Can anybody complete this financial accounting assignment please?

Automated Practice Set – Sherlock Corp. – Spring 2012 You’ve just been hired as the accountant for Sherlock Detective Agency, Incorporated. Below are last month’s post- closing trial balance, the A/R schedule, and A/P schedule.

Technical Instructions:

1. Download the Excel file and save to your USB or desktop. You’ll need to have either Excel 2007 or 2010. If you don’t have it, you can use a Butte computer lab computer. You could also try OpenOffice.

2. Be sure to use the drop down menu when you enter transactions into the general journal!!! Otherwise the entries probably won’t post to the general ledger.

3. Don’t cut, paste, or move cells on the general journal or it may mess up the spreadsheet.

Practice Set Instructions:

1. Enter transactions into the general journal using the drop-down menu to select the accounts. 2. Prepare the bank reconciliation on the worksheet provided. Journalize as necessary. 3. Enter the adjusting journal entries into the general journal using the drop-down menu. 4. Print the trial balance (this is your adjusted trial balance). 5. Use the adjusted trial balance to prepare the financial statements on the worksheet provided. 6. Save the file and e-mail it to me via blackboard’s mail function or at [email protected] .

Account Dr. Cr. Cash 9,000 A/R 14,300 Allowance for Doubtful Accounts 5,000 Office Supplies 400 Equipment 28,000 Accum. Deprec.-Equip. 200 A/P 10,620 Common Stock 1,000 Paid Capital Excess of Par - Common 15,000 Retained Earnings 19,880 Totals 51,700 51,700

Post-Closing Trial Balance - Sherlock Corp - 12/31/1X

A/R Schedule

Mara McNaughton 4,500.00

Tim McFadden 4,800.00

Don Wu 5,000.00

Total A/R 14,300.00

A/P Schedule

Combs Corp. 1,120.00

Cipher Company 9,500.00

Total A/P 10,620.00

Transactions:

January 1 Sherlock Jones contributed an additional $30,000 to the detective agency he started last year (Sherlock Corp.) and received 500 shares of common stock with a par value of $5 per share.

Sherlock received a $15,000 advance from Microchip Corporation and agreed to investigate their

competitor's nanotechnology research over the next 3 months. Sherlock's friends, having long enjoyed his tales of life as a private detective, convinced Sherlock to write

a book. Sherlock decided to self-publish and just received his first 600 books along with invoice #52343 from Speedy Printing Company for $1,200. Sherlock will use FIFO and the perpetual method to record inventory.

Sherlock loaned Wilson Corp. $10,000 (check # 201) and received a 6-month 8% note with interest due

at maturity. January 2 Sherlock met with Tony Messing and agreed to locate his wife (Ima) who disappeared last week while

away on business. Billed Mr. Messing $500 for the initial consultation (sales invoice #52). Issued check #202 for $1,500 to Bay View Property Management for January rent. Received invoice #39899 ($125) from Pacific Electronics which fixed Sherlock's scanner. January 3 Received $4,500 from Mara McNaughton (sales invoice #42 for work Sherlock performed last year). January 4 Issued check # 203 for $1,120 to pay Combs Corp. (for invoice #2533 recorded in December). January 5 Completed surveillance of Phil Anderus and billed his wife $5,500 (sales invoice #53) for photos she'll

use to enforce the terms of her prenuptial agreement. Received invoice #12523 for $1,000 from Amos Niche for information he provided on a suspect from the

Tony Messing case. The invoice is due 2/5. January 8 Sold 50 books after Sherlock was interviewed on a local radio show. All of the sales were made via credit

card, but the credit card fee isn't deducted from Sherlock's bank account until month end (record the credit card expense when you do the bank reconciliation). Sherlock charged $12 a book plus sales tax of 8.25% (Assume the cost of each book was $2).

Sherlock issued check # 204 for $100 to UPS to ship the 50 books to various customers. January 9 Received $5,500 from Mrs. Anderus on account (invoice #53 from 1/5/0X). Issued check #205 for $7,800 to pay for 6 months advertising in The Economist magazine. The

advertisements start in January and run through June. January 10 After repeated efforts to collect $4,800 owed by Tim McFadden, Sherlock writes off the account

(Sherlock uses the allowance method). January 11 Received $7,500 from Futuro Pharmaceuticals for evaluating their security system earlier that week

(sales invoice #54). January 12 Received invoice #5331 for $325 from PhotoMat Company for photographs taken last week .

