Rick Perlman Enterprises (RPE) is a new Client who has the following Opening Balances in its...

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Rick Perlman Enterprises ("RPE") is a "new" Client who has the following Opening Balances in its General Ledger as of Nov. 1st. They use the Periodic Inventory system. All accounts have normal debit and credit side balances. Account Number Account Title General Ledger November 1 Opening Balance 101 Cash $337,500 110 Accounts Receivable 115 Notes Receivable 130,000 39,000 120 Inventory 200,000 125 Office Supplies 10,000 130 Prepaid Insurance 21,000 157 Equipment 64,500 158 Accumulated Depreciation - Equipment 25,000 201 Accounts Payable 135,000 210 Mortgage Payable 431,490 301 R. Perlman, Capital 210,510 Accounts Receivable Customer R. Davidson B. Herberts J. Jimenez Subsidiary Ledger Nov. 1 Opening Balance $ 15,000 75,000 40,000 Accounts Payable Vendor S. Leary R. Michaels D. Norelli Subsidiary Ledger Nov. 1 Opening Balance $ 39,000 45,000 51,000 30 Summary Cash Sales recorded were $37,900. (Totals - Nov. 21st thru Nov. 30th) 30 Paid Sales Salaries of $24,300; and Office Salaries of $13,600. T/B= Trial Balance Page 3 of 3 Pages Instructions (a) Record the November transactions in your General Journal, as necessary - number pages accordingly. (b) Open a General Ledger with the info provided. Post the Journal Entries to the Subsidiary accounts as necessary - Use the Accounts Receivable and the Accounts Payable Subsidiary Ledgers - also making all the appropriate postings to the General Ledger accordingly. Create and Number any New accounts as required in your Chart of Accounts; add them to your General Ledger in an orderly fashion as necessary. Enclose an updated Chart of Accounts with your completed paperwork. (c) Prepare a Trial Balance as of November 30, 2023, using a Worksheet in good form. Complete the Worksheet using the following additional information: 1) Office Supplies as of November 30th total $2700. 2) Existing insurance coverage expires April 30, 2024. 3) Annual Depreciation on the Equipment is $9,900. 4) Interest on the Note Payable (18% annual, due May 1, 2024) must be accrued. 5) Inventory as of November 30th is $150,000, as provided*. 6) Current portion of the Mortgage is 6 months (at $3785 monthly) 7) Cost of Goods Sold - see below*. Trial Balance - Totals-$1,106,700; Adjusted T/B-Totals-$1,105,000 (d) Journalize and Post the Adjusting and Closing entries. Use additional sheets of General Ledger paper as necessary (include Page #'s). Please make sure that your presentation is Neat, Well-Organized, and Complete. Note - Incomplete submissions will cost you points and likely will not help you to the fullest extent possible. Rick Perlman Enterprises ("RPE") is a "new" Client who has the following Opening Balances in its General Ledger as of Nov. 1st. They use the Periodic Inventory system. All accounts have normal debit and credit side balances. Account Number Account Title General Ledger November 1 Opening Balance 101 Cash $337,500 110 Accounts Receivable 115 Notes Receivable 130,000 39,000 120 Inventory 200,000 125 Office Supplies 10,000 130 Prepaid Insurance 21,000 157 Equipment 64,500 158 Accumulated Depreciation - Equipment 25,000 201 Accounts Payable 135,000 210 Mortgage Payable 431,490 301 R. Perlman, Capital 210,510 Accounts Receivable Customer R. Davidson B. Herberts J. Jimenez Subsidiary Ledger Nov. 1 Opening Balance $ 15,000 75,000 40,000 Accounts Payable Vendor S. Leary R. Michaels D. Norelli Subsidiary Ledger Nov. 1 Opening Balance $ 39,000 45,000 51,000 30 Summary Cash Sales recorded were $37,900. (Totals - Nov. 21st thru Nov. 30th) 30 Paid Sales Salaries of $24,300; and Office Salaries of $13,600. T/B= Trial Balance Page 3 of 3 Pages Instructions (a) Record the November transactions in your General Journal, as necessary - number pages accordingly. (b) Open a General Ledger with the info provided. Post the Journal Entries to the Subsidiary accounts as necessary - Use the Accounts Receivable and the Accounts Payable Subsidiary Ledgers - also making all the appropriate postings to the General Ledger accordingly. Create and Number any New accounts as required in your Chart of Accounts; add them to your General Ledger in an orderly fashion as necessary. Enclose an updated Chart of Accounts with your completed paperwork. (c) Prepare a Trial Balance as of November 30, 2023, using a Worksheet in good form. Complete the Worksheet using the following additional information: 1) Office Supplies as of November 30th total $2700. 2) Existing insurance coverage expires April 30, 2024. 3) Annual Depreciation on the Equipment is $9,900. 4) Interest on the Note Payable (18% annual, due May 1, 2024) must be accrued. 5) Inventory as of November 30th is $150,000, as provided*. 6) Current portion of the Mortgage is 6 months (at $3785 monthly) 7) Cost of Goods Sold - see below*. Trial Balance - Totals-$1,106,700; Adjusted T/B-Totals-$1,105,000 (d) Journalize and Post the Adjusting and Closing entries. Use additional sheets of General Ledger paper as necessary (include Page #'s). Please make sure that your presentation is Neat, Well-Organized, and Complete. Note - Incomplete submissions will cost you points and likely will not help you to the fullest extent possible.

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