ACC 1021 Mini Practice Set Project transactions Spring 2023 (Use the working papers provided by your instructor to work this project.) Scoops Ahoy Ice Cream Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Scoops Ahoy Ice Cream Co. are indicated in the working papers. Below are a series of transactions for Scoops Ahoy Ice Cream Co. for the month of May. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 43% of the sales price. Round all numbers to whole dollars. May. Sell merchandise on account to L. Sinclair $12,850, invoice no. 215, and to J. Hopper $15,225, 3 invoice no. 216. 5 Purchase merchandise from B. Newby $15,000 and M. Brenner $22,500, terms n/30. 7 Receive checks from D. Henderson $16,400 and M. Wheeler $7,500 after the discount period has lapsed. 8 Pay freight on merchandise purchased $575. 9 Send checks to M. Mayfield for $19,000 less 2% cash discount, and to B. Hargrove for $22,000 less 1% cash discount. 9 Issue credit of $5,200 to J. Hopper for merchandise returned. 10 Summary daily cash sales total $29,250. 11 Sell merchandise on account to J. Byers $16,600, invoice no. 217, and to D. Henderson $12,900, invoice no. 218. 12 Pay rent of $10,000 for May and June. 13 Receive payment in full from L. Sinclair and J. Hopper less cash discounts. 15 Withdrawal of $9,000 cash by R. Buckley for personal use. Post all entries to the subsidiary ledgers. 16 Purchase merchandise from B. Hargrove $15,090, terms 1/10, n/30; M. Mayfield $14,200, terms 2/10, n/30; and B. Newby $21,500, terms n/30. 17 Pay $1,200 cash for office supplies. 18 Summary daily cash sales total $30,100. 20 Return $1,450 of merchandise to M. Mayfield and receive credit. 21 Issue $23,000 note, maturing in 90 days, to S. Harrington in payment of balance due. 21 Receive payment in full from D. Henderson less cash discount. 22 Sell merchandise on account to L. Sinclair $22,700, invoice no. 219, and to J. Byers $34,200, invoice no. 220. Post all entries to the subsidiary ledgers. 23 Send checks to B. Hargrove and M. Mayfield in full payment less cash discounts. 25 Sell merchandise on account to M. Wheeler $55,250, invoice no. 221, and to J. Hopper $36, 100, invoice no. 222. 27 Purchase merchandise from B. Hargrove $14,500, terms 1/10, n/30; M. Brenner $12,409, terms n/30; and B. Newby $15,400, terms n/30. Post all entries to the subsidiary ledgers. 28 Pay $500 on account for office supplies. 31 Summary daily cash sales total $28,500. 31 Pay salaries and wages of $9,500. (continued) Page 1 of 2ACC 1021 MP Set Project Spring 2023 100 points 1. Use the working papers for this problem I've posted on our class in D2L: Be careful to print all 16 sheets! 2. This project must be completed by hand, in pencil or erasable pen. You will need to scan your project into D2L or drop it off at my office. 3. This company uses the perpetual system of inventory. 4. Check figures: Cash Receipts Journal, total Cash DR: $ 146,810 Cash Payments Journal, total Cash CR: 98,020 Net Income: 133,468 Total Assets: 345,948 Total Post Closing Trial Balance: 352,289 5. Legibility, neatness, and correct use of posting references will count towards total points. 