Follow the step by step procedures provided to complete this problem for Copier Solutions for the month of April of the current year Display your reports as necessary to answer the questions Step 1 Start Integrated Accounting 8e Step 2 Load opening balances file IA8 Problem 05 A Step 3 Enter your name in the Your Name text box and click OK Step 4 Save the file with a file name of 05 A Your name Step 5 Enter the following budget amount changes resulting from an anticipated increase in sales projected by management Budget Changes Account Title Budget Total Revenue $585,000 00 Cost of Merchandise Sold $345,000 00 Advertising Expense $4,250 00 Salaries Expense $55,000 00 Step 6 Enter the following salaries reversing general journal transaction Salaries Reversing General Journal Transaction Apr 01 Using the adjustment data presented in Sample Problem 05 S as the basis for your reversing entries, the only entry that requires reversing is for salaries payable as shown below Reversing Entries Reversing entries are general journal entries made on the first day of a new accounting period that are the exact reverse of an adjusting entry made at the end of the previous period In this reversing entry, $495 80 of salaries from the previous accounting period applies to this accounting period Step 7 Enter the following purchase order, purchase invoice, and sales invoice transactions Purchase Order, Purchase Invoice, and Sales Invoice Transactions Apr 02 Sold the following merchandise to Malott Realty Co terms 2 10, n 30 7 sales tax Sales Invoice No 733 05 Sold the following merchandise to Morgan Home Center terms 2 10, n 30 7 sales tax Sales Invoice No 734 08 Sold the following merchandise to Carols Office Products terms 2 10, n 30 7 sales tax Sales Invoice No 735 10 The following merchandise was returned by J M Construction Co , 7 sales tax, Sales Return No R725 13 Sold the following merchandise to Baer Insurance Agency terms 2 10, n 30 7 sales tax Sales Invoice No 736 15 Ordered the following merchandise from Tokuda Corporation terms 2 10, n 30 Purchase Order No 269 18 Sold the following merchandise to Siegel Mortgage Co terms 2 10, n 30 7 sales tax Sales Invoice No 737 20 Sold the following merchandise to J M Construction Co terms 2 10, n 30 7 sales tax Sales Invoice No 738 21 Received the following merchandise for Purchase Order No 266 from Cody Industries, Inc , terms 2 10, n 30 Purchase Invoice No 428 23 Received the following merchandise for Purchase Order No 268 from Nozaki Corporation, terms 2 10, n 30 Purchase Invoice No 429 28 Sold the following merchandise to Klein Associates terms 2 10, n 30 7 sales tax Sales Invoice No 739 30 Sold the following merchandise to Florence Carpets terms 2 10, n 30 7 sales tax Sales Invoice No 740 Step 8 Enter the following cash payment and cash receipt transactions Cash Payment and Cash Receipt Transactions Apr 01 Received cash on account from Tasler Corporation, covering Sales Invoice No 726 for $6,194 23, less 2 discount, $123 88 03 Received cash for the maturity value of Note Receivable, $3,417 00 principal, $3,350 00, plus interest, $67 00 Cash Receipt No 27 05 Paid cash for insurance premium, $515 00 Check No 8449 07 Paid cash for supplies, $476 00 Check No 8450 10 Received cash on account from Florence Carpets, covering Sales Invoice No 731 for $1,587 05, less 2 discount, $31 74 15 Paid monthly rent, $1,250 00 Check No 8451 17 Received cash on account from Morgan Home Center, covering Sales Invoice No 716 for $1,678 79, less 2 discount, $33 58 19 Paid monthly heating and lighting bill, $357 65 Check No 8452 21 Paid cash for advertising, $120 00 Check No 8453 22 Paid cash for miscellaneous expense, $35 00 Check No 8454 25 Paid monthly telephone bill, $498 58 Check No 