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ACC225 Week 9 Final Project Comprehensive Problem-Perpetual

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ACC225 Week 9 Final Project Comprehensive Problem-Perpetual

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Name:

7C

Journal

Sales Debit

No.

7

0

Hensel Company

90

7

85

86

0

,210

COLO COMPANY

Inv. Trans.

Accounts

Date Account Date

No. Credit Debit Debit Debit

78

83

10

n/10, EOM

4,074

5/10

8,800

0

13,

Store Supp./Gear Supp.

n/10, EOM

0

83

3,080

31 Totals

,

,722

363

^ Correct! ^ Correct! ^ Correct!

COLO COMPANY

Receipts Journal

Sales

Other COGS

Trans. Cash

Sales Accts. Debit

Date

No. Debit Debit Credit Credit Credit Inv. Credit

81

9

82

350

11 Hensel Company

83

15 Sales

84

59,220

-15

30 Lee Services

85

3

6,850

31 Sales

86

,052

66,052

31 Totals

2

350

,272

350

^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct!

COLO COMPANY

Other Accts.

Account Trans. Cash Inventory Accts.

Date No.

Debited No. Credit Credit Debit Debit

May 1

76

742

8

Peyton Products Peyton Products 77

15

78

5,320

3,150

19

Garcia, Inc. Garcia, Inc. 79

8,800

23

Fink Corp. Fink Corp. 80

26

81

1,283

29

82

7,000

30

Payroll Sales Salaries Exp. 83 5,320 5,320

Office Salaries Exp. 3,150 3,150

Totals

^ Correct! ^ Correct! ^ Correct! ^ Correct!
COLO COMPANY

Trans.
Date

No. Debit Credit

May 2

65

-Knox, Inc.

175

3

-Peyton Products

66

798 «- Correct!

12

854 «- Correct!

1

68

553 «- Correct!

31

669 «- Correct!

31

Expense

70

289 «- Correct!

31

71

567 «- Correct!

31

72

329 «- Correct!

Summary

73

,775

350 «- Correct!

Returns and Allowances

175 «- Correct!

«- Correct!

329 «- Correct!

567 «- Correct!

6,300 «- Correct!

«- Correct!

553 «- Correct!

742 «- Correct!

2,968 «- Correct!

289 «- Correct!

669 «- Correct!

1,283 «- Correct!

31 Sales 74

156,422 «- Correct!

31 Income Summary 75

31,647 «- Correct!

31 J. Colo, Capital 76 7,000

7,000 «- Correct!

COLO COMPANY

Cash

Trans.

Date

Debit Credit

Balance

May 31

31

57,108

«- Correct!

Accounts Receivable Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 2

175 4,550

31

31 CRJ 17,500

«- Correct!

Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 31

798

31 CDJ

31

31 CRJ 80,700

31 SJ

«- Correct!

Office Supplies Account No. 124

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 31 PJ 363

31

289

«- Correct!

Store Supplies Account No. 125

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 4

9

350

24

630

31

669

«- Correct!

Prepaid Insurance Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 31

553

«- Correct!

Office Equipment Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

4,074

12

854

«- Correct!

Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 31

329

«- Correct!

Store Equipment Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 31

567

«- Correct!

Accounts Payable Account No.

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 3 GJ66 798 6,300
12 GJ67 854

31 PJ

31 CDJ 28,750

«- Correct!

Account No. 301

Trans.
Date Item no. Debit Credit Balance

Apr. 30 Balance

May 31

31,647

31

7,000

«- Correct!

Account No.

Trans.
Date Item no. Debit Credit Balance

7,000 7,000

31 GJ76 7,000 0 «- Correct!
Sales Account No. 413

Trans.
Date Item no. Debit Credit Balance

May 31 SJ 31,150 31,150
31 CRJ

156,422

31

156,422 0 «- Correct!

Account No. 414

Trans.
Date Item no. Debit Credit Balance

May 2

175 175

31

175 0 «- Correct!

Sales Discounts Account No. 415

Trans.
Date Item no. Debit Credit Balance

May 31 CRJ 350 350
31 GJ73 350 0 «- Correct!
Cost of Goods Sold Account No.

