Using the worksheet in Module 4 assignment for Sanchez Computer Center, journalize and post the adjusting entries and prepare the financial statements.

1. Prepare a worksheet for Morin Co.

2. 3. The Corner Dress Shop: Reviewing the Accounting Cycle for a Merchandise Company

This practice set will help you review all the key concepts of a merchandise company, along with the integration of payroll, including the preparation of Form 941.

Because you are the bookkeeper of the Corner Dress Shop, we have gathered the following information for you. It will be your task to complete the accounting cycle for March.

4. From the ledger balances and additional data given, do the tasks for Cross Lumber for the year ended December 31, 201X as specified in your textbook on page 488.1.

2.

PARKER’S PLOWING

GENERAL JOURNAL

PAGE 1

Date

201X

Account Titles and Description

PR

Dr.

Cr.

Jan.

Cash

111

1,4000

00

Snow Equipment

123

9000

00

Parker Muroney, Capital

311

2,3000

00

Owner Investment

Prepaid Rent

114

3,500

00

Cash

111

3,500

00

Rent Paid in Advance

Office Equipment

121

12,600

00

Accounts Payable

211

12,600

00

Bought Equipment on Account

Snow Supplies

115

500

00

Cash

111

500

00

Cash Purchases of Supplies

Cash

111

1,5000

00

Plowing Fees

411

1,5000

00

Cash Fees Earned

12

Parker Muroney, Withdrawals

312

5,000

00

Cash

111

5,000

00

Owner Withdrawal

20

Accounts Receivable

112

7,000

00

Plowing Fees

411

7,000

00

Fees Earned on Account

26

Salaries Expense

511

1,400

00

Cash

111

1,400

00

Paid Salaries

PARKER’S PLOWING

GENERAL JOURNAL

PAGE 2

Date

201X

Account Titles and Description

PR

Dr.

Cr.

Jan.

28

Accounts Payable

211

6,300

00

Cash

111

6,300

00

Paid On Account

29

Advertising Expense

512

600

00

Accounts Payable

211

600

00

Advertising Bill Received

30

Telephone Expense

513

200

00

Cash

111

200

00

Paid Telephone Bill

Adjusting Entries

31

Snow Supplies Expense

515

100

00

Snow Supplies

115

100

00

31

Rent Expense

514

700

00

Prepaid Rent

114

700

00

31

Depreciation Expense, Office Equipment

516

210

00

Accumulated Depreciation, Office Equip.

122

210

00

31

Depreciation Expense, Snow Equipment

517

150

00

Accumulated Depreciation, Snow Equip.

124

150

00

31

Salaries Expense

511

380

00

Salaries Payable

212

380

00

Closing Entries

31

Plowing Fees

411

22,000

00

Income Summary

313

22,000

00

PARKER’S PLOWING

GENERAL JOURNAL

PAGE 3

Date

201X

Account Titles and Description

PR

Dr.

Cr.

Jan.