8455 27 Paid invoice 418 to REM Paper Company, $1,050 00, less 2 discount, $21 00 Check no 8456 29 Received cash on account from Siegel Mortgage Co , covering Sales Invoice No 732 for $7,151 35, less 2 discount, $143 03 30 Paid sales tax liability, $2,501 72 Check No 8457 30 Paid salaries expense, $3,294 82 Check No 8458 Step 9 Display the purchase order, purchase invoices, and sales invoice registers for the month of April Step 10 Display the general, purchases, cash payments, sales, and cash receipts journals for the month of April Step 11 Display the Schedule of Accounts Payable and Accounts Payable Ledger reports Step 12 Display the Schedule of Accounts Receivable and Accounts Receivable Ledger reports Step 13 Display a statement of account for J M Construction Co Step 14 Display an Inventory List report Step 15 Display the inventory transactions for April Step 16 Display the Inventory Exceptions report Step 17 Display the Yearly Sales report Step 18 Display a trial balance End of Month Activities After the monthly transactions have been processed, the adjusting entries must be entered into the computer and printed The financial statements may then be displayed The adjustment data for the month of April for Copier Solutions are listed here Insurance expired during April $312 00 Inventory of supplies $2,137 00 Depreciation for April Warehouse equipment $648 37 Office equipment $232 00 Salaries Payable $439 80 Step 1 Enter the adjusting entries Step 2 Display the adjusting entries Step 3 Check your work Step 4 Display the income statement Step 5 Display the statement of owners equity Step 6 Display the balance sheet Step 7 Display the budget report Step 8 Generate an Actual versus Budget graph Step 9 Use the Save menu item to save your data file Step 10 Use the Retirement Planner to calculate the annual contribution toward retirement using the following information Beginning Retirement Savings $7,500 00 Annual Yield (Percent) 5 25 Current Age 25 Retirement Age 65 Withdraw Until Age 85 Annual Retirement Income $75,000 00 Step 11 Optional spreadsheet and word processing integration activity Use a spreadsheet to create a business summary report, then use a word processor to format and enhance the appearance of the report for management The report should contain the cash balance, accounts receivable balance, accounts payable balance, net sales (sales minus sales discounts and sales returns allowances), and cost of merchandise sold from the current trial balance Spreadsheet a Display and copy the trial balance to the clipboard in spreadsheet format b Start your spreadsheet software and load template file IA8 Spreadsheet 05 S (If you completed the optional spreadsheet activity in Sample Problem 05 S, load your solution spreadsheet template file ) c Select cell A1 as the current cell, then paste the trial balance (copied to the clipboard in Step a) into the spreadsheet d Enter the appropriate label(s), cell references, and formulas (see Figure 5 24) e Print the summary report f Save the completed spreadsheet with a file name of 05 A Your Name Word Processing a Start your word processing application software and create a new document (Use a fixed font such as Courier ) b Copy and paste the spreadsheet summary report into the new document c Format and enhance the reports appearance similar to Figure 5 24 d Print the report e Save the document to your disk with a file name of 05 A Your Name f End your spreadsheet and word processing sessions Step 12 End the Integrated Accounting 8e session Account Debit Ref No Credit 2140 Salaries Payable 6160 Salaries Expense Rev Ent $495 80 $495 80 Description Office Fax Copier AMS 24 Ib Copy Paper Laser Copier Cartridge Quantity Sold Selling Price 2 1295 00 42 50 69 00