Trans.
Date Item no. Debit Credit Balance

May 31

19,210 19,210

31

80,700 99,910

31

99,910 0 «- Correct!

Account No.

Trans.
Date Item no. Debit Credit Balance

May 31 GJ72 329 329
31 GJ73 329 0 «- Correct!

Account No.

Trans.
Date Item no. Debit Credit Balance

May 31 GJ71 567 567
31 GJ73 567 0 «- Correct!
Office Salaries Expense Account No.

Trans.
Date Item no. Debit Credit Balance

3,150 3,150

30

3,150 6,300

31 GJ73 6,300 0 «- Correct!
Sales Salaries Expense Account No.

Trans.
Date Item no. Debit Credit Balance

May 15 CD78 5,320 5,320
30 CD83 5,320 10,640
31 GJ73 10,640 0 «- Correct!
Insurance Expense Account No.

Trans.
Date Item no. Debit Credit Balance

May 31 GJ68 553 553
31 GJ73 553 0 «- Correct!
Rent Expense, Office Space Account No.

Trans.
Date Item no. Debit Credit Balance

May 1

742 742

31 GJ73 742 0 «- Correct!
Rent Expense, Selling Space Account No.

Trans.
Date Item no. Debit Credit Balance

May 1 CD76 2,968 2,968
31 GJ73 2,968 0 «- Correct!
Office Supplies Expense Account No. 650

Trans.
Date Item no. Debit Credit Balance

May 31 GJ70 289 289
31 GJ73 289 0 «- Correct!
Store Supplies Expense Account No.

Trans.
Date Item no. Debit Credit Balance

May 31 GJ69 669 669
31 GJ73 669 0 «- Correct!
Utilities Expense Account No. 690

Trans.
Date Item no. Debit Credit Balance

1,283 1,283

31 GJ73 1,283 0 «- Correct!
Income Summary Account No.

Trans.
Date Item no. Debit Credit Balance

May 31 GJ73

124,775

31 GJ74 156,422

31 GJ75 31,647 0 «- Correct!

COLO COMPANY

Crane Corp.

Trans.
Date Item no. Debit Credit Balance

May 26

14,210 14,210 «- Correct!

Hensel Company

Trans.
Date Item no. Debit Credit Balance

May 2

6,100 6,100

11

6,100 0

16

3,990 «- Correct!

Knox, Inc.

Trans.
Date Item no. Debit Credit Balance

S2 4,725 4,725

May 2 GJ65 175 4,550
5

4,550 0 «- Correct!

Lee Services

Trans.
Date Item no. Debit Credit Balance

May 22

6,850 6,850

30

6,850 0 «- Correct!

COLO COMPANY

Fink Corp.

Trans.
Date Item no. Debit Credit Balance

13,650 13,650

23

13,650 0 «- Correct!

Garcia, Inc.

Trans.
Date Item no. Debit Credit Balance

8,800 8,800

19

8,800 0 «- Correct!

Peyton Products

Trans.
Date Item no. Debit Credit Balance

PJ 7,098 7,098

May 3

798 6,300

8

6,300 0

25

3,080 3,080 «- Correct!

Gear Supply Co.

Trans.
Date Item no. Debit Credit Balance

May 4 PJ78

37,729

10 PJ79 4,074

12 GJ67 854

24 PJ82 9,030

«- Correct!

COLO COMPANY

Income

Trial Balance Statement

Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 135,911 135,911 135,911

18,200 18,200 18,200

189,519 189,519 189,519

793 289 504 504

669 2,632 2,632

3,318 553 2,765 2,765

25,690 25,690

9,898 329 10,227 10,227

38,920 38,920 38,920

17,556 567 18,123 18,123

53,059 53,059 53,059

J. Colo, Capital 308,085 308,085 308,085
J. Colo, Withdrawals 7,000 7,000 7,000
Sales 156,422 156,422 156,422

350 350 350

175 175 175

99,910 99,910 99,910

329 329 329

567 567 567

6,300 6,300 6,300

10,640 10,640 10,640

553 553 553

742 742 742

2,968 2,968 2,968

289 289 289

669 669 669

1,283 1,283 1,283

Totals

545,020

2,407

545,916 124,775 156,422

31,647 31,647

Totals ^Correct! ^Correct! ^Correct! ^Correct! Correct! Correct! 156,422 156,422 421,141 421,141
^ Correct! ^ Correct! ^ Correct! ^ Correct!

