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| Case 2 |
| | General Journal |
| # | Account/Description | Debits | Credits | posted | | | Chart of Accounts |
| 1/10/17 | Cash | $ 216,000 | | x | | | Cash |
| | Sales | | $ 200,000 | | | | Accounts receivable |
| | Sales Tax Payable | | $ 16,000 | | | | Inventory |
| 2/18/17 | Purchases | $ 180,000 | | | | | Prepaid Insurance |
| | Accounts Payable | | $ 180,000 | x | | | CreditCards Rec |
| 2/27/17 | Acounts Payable | $ 100,000 | | x | | | Equipment |
| | Purchase Acounts | | $ 2,000 |
| | cash | | $ 98,000 | x | | | Accumul |
| 3/12/17 | Accounts Receivable | $ 100,000 | | | | | Accounts Payable |
| | Sales | | $ 100,000 | | | | Sales Tax Payable |
| 3/20/17 | Accounts Payable | $ 80,000 | | | | | Payroll Liablities |
| | Cash | | $ 80,000 | x | | | Unearned Revenue |
| 4/1/17 | Prepaid Insurance | $ 6,000 | | | | | Note Payable |
| | Cash | | $ 6,000 | | | | Common Stock |
| 5/15/17 | Cash | $ 50,000 | | | | | Retained Earnings |
| | Unearned Revenue-Gift Cards | | $ 50,000 | | | | Dividends |
| 6/6/17 | Rent | $ 24,000 | | | | | Sales Revenue |
| | Utilities | $ 16,000 | | | | | Sales Discounts |
| | Advertising& Promotion | $ 3,000 | | | | | Cost of Goods Sold |
| | Maintenance& Prepair | $ 200 | | | | | Purchase |
| | Cash | | $ 45,000 | | | | Rent Expense |
| 7/15/17 | Cash | $ 41,000 | | | | | Payroll Expense |
| | Sales Discounts | $ 2,000 | | | | | Payroll Tax Expense |
| | Accounts Reveivable | | $ 43,000 | | | | Insurance Expense |
| 8/1/17 | Salaries and wage expense | $ 100,000 | | | | | Utilities Expense |
| | Payroll liablities-fed wh | | $ 10,000 | | | | Advertising Promotion |
| | Payroll liablities-State wh | | $ 6,000 | | | | Depreciation Expense |
| | Payroll Liablities-FICA | | $ 7,650 | | | | Maintenance repairs |
| | Cash | | $ 76,350 |
| 8/1/17 | Payroll Tax Expense | $ 10,000 | | | | | Employer Payroll |
| | Payroll Liablities-Employer Taxes | | $ 10,000 | | | | FICA match | 7650 |
| 9/15/17 | Unearned Revenue-Gift Cards | $ 30,000 | | | | | Unemployment Taxes | 2350 |
| | Credit Cards Receivable | $ 50,000 | | | | | | 10000 |
| | sales | | $ 74,074 | | | | 80000 |
| | Sa;es Tax payable | | $ 5,926 | | | | 1.08 | 74074.07 |
| 9/18/17 | Credit Cards Fees | $ 1,000 |
| | Cash | $ 49,000 | | x |
| | Credit Card receiveable | | 50000 |
| 11/30/17 | Payroll Liabilities | $ 33,650 |
| | Cash | | $ 33,650 | x |
| Adiustments |
| 12/31/2017 | Inventory(ending) | $ 78,000 |
| | Cost of Goods Sold | $ 130,000 |
| | Purchase Discounts | $ 2,000 |
| | Purchases | | $ 180,000 |
| | Inventory(beginning) | | $ 30,000 |
| 12/31/17 | Depreciation Expense | $ 7,000 |
| | Accumulated Depreciation | | $ 7,000 |
| 12/31/17 | Insurance Expense | $ 4,500 |
| | Prepaid Insurance | | $ 4,500 |
| 12/31/17 | Bad Debt Expense | $ 5,000 |
| | Allowance for Uncollectible Accounts | | $ 5,000 |
| 12/31/17 | Allowance for Uncollectible Accounts | $ 3,000 |
| | Accounts Receivable-specific | | $ 3,000 |
| Due Date | Customer | Current | 0-30 days | 31-60days | 61-90days | Over 90 days |
| 12/20/17 | Bank of America | | 20000 |
| 10/15/17 | Brown University | | | | 5000 |
| 11/30/17 | Citizens Bank | | | $ 15,000 |
| 8/4/17 | G-Tech | | | | | 22000 |
| 1/18/18 | Johnson & Wales | $2,000 |
| 9/19/17 | Textron | | | | | 10000 |
| | TOTAL | $ 2,000 | $ 20,000 | $ 15,000 | $ 5,000 | $ 32,000 | $ 74,000 |
| | % OF TOTAL | 2.7% | 27.0% | 20.3% | 6.8% | 43.2% | 100.0% |
| | Average Collection Period = Avg Rec *365 |
| | CreditSales |
rrmdushka
20180318011355case_1_worksheets_1_3.xls