Question: Follow the step-by-step procedures provided to complete this problem for Copier Solutions for the month of April of the current year. Display your reports as

Follow the step-by-step procedures provided to complete this problem for Copier Solutions for the month of April of the current year. Display your reports as necessary to answer the questions.

Step 1: Start Integrated Accounting 8e.
Step 2: Load opening balances file IA8 Problem 05-A.
Step 3: Enter your name in the Your Name text box and click OK.
Step 4: Save the file with a file name of 05-A Your name.
Step 5: Enter the following budget amount changes resulting from an anticipated increase in sales projected by management.

Budget Changes

Account Title Budget
Total Revenue ................................................$585,000.00
Cost of Merchandise Sold ............................$345,000.00
Advertising Expense .........................................$4,250.00
Salaries Expense .............................................$55,000.00

Step 6: Enter the following salaries reversing general journal transaction.

Salaries Reversing General Journal Transaction
Apr. 01

Using the adjustment data presented in Sample Problem 05-S as the basis for your reversing entries, the only entry that requires reversing is for salaries payable as shown below.
Reversing Entries €“ Reversing entries are general journal entries made on the first day of a new accounting period that are the exact reverse of an adjusting entry made at the end of the previous period.
In this reversing entry, $495.80 of salaries from the previous accounting period applies to this accounting period.

Account Debit Ref. No. Credit 2140 Salaries Payable 6160 Salaries Expense Rev.Ent. $495.80 $495.80

Step 7: Enter the following purchase order, purchase invoice, and sales invoice transactions:

Purchase Order, Purchase Invoice, and Sales Invoice Transactions

Apr. 02

Sold the following merchandise to Malott Realty Co.; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 733: Description Office Fax & Copier AMS 24 Ib. Copy Paper Laser Copier Cartridge Quantity Sold Selling Price 2 1295.00 42.50

Sold the following merchandise to Morgan Home Center; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 734: Account Debit Ref. No. Credit 2140 Salaries Payable 6160 Salaries Expense Rev.Ent.

Sold the following merchandise to Carol€™s Office Products; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 735: $495.80 $495.80 Description Office Fax & Copier AMS 24 Ib. Copy Paper

The following merchandise was returned by J & M Construction Co., 7% sales tax, Sales Return No. R725: Laser Copier Cartridge Quantity Sold Selling Price 2 1295.00 42.50 69.00

Sold the following merchandise to Baer Insurance Agency; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 736:

Ordered the following merchandise from Tokuda Corporation; terms 2/10, n/30. Purchase Order No. 269.

Sold the following merchandise to Siegel Mortgage Co.; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 737:

Sold the following merchandise to J & M Construction Co.; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 738:

Received the following merchandise for Purchase Order No. 266 from Cody Industries, Inc., terms 2/10, n/30. Purchase Invoice No. 428.

Received the following merchandise for Purchase Order No. 268 from Nozaki Corporation, terms 2/10, n/30. Purchase Invoice No. 429.

Sold the following merchandise to Klein & Associates; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 739:

Sold the following merchandise to Florence Carpets; terms 2/10, n/30; 7% sales tax; Sales Invoice No. 740:

Step 8: Enter the following cash payment and cash receipt transactions:

Cash Payment and Cash Receipt Transactions
Apr. 01

Received cash on account from Tasler Corporation, covering Sales Invoice No. 726 for $6,194.23, less 2% discount, $123.88.

Received cash for the maturity value of Note Receivable, $3,417.00; principal, $3,350.00, plus interest, $67.00. Cash Receipt No. 27.

Paid cash for insurance premium, $515.00. Check No. 8449.

Paid cash for supplies, $476.00. Check No. 8450.

Received cash on account from Florence Carpets, covering Sales Invoice No. 731 for $1,587.05, less 2% discount, $31.74.

Paid monthly rent, $1,250.00. Check No. 8451.

Received cash on account from Morgan Home Center, covering Sales Invoice No. 716 for $1,678.79, less 2% discount, $33.58.

Paid monthly heating and lighting bill, $357.65. Check No. 8452.

Paid cash for advertising, $120.00. Check No. 8453

Paid cash for miscellaneous expense, $35.00. Check No. 8454.

Paid monthly telephone bill, $498.58. Check No. 8455.

Paid invoice 418 to REM Paper Company, $1,050.00, less 2% discount, $21.00. Check no. 8456.

Received cash on account from Siegel Mortgage Co., covering Sales Invoice No. 732 for $7,151.35, less 2% discount, $143.03.