COLO COMPANY

For Month Ended May 31, 2005

Sales

175

99,910

10,640

2,968

expense

669

6,300

553

742

expense

289

1,283

Net income

COLO COMPANY

For Month Ended May 31, 2005

31,647

7,000

«-Correct!

COLO COMPANY
Balance Sheet

May 31, 2005

18,200

189,519

Office supplies 504
Store supplies 2,632

2,765

«- Correct!

25,690

«- Correct!

38,920

Less accumulated depreciation

«- Correct!

«- Correct!

«- Correct!

«- Correct!

Owner’s Equity
Jenny Colo, Capital 332,732 «- Correct!

$385,791 «- Correct!

COLO COMPANY

May 31, 2005

Debit Credit
Cash $135,911
Accounts receivable 18,200
Merchandise inventory 189,519
Office supplies 504
Store supplies 2,632
Prepaid insurance 2,765
Office equipment 25,690
Store equipment 38,920

18,123

Accounts payable 53,059
Jenny Colo, Capital 332,732
Totals

$414,141

^ Correct! ^ Correct!

COLO COMPANY

May 31, 2005

Crane Corp.

Hensel Company 3,990

«- Correct!

COLO COMPANY

May 31, 2005

Peyton Products

Gear Supply Co. 49,979

$53,059 «- Correct!

Student
Class:
Problem

0
COLO COMPANY
Sales
AR

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Debit COGS
Inv. Trans.
Date Account Debited No. Credit Inv. Credit
May 2 Hensel Company 8 8

5 8

3 6,

 10 4,100
16 87

 86 84 3,

 9 1,890
22 Lee Services 8

 78 6,850 4,990
26 Crane Corp. 8788 14,210 8,2

 30
31 Totals 31,

 15 19
^

Correct! ^Correct!
Purchases Journal
Accounts Office Other
Payable Inventory Supplies
Terms
May 4 Store Supp./Gear Supp. 5/4 n/10, EOM 37,7

29 37,0

72 5

74
Off. Equip./Gear Supp. 5/10 79 4,074
11 Garcia, Inc. n/30, n/30 80 8,800
17 Fink Corp. 5/14 2/10, n/60 81 13,

65 650
24 5/24 82 9,030 8,

 12 280 630
25 Peyton Products 5/

 23 2/10, n/30 3,080
76 363 70 5,278
^ Correct!
Cash
Accts.
Discount Recv.
Account Cr. Explanation
May 5 Knox, Inc. Sale of April 28 4,459 91 4,550
Store Supplies Sold store supplies 350
Sale of May 2 5,978 122 6,100
Cash sales, 59,220 38,200
May 1
Sale of

May 22 6,

71 137
Cash Sales, 66 42,500
May 16-31
142,

77 17,500 125 80,700
Cash Disbursements Journal
Check Pay.
Payee
3410 S&P Mgmt. Co. Rent Exp., Selling 2,9

68 2,968
Rent Exp., Office 742
3411 6,174 126 6,300
3412 Payroll Sales Salaries Exp. 5,320
Office Salaries Exp. 3,150
3

413 8,624 176
3

414 13,377 2

73 13,650
3

415 Perennial Power Utilities Exp. 1,283
3416 Jenny Colo J. Colo, Withdrawals 7,000
3417
57,108 5

75 28,933 28,750
General Journal
Description
Sales Returns and Allowances 175
Accounts Receivable «- Correct!
Accounts Payable 798
Inventory
Accounts Payable-

 Gear Supply Co. 67 854
Office Equipment
Adjusting entries
May 3 Insurance Expense 553
Prepaid Insurance
Store Supplies Expense 69 669
Store Supplies
Office Supplies 289
Office Supplies
Depreciation Expense, Store Equip. 567
Accumulated Depr., Store Equip.
Depreciation Expense, Office Equip. 329
Accumulated Depr., Office Equip.
Closing entries
May 31 Income 124
Sales Discounts
Sales
Cost of Goods Sold 99,910
Depr. Expense, Office Equipment
Depr. Expense,

