Wizard Computers is a retail business dealing in sales of computers and equipment. In addition, the company provides installation and servicing of computer systems. The clientele includes wholesale and retail businesses, professionals, and private individuals. It is both a merchandising and service business. It is owned by a small number of investors from Inman, South Carolina, with John Jones as the controlling investor. The following journals should be included in your accounting for the company: 

• Sales Journal 

• Cash Receipts Journal 

• Purchases Journal 

• Cash Payments Journal 

• General Journal The trial balance for November is included. The accounts receivable and accounts payable ledgers for November are also included. Cash sales are recorded at the end of each week. All sales on account are subject to terms of 2/10, and n/30. All purchases on account are subject to terms of 3/15, and n/30.Totals of the Special Journals should be posted to General Ledger weekly.

Instructions

1. Post the balances from the trial balance to the appropriate General Ledger accounts.

2. Post the balances from the accounts receivable and accounts payable totals for Nov. to the ledgers.

3. Post all transactions for December to the appropriate journals and ledgers.

4. Prepare a trial balance for December.

5. Prepare a schedule of accounts receivable and accounts payable for the end of December.

6. Journalize and post the adjusting entries based on the following information.

7. a. Allowance for Doubtful accounts should be 10% of total accounts receivable for the year. 

b. Inventory at December 31st is: 

• Computers $123.879.41 

• Other computer equipment 97,359.22 

• Office supplies 539.42

 • Store supplies 2,768.39 

c. Insurance expired December 31st at 3,275.00 

d. Depreciation is straight line 

• Building 16,750.00 

• Office Equipment 3,111.00 

• Store Equipment 247.00 

e. Accrued Salaries: 

• Sales Salaries 3,147.00 

• Officers’ Salaries 1,500.00 

• Office Salaries 220.00

8. Prepare financial statements for year-end

9. Journalize and post-closing entries

10. Prepare a post-closing trial balance

Trial Balance November 30, 20XX 

Cash $149,372.55 

Petty Cash 400.00 

Accounts Receivable 21,761.00 

Allowance for Doubtful Accounts 1,232.00 

Inventory – Computers 150,732.00 

Inventory – Other Computer Equipment 100,997.47

Store Supplies 1,502.00 

Office Supplies 273.00 

Prepaid Insurance 10,373.00 

Land 40,000.00 Building 150,000.00 Accumulated Depreciation – Building 22,479.00 Office Equipment 10,964.22 Accumulated Depreciation – Office Equipment 4,792.00 Store Equipment 1,562.00 Accumulated Depreciation – Store Equipment 947.00 Accounts Payable 9,444.00 Salaries Payable Federal Income Tax Payable FICA Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable Cash Dividend Payable Notes Payable 50,000.00 Common Stock, $10 PAR (27,000) 270,000.00 Preferred Stock, $100 PAR (800) 80,000.00 Paid In Excess – Common Stock 50,000.00 Paid In Excess – Preferred Stock Retained Earnings 46,206.75 Cash Dividends 14,700.00 Sales – Computers 379,374.00 Sales – Other Computer Equipment 422,978.00 Sales – Computer Services 110,947.00 Sales Returns & Allowances 398.53 Sales Discounts 1,957.63 Purchases – Computers 397,532.97 Purchases – Other Computer Equipment 214,125.79 Purchase Returns and Allowances 273.00 Purchase Discounts 975.42 Freight Expense 943.47 Sales Salaries Expense 63,753.00 Officers’ Salaries Expense 44,000.00 Office Salaries Expense 12,870.00 Advertising Expense 22,473.00 Depreciation Expense – Building Depreciation Expense – Office Equipment 102.00 Depreciation Expense – Store Equipment 201.00 Office Supplies Expense Store Supplies Expense Payroll Taxes Expense 13,253.92 Utilities Expense 6,934.22 Repairs & Maintenance Expense 3,793.00 Property Taxes Expense 9,672.40 Bad Debt Expense Insurance Expense Professional Fees Expense Interest Expense 5,000.00 ____________

Accounts Receivable Schedule November, 20XX Akins Builders 527.00 Ortega Investments 3,127.00 Shore Properties, Inc. 3,200.00 Daniel Grayson, Attorney at Law 521.00 Johnson Construction Company (12/7) 5,700.00 Kenya & Sons Developers 2,100.00 Orlando Professional Plaza 749.00 Silk Preparatory School 4,100.00 Mark Taylor, JD 1,737.00

Accounts Payable Schedule November 20XX Southeast Computers 2,030.00 Orlando Tabloid 3,275.00 Arthur Gotts, CPA 675.00 Digital Supplies, Inc. 3,464.00

