Accounting 2 Help 3

profilejoeice
wk3hw.xlsx
Home>Business & Finance homework help>Accounting homework help>Accounting 2 Help 3

Grading Rubric

Week 3 Grading Rubric
Point Available Points Earned
E15-3A Total 10 points
P15-10A Total 20 points
*requirement 1 5 points
*requirement 2 5 points
*requirement 3&5 5 points
*requirement 4 5 points
P21-11A Total 10 points
*requirement 1 3.33 points
*requirement 2 3.33 points
*requirement 3 3.33 points
Total Score

21-11 A

1. 10 points
GENERAL JOURNAL 2.
Retained Earnings - Appropriated for Land Acquisition
Date Account Debit Credit Bal.
20--
Mar.
Bal.
Retained Earnings - Unappropriated
April Bal.
Bal.
June
Oct.
Nov.
Dec.

15-10A Postclosing

2
Ellis Fabric Store
Post-Closing Trial Balance
December 31, 20-1
Account Title Debit Balance Credit Balance
Cash $ 28,000
Accounts Receivable 14,200
Merchandise Inventory 28,900
Supplies 1,350
Prepaid Insurance 300
Equipment 500
Accumulated Depreciation - Equipment $ 500
Accounts Payable 15,620
Wages Payable 480
Sales Tax Payable 850
Unearned Revenue 1,000
W. P. Ellis, Capital 71,200

Mark Sears: Enter as a formula totaling amounts in this column
Mark Sears: Enter as a formula totaling amounts in this column

15-10A WS and Journals

1. 15 points
Ellis Fabric Store
Work Sheet
For Year Ended December 31, 20-1
Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash 28,000
Mark Sears: Enter reference letters for adjusting entries in this column.
Accounts Receivable 14,200
Merchandise Inventory 33,000
Supplies 1,600
Prepaid Insurance 900
Equipment 6,600
Accum. Depr. - Equipment 1,000
Accounts Payable 15,620
Wages Payable
Sales Tax Payable 850
Unearned Revenue 5,000
W. P. Ellis, Capital 71,200
W. P. Ellis, Drawing 21,610
Income Summary
Sales 74,500
Sales Returns & Allowances 1,850
Interest Revenue 1,200
Purchases 41,500
Purchases Returns & Allow. 1,800
Purchases Discounts 830
Freight-In 660
Wages Expense 14,880
Advertising Expense 810
Supplies Expense
Telephone Expense 1,210
Utilities Expense 3,240
Insurance Expense
Depreciation Exp. - Equipment
Miscellaneous Expense 920
Interest Expense 1,020
172,000 172,000
Mark Sears: Enter as a formula
Mark Sears: Enter reference letters for adjusting entries in this column.
Mark Sears: Enter as a formula
Mark Sears: Enter as a formula
Mark Sears: Enter amounts in this column as formulas where appropriate
Mark Sears: Enter as a formula
Mark Sears: Enter as a formula
Net Income
Mark Sears: Enter as a formula
Mark Sears: Enter as a formula

Mark Sears: Enter as a formula
Mark Sears: Enter as a formula
Mark Sears: Enter as a formula
Mark Sears: Enter as a formula
Mark Sears: Enter as a formula
2.
GENERAL JOURNAL
Date Description Debit Credit
20-1 Adjusting Entries
Dec. 31 (a)
(b)
(c)
(d)
(e)
(f)
(g)
3 and 5.
GENERAL JOURNAL
Date Description Debit Credit
20-1 Closing Entries
Dec. 31
Interest Revenue
Purchases Returns & Allowances
Purchases Discounts
31
Sales Returns & Allowances
Purchases
Freight-In
Wages Expense
Advertising Expense
Supplies Expense
Telephone Expense
Utilities Expense
Insurance Expense
Depreciation Exp. - Equipment
Miscellaneous Expense
Interest Expense
31
31
20-2 Reversing Entry
Jan. 1
4. Statement paper for requirement 4 (the post-closing trial balance) is provided in a separate sheet in this workbook.

E15-3A

E15-3A 10 points
Rau Office Supplies
Income Statement
For Year Ended December 31, 20--
Revenue from sales:
Sales $ 148,300
Less: Sales returns and allowances $ 1,380
Mark Sears: Note: Whether to be added or subtracted, enter all amounts as positive numbers unless otherwise indicated.
Less: Sales discounts 2,166 3,546
Cost of goods purchased Net sales $ 144,754
Mark Sears: Enter as a formula
Mark Sears: Note: Whether to be added or subtracted, enter all amounts as positive numbers unless otherwise indicated.
Cost of goods sold:
Merchandise inventory - Jan. 1 $ 26,500
Purchases $ 98,000
Less: Sales returns and allowances $ 2,180
Less: Sales discounts 1,960 93,860
Net purchases $ 4,140
Add: Freight-in 750
Cost of goods purchased 98,000
Goods available for sale $ 64,750
Less: Merchandise inventory - Dec. 31 33,250
Cost of goods sold (87,860)
Gross profit $ 56,894
Operating expenses:
Wages expense $ 23,800
Supplies expense 900
Telephone expense 1,100
Utilities expense 7,000
Insurance expense 1,000
Depr. exp. - equipment 3,100
Miscellaneous expense 3,800
Total operating expenses (40,700)
Income from operations $ 16,194
Other revenues:
Interest revenue $ 240
Other expenses:
Interest expense 720 960
Mark Sears: Enter as a formula that will result in a negative number.
Net income $ 15,234