6. DUE DATE: Saturday, April 8 @ 11:59pm. Late submissions will automatically lose 25 points per day it is late. Submissions will not be accepted after Apr 11. NO EXCEPTIONS!! You may turn MP Sets in before the 8th. You can also drop off at my office on the Centennial Campus in F-300 before the 8th.Name Lindsey Morrison Section Date 04/ 03 2023 Scoops Ahoy Ice Cream Co. (a) Sales Journal S1 Accounts Account Invoice Receiv. Dr. COGS Dr. Date Debited No. Ref. Sales Cr. Inventory Cr. 5/3 L. Sinclair 215 12, 850 5,783 5/3 J. Hopper 216 15225 6852 5 / 11 J. Byers 217 16,60 0 7, 470 5/11 D. Henderson 218 12, 900 5,805 5/12 L. Sinclair 219 22,700 10, 215 5/ 22 L Byers 220 34, 200 15,390 5/25 M.Wheeler 221 55, 250 24,863 5 /25 J . Hopper 222 361 10 0 16 245 205 , 825 92, 622 Purchases Journal P1 Account Inventory (Dr.) Date Credited Terms Ref. Acc. Pay (Cr.) 5 /5 B . Newby N/ 30 15, 000 5 /5 M. Brenner N / 30 22, 50 0 5 / 14 B . Hargrove 1/ 10 N / 30 15, 00 0 5 / 16 M. Mayfield 2/ 10 N / 30 14,200 5/16 B. Newby N / 30 21, 50 0 5/ 27 B. Hargrove 1/10 1 / 30 14.500 5/27 M. Brenner N/ 30 12 400 5 / 27 13. Newby N /30 15, 400 130, 500Name Lindsey Morrison Section Date 04 /03 / 2023 Scoops Ahoy Ice Cream Co. (a) ( Continued ) Cash Receipts Journal CR1 Sales Accounts Other COGS Dr. Account Cash Discounts Receivable Sales Accounts Inventory Date Credited Ref. Dr. Dr. Cr. Cr. er. 5/7 Duttenderson 16 400 6 400 M. Wheeler 7.500 7,500 5/10 29250 29 250 13, 163 5/43 L. Sinclair 12,593 257 12. 850 5/13 J. Hopper 14, 920 . 305 15 225 5/18 30,100 130, 100 13.645 5/ 21 0 . Henderson 12. 642 258 12, 900 5131 28, 500 28, 500 12, 825 151, 905 820 64,875 87850 39, 533Name Lindsey Morrison Section Scoops Ahoy Ice Cream Co. Date 04/03 / 23 (a) (Continued) Cash Payments Journal CP1 Other Accounts Merchandise Account Accounts Payable Inventory Cash Date Debited Ref. Dr. Dr. Cr. 5/ 8 Inventory 575 575 519 M. Mayfield 19,000 380 18 620 5/9 Botter grove 22,000 220 21,780 5 / 12 rent expense 0,OOO 10,0 0 0 5/15 owners drawing 9,00 0 9,00 0 5/ 17 Supplies 1 200 1200 5/231 B. Hararove 15 00 0 150 14, 850 5123 M. Mansfield 14, 200 284 13, 916 5/31 \\ Salaries and Wades 9, 50 0 9500 30.275 70,200 103LIName Lindsey Morrison Section Date 0 4 /03 23 (a) (Continued) and (e) General Journal G1 Date Account Titles Ref Debit Credit 5 / 9 Sales return 5, 200 Accounts recievable - J. Hopper 5, 200 Inventory 2,236 COGS 2.236 5/20/Accounts payable - M. Mayfield 1450 inventory 1450 5/21|Accounts payable - D. Henderson 23, 000 Notes bauable 23,000 Adjusting Entries 4 of 16Name Lindsey Morrison Section Date 04 / 03 / 2023 Scoops Ahoy Ice Cream Co. (b) and (e) General Ledger Cash No. 101 Date Explanation Ref. Debit Credit Balance May. 1 Balance 36,330 146,870 183, 140 98, 020 85, 120 Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance May. 1 Balance V 40,600 205, 825 246, 425 64 875 181,550 5: 200 176, 350 Notes Receivable No. 115 Date Explanation Ref. Debit Credit Balance May. 1 Balance 42,000 Inventory No. 120 Date Explanation Ref Debit Credit Balance May. 1 Balance 18,000 5/8 575 8 575 5/9 2.236 20 811 5/20 1450 19 361 5 /31 130,500 149, 861 5 /31 1034 148 8 27 5/311 92. 