Instructions:

V$4\mathrm{.}22\mathrm{.}3$

Save the file with your name and project in the title. Example: LastnameFirstInitialProject

$1.$ Begin by entering the beginning balances in the General Ledger accounts from the Beginning Balance Sheet: all accounts have normal balances. Common Stock has $225,000$ shares issued and outstanding.

$2.$ Additional information: Company uses a perpetual inventory system $($discounts and freight are recorded in the inventory account$).$ Suppliers offer a $2\%$ discount; Company does not offer discounts to customers. No adjustment for inventory is needed. See picture below for assistance on journal entries.

$3.$ Record the following summarized September, $20$XX transactions using the general journal provided. Use a blank line between transactions. Use the account titles as shown in the General Ledger accounts, do not add any accounts.

a$.$ Purchased inventory on account, $$39,500$

b$.$ Paid $$1,500$ freight fees

c$.$ Sold inventory on account, $$29,500,$ cogs $$12,390$

d$.$ Paid Wages and Salaries, $$11,000,$ includes the amount due from previous month

e$.$ Received payments from customers on account, $$35,000$

f$.$ Cash sales, $$118,800,$ cogs $$49,896$

g$.$ Paid for $6$ months of business insurance, $$6,750$

h$.$ Paid for $12$ months of rent, $$15,000$

i$.$ Received cash advance payments from customers $$6,500$

j$.$ Paid outstanding accounts payable within the discount period, $$34,800$

k$.$ Completed $$2,500$ of work for customers that previously paid in advance $($use Sales Account$)$

$4.$ Post the transactions to the General Ledger accounts; use reference numbers when posting, calculate balance in each account after each posting. No explanation is necessary.

$5.$ Prepare a trial balance. Remember to date your statements.

Note: All trial balances are located in the same tab

$6.$ Journalize and post any $($monthly$)$ necessary adjusting entries; continue using the journal to record the entries. Hint: There are $3$ entries. After all adjusting entries have been posted all accounts will be used and have normal balances.

$7.$ Additional adjusting entry: Wages earned but not paid totaled $$1,500$

$8.$ Prepare an adjusted trial balance

$9.$ Prepare a multiple$-$step Income Statement $($Use ch$.4$ as a guide$),$ a Retained Earnings Statement, and a Classified $($Report form$)$ Balance Sheet $($use ch $5$ as a guide$)$: Use your book as a general guide for the format. Remember to date your statements. Examples are provided, only use the information you have.

$10.$ Journalize and post your closing entries

$11.$ Prepare a post$-$closing Trial Balance

$12.$ Remember to include your name and project in the name of the file before submitting!

$13.$ Your instructor is available to answer GENERAL questions. The instructor will NOT give you the account names for a transaction.

$14.$ Check Figures:

Trial balance before adjustment: $$440,550$ dr$/$cr

Unearned Revenue: $$4,000$ cr

Net Income: $$74,339$