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THE FANTASTIC DRESS SHOP PAYROLL REGISTER JANUARY AND FEBRUARY 201X Earnings Allow and Marital Status Employees Cum. Earnings Salary Reg O/T Gross Cum Earnings Jim Reed Emma Hyde Sue Bolton M-2 M-1 M-0 210000 330000 390 000 2 1 0 0 00 330 000 3 90 000 2 10 000 330 000 3 900.00 210000 330 000 390 000 Totals for Jan. 930000 9 30 000 990000 9 30 000 Jim Reed Emma Hyde Sue Bolton M-2 M-1 M-0 2 10 330 000 390000 210 000 330 000 39. Oooo 21 00 00 33 00 00 390 000 2 10 000 33 00 00 390000 42 00 00 66 00 00 780000 Totals for Feb. 9 30 000 930000 930000 18/60000 PAYROLL REGISTER Deductions 8 Taxable Earnings RICA Unemp. OASDI Medicare FICA Medicare Distribution Office Sales Salary Salary Expense Expense OASI FIT SIT Net Pay No. 300000 10000 E0000000020 32000 30000 Dodol 2020 300000 BODO DO EDO00020120 30 45 7000 47 as 23 900 56 5900 i 14 700 572 235 23/100 as 17 ss 22900 29 2965 210000 DOO 00 39 oooo 210000 20000 530000 30000 30000 szc500343 7230035100 E2025 310000 210000 10000 130 20 5045 7000 14700 07 2 235 30000 30000 330000 2.0 260 14785 25 900 20100 255755 300000 30000 300000 24030 9655 399.00 27000 292/9/6S 210000 33 00 00 390000 OS0000 30000 CEDO20 192CGO 13495 72000 69000 790055 210000 720000 2013 Mar. 1 Bach pald balance owed, no discount 2 Purchased merchandise from Thomas Company on account. 50.000: terms 1/10, 1/30 2 Paid $10 from the petty cash fund for cleaning package, voucher no. 13 consider ita cleaning expense). Sold merchandise to Young Company on account, $6.000, imdice no. 51; terms 2/30./30. Cost of inventory. $2,510 5 Paid S7 from the petty cash fund for postage, voucher no. 1 Sold merchandise to Young Company on account, 58,000, indicano. S terms 3/10, 6/30. Cost of inventory. 52,240 8 Paid S11 from the petty cash fund for first aid emergency, voucher na 20 Purchased merchandise from Thomas Company an account, 5.000 terms 1/30,6/30. 9 Poid 59 for delivery expense from petty cash fund, voucher no. 21. Relates to merchandise purchase Sold more merchandise to Young Company an account. 96.000, imice no. 59; terms 3/10, 9/30. Cost of inventory. 51,970. 9 Paid cleaning service, S100, check no. 110 10 Young Company returned merchandise sold for 52.200 from indice na 52: the Fantastic Dress Shop Issand credit nemo no. 10 to Young Company for $1.200. Cost of inventory returned, 31,025 11 Purchased merchandise from Johnsons Company on account, 556.000,terms 3/15.5/60. 12 Sold merchandise for $30,000 cash. Cost of inventory, 513,30 12 Pid Thomas Company invoice dated March 2, check no. 211. 1) Sold 35,000 of merchandise for cash. Cost of inventory, 12.900. 14 Returned merchandise to Johnsons Company in the amount of 51,000; the Fantastic Dress Shop issued debit meno no. 4 to Johnsons Company, 14 Peid 52 from the petty cash fund for delivery expense, voucher ne. 22. Relates to merchandise purchase 15 Poid tants due for FICA (OASDE and Medicare) and FIT for February payroll, check no. 112. 15 Bridget withdrew $250 for her own personal expenses, check no. 113. 15 Paid state income tax for February payroll, check no. 116. 16 Received payment from Young Company for invoice no. 52, less discount and return 16 Young Company paid vice no. 51.58.000 16 Sold merchandise to Bach Company on account, 54,600 invoice no. 54 3/10/30 Cost of Inventory, 51.840. ompletion of the Accounting Oyde for a Merchandise Company Using the Perpetual Tnventory Method 21 Purchased delivery truck an account from Manny's Garage $19,700 22 Sold merchandise to Young Company on account. 