Accounting 2 Help 3

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 Mark Sears: Enter as a formula 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
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