Paid sales tax liability, $2,501.72. Check No. 8457.

Paid salaries expense, $3,294.82. Check No. 8458.

Step 9: Display the purchase order, purchase invoices, and sales invoice registers for the month of April.
Step 10: Display the general, purchases, cash payments, sales, and cash receipts journals for the month of April.
Step 11: Display the Schedule of Accounts Payable and Accounts Payable Ledger reports.
Step 12: Display the Schedule of Accounts Receivable and Accounts Receivable Ledger reports.
Step 13: Display a statement of account for J & M Construction Co.
Step 14: Display an Inventory List report.
Step 15: Display the inventory transactions for April.
Step 16: Display the Inventory Exceptions report.
Step 17: Display the Yearly Sales report.
Step 18: Display a trial balance.

End-of-Month Activities
After the monthly transactions have been processed, the adjusting entries must be entered into the computer and printed. The financial statements may then be displayed. The adjustment data for the month of April for Copier Solutions are listed here.

Insurance expired during April ......................................... $312.00
Inventory of supplies ...................................................... $2,137.00
Depreciation for April:
Warehouse equipment....................................................... $648.37
Office equipment................................................................ $232.00
Salaries Payable .................................................................. $439.80

Step 1: Enter the adjusting entries.
Step 2: Display the adjusting entries.
Step 3: Check your work.
Step 4: Display the income statement.
Step 5: Display the statement of owner€™s equity.
Step 6: Display the balance sheet.
Step 7: Display the budget report.
Step 8: Generate an Actual versus Budget graph.
Step 9: Use the Save menu item to save your data file.
Step 10: Use the Retirement Planner to calculate the annual contribution toward retirement using the following information:

Beginning Retirement Savings ........................ $7,500.00
Annual Yield (Percent) ................................................ 5.25
Current Age..................................................................... 25
Retirement Age............................................................... 65
Withdraw Until Age ....................................................... 85
Annual Retirement Income ........................... $75,000.00

Step 11: Optional spreadsheet and word processing integration activity.
Use a spreadsheet to create a business summary report, then use a word processor to format and enhance the appearance of the report for management. The report should contain the cash balance, accounts receivable balance, accounts payable balance, net sales (sales minus sales discounts and sales returns & allowances), and cost of merchandise sold from the current trial balance.

Spreadsheet:
a. Display and copy the trial balance to the clipboard in spreadsheet format.

b. Start your spreadsheet software and load template file IA8 Spreadsheet 05-S. (If you completed the optional spreadsheet activity in Sample Problem 05-S, load your solution spreadsheet template file.)
c. Select cell A1 as the current cell, then paste the trial balance (copied to the clipboard in Step a) into the spreadsheet.
d. Enter the appropriate label(s), cell references, and formulas (see Figure 5.24).
e. Print the summary report.
f. Save the completed spreadsheet with a file name of 05-A Your Name.

Word Processing:
a. Start your word processing application software and create a new document. (Use a fixed font such as Courier.)
b. Copy and paste the spreadsheet summary report into the new document.
c. Format and enhance the report€™s appearance similar to Figure 5.24.
d. Print the report.
e. Save the document to your disk with a file name of 05-A Your Name.
f. End your spreadsheet and word processing sessions.

Step 12: End the Integrated Accounting 8e session.

Account Debit Ref. No. Credit 2140 Salaries Payable 6160 Salaries Expense Rev.Ent. $495.80 $495.80 Description Office Fax & Copier AMS 24 Ib. Copy Paper Laser Copier Cartridge Quantity Sold Selling Price 2 1295.00 42.50 69.00

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PO Number 269 Invoice Number 428 429 PO Date 0415 Invoice Date 0421 0423 Copier Solutions Purchase Order Register 0430 Vendor Name Tokuda Corporation Total Amount Copier Solutions Purchase Invoice Reg... View full answer

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