Declared $5,000 in dividends with a record date of 1/31 and a payment date of 2/15. January 15 Sherlock sold 500 books to National Bookstore Chain after the store's owner heard Sherlock on the

radio. Sherlock charged $10 a book with terms 2/10, n/45 (sales invoice #55). No sales tax was charged since the books will be resold. (Assume each book cost $2.)

January 16 Billed Tony Messing $8,800 (sales invoice #56) for investigative work locating Tony's wife. Received $8,000 from a senate candidate for investigative work Sherlock will perform in February. January 17 National Bookstore Chain returned 10 books, and Sherlock issued credit memorandum #1. January 18 Received a credit card statement from Chase Bank showing a balance of $836 from hotel charges of

$525, car rental of $205, and other miscellaneous travel costs of $106 incurred when Sherlock traveled to LA to find Ima Messing. The credit card payment is due 1/30/0X and no interest is due if paid in full by then.

January 19 Received payment in full from National Bookstore Chain (sales inv #55 on 1/15 & cdt memo #1 on 1/17) January 22 Sherlock received another 2,500 books in anticipation of appearing on the Oprah Winfrey show next

month. The books cost $4,000 (invoice #55428 from Speedy Printing Co.) and terms were 3/10, n/30. January 23 Paid Hacker Corp. $9,000 (ck# 206) for research performed on several cases this month. Returned 200 damaged books to Speedy Printing Co. and received credit memo #235. January 25 Issued check # 207 to Chase Bank for $836 (for credit card bill received 1/18) January 26 Billed Chuck Oldes $7,500 (sales invoice #57) for surveillance photos of Chuck's wife. January 29 Received invoice #8713982 ($362) from AT&T for January's phone service. January 30 Issued check # 208 to Speedy Printing Co. for invoice # 55428 from 1/22 and cdt memo #235 from 1/23). January 30 Received $9,300 on account from Tony Messing for work performed earlier this month (sales invoices

#52 & #56) January 31 Issued check #209 to Pacific Electronics for $125 (invoice #39899 from 1/2). January 31 Issued check #210 to San Francisco Chronicle for $400 for advertisements in that month’s paper. January 31 Received the following bank statement (prepare the bank reconciliation before doing adjusting entries).

Adjusting Entries:

 Office equipment had a $4,000 salvage value and 10-year expected life when purchased.

 At the end of the month there are $100 of office supplies left in the supply closet.

 One-third of the work for Microchip Corporation was completed (see 1/1 transaction).

 One month's prepaid advertising expired (see 1/9/1X transaction).

 As the new bookkeeper you're owed $3,000 for January less $800 federal taxes, $400 state taxes, $186 social security, and $43.50 Medicare taxes. You'll be paid on 2/5. Employer payroll taxes include FUTA of $24 and SUTA of $102.

 Sherlock estimates that 10% of Jan 31 st

A/R are uncollectible.

 Wilson Corp. owes Sherlock one month’s interest (see 1/1 transaction).

Sherlock Corp. Account #: 871253

Beginning Balance 12,100.00

Date Check # Amount Date Amount

1/2 200 3,100.00 1/2 45,000.00

1/2 201 10,000.00 1/3 4,500.00

1/3 202 1,500.00 1/8 649.50

1/6 203 1,120.00 1/9 5,500.00

1/10 204 100.00 1/11 7,500.00

1/12 205 7,800.00 1/19 4,802.00

1/24 206 9,000.00 1/30 5,000.00 EFT* 1/25 207 836.00 1/31 68.00 IR

1/31 CC 19.49 Total 68,019.50

Total 33,475.49

Ending Balance 51,644.01

CC = Credit card fees IR = Interest revenue NSF = Non-sufficient funds EFT = Electronic funds transfer

* EFT from Don Wu

Pacific Bank, Inc.

369 Market Street, San Francisco, CA

888-355-8004

Checks & Deductions Deposits