422 56, 205 5/31 3, 533 16, 672 Office Supplies No. 125 Date Explanation Ref. Debit Credit Balance May. 1 Balance 1,000 5/ 17 1200 2, 200 Prepaid Insurance No. 130 Date Explanation Ref. Debit Credit Balance May. 1 Balance 8,000 6 of 16Name Section Date Scoops Ahoy Ice Cream Co. (b) and (e) (Continued) Equipment No. 157 Date Explanation Ref Debit Credit Balance May. 1 Balance V 20,500 Accumulated Depreciation - Equipment No. 158 Date Explanation Ref Debit Credit Balance May. 1 Balance 6,000 Notes Payable No. 200 Date Explanation Ref. Debit Credit Balance 5/ 21 23, 000 23,000 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance May. 1 Balance 64,000 5/20 1450 65, 450 5/ 21 23,000 88, 450 5/31 70 200 158, 650 5/31 130, 500 28, 150 Interest Payable No. 202 Date Explanation Ref. Debit Credit Balance R. Buckley, Capital No. 301 Date Explanation Ref. Debit Credit Balance May. 1 Balance V 96,430 R. Buckley, Drawings No. 306 Date Explanation Ref. Debit Credit Balance 5/15 9,000 7 of 16Name Section Date (b) and (e) (Continued) Income Summary No. 350 Date Explanation Ref. Debit Credit Balance Sales No. 401 Date Explanation Ref. Debit Credit Balance 5/31 205,825 205, 825 81,850 293, 675 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance 5,200 5, 200 Sales Discounts No. 414 Date Explanation Ref. Debit Credit Balance 5/31 820 820 Cost of Goods Sold No. 505 Date Explanation Ref Debit Credit Balance 5 /31 92, 622 92 622 5/31 39, 533 519 2236 Salaries and Wages Expense No. 627 Date Explanation Ref. Debit Credit Balance 5/31 9500 9500 Depreciation Expense No. 711 Date Explanation Ref. Debit Credit Balance 8 of 16Name Section Date Scoops Ahoy Ice Cream Co. (b) and (e) (Continued) Interest Expense No. 718 Date Explanation Ref Debit Credit Balance Insurance Expense No. 722 Date Explanation Ref Debit Credit Balance Supplies Expense No. 728 Date Explanation Ref. Debit Credit Balance 5 200 1200 Rent Expense No. 729 Date Explanation Ref Debit Credit Balance 5/ 12 10,000 10, 000 9 of 16Name Section Date Scoops Ahoy Ice Cream Co. (b) (Continued) Accounts Receivable Subsidiary Ledger J. Byers Date Explanation Ref. Debit Credit Balance Balance 16 100 5/ 11 16 600 5/ 22 34, 200 J. Hopper Date Explanation Ref. Debit Credit Balance 5/3 15,225 5/25 36, 10 0 5, 200 M. Wheeler Date Explanation Ref Debit Credit Balance ma 1 Balance 1500 5/ 25 55, 250 D. Henderson Date Explanation Ref Debit Credit Balance may Balance 16 400 5/11 12, 900 5/21 23, 000 L. Sinclair Date Explanation Ref. Debit Credit Balance 5/3 12,850 12,850 5122 22 ,700 10 of 16Name Section Date Scoops Ahoy Ice Cream Co. (b) (Continued) Accounts Payable Subsidiary Ledger M. Brenner Date Explanation Ref Debit Credit Balance 5 /51 22, 500 22,500 5 / 27 12, 400 34, 900 M. Mayfield Date Explanation Ref. Debit Credit Balance may Balance 19,00 0 5/9 19,000 5/96 141 2010 5/23 14, 200 S. Harrington Date Explanation Ref. Debit Credit Balance may Balance 23,000 B. Hargrove Date Explanation Ref. Debit Credit Balance mau L Balance 22, 000 5/ 12 15,00 0 5/27 14, 50 0 5/221 22,000 5/ 23 15, 00 0 B. Newby Date Explanation Ref. Debit Credit Balance 5/5 15,00 0 15,000 5/16 21, 500 36,500 5/27 15, 400 51, 900