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Problem P4-1A, Prepare worksheet, financial statements, and adjusting and closing entries.
Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
Problem P4-1A, Sherlock Holmes began operations as a private investigator on January 1, 2014. The trial balance columns of the worksheet for Sherlock Holmes, P.I. at March 31 are as follows.
SHERLOCK HOLMES, P.I., INC.
Worksheet
For the Quarter Ended March 31, 2014
Unadjusted Trial Balance Ref Adjustments Ref Adjusted Trial Balance Income Statement Balance Sheet
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 11,410
Accounts Receivable 5,920
Supplies 1,250
Prepaid Insurance 2,400
Equipment 30,000
Notes Payable 10,000
Accounts Payable 12,350
Common Stock 20,000
Dividends 600
Service Revenue 14,200
Salaries and Wages Expense 2,240
Travel Expense 1,300
Rent Expense 1,200
Miscellaneous Expense 230
Totals 56,550 56,550
Supplies Expense
Depreciation Expense
Accumulated Depreciation
Interest Expense
Interest Payable
Insurance Expense
Totals
Net Income
Totals
Other data:
1. Supplies on hand total $480 (a)
2. Depreciation is $720 for the quarter (b)
3. Interest accrued on 6-month note payable, issued January 1, $300 (c)
4. Insurance expires at the rate of $200 per month. (d)
5. Services provided but unbilled at March 31 total $1,080 (e)
Instructions:
(a) Complete the worksheet.
(b)(1) Prepare an income statement for the quarter ended March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
Income Statement
For the Quarter Ended March 31, 2014
Title
Account title Amount
Title
Account title Amount
Account title Amount
Account title Amount
Account title Amount
Account title Amount
Account title Amount
Account title Amount
Account title Amount
Title Formula
Title Formula
(b)(2) Prepare a retained earnings statement for the quarter ended March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
Retained Earnings Statement
For the Quarter Ended March 31, 2014
Title $0
Title Amount
Formula
Title Amount
Title Formula
(b)(3) Prepare a classified balance sheet for March 31, 2014.
SHERLOCK HOLMES, P.I., INC.
Balance Sheet
March 31, 2014
Assets
Title
Account title Amount
Account title Amount
Account title Amount
Account title Amount
Total current assets Formula
Title
Account title Amount
Less: Account title Amount Formula
Title Formula
Liabilities and Stockholders’ Equity
Title
Account title Amount
Account title amount
Account title amount
Total Current Liabilities Formula
Title
Account title Amount
Account title Amount
Title Formula
Total Liabilities and Stockholders’ Equity Formula
(c) Journalize the adjusting entries from the adjustments columns of the worksheet.
Mar 31 Account title Amount
Account title Amount
Text explanation
Mar 31 Account title Amount
Account title Amount
Text explanation
Mar 31 Account title Amount
Account title Amount
Text explanation
Mar 31 Account title Amount
Account title Amount
Text explanation
Mar 31 Account title Amount
Account title Amount
Mar 31 Account title Amount
Account title Amount
(d) Journalize the closing entries from the financial statement columns of the worksheet.
Mar 31 Account title Amount
Account title Amount
Account title
Account title Amount
Mar 31 Account title
Text explanation
Account title
Mar 31 Account title Amount
Account title
Account title
Account title
Mar 31 Account title Amount
Account title
Text explanation
Mar 31 Account title
Account title
Mar 31 Account title
Account title

 