5.000, Invoice no. 58; terms 3/10, 1/30. Cost of Inventory, 52.650. 23 Pald Johnsons Company the balance owed, check no. 115. 24 Sold merchandise to Bach Company on account, $1,400, invoice no. 56; terms 1/10, 1/30. Cost of Inventory, 5720. 25 Purchased merchandise for $1,800, check no. 116. 27 Purchased merchandise from Danmark Company on account, $5,000; terms 1/10, 1/30. 27 Pald 53 postage from the petty cash fund, voucher no. 23. 28 Young Company paid invoice no. 55 dated March 22. less discount 28 Bach Company paid invoice no. 54 dated March 16. 29 Purchased merchandise from Thomas Company on account, 513.000; terms 1/10./30. 30 Sold merchandise to Danmark Company on account, 59,000, invoice no. 57; terms 3/10, 1/30. Cost of Inventory, 52,100. 30 Issued check no. 117 to replenish the petty cash fund to the same level. Assume no shortage of overage 30 Recorded payroll in payroll register 30 Journalized payroll entry (to be paid on 31st). 30 Journalised employer's payroll tax expense. 31 Pald payroll checks no.118, no. 119, and no. 120. Additional Data a. During March, rent expired, S550. Truck depreciated, $300. c. Rental income earned, $250 (one month's rent from sublexing). d. Bridget Duval's dress shop is located at 1 Milgate Rd., Marblehead, MA 01945. Its identification number is 33-4158215. HARRIED Persons-MONTHLY Payroll Period (For Wages Paid through December 2017) And the wages are And the runber of withholding allowances claimed is But less o 1 2 3 7 8 than The amount of income tax to be withheld is $3,400 53,40 5277 1226 3195 3.480 $101 3,440 333 567 283 212 181 139 105 3,480 3.520 339 289 238 187 149 3,520 109 3.560 345 295 193 147 113 79 3.560 3.600 351 301 250 199 151 111 83 1,600 3,640 357 100 256 205 155 121 1.640 3.ERO 363 37 262 211 161 125 91 3,680 3.720 369 265 217 167 129 3.120 95 3,760 375 274 223 13) 99 1,750 3.600 361 280 229 19 117 103 3,800 3.840 361 235 286 185 141 10 1.640 3.BO 392 3.920 241 191 292 3.8.10 145 111 39 3.960 299 197 405 149 115 304 253 201 153 119 3,960 4,000 411 310 259 200 158 123 4,000 4,040 417 316 265 215 4,040 4,000 164 127 423 322 271 4,000 221 170 131 4,120 429 328 277 227 135 4120 4160 176 435 102 334 283 233 120 182 106 4,150 4,200 461 340 280 230 18 143 110 4,200 4,740 447 346 4,240 295 245 184 141 453 352 301 251 200 151 118 4,200 4,320 459 358 307 4.J20 257 206 155 122 4.30 405 364 263 212 161 126 4.360 4.400 370 319 269 218 161 130 4,400 4,440 477 427 176 325 275 224 173 4,440 134 100 453 433 382 331 283 230 199 136 104 4,480 4.520 489 4 186 37 287 235 185 142 100 4,520 495 4.560 445 394 343 293 242 191 146 4,560 4,600 501 451 400 349 299 248 107 150 10 5175 34 S 2.120 60 361 371 379 sas 391 397 403 16 80 415 96 62 66 20 24 78 CHAPTER 12 Completion of the Accounting Cycle for a Merchandise Company Using the Perpetual Inventory Method 427 40 507 13 519 S 1 A 35 36 367 203 109 is 1 22 $79 12 15 424 30 436 12 3 1 ]] 120 1. iz 1 1. 40 144 3 49 s 43 469 45 481 43) 493 499 505 II 517 3 8. s 1 7 305 31 317 23 329 33$ 1 47 38 3 36 31 077 239 24. 260 266 2lz 278 z 290 296 302 A 3i4 zo 26 332 13A 9. 