BUS 4062 Coleman.Michael.Assessment 1 1 Part 2 PDF

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Summary

Assessment 2 example for completion, this will aid you in and guide you...

Description

Assessment 1 Template Coleman

Assessment 1 Part 1: Accounting Conventions Date

Account Title

7/31/18

Store Supplies Expenses

Debit

Store Supplies

1,100

7/31/18

Depreciation Expense – Store Equipment

4,950

7/31/18

Accumulated Depreciation – Store Equipment Depreciation Expense – Delivery Equipment

3,850

7/31/18

Accumulated Depreciation – Delivery Equip. Interest Expense

6,050

Interest Payable

Credit

1,100

4,950

3,850

6,050

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Assessment 1 Template Coleman

Part 2: The Accounting Cycle A. Adjusting Entries DOROTHY’S YOUNG FASHIONS Adjusted Trial Balance July 31, 2018

Cash............................................................................................................. Accounts receivable................................................................................... Merchandise inventory............................................................................... Store supplies ........................................................................................... Store equipment......................................................................................... Accumulated depr.—store Equipment .............................................................................................. Delivery equipment..................................................................................... Accumulated depr.—delivery Equipment .............................................................................................. Notes payable............................................................................................. Accounts payable....................................................................................... Common stock............................................................................................ Retained earnings....................................................................................... Sales............................................................................................................ Sales returns and allowances.................................................................... Cost of goods sold..................................................................................... Salaries expense......................................................................................... Advertising expense................................................................................... Utilities expense......................................................................................... Repair expense........................................................................................... Delivery expense........................................................................................ Rent expense.............................................................................................. Store supplies expense.............................................................................. Depreciation expense—store equipment................................................. Depreciation expense—delivery equipment............................................. Interest expense......................................................................................... Interest payable.......................................................................................... Totals.....................................................................................................

Dr. $14,685 18,535 24,750 1,925 46,750

Cr.

$14,850 26,400 7,150 28,050 26,675 49,500 4,400 416,460 2,310 273,570 77,000 14,520 7,700 6,655 9,185 13,200 1,100 4,950 3,850 6,050 $553,135

6,050 $553,135

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Assessment 1 Template Coleman B. Adjusted Trial Balance Income DOROTHY’S YOUNG FASHIONS Income Statement For the Year Ended July 31, 2018 Sales revenue Sales.......................................................................................................... 416,460 Less: Sales returns and allowances....................................................... (2,310) Net sales.................................................................................................... Cost of goods sold.................................................................................................. Gross profit.............................................................................................................. Operating expenses Selling expenses Salaries expense......................................................................... 53,900

414,150 (273,570) $140,580

Advertising expense................................................................... 14,520 Rent expense............................................................................... 10,560 Delivery expense......................................................................... 9,185 Utilities expense.......................................................................... 6,160 Depr. exp.—store equipment..................................................... 4,950 Depr. exp.—deliv. equipment..................................................... 3,850 Stores supplies expense............................................................ 1,100 Total selling expenses......................................................... 104,225 Administrative expenses Salaries expense......................................................................... 23,100 Repair expense............................................................................ 6,655 Rent expense............................................................................... 2,640 Utilities expense.......................................................................... 1,540 Total admin. expenses........................................................ 33,935 Total oper. expenses.................................................... Income from operations......................................................................................... Other expenses and losses Interest expense....................................................................................... 6,050 Net loss....................................................................................................................

(138,160) $2,420 -$3,630

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Assessment 1 Template Coleman C. Multiple-Step Income Statement DOROTHY’S YOUNG FASHIONS Retained Earnings Statement For the Year Ended July 31, 2018 Retained earnings, August 1, 2017.................................................................................................. 4,400 Less: Net loss.................................................................................................................................... 3,630 Retained earnings, July 31, 2018..................................................................................................... $770 DOROTHY’S YOUNG FASHIONS Balance Sheet JULY 31, 2018 Assets Current assets Cash ...................................................................................................... 14,685 Accounts receivable................................................................................ 18,535 Merchandise inventory............................................................................ 24,750 Store supplies........................................................................................... 1,925 Total current assets..................................................................... $59,895 Property, plant, and equipment Store equipment....................................................................................... 46,750 Accum. depr.—store equipment............................................................ (14,850) Delivery equipment.................................................................................. 26,400 Accum. depr.—delivery equipment........................................................ (7,150) Total assets.................................................................................. $51,150

$111,045

Liabilities and Stockholders’ Equity Current liabilities Notes payable due next year................................................................... Accounts payable..................................................................................... Interest payable........................................................................................ Total current liabilities................................................................. Long-term liabilities Notes payable........................................................................................... Total liabilities.............................................................................. Stockholders’ equity Common stock......................................................................................... Retained earnings.................................................................................... Total liabilities and stockholders’ equity...................................

16,500 26,675 6,050 $49,225 11,550 $60,775 49,500 770 50,270

$111,045

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Assessment 1 Template Coleman D. Closing Entries Date

Account Title

7/31/18

Revenue

414,150

Debit

Income Summary Income Summary

417,780

Credit 414,150

Expense Accounts

417,780

Cost of Goods Sold

273,570

Salary Expense

77,000

Advertising Expense

14,520

Utility Expense

7,700

Repair Expense

6,655

Delivery Expense

9,185

Rent Expense

13,200

Store Supplies Expense

1,100

Depreciation Expense – Store Equip.

4,950

Depreciation Expense – Delivery Equip.

3,850

Interest Expense Retained Earnings Income Summary

6,050 (3,630) (3,630)

5

Assessment 1 Template Coleman

E. Post-Closing Trial Balance DOROTHY’S YOUNG FASHIONS Post-Closing Trial Balance July 31, 2018 Debit Cash......................................................................................................................... 14,685 Accounts receivable............................................................................................... 18,535 Merchandise inventory........................................................................................... 24,750 Store supplies......................................................................................................... 1,925 Store equipment...................................................................................................... 46,750 Accumulated depreciation—store equipment...................................................... Delivery equipment................................................................................................. 26,400 Accumulated depreciation—delivery Equipment............................................................................................................ Notes payable.......................................................................................................... Accounts payable................................................................................................... Interest payable....................................................................................................... Common stock........................................................................................................ Retained earnings...................................................................................................

Credit

14,850 7,150 28,050 26,675 6,050 49,500 770

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