Problem P5-1A,  Journalize purchase and sales transactions under a perpetual inventory system.
Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
This challenge has been modified to a units presentation.
Problem P5-1A, Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of
its customers. At the end of June, Ready-Set-Go’s inventory consisted of 120 suitcases purchased at
$10.00 each. During the month of July the following merchandising transactions occurred.
Jul 1 Purchased 150 suitcases on account for $10.00 each from Trunk Manufacturers, FOB
destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100.00 for
freight on this date.
Jul 3 Sold 110 suitcases on account to Satchel World for $20.00 each. The cost of suitcases
sold is $1,400.00
Jul 9 Paid Trunk Manufacturers in full.
Jul 12 Received payment in full from Satchel World.
Jul 17 Sold 70 suitcases on account to Lady GoGo for $20.00 each. The cost of
suitcases sold is $1,010.00
Jul 18 Purchased 190 suitcases on account for $1,900.00 from Holiday Manufacturers, FOB
shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $125.00
for freight on this date.
Jul 20 Received $300.00 credit (including freight) for 30 suitcases returned to Holiday
Manufacturers.
Jul 21 Received payment in full from Lady GoGo.
Jul 22 Sold 90 suitcases on account to Vagabond for $25.00 each. The cost of suitcases
sold is $1,350.00
Jul 30 Paid Holiday Manufacturers in full.
Jul 31 Granted Vagabond $200.00 credit for 8 suitcases returned costing $120.00
Sansomite’s chart of accounts includes the following:
Acct Nbr Account title: Acct Nbr Account title:
101 Cash 401 Sales Revenue
112 Accounts Receivable 412 Sales Returns and Allowances
120 Inventory 414 Sales Discounts
201 Accounts Payable 505 Cost of Goods Sold
Instructions:
Journalize the transactions for the month of July for Ready-Set-Go using a perpetual inventory system.
Date Account titles and explanations Ref Debit Credit
Jul 1 Account title Amount
Account title Amount
Text
3 Account title Amount
Account title Amount
Text
Account title Amount
Account title Amount
Text
9 Account title Amount
Account title Amount
Account title Amount
Text
12 Account title Amount
Account title Amount
Account title Amount
Text
17 Account title Amount
Account title Amount
Text
Account title Amount
Account title Amount
Text
18 Account title Amount
Account title Amount
Text
Account title Amount
Account title Amount
Text
20 Account title Amount
Account title Amount
Text
21 Account title Amount
Account title Amount
Account title Amount
Text
22 Account title Amount
Sales Revenue Amount
Text
Account title Amount
Account title Amount
Text
30 Account title Amount
Account title Amount
Text
31 Account title Amount
Account title Amount
Text
Account title Amount
Account title Amount
Text

 

Problem P6-2A – Determine cost of goods sold and ending inventory using FIFO, LIFO, and average-cost with analysis.
Financial Accounting, 8th Edition by Weygandt, Kieso, and Kimmel
Primer on Using Microsoft Excel in Accounting by Rex A Schildhouse
Problem P6-2A, Dyna Distribution markets CDs of the performing artist King James. At the beginning of March, Dyna
had in beginning inventory 1,500 King James CDs with a unit cost of $7.00 During March Dyna
made the following purchases of King James CDs.
Mar 5 3,500 units at $8.00
Mar 13 4,000 units at 9.00
Mar 21 2,000 units at 10.00
Mar 26 2,000 units at 11.00
During March 10,000 units were sold. Dyna uses a periodic inventory system.
Instructions:
(a) Determine the cost of goods available for sale.
Date: Quantity Unit Cost: Extended Cost:
Mar 1 Quantity units at Amount Formula
5 Quantity units at Amount Formula
13 Quantity units at Amount Formula
21 Quantity units at Amount Formula
26 Quantity units at Amount Formula
Quantity: Formula Cost of goods available: Formula
(b)(1) Determine the ending inventory and cost of goods sold under the First-in, First-out cost flow method. Prove the accuracy of the cost of goods sold.
Ending Inventory Cost of Goods Sold
Date Units Unit Cost Total Cost Cost of goods available for sale Formula
Date Quantity Amount Formula Title Formula
Date Quantity Amount Formula Title Formula
Formula Formula
Proof of Cost of Goods Sold
Date Units Unit Cost Total Cost
Date Quantity Amount Formula
Date Quantity Amount Formula
Date Quantity Amount Formula
Date Quantity Amount Formula
Formula Formula
(b)(2) Determine the ending inventory and cost of goods sold under the Last-in, First-out cost flow method. Prove the accuracy of the cost of goods sold.
Ending Inventory Cost of Goods Sold
Date Units Unit Cost Total Cost Title Amount
Date Quantity Amount Formula Title Amount
Date Quantity Amount Formula Title Formula
Formula Formula
Proof of Cost of Goods Sold
Date Units Unit Cost Total Cost
Date Amount Amount Formula
Date Amount Amount Formula
Date Amount Amount Formula
Date Amount Amount Formula
Formula Formula
(b)(3) Determine the ending inventory and cost of goods sold under the Average Cost cost flow method.
Total units purchased cost: Amount
Title Quantity
Average unit cost = Formula (Set to four decimal places.)
Ending inventory quantity: Quantity
Ending inventory value: Amount
Cost of goods sold: Formula
Cost of goods available for sale Formula
(c)(1) Which cost flow method results in the highest inventory amount for the balance sheet?
Enter text answer here.
(c)(2) Which cost flow method results in the highest cost of goods sold for the income statement?
Enter text answer here.