1 17 1/ 183 189, 195 201 207 213 i9 22 385 391 397 40) 409 15 Jai 98 fo2 10 fo 11 14 1 + 1 14 466 la 12 1 92 2, J1 17 1A 10 9 19, 401 4,600 4, 4,480 10 1760 4,800 140 ao 4,920 1,90 , .40 ,ao 12o 5,160 5, 5,240 20 520 ,36 Ao 40 480 zo 5, ,MOo HO ,a ,2o ko 5.00 50 ,MO 5,920 ,960 4.00 ,040 ,080 579 85 91 597 60 609 615 21 27 6 539 A 140 4,80 720 10 4, 40 4,880 4,920 4,960 5,000 5,40 5,080 5,120 5,160 ,ao 5,240 5,280 5.20 5,360 5,400 540 Ao 520 S 5,00 5,40 5.0 5,70 ,70 5,800 50 5,880 5,920 5,960 6, 6,040 6,080 4,20 +p) 17 + 49) 196 52 So 14 20 26 2 JB 12 1 I 168 i 10 186 192 198 20 dio 16 z 28 9 565 i 40) 439 5 4. S 46] 469 + 48 487 49] 499 350 3$ 32 3 1 142 16 150 14 16 166 1/2 II 10 IZ 8] 80 89 1 40 49 42s 431 43) 443 449 45 461 4 4O 263 19 t/ ta 287 29/ 99 30$ 311 5i/ 32] 29 5 31 7, S 19 3 071 /// 38. 39. 395 401 40) All 10 $95 601 M/ #13 69 625 * 6 3 669 550 556 52 $8 5. 80 392 39$ 4A I0 I A 128 505 51 I/ 24] 9 s 21 267 ? 27. 28$ 291 87 3] 309 35 321 27 333 39 S l 35) 14 19 196 202 d i4 t 26 22 01 68 687 69 699 $29 } 1 547 92 l4A 2 is) 16 I 17, III 187 19) 199 40 46 22 Bg A 20 26 282 28 24. 00 30 112 3ie 32 68/ H/ 69 65 641 66/ ip 9 485 ) 497 50] 509 5 l z/ Ho 60 510 616 22 ? 7 / 23 79 $9 565 S . 4 A fo AI 39 s 22 ? t zil / MyLab Accounting (60 min) L01,2 KEEPING IT REAL SUAREZ COMPUTER CENTER Using the worksheet in Chapter 11 for Suarez Computer Center, journalize and post the adjusting entries and prepare the financial statements. Mini Practice Set The Fantastic Dress Shop Reviewing the Accounting Cycle for a Merchandise Company This practice set will help you review all the key concepts of a merchandise company using the perpetual method of inventory valuation along with the integration of payroll, including the preparation of Form 941. Because you are the professional bookkeeper for the Fantastic Dress Shop, we have gathered the following information for you. It will be your task to complete the account- ing cycle for March using the knowledge and skills that you have acquired in this course. The company uses the perpetual inventory method. CHAPTER 12 Completion of the Accounting Cycle for a Merchandise Company Using the Perpetual Inventory Method 423 THE FANTASTIC DRESS SHOP POST-CLOSING TRIAL BALANCE FEBRUARY 26, 2017 Cash Petty Cash Accounts Receivable Merchandise Inventory Prepaid Rem Dellery Truck Accumulated Depreciation Truck Accounts Payable AT Payable RICA.OASDI Payable TICA ... Medicare Payable SIT Payable SUTA Payable FUTA Payable Uneamed Rent Duval Capital Tocals Esso JEE.00 1000.00 dg do 00 1CE000 12 do 00 300 000 od 0.00 7128.00 11/20 269 70 CS100 CE 440 locso 100 000 12061270 22 ELE 80 22 EEE 00 Balances in subsidiary ledgers as of March 1 are as follows: Accounts Receivable Bach Co. 51.800 Danmark Co. Young Co. $2,000 Accounts Payable Danmark Co. Johnsons Co. Manny's Garage Thomas Co. Payroll is paid monthly I FICATE SUTAR FUTA CASDL 6.2% $127.200 Medicare 1.45% on all earnings 4.0 on $7.000 0.6% 57.000 7% Use the table provided at the end of this practice set. FIT The payroll register for January and February is provided. In March, salaries are as follows: Jim Reed Emma Hyde Sue Bolton 53.860 4.580 2.530 Your tasks are to do the following: 1. Set up a general ledger, accounts receivable subsidiary ledger, accounts payable subsidiary ledger, auxiliary petty cash record, and payroll register. (Be sure to update lodger accounts based on information given in the post-closing trial balance for February 28 before beginning.) 2. Journalize the transactions, prepare the payroll register, and prepare the auxiliary petty cash record 1. Update the accounts payable and accounts receivable subsidiary ledgers. 