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2

>Grading

Rubric Week 3 Grading Rubric Point Available Points Earned

E

1

5-3A

Total

10 points P15-10A Total 20 points *requirement 1 5 points *requirement 2

5 points
*requirement 3

&5

5 points
*requirement 4

5 points
P21-11A Total

10 points
*requirement 1

3.33 points *requirement 2 3.33 points
*requirement 3 3.33 points
Total Score

21-11 A

Bal.

Bal.

Bal.

1. 10 points

GENERAL JOURNAL

2.

Retained Earnings – Appropriated for Land Acquisition

Date

Account

Debit

Credit

Bal.

20–

Mar.

Retained Earnings – Unappropriated

April

June

Oct.

Nov.

Dec.

15-10A Postclosing

2

,

Tax Payable

Mark Sears: Enter as a formula totaling amounts in this column

	Ellis Fabric Store
Post-Closing	Trial Balance
December				31		20-1
	Account Title	Debit Balance	Credit Balance
	Cash	$	28,000
	Accounts Receivable		14,200
	Merchandise Inventory	28,		900
	Supplies	1,350
	Prepaid Insurance	300
	Equipment	500
Accumulated Depreciation – Equipment	$ 500
	Accounts Payable		15,620
	Wages Payable	480
			Sales		850
	Unearned Revenue			1,000
	W. P. Ellis, Capital		7	1,200
	Mark Sears: Enter as a formula totaling amounts in this column

15-10A WS and Journals

Ellis Fabric Store

Trial Balance

Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 28,000

Accounts Receivable 14,200
Merchandise Inventory

Supplies

Prepaid Insurance 900
Equipment

1,000

Accounts Payable 15,620
Wages Payable
Sales Tax Payable 850
Unearned Revenue

W. P. Ellis, Capital 71,200
Sales

1,200

172,000

Mark Sears: Enter reference letters for adjusting entries in this column.

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2.

GENERAL JOURNAL
Date

Debit Credit

20-1

GENERAL JOURNAL

Date Description Debit Credit

20-1

Dec. 31
Interest Revenue
Purchases Discounts
31
Sales Returns & Allowances
Purchases
Freight-In
Wages Expense
Advertising Expense
Supplies Expense
Telephone Expense
Utilities Expense
Insurance Expense
Depreciation Exp. – Equipment
Miscellaneous Expense
Interest Expense
31

31

1

1. 15 points

Work Sheet

For Year Ended December 31, 20-1

Adjustments

Adjusted Trial Balance

Income Statement

Balance Sheet

Mark Sears: Enter reference letters for adjusting entries in this column.

33,000

1,600

6,600

Accum. Depr. – Equipment

5,000

W. P. Ellis, Drawing

21,610

Income Summary

74,500

Sales Returns & Allowances

1,850

Interest Revenue

Purchases

41,500

Purchases Returns & Allow.

1,800

Purchases Discounts

830

Freight-In

660

Wages Expense

14,880

Advertising Expense

810

Supplies Expense

Telephone Expense

1,210

Utilities Expense

3,240

Insurance Expense

Depreciation Exp. – Equipment

Miscellaneous Expense

920

Interest Expense

1,020

172,000

Mark Sears: Enter as a formula

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Mark Sears: Enter amounts in this column as formulas where appropriate

Net Income

Description

Adjusting Entries

Dec. 31

(a)

(b)

(c)

(d)

(e)

(f)

(g)

3 and 5.

Closing Entries

Purchases Returns & Allowances

20-2

Reversing Entry

Jan.

4. Statement paper for requirement 4 (the post-closing trial balance) is provided in a separate sheet in this workbook.

E15-3A

Income Statement
Sales

Purchases

Less: Sales returns and allowances

Less: Sales discounts

Cost of goods purchased 98,000

900

1,000

3,800

E15-3A 10 points
Rau Office Supplies
For Year Ended December 31, 20–
Revenue from sales:
$ 148,300
	Less: Sales returns and allowances	$ 1,380 Mark Sears: Note: Whether to be added or subtracted, enter all amounts as positive numbers unless otherwise indicated.
	Less: Sales discounts	2,166	3,546
	Cost of goods purchased	Net sales	$ 144,754 Mark Sears: Enter as a formula	Mark Sears: Note: Whether to be added or subtracted, enter all amounts as positive numbers unless otherwise indicated.
Cost of goods sold:
Merchandise inventory – Jan. 1	$ 26,500
$	98,000
$ 2,180
1,960	93,860
Net purchases	$ 4,140
Add: Freight-in	750
Goods available for sale	$ 64,750
Less: Merchandise inventory – Dec. 31	33,250
Cost of goods sold	(87,860)
Gross profit	$ 56,894
Operating expenses:
Wages expense	$ 2	3,800
Supplies expense
Telephone expense	1,100
Utilities expense	7,000
Insurance expense
Depr. exp. – equipment	3,100
Miscellaneous expense
Total operating expenses	(40,700)
Income from operations	$ 16,194
Other revenues:
Interest revenue	$ 240
Other expenses:
Interest expense	720	960 Mark Sears: Enter as a formula that will result in a negative number.
Net income	$ 15,234