31

Income Summary

313

3,740

00

Salaries Expense

511

1,780

00

Advertising Expense

512

600

00

Telephone Expense

513

200

00

Snow Supplies Expense

515

100

00

Rent Expense

514

700

00

Depreciation Expense, Office Equipment

516

210

00

Depreciation Expense, Snow Equipment

517

150

00

31

Income Summary

313

18,260

00

Parker Muroney, Capital

311

18,260

00

31

Parker Muroney, Capital

311

5,000

00

Parker Muroney, Withdrawals

312

5,000

00

CASH

ACCOUNT NO. 111

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

14000

00

14000

00

GJ1

3500

00

10500

00

GJ1

500

00

10000

00

GJ1

15000

00

25000

00

12

GJ1

5000

00

20000

00

26

GJ1

1400

00

18600

00

28

GJ2

6300

00

12300

00

30

GJ2

200

00

12100

00

ACCOUNTS RECEIVABLE

ACCOUNT NO. 112

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

20

GJ1

7000

00

7000

00

PREPAID RENT

ACCOUNT NO. 114

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

3500

00

3500

00

31

Adjusting

GJ2

700

00

2800

00

SNOW SUPPLIES

ACCOUNT NO. 115

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

500

00

500

00

31

Adjusting

GJ2

100

00

400

00

OFFICE EQUIPMENT

ACCOUNT NO. 121

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

12600

00

12600

00

ACCUMULATED DEPRECIATION, OFFICE EQUIPMENT

ACCOUNT NO. 122

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Adjusting

GJ2

210

00

210

00

SNOW EQUIPMENT

ACCOUNT NO. 123

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

9000

00

9000

00

ACCUMULATED DEPRECIATION, SNOW EQUIPMENT

ACCOUNT NO. 124

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Adjusting

GJ2

150

00

150

00

ACCOUNTS PAYABLE

ACCOUNT NO. 211

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

12600

00

12600

00

28

GJ2

6300

00

6300

00

29

GJ2

600

00

6900

00

SALARIES PAYABLE

ACCOUNT NO. 212

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Adjusting

GJ2

380

00

380

00

PARKER MURONEY, CAPITAL

ACCOUNT NO. 311

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

23000

00

23000

00

31

Closing

GJ3

18260

00

41260

00

31

Closing

GJ3

5000

00

36260

00

PARKER MURONEY, WITHDRAWALS

ACCOUNT NO. 312

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

12

GJ1

5000

00

5000

00

31

Closing

GJ3

5000

00

——-

INCOME SUMMARY

ACCOUNT NO. 313

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Closing

GJ2

22000

00

22000

00

31

Closing

GJ3

3740

00

18260

00

31

Closing

GJ3

18260

00

PLOWING FEES

ACCOUNT NO. 411

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

GJ1

15000

00

15000

00

20

GJ1

7000

00

22000

00

31

Closing

GJ2

22000

00

SALARIES EXPENSE

ACCOUNT NO. 511

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

26

GJ1

1400

00

1400

00

31

Adjusting

GJ2

380

00

1780

00

31

Closing

GJ3

1780

00

ADVERTISING EXPENSE

ACCOUNT NO. 512

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

29

GJ2

600

00

600

00

30

Closing

GJ3

600

00

TELEPHONE EXPENSE

ACCOUNT NO. 513

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

30

GJ2

200

00

200

00

31

Closing

GJ3

200

00

RENT EXPENSE

ACCOUNT NO. 514

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Adjusting

GJ2

700

00

700

00

31

Closing

GJ3

700

00

SNOW SUPPLIES EXPENSE

ACCOUNT NO. 515

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Adjusting

GJ2

100

00

100

00

31

Closing

GJ3

100

00

DEPRECIATION EXPENSE, OFFICE EQUIPMENT

ACCOUNT NO. 516

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Adjusting

GJ2

210

00

210

00

31

Closing

GJ3

210

00

DEPRECIATION EXPENSE, SNOW EQUIPMENT

ACCOUNT NO. 517

Date

201X

Explanation

Post

Ref.

Debit

Credit

Balance

Debit

Credit

Jan.

31

Adjusting

GJ2

150

00

150

00

31

Closing

GJ3

150

00

PARKER’S PLOWING

WORKSHEET

FOR MONTH ENDED JANUARY 31, 201X

1. Prepare a worksheet for Morin Co. 2. Using the worksheet in Module 4 assignment for Sanchez Computer Center, journalize and post the adjusting entries and prepare the financial statements. 3. Th 1

PARKER’S PLOWING

INCOME STATEMENT

FOR MONTH ENDED JANUARY 31, 201X

Revenue:

Plowing Fees

$22,000

00

Operating Expenses:

Salaries Expense

$1,780

00

Advertising Expense

600

00

Telephone Expense

200

00

Snow Supplies Expense

100

00

Rent Expense

700

00

Depreciation Expense, Office Equipment

210

00

Depreciation Expense, Snow Equipment

150

00

Total Operating Expenses

3,740

00

Net Income

$18260

00

PARKER’S PLOWING

STATEMENT OF OWNER’S EQUITY

FOR MONTH ENDED JANUARY 31, 201X

Parker Muroney, Capital, January 1, 201X

$23,000

00

Net Income for January

$18,260

00

Less: Withdrawals for January

(5,000

00)

Increase in Capital

13,260

00

Parker Muroney, Capital, January 31, 201X

$36,260

00

PARKER’S PLOWING

BALANCE SHEET

JANUARY 31, 201X

1. Prepare a worksheet for Morin Co. 2. Using the worksheet in Module 4 assignment for Sanchez Computer Center, journalize and post the adjusting entries and prepare the financial statements. 3. Th 2

PARKER’S PLOWING

POST-CLOSING TRIAL BALANCE

JANUARY 31, 201X

Dr.

Cr.

Cash

12,100

00

Accounts Receivable

7,000

00

Prepaid Rent

2,800

00

Snow Supplies

400

00

Office Equipment

12,600

00

Accumulated Depreciation, Office Equipment

210

00

Snow Equipment

9,000

00

Accumulated Depreciation, Snow Equipment

150

00

Accounts Payable

6,900

00

Salaries Payable

380

00

Parker Muroney, Capital

36,260

00

Totals

43,900

00

43,900

00

3.

The question in the case is whether Todd should purchase 75% of his orders from Gem Corporation. Although Todd is offered a luxurious vacation, he should not let this affect his decision to purchase products from Gem. Also, Todd should not be influenced by the fact that he’s upset with his management. Thus, I feel that Todd should not purchase the supplies solely because he is offered a free vacation. This is a conflict of interest.

4.

KYLER’S MOVING CO.

WORKSHEET

FOR MONTH ENDED JANUARY 31, 201X

1. Prepare a worksheet for Morin Co. 2. Using the worksheet in Module 4 assignment for Sanchez Computer Center, journalize and post the adjusting entries and prepare the financial statements. 3. Th 3

(2)

KYLER’S MOVING CO.

INCOME STATEMENT

FOR MONTH ENDED JANUARY 31, 201X

Revenue:

Revenue from Moving

$8

00

Operating Expenses:

Wage Expense

$3

00

Rent Expense

00

Advertising Expense

00

Insurance Expense

00

Moving Supplies Expense

00

Depreciation Expense; Moving Truck

00

Total Operating Expenses

00

Net Income

$2

00

KYLER’S MOVING CO.

STATEMENT OF OWNER’S EQUITY

FOR MONTH ENDED JANUARY 31, 201X

K. Hilton, Capital, January 1, 201X

$19

00

Net Income for January

$2

00

Less: Withdrawals for January

(1

00)

Increase in Capital

00

K. Hilton, Capital, January 31, 201X

$22

00

KYLER’S MOVING CO.

BALANCE SHEET

JANUARY 31, 201X

1. Prepare a worksheet for Morin Co. 2. Using the worksheet in Module 4 assignment for Sanchez Computer Center, journalize and post the adjusting entries and prepare the financial statements. 3. Th 4Cited: Jeanette Morgan

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