Accounting assignment

EXTRA CREDIT I Hardcopy & handwritten due to your TA by 3/10

Jamukha Company’s post-closing trial balance for October 31, 2017 showed the following account balances:

During November the following transactions were completed. A perpetual inventory system is used.

Nov. 8 Paid $3,600 for salaries due to employees, of which $3,000 is for October salaries payable and $600 is for November.

10 Received $12,100 cash from customers in payment of account. 11 Purchased merchandise on account from Charlie Wholesale Supply for

$11,250, terms 2/10, n/30. 12 Sold merchandise on account for $6,300, terms 2/10, n/30. The cost of the

merchandise sold was $5,250. 15 Received credit from Charlie Wholesale Supply for merchandise returned

$1,000. 19 Received collections in full, less discounts, from customers billed on sales of

$6,300 on Nov. 12. 20 Paid Charlie Wholesale Supply in full, less discount. (Don’t forget the return

on Nov. 15.) 22 Received $10,100 cash for services performed in November. 25 Purchased equipment on account $7,000. 27 Purchased supplies on account $1,150.

28 Paid creditors $5,400 of accounts payable due. 29 Paid November rent $3,750. 29 Paid salaries $2,400. 29 Performed services on account and billed customers for services provided

$1,200. 29 Received $600 from customers for services to be provided in the future.

Debits Credits Cash 17,670 Accumulated depreciation 2,000 Accounts receivable 32,350 Accounts payable 8,250 Supplies 780 Unearned service revenue 5,000 Equipment 53,000 Salaries payable 3,000

Common stock 45,000 Retained earnings 40,550

103,800 103,800

2

Adjustment data:

1. Supplies on hand are valued at $1,122. 2. Accrued salaries payable as of 11/30 are $800. 3. Depreciation for the month is $4,800. 4. $600 of the unearned service revenue has not been earned by month end.

Instructions

Print out the attached templates for the general ledger, journal, and worksheet and complete the following requirements. You must complete all requirements (a) through (h) to receive any credit. Turn in your completed packet of work to your TA in discussion, or in their mailbox by midnight on Saturday March 10th.

a. Enter the November 1 balances in ledger accounts. Use the T-accounts provided on the next page.

b. Enter the November transactions in the general journal provided on page 4. Do not prepare adjusting entries until part (e).

c. Post to the ledger accounts. You will need to add some accounts. d. Using the worksheet on page 7, prepare an unadjusted trial balance at November 30 and enter

on the worksheet on page 7. Then complete the other worksheet columns. (See below.) e. Using your unadjusted trial balance from (d) and the data for adjusting entries, prepare a 12

column worksheet similar to the Sierra Corporation Worksheet in the Chapter 4 of your accounting text book on page 183. The worksheet will include columns for account names, a trial balance, adjustments, and adjusted trial balance, an income statement, a statement of retained earnings, and a balance sheet.

f. Journalize and post adjusting entries. g. Prepare a complete and properly-formatted multiple-step income statement and a retained

earnings statement for November and a classified balance sheet at November 30. Use your own paper for these statements. (No templates are provided.)

h. Journalize and post closing entries.

3

EXTRA CREDIT ONE SOLUTION – Name ________________________ (a), (c), (f), (h) General Ledger

Cash

Accounts Receivable

Supplies

Equipment

Accumulated Depreciation— Equipment

Accounts Payable

Unearned Service Revenue

Salaries Payable

Common Stock

Retained Earnings

4

General Ledger (Continued)

Income Summary

5

(b), (f), (h) General Journal Date Account Titles Debit Credit

6

Date Account Titles Debit Credit

7

(d), (e) Worksheet

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