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 $52,000 Terms: FOB shipping point Discount 2% if paid in 10 days, otherwise, n/45 COGS: $22,000 2-Jan Monsters Inc. pays freight 51,250 3-Jan Monsters Inc. purchased additional merchandise on account from Star Trek Enterprises $12,000 Terms: FOB destination Discount 1% if paid in 10 days, otherwise, n/45 COGS: $57,000 7-lan Star Trek Enterprises pays freight $575 10-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 1st. 22-Jan Star Trek gave Monsters Inc. a credit for damaged merchandise from purchase on the 3rd $1,200 31-Jan Star Trek Enterprises received payment from Monsters Inc. for purchase on the 3rd. 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 Star Trek Enterprises Monsters Inc. Transaction Account Debit Credit Transaction Account Debit Credit 1-Jan 1-Jan 2-Jan 2-Jan 3-Jan 3-Jan 7-Jan 7-Jan 10-Jan 10-Jan 22-Jan 22-Jan 31-Jan 31-JanAssets = Liabilities Equity Cash Sales Revenue - Sales Discounts 518,138 Accounts Payable S 309,392 54,144 S 18,000 54,144 518,138 |s 18,000 S 309,392 Sales Returns and Allowances Supplies Wages Payable Common Stock $2,763 $ 16,200 $ 6,980 S 42,550 $ 16,200 S 6,980 $2,763 S 42,550 Equipment ble Wages Expense S 107,900 S 2,000 Retained Earnings 599,265 S 22,630 $ 107,900 S 2,000 $99,265 Accumulated Depreciation - Equipment S 22,630 Supplies Expense 517,400 $6,980 Dividends $17,400 54,200 $6,980 Inventory $4,200 Depreciation Expense $85,000 $17,400 $17,400 $85,000 COGS Accounts Receivable $45,000 \fLiabilities Sales Revenue Equity - Sales Discounts 564,805 $64,805 Supplies Equipment S 12,250 S 12,250 Accumulated Depreciation - Equipment 5800 5800 Inventory $3,200 Accounts Payable S 1,250 S 1,250 $ 101,150 $ 101,150 $125 $125 Sales Returns and Allowances Common Stock $50 Wages Payable S 2,400 s 450 S50 $ 450 S 2,400 Wages Expense Retained Earnings 521,280 5 5670 $21,280 S 5670 Supplies Expense $100 $100 Depreciation Expense $800 $800 \fStar Trek Enterprises Adjusted Trial Balance July 31 current year Debit 18,138 16,200 Equipment Accumulated Depreciation Accounts Payable Wages Payable Insurance Payable Common Stock Retained Earnings Dividends Sales Revenue Sales Discounts Sales Returns and Allowances COGS Wages Expense Depreciation Expense Delivery Expense Supplies Expense 107,900 s 160,523 Monsters Inc. Adjusted Trial Balance July 31 current year Debit Equipment Accumulated Depreciation Accounts Payable Retained Earnings Dividends Sales Revenue Sales Discounts Sales Returns and Allowances COGS Wages Expense Depreciation Expense Delivery Expense Supplies Expense (Difference between debits and credits - you want this to be S0) 800 450 2,400 5,670 101,150 $ 110,470 S (67,205) (Difference between debits and credits - you want this to be $0) Star Trek Enterprises Income Statement For Period ending July 31, current year Revenue Sales Revenue Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense 99,265.00 Depreciation Expense 17,400.00 Delivery Expense - Supplies Expense 6,980.00 Total Expenses Monsters Inc. Income Statement For Period ending July 31, current year Revenue Sales Revenue Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Expenses Wages Expense 21,280.00 Depreciation Expense 800.00 Delivery Expense - Supplies Expense 100.00 Total Expenses Star Trek Enterprises Statement of Stockholder's Equity For period ending July 31, current year Common Stock Retained Earnings Beginning of Period 5 - Net Income Dividends Stock Additions 42,550.00 End of Period, December 31 $ 42,550 42,550 Monsters Inc. Statement of Stockholder's Equity For period ending July 31, current year Common Stock Retained Earnings Beginning of Period S 2,400 Net Income Dividends - Stock Additions S 160,523.00 160,523 End of Period, December 31 Star Trek Enterprises Balance Sheet July 31, current year Assets Liabilities Current Assets Cash S 18,138 Current Liabilities A/R Accounts Payable 18,000 Supplies $ 16,200 Wages Payable 6,980 Inventory Insurance Payable 2,000 Total Current Assets Total Liabilities 26,980 Property, Plant and Equipment Equipment Stockholder's Equity Accumulated Depreciation Common Stock 42,550 Book Value Retained Earnings Total P P & E Total Stockholder's Equity 42,550 Total Assets S Total Liabilities and Stocholder Equity 69,530 Monsters Inc. Balance Sheet July 31, current year Assets Liabilities Current Assets Cash Current Liabilities A/R 1,260 Accounts Payable Supplies 2,000 Wages Payable 450 Inventory Total Current Assets Total Liabilities 450 Property, Plant and Equipment Equipment Stockholder's EquityInventory Total Current Assets Property, Plant and Equipment Equipment Accumulated Depreciation Book Value Total PP&E Total Assets Section Journal Entries and Income Statement Labels Correct figures in T accounts Trial Balance balanced Net Income Statement Correct Satement of Shareholder Equity Correct Balance Sheets Correct Excel Usage Throughout * Total Total Liabilities Common Stock Retained Earnings Total Stockholder's Equity Total Liabilities and Stocholder Equity Points Available % correct Points Earned 8 0% 0.00 2 25% 0.50 0.5 0% 0.00 0.5 0% 0.00 0.5 0% 0.00 0.5 0% 0.00 8 0.00 20 0.50 Stockholder's Equity $ $ This portion (worth 8 points) is graded by the professor