4. Post to the general ledger 5. Prepare a trial balance on a worksheet and complete the worksheet. 6. Prepare an income statement, statement of owner's equity and classified balance sheet, 7. Journalize the adjusting and closing entries. & Post the adjusting and closing entries to the lodget. . Prepare a post-closing trial balance. 10. Complete Form 941 and sign it for the quarter ending March 31, 2017 Chart of Accounts for the Fantastic Dress Shop Assets Revenge 110 Cash 410 Sales 111 Petty Cash 412 Sales Returns and Allowances 112 Accounts Receivable 414 Sales Discount 114 Merchandise Inventory 416 Rental Income 116 Prepaid Rent Cost of Goods Sold 120 Delivery Truck 121 Accumulated Depreciation, Truck 510 Cost of Goods Sold Liabilities Expenses 210 Accounts Payable 610 Sales Salaries Expense 212 Salaries Payable 611 Office Salaries Expense 214 Federal Income Tax Payable 612 Payroll Tax Expense 216 FICA-OASOT Payable 614 Cleaning Expense 218 PICA-Medicare Payable 616 Depreciation Expense, Truck 220 State Income Tax Payable 618 Rent Expense 222 SUTA Tax Payable 620 Postage Expense 224 RUTA Tax Payable 22 Delivery Expense 226 Unearned Rent 624 Miscellaneous Expense Owner's Equity 310 B. Duval, Capital 320 B. Duval, Withdrawals 330 Income Summary THE FANTASTIC DRESS SHOP PAYROLL REGISTER JANUARY AND FEBRUARY 2018 Earnings Allow and Marital Status Employees Curs Earnings Reg olt GO Cum Earnings Jim Reed M-2 Emma We Sue Bolton ECGD 210 000 sedda 330000 del 3900.00 200 000 210000 go 0 00 00 00 300 000 30 000 Totals for Edd00 30000 god 00 god00 Jim Reed Emma Hyde M-2 M-1 M- 2000 33 00 390000 Sue Bolton zidoo 210000 SEC doo 33 00 00 gedoo 390 000 2 clolaco 420 000 33 000 660000 200000 78 00 00 Totals for Feb gooo CECCOO 30000 Slaloooo 18 ddoo THE FANTASTIC DRESS SHOP PAYROLL REGISTER JANUARY AND FEBRUARY 201X Earnings Allow and Marital Status Employees Cum. Earnings Salary Reg O/T Gross Cum Earnings Jim Reed Emma Hyde Sue Bolton M-2 M-1 M-0 210000 330000 390 000 2 1 0 0 00 330 000 3 90 000 2 10 000 330 000 3 900.00 210000 330 000 390 000 Totals for Jan. 930000 9 30 000 990000 9 30 000 Jim Reed Emma Hyde Sue Bolton M-2 M-1 M-0 2 10 330 000 390000 210 000 330 000 39. Oooo 21 00 00 33 00 00 390 000 2 10 000 33 00 00 390000 42 00 00 66 00 00 780000 Totals for Feb. 9 30 000 930000 930000 18/60000 PAYROLL REGISTER Deductions 8 Taxable Earnings RICA Unemp. OASDI Medicare FICA Medicare Distribution Office Sales Salary Salary Expense Expense OASI FIT SIT Net Pay No. 300000 10000 E0000000020 32000 30000 Dodol 2020 300000 BODO DO EDO00020120 30 45 7000 47 as 23 900 56 5900 i 14 700 572 235 23/100 as 17 ss 22900 29 2965 210000 DOO 00 39 oooo 210000 20000 530000 30000 30000 szc500343 7230035100 E2025 310000 210000 10000 130 20 5045 7000 14700 07 2 235 30000 30000 330000 2.0 260 14785 25 900 20100 255755 300000 30000 300000 24030 9655 399.00 27000 292/9/6S 210000 33 00 00 390000 OS0000 30000 CEDO20 192CGO 13495 72000 69000 790055 210000 720000 2013 Mar. 1 Bach pald balance owed, no discount 2 Purchased merchandise from Thomas Company on account. 50.000: terms 1/10, 1/30 2 Paid $10 from the petty cash fund for cleaning package, voucher no. 13 consider ita cleaning expense). Sold merchandise to Young Company on account, $6.000, imdice no. 51; terms 2/30./30. Cost of inventory. $2,510 5 Paid S7 from the petty cash fund for postage, voucher no. 1 Sold merchandise to Young Company on account, 58,000, indicano. S terms 3/10, 6/30. Cost of inventory. 