 6
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xxxxxxxxx JOURNAL xxxx xxx 11
xxxx OTHERACCOUNTSxxxxxxxxxxx
xxxx ACCOUNT xxxxxxxxxxxxxxxxxxx PAYABLExxxxxxxxINVENORY
ACCTS - xxx CR. DR. xxx
14-DecMatt xxxx596xxx x
x xxxxxx Prince xxx x xxx3102
3 xxxxxx Elisha Co. x825 825x
x28-Dec xxxxxx Co. X1200xxxx x
x29-Dec Prince Co.x 122012205
6xxxxxxxxx xxxxxxx 2641x
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CASH PAYMENTS JOURNALxxxx xxxx
CK.xxxx OTHER ACCOUNTSxxxxxx
xxxx NO.ACCOUNT xxxxxxxxxx xxxxxxxx xxxxxxxINVENTORY CASH
ACCTS x xxxxxx CR. xxx
xxxxxxxxxxRent expense531 xxxxx2,200 x
x xxxxx 2633Merch. inventory 11589 89x
xxxxxx xxxx Sale xxxxxx 411 xxxxxxx
x10-Decxxxx Matt Co. x2,093xx2,081 x
x xxxxxx 2636Prince xxx xxxxxxx x
6xxxxxxxxxxxxxxxxxxxxx expense xxx xxxxx3,000 x
xxxxxxxxxxx xxxxxx inventory xxx495 4957
8xxxxxx xxxx xxxxxx Co.411 xxx 5968
920-Dec 2640 xxxxxxx Co. xxxx 120 x
1027-Dec xxxxxxxxx salariesxxx 2,0502,050xx
11 xxxxxxxxxx xxxxxx salaries xxx 1,400xxxxxxx
xxxxxxxx xxxx xxxxx suppliesxxx7070 xx
1331-Dec xxxxxxxxxx

 

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