Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic excel skills. Below are select sales transactions for Empire Corporation. 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. July 1: Empire Corporation purchased merchandise inventory on credit, terms 2/10, n/30, FOB Shipping point, for $2,000 from The Andujar Company. 2. July 1: Empire Corporation paid freight of $50 on the shipment from The Andujar Company. 3. July 8: Empire Corporation pays its invoice from July 1. 4. July 10: Empire sells merchandise on credit to Mark Ford, terms 2/10, n/60 FOB Destination for $1,500. (Empire's cost was $750) 5. July 10: Empire paid freight of $25 to ship the merchandise to Ford. 6. July 12: Ford returns $50 of merchandise (Empire's cost is $25). Empire credit's Ford's account. 7. July 22: Ford pays its invoice Transaction Sales related journal entries Account 1-Jul Inventory A/P Debit $2,000 Credit $2,000 Purchased merchandise with terms 2/10, n/30 1-Jul 8-Jul 10-Jul Paid delivery costs Paid invoice Sale of Merchandise w/ terms 2/10, 1/60 10-Jul Inventory 10-Jul Cost of Sales $750 Cash $25 Paid delivery costs 12-Jul Accounts Receivable $50 Return of sales 12-Jul COGS $25 Return of merchandise 22-Jul payment received 1. July 1: Empire Corporation purchased merchandise inventory on credit, terms 2/10, n/30, FOB Shipping paint, for $2,000 from The Andujar Company. 2. July 1: Empire Corporation paid freight of $50 (cash) on the shipment from The Andujar Company. 3. July 8: Empire Corporation pays its invoice from July 1. 4. July 10: Empire sells merchandise on credit to Mark Ford, terms 2/10, n/60 FOB Destination for $1,500. (Empire's cost was $750) 5. Empire paid freight of $25 (cash) to ship the merchandise to Ford. 6. July 12: Ford returns $50 of merchandise (Empire's cost is $25). Empire credit's Ford's account. 7. July 22: Ford pays its invoice Assets $43,138 Cash Liabilities Accounts Payable Sales Revenue $ 309,392 $ 18,000 $43,138 $ 18,000 $309,392 Supplies $ 16,200 $ 16,200 Equipment $ 116,100 Wages Payable $ 6,980 Common Stock $ 42,550 Equity Sales Discounts $4,144 $4,144 Sales Returns and Allowances $2,763 $ 6,980 $2,763 $ 42,550 Insurance Payable $ 2,000 Retained Earnings Wages Expense $94,500 $ 22,630 $ 116,100 $ 2,000 $94,500 Accumulated Depreciation - Equipment $11,600 $11,600 Inventory $60,000 $60,000 Accounts Receivable $10,000 $10,000 $ 22,630 Supplies Expense $6,980 Dividends $765 $765 $6,980 Depreciation Expense $11,600 $11,600 COGS $45,000 $45,000 Delivery Expense $1,962 $1,962 Debit Credit Cash A/R $ 43,138 Supplies $ 16,200 Inventory Equipment $ 116,100 Accumulated Depreciation $ 11,600 Accounts Payable Wages Payable $ 18,000 6,980 Insurance Payable 2,000 Common Stock Retained Earnings Dividends $ 42,550 22,630 $ 765 Sales Revenue Sales Discounts Sales Returns and Allowances COGS Wages Expense $ 94,500 Depreciation Expense $ 11,600 Delivery Expense Supplies Expense $ $ 6,980 289,283 $ 103,760 $ 185,523 (Difference between debits and credits - you want this to be $0) Revenue Sales Revenue Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense Depreciation Expense Delivery Expense Supplies Expense Total Expenses ssses $ 94,500.00 $ 11,600.00 $ $ 6,980.00 $ (113,080.00) $ (113,080.00) Common Stock Retained Earnings Total Beginning of Period $ $ Net Income $ Dividends $ Stock Additions $ 42,550.00 $ 42,550 End of Period, December 31 $ 42,550 $ 42,550 Assets Liabilities Current Assets Cash $ 43,138 A/R Current Liabilities Accounts Payable Supplies $ 16,200 Wages Payable Inventory Insurance Payable Total Current Assets Total Liabilities $ 18,000 $ 6,980 S 2,000 $ 26,980 Property, Plant and Equipment Equipment Accumulated Depreciation Book Value Total PP & E Total Assets Stockholder's Equity Common Stock $ 42,550 Retained Earnings $ Total Stockholder's Equity $ 42,550 $ Total Liabilities and Stocholder Equity $ 69,530