52,240 8 Paid S11 from the petty cash fund for first aid emergency, voucher na 20 Purchased merchandise from Thomas Company an account, 5.000 terms 1/30,6/30. 9 Poid 59 for delivery expense from petty cash fund, voucher no. 21. Relates to merchandise purchase Sold more merchandise to Young Company an account. 96.000, imice no. 59; terms 3/10, 9/30. Cost of inventory. 51,970. 9 Paid cleaning service, S100, check no. 110 10 Young Company returned merchandise sold for 52.200 from indice na 52: the Fantastic Dress Shop Issand credit nemo no. 10 to Young Company for $1.200. Cost of inventory returned, 31,025 11 Purchased merchandise from Johnsons Company on account, 556.000,terms 3/15.5/60. 12 Sold merchandise for $30,000 cash. Cost of inventory, 513,30 12 Pid Thomas Company invoice dated March 2, check no. 211. 1) Sold 35,000 of merchandise for cash. Cost of inventory, 12.900. 14 Returned merchandise to Johnsons Company in the amount of 51,000; the Fantastic Dress Shop issued debit meno no. 4 to Johnsons Company, 14 Peid 52 from the petty cash fund for delivery expense, voucher ne. 22. Relates to merchandise purchase 15 Poid tants due for FICA (OASDE and Medicare) and FIT for February payroll, check no. 112. 15 Bridget withdrew $250 for her own personal expenses, check no. 113. 15 Paid state income tax for February payroll, check no. 116. 16 Received payment from Young Company for invoice no. 52, less discount and return 16 Young Company paid vice no. 51.58.000 16 Sold merchandise to Bach Company on account, 54,600 invoice no. 54 3/10/30 Cost of Inventory, 51.840. ompletion of the Accounting Oyde for a Merchandise Company Using the Perpetual Tnventory Method 21 Purchased delivery truck an account from Manny's Garage $19,700 22 Sold merchandise to Young Company on account. 5.000, Invoice no. 58; terms 3/10, 1/30. Cost of Inventory, 52.650. 23 Pald Johnsons Company the balance owed, check no. 115. 24 Sold merchandise to Bach Company on account, $1,400, invoice no. 56; terms 1/10, 1/30. Cost of Inventory, 5720. 25 Purchased merchandise for $1,800, check no. 116. 27 Purchased merchandise from Danmark Company on account, $5,000; terms 1/10, 1/30. 27 Pald 53 postage from the petty cash fund, voucher no. 23. 28 Young Company paid invoice no. 55 dated March 22. less discount 28 Bach Company paid invoice no. 54 dated March 16. 29 Purchased merchandise from Thomas Company on account, 513.000; terms 1/10./30. 30 Sold merchandise to Danmark Company on account, 59,000, invoice no. 57; terms 3/10, 1/30. Cost of Inventory, 52,100. 30 Issued check no. 117 to replenish the petty cash fund to the same level. Assume no shortage of overage 30 Recorded payroll in payroll register 30 Journalized payroll entry (to be paid on 31st). 30 Journalised employer's payroll tax expense. 31 Pald payroll checks no.118, no. 119, and no. 120. Additional Data a. During March, rent expired, S550. Truck depreciated, $300. c. Rental income earned, $250 (one month's rent from sublexing). d. Bridget Duval's dress shop is located at 1 Milgate Rd., Marblehead, MA 01945. Its identification number is 33-4158215. HARRIED Persons-MONTHLY Payroll Period (For Wages Paid through December 2017) And the wages are And the runber of withholding allowances claimed is But less o 1 2 3 7 8 than The amount of income tax to be withheld is $3,400 53,40 5277 1226 3195 3.480 $101 3,440 333 567 283 212 181 139 105 3,480 3.520 339 289 238 187 