Store Equipment
Office Salaries Expense
Sales Salaries Expense 10,640
Insurance Expense
Rent Expense, Office Space
Rent Expense, Selling Space
Office Supplies Expense
Store Supplies Expense
Utilities Expense
156,422
Income Summary
31,647
J. Colo, Capital
J. Colo, Withdrawals
General Ledger
Account No. 101
Item no. Balance
Apr. 30 50,247
CRJ 142,772 193,019
CDJ 135,911
106
4,725
JG65
SJ 31,150 35,700
18,200
Merchandise Inventory 119
220,080
GJ66 219,282
575 218,707
PJ 70,722 289,429
208,729
19,210 189,519
430
793
GJ70 504
2,447
PJ78 574 3,021
CR82 2,671
PJ82 3,

301
GJ69 2,632
128
3,318
GJ68 2,765
163
22,470
May 10 PJ79 26,544
GJ67 25,

690
Accumulated Depreciation, Office Equipment 164
9,898
GJ72 10,227
165
38,920
Accumulated Depreciation, Store Equipment 166
17,556
GJ71 18,123
201
7,098
5,446
76,363 81,809
53,059
Jenny Colo, Capital
308,085
GJ75 339,732
GJ76 332,732
Jenny Colo, Withdrawals 302
May 29 CD82
125,272
GJ74
Sales Returns & Allowances
GJ65
GJ73
502
S2
R2
G3
Depreciation Expense, Ofc. Equipment 612
Depreciation Expense, Store Equipment 613
620
May 15 CD78
CD83
621
637
641
CD76
642
651
May 26 CD81
901
124,775
(31,647)
Accounts Receivable Ledger
SJ86
SJ83
CR83
SJ84 3,990
Apr. 28
CR81
SJ85
CR85
Accounts Payable Ledger
May 17 PJ81
CD80
May 11 PJ80
CD79
Apr. 29
JG66
CD77
PJ83
37,729
41,803
40,949
49,979
Work Sheet
For Month Ended

May 31, 2005
Balance Sheet
Unadjusted Adjusted &

Statement
Trial Balance Adjustments of

Owner’s Equity
Accounts receivable
Merchandise inventory
Office supplies
Store supplies 3,301
Prepaid insurance
Office equipment 25,690
Accum. depr., office equip.
Store equipment
Accum. depr., store equip.
Accounts payable
Sales discounts
Sales returns and allowances
Cost of goods sold
Depr. expense, office equip.
Depr. expense, store equip.
Office salaries expense
Sales salaries expense
Insurance expense
Rent exp., office space
Rent exp., selling space
Office supplies expense
Store supplies expense
Utilities expense
545,020 2,407 545,916 421,141 389,494
Net income
Income Statement
Revenue:
$ 156,422
Less: Sales discounts $ 350
Sales returns and allowances 525
Net sales $ 155,897
Less: Cost of goods sold
Gross profit on sales $ 55,987
Operating expenses:
Selling expenses:
Depreciation expense, store equipment $ 567
Sales salaries expense
Rent expense, selling space
Store supplies
Total selling expenses $ 14,844
General and administrative expenses:
Depreciation expense, office equipment $ 329
Office salaries expense
Insurance expense
Rent expense, office space
Office supplies
Utilities expense
Total general and administrative expenses 9,496
Total operating expenses 24,340
$ 31,647 «-Correct!
Statement of Owner’s Equity
Jenny Colo, Capital, April 30, 2005 $308,085
Plus: Net income
Total $339,732
Less: Withdrawals by owner
Jenny Colo, Capital, May 31, 2005 $332,732
Assets
Current assets:
Cash $135,911
Accounts receivable
Merchandise inventory
Prepaid insurance
Total current assets $349,531
Plant assets:
Office equipment
Less accumulated depreciation (10,227) 15,463
Store equipment
(18,123) 20,797
Total plant assets 36,260
Total assets $385,791
Liabilities
Current liabilities:
Accounts payable $53,059
Total liabilities and equity
Post-Closing Trial Balance
Accum. depr., office equipment $10,227
Accum. depr., store equipment
$414,141
Schedule of Accounts Receivable
$14,210
Total accounts receivable $18,200
Schedule of Accounts Payable
$3,080
Total accounts payable

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