Accounting Project -
Part 1 -
Journalize the following transactions for the month of June for Quixote Company using the following list of Accounts and Account numbers.
Record all entries to the nearest cent.
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Cash
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#110
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Accounts Receivable
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#112
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Merchandise Inventory
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#115
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Estimated Returns Inventory
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#116
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Store Supplies
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#117
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Prepaid Insurance
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#119
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Store Equipment
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#120
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Accumulated Depreciation - Store Equipment
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#121
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Accounts Payable
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#210
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Salaries Payable
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#211
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Customer Refunds Payable
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#212
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Larkin, Capital
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#310
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Larkin, Drawing
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#311
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Sales
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#410
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Cost of Merchandise Sold
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#510
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Office Salaries Expense
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#511
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Sales Salaries Expense
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#512
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Rent Expense
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#513
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Depreciation Expense
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#514
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Insurance Expense
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#515
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Delivery Expense
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#516
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Misc. Selling Expense
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#517
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Misc. Administrative Expense
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#518
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1-Jun - Paid rent for June, $6000
3-Jun - Purchased merchandise on account from ABC Company for $15000 Terms 2/10, n/30, FOB shipping point. We were billed $225 for shipping which was added to our invoice.
4-Jun - Returned $3000 of the merchandise purchased on June 3 from ABC Company.
6-Jun - Sold $22500 of Merchandise on account to EFG Company, terms 1/20, n/30, FOB shipping point. The cost of merchandise sold was $7500 and we paid $375 for shipping which was billed and added to the customer's invoice.
7-Jun - EFG Company returned $2250 of the merchandise purchased on June 6. The cost of merchandise sold was $1500.
8-Jun - Paid Misc. Selling Expense of $750 and Misc. Administrative Expense of $150
9-Jun - Purchased on account $525 of Store Supplies.
13-Jun - Paid ABC Company for the purchase made on June 3rd, less the return of June 4th
16-Jun - Purchased store supplies for $150 cash.
17-Jun - Received cash from EFG Company for the sale of June 6, less the return of June 7th.
25-Jun - Paid Sales Salaries Expense of $975 and Office Salaries Expense of $1125
30-Jun - Owner withdrew $750
Part 2 - Post your Journal entries to the ledgers. Be sure to balance the ledger after each entry.
Part 3 - A) Complete the Trial Balance part of the worksheet using the balances from your Ledger Accounts (columns 1 and 2).
B) Use the following data for adjustments and complete the rest of worksheet (columns 3-10). (Hint it might help to journalize the adjustments first.) Be sure to complete the entire worksheet showing totals and net income.
C) Complete the Financial Statements for the Year ended June 30.
1) The Multistep Income Statement
2) Statement of Owner's Equity
3) Balance Sheet (showing current and long term)
Adjustments (place on worksheet)
-Sales earned but not billed yet $1500 (treat as AR)
-Additional $375 in sales salaries has been accrued, but not yet recorded
-Depreciation expense on the store equipment for the month is $225
-Insurance expired for the month is $90
Attachment:- Assignment File.rar