149 3,520 109 3.560 345 295 193 147 113 79 3.560 3.600 351 301 250 199 151 111 83 1,600 3,640 357 100 256 205 155 121 1.640 3.ERO 363 37 262 211 161 125 91 3,680 3.720 369 265 217 167 129 3.120 95 3,760 375 274 223 13) 99 1,750 3.600 361 280 229 19 117 103 3,800 3.840 361 235 286 185 141 10 1.640 3.BO 392 3.920 241 191 292 3.8.10 145 111 39 3.960 299 197 405 149 115 304 253 201 153 119 3,960 4,000 411 310 259 200 158 123 4,000 4,040 417 316 265 215 4,040 4,000 164 127 423 322 271 4,000 221 170 131 4,120 429 328 277 227 135 4120 4160 176 435 102 334 283 233 120 182 106 4,150 4,200 461 340 280 230 18 143 110 4,200 4,740 447 346 4,240 295 245 184 141 453 352 301 251 200 151 118 4,200 4,320 459 358 307 4.J20 257 206 155 122 4.30 405 364 263 212 161 126 4.360 4.400 370 319 269 218 161 130 4,400 4,440 477 427 176 325 275 224 173 4,440 134 100 453 433 382 331 283 230 199 136 104 4,480 4.520 489 4 186 37 287 235 185 142 100 4,520 495 4.560 445 394 343 293 242 191 146 4,560 4,600 501 451 400 349 299 248 107 150 10 5175 34 S 2.120 60 361 371 379 sas 391 397 403 16 80 415 96 62 66 20 24 78 CHAPTER 12 Completion of the Accounting Cycle for a Merchandise Company Using the Perpetual Inventory Method 427 40 507 13 519 S 1 A 35 36 367 203 109 is 1 22 $79 12 15 424 30 436 12 3 1 ]] 120 1. iz 1 1. 40 144 3 49 s 43 469 45 481 43) 493 499 505 II 517 3 8. s 1 7 305 31 317 23 329 33$ 1 47 38 3 36 31 077 239 24. 260 266 2lz 278 z 290 296 302 A 3i4 zo 26 332 13A 9. 1 17 1/ 183 189, 195 201 207 213 i9 22 385 391 397 40) 409 15 Jai 98 fo2 10 fo 11 14 1 + 1 14 466 la 12 1 92 2, J1 17 1A 10 9 19, 401 4,600 4, 4,480 10 1760 4,800 140 ao 4,920 1,90 , .40 ,ao 12o 5,160 5, 5,240 20 520 ,36 Ao 40 480 zo 5, ,MOo HO ,a ,2o ko 5.00 50 ,MO 5,920 ,960 4.00 ,040 ,080 579 85 91 597 60 609 615 21 27 6 539 A 140 4,80 720 10 4, 40 4,880 4,920 4,960 5,000 5,40 5,080 5,120 5,160 ,ao 5,240 5,280 5.20 5,360 5,400 540 Ao 520 S 5,00 5,40 5.0 5,70 ,70 5,800 50 5,880 5,920 5,960 6, 6,040 6,080 4,20 +p) 17 + 49) 196 52 So 14 20 26 2 JB 12 1 I 168 i 10 186 192 198 20 dio 16 z 28 9 565 i 40) 439 5 4. S 46] 469 + 48 487 49] 499 350 3$ 32 3 1 142 16 150 14 16 166 1/2 II 10 IZ 8] 80 89 1 40 49 42s 431 43) 443 449 45 461 4 4O 263 19 t/ ta 287 29/ 99 30$ 311 5i/ 32] 29 5 31 7, S 19 3 071 /// 38. 39. 395 401 40) All 10 $95 601 M/ #13 69 625 * 6 3 669 550 556 52 $8 5. 80 392 39$ 4A I0 I A 128 505 51 I/ 24] 9 s 21 267 ? 27. 28$ 291 87 3] 309 35 321 27 333 39 S l 35) 14 19 196 202 d i4 t 26 22 01 68 687 69 699 $29 } 1 547 92 l4A 2 is) 16 I 17, III 187 19) 199 40 46 22 Bg A 20 26 282 28 24. 00 30 112 3ie 32 68/ H/ 69 65 641 66/ ip 9 485 ) 497 50] 509 5 l z/ Ho 60 510 616 22 ? 7 / 23 79 $9 565 S . 4 A fo AI 39 s 22 ? t zil / MyLab Accounting (60 min) L01,2 KEEPING IT REAL SUAREZ COMPUTER CENTER Using the worksheet in Chapter 11 for Suarez Computer Center, journalize and post the adjusting entries and prepare the financial statements. Mini Practice Set The Fantastic Dress Shop Reviewing the Accounting Cycle for a Merchandise Company This practice set will help you review all the key concepts of a merchandise company using the perpetual method of inventory valuation along with the integration of payroll, including the preparation of Form 941. Because you are the professional bookkeeper for the Fantastic Dress Shop, we have gathered the following information for you. It will be your task to complete the account- ing cycle for March using the knowledge and skills