Instructions

This assignment is designed for practicing both the retailer$/$merchandiser accounting cycle and your basic excel skills.

Below are select sales transactions for two companies. You will need to enter the missing pieces of each transaction

on the journal entry tab. Each missing piece of information is highlighted in yellow. The only cell where an actual number

is to be input is on the journal entries worksheet. Please note: not every yellow cell requires input $($it could be left blank if appropriate$).$

After completing the journal entries, you must then complete the missing pieces of the T accounts, trial balance, and

statements highlighted in yellow. Only excel functions may be used to calculate the appropriate cell value on these pages.

DO NOT INPUT THE ACTUAL NUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS.

Use excel functions $($such as making a cell equal another from the journal entry page, summing numbers together, or using the

plus or minus symbols to help you find the appropriate number$).$ Your balance sheet should balance when you are complete.

Tip: After each journal entry, update the appropriate $T$ accounts.

Select Retailer$/$Merchandiser$-$Related Transactions:

$1-$Jan Monsters Inc. purchased merchandise on account from Star Trek Enterprises

Terms: FOB shipping point Discount $3\%$ if paid in $10$ days, otherwise, $\frac{n}{45}$

COGS: $,$$$10,250$

$2-$Jan Monsters Inc. pays freight

$$575$

$3-$Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises

Terms: FOB destination Discount $1\%$ if paid in $10$ days, otherwise, $\frac{n}{45}$

COGS:

$$2,300$

$7-$Jan Star Trek Enterprises pays freight

$$125$

$10-$Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the $1$st$.$

$22-$Jan Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the $3$rd

$31-$Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the $3$rd$.$

$$25,000$

$$4,500$

$$225$

Input instructions:

Journal Entries: If cash is received, make it the first debit in the entry

If cash is paid, make it the last credit in the entry

Debits are listed first, credits are listed second