that you have acquired in this course. The company uses the perpetual inventory method. CHAPTER 12 Completion of the Accounting Cycle for a Merchandise Company Using the Perpetual Inventory Method 423 THE FANTASTIC DRESS SHOP POST-CLOSING TRIAL BALANCE FEBRUARY 26, 2017 Cash Petty Cash Accounts Receivable Merchandise Inventory Prepaid Rem Dellery Truck Accumulated Depreciation Truck Accounts Payable AT Payable RICA.OASDI Payable TICA ... Medicare Payable SIT Payable SUTA Payable FUTA Payable Uneamed Rent Duval Capital Tocals Esso JEE.00 1000.00 dg do 00 1CE000 12 do 00 300 000 od 0.00 7128.00 11/20 269 70 CS100 CE 440 locso 100 000 12061270 22 ELE 80 22 EEE 00 Balances in subsidiary ledgers as of March 1 are as follows: Accounts Receivable Bach Co. 51.800 Danmark Co. Young Co. $2,000 Accounts Payable Danmark Co. Johnsons Co. Manny's Garage Thomas Co. Payroll is paid monthly I FICATE SUTAR FUTA CASDL 6.2% $127.200 Medicare 1.45% on all earnings 4.0 on $7.000 0.6% 57.000 7% Use the table provided at the end of this practice set. FIT The payroll register for January and February is provided. In March, salaries are as follows: Jim Reed Emma Hyde Sue Bolton 53.860 4.580 2.530 Your tasks are to do the following: 1. Set up a general ledger, accounts receivable subsidiary ledger, accounts payable subsidiary ledger, auxiliary petty cash record, and payroll register. (Be sure to update lodger accounts based on information given in the post-closing trial balance for February 28 before beginning.) 2. Journalize the transactions, prepare the payroll register, and prepare the auxiliary petty cash record 1. Update the accounts payable and accounts receivable subsidiary ledgers. 4. Post to the general ledger 5. Prepare a trial balance on a worksheet and complete the worksheet. 6. Prepare an income statement, statement of owner's equity and classified balance sheet, 7. Journalize the adjusting and closing entries. & Post the adjusting and closing entries to the lodget. . Prepare a post-closing trial balance. 10. Complete Form 941 and sign it for the quarter ending March 31, 2017 Chart of Accounts for the Fantastic Dress Shop Assets Revenge 110 Cash 410 Sales 111 Petty Cash 412 Sales Returns and Allowances 112 Accounts Receivable 414 Sales Discount 114 Merchandise Inventory 416 Rental Income 116 Prepaid Rent Cost of Goods Sold 120 Delivery Truck 121 Accumulated Depreciation, Truck 510 Cost of Goods Sold Liabilities Expenses 210 Accounts Payable 610 Sales Salaries Expense 212 Salaries Payable 611 Office Salaries Expense 214 Federal Income Tax Payable 612 Payroll Tax Expense 216 FICA-OASOT Payable 614 Cleaning Expense 218 PICA-Medicare Payable 616 Depreciation Expense, Truck 220 State Income Tax Payable 618 Rent Expense 222 SUTA Tax Payable 620 Postage Expense 224 RUTA Tax Payable 22 Delivery Expense 226 Unearned Rent 624 Miscellaneous Expense Owner's Equity 310 B. Duval, Capital 320 B. Duval, Withdrawals 330 Income Summary THE FANTASTIC DRESS SHOP PAYROLL REGISTER JANUARY AND FEBRUARY 2018 Earnings Allow and Marital Status Employees Curs Earnings Reg olt GO Cum Earnings Jim Reed M-2 Emma We Sue Bolton ECGD 210 000 sedda 330000 del 3900.00 200 000 210000 go 0 00 00 00 300 000 30 000 Totals for Edd00 30000 god 00 god00 Jim Reed Emma Hyde M-2 M-1 M- 2000 33 00 390000 Sue Bolton zidoo 210000 SEC doo 33 00 00 gedoo 390 000 2 clolaco 420 000 33 000 660000 200000 78 00 00 Totals for Feb gooo CECCOO 30000 Slaloooo 18 ddoo