December Transactions Record each of the following transactions in the appropriate journal. Dec 1 Received a check for $3,136.00 from Shore Properties, Inc. in payment of our invoice of Nov 22 for $3,200.00, less discount. (CRJ) Dec 1 Sold merchandise on account to McBooks Bookstore, Invoice # 707; computers, $749.00; peripherals, $675.00. (SJ) Dec 1 Issued check #1102 for $1,989.40 to Southeast Computers in payment of their Nov invoice of $2,030 for computers. (CPJ) Dec 2 Purchased store supplies on account from Chung Store Supplies & Equipment Co., for $395. (PJ) Dec 2 Issued check #1103 for $360 to Jefferson Insurance Agency for the premium on a $40,000 policy for one year beginning December 1. (CPJ) Dec 2 Issued check #1104 for $1,397 to Bellevue Advertising for store advertising materials. (CPJ) Dec 2 Issued check #1105 for $3,275 to the Orlando Tabloid for newspaper advertising for the month of Nov. (CPJ) Dec 3 Sold computers on account to Botero Exporters, Inc., invoice #708, for $5,475. (SJ) Dec 3 Issued check #1106 for $9,349 to Joe’s Furniture for the purchase of new office equipment for the office. (CPJ) Dec 3 Received an invoice for $747 from Wee, Cheatum & Howe, Attorneys for legal services. Dec 3 Purchased computers on account for $7,449 from Southeast Computers. Dec 3 Purchased peripherals on account from Computer Supply, Inc. for $3,468. Dec 3 Cash sales for Dec 1-3 were as follows: peripherals, $10,432; computers, $7,357. Dec 6 Received a check for $2,058 from Kenya & Sons Developers in payment of our invoice of Nov. 25 for $2,100, less discount Dec 6 Sold computers on account to Shore Properties Inc., Invoice #709, for $979. Dec 6 Declared dividends, payable on Dec 20, to stockholders of record on Dec 13, as follows: a. Quarterly cash dividends of $1.00 per share on common stock outstanding b. Quarterly cash dividends of $3.00 per share on preferred stock outstanding. Dec 6 Issued check #1107 for $7,483 to Hal Computers for the purchase of computers. Dec 6 Purchased $865 of office supplies and $1,234 of store supplies on account from Office Staples. Dec 6 Issued check #1108 for $842 to Larry’s Roofing, Inc. for roof repair and maintenance. Dec 6 Received a check for $4,108 from Silk Preparatory School in payment of our invoice of Nov 29 for $4,100, less discount. Dec 7 Completed servicing and installing computers for Ortega Investments and billed them $12,493, Invoice #710, for professional services. Dec 7 Received a check for $5,586 from Johnson Construction Company in payment of our invoice of Nov 30 for $5,700, less discount. Dec 8 Sold computers on account to McBooks Bookstore, invoice #711, for $1,550. Dec 8 Issued check #1109 for $279 to Nhung Tran for plumbing repair. Dec 9 Received a check for $749 from Orlando Professional Plaza in payment of our invoice of Nov 14. Dec 9 Received a check for $130 from Office Staples for the return of office supplies previously purchased for cash. Dec 9 Sold computer servicing services on account to Page & Associates, Invoice #712, for $1,542. Dec 9 Issued check #1110 for $675 to Arthur Gotts for accounting Services for the month of Nov. Dec 10 Record the biweekly payroll in the general journal, details as follows: Sales Salaries $3,590 Office Salaries 585 Officers’ Salaries 2,000 Income Tax withheld 1,850 FICA tax withheld 432.25 Dec 10 Issued check #1111 for $3,892.75 to Payroll Bank Account in payment of the net payroll. Dec 10 Record the employer’s payroll taxes: FICA tax $432.25 SUTA tax 168.22 FUTA tax 19.42 Dec 10 Issued check #1112 to the Metro National Bank in payment of payroll taxes: FICA tax $864.50 Employees’ FIT 1,850 Dec 10 Cash sales for the week ended Dec 10 were as follows: computers, $6,947; peripherals, $783; servicing, $947. Dec 12 Received a check for $1,737 from Mark Taylor, JD in payment of our invoice of Nov 15 for $1,737. Dec 12 Received a check for $1,395.52 from McBooks Bookstore in payment of our invoice for $1,424, less discount. Dec 12 Received a check for $5,365.50 from Botero Exports in payment of our invoice for $5,475, less discount. Dec 12 Sold computers on account to Kenya & Sons, invoice #713, for $4,319. Dec 13 Issued check #1113 for $373.22 to Orlando Power and Light for electricity. Dec 14 Sold an additional 10,000 shares of common stock for $230,000. Dec 14 Purchased computers on account from Southeast Computers for $9,310. Dec 14 Issued check #1114 for $132.22 to Bell Telephone Company. Dec 15 Issued check #1115 for $63.22 to Orlando Water for water and sewer charges. Dec 17 Received a check for $979 from Shore Properties, Inc. in payment of our invoice, no discount. Dec 17 Cash sales for the week ended Dec 17 were as follows: computers, $7,492; peripherals, $1,532; servicing, $737. Dec 18 Received a check for $1,519 from McBooks Bookstore in payment of our invoice for $1,550, less discount. Dec 19 Issued check #1116 for $175 to Sam’s Janitorial Services for cleaning. Dec 20 Issued check #1117 to the Metro National Bank for the cash dividends previously declared. Dec 24 Record the biweekly payroll, details as follows: Sales Salaries $3,674 Office Salaries 585 Officers’ Salaries 2,000 FIT withheld 1,422 FICA withheld 434 Dec 24 Issued check #1118 for $4,403 to Payroll Bank Account in payment of net payroll. Dec 24 Record the employer’s payroll taxes: FICA Tax $434 SUTA Tax 92.75 FUTA Tax 13.42 Dec 24 Issued check #1119 to the Metro National Bank in payment of payroll taxes: FICA taxes $868 Employees’ FIT 1,422 Dec 24 Cash sales for the week ended Dec 24 were as follows: computers, $6,421; peripherals, $1,327. Dec 31 Cash sales for the week ended Dec 31 were as follows: computers, $1,573; peripherals, $679. Dec 31 Issued check #1120 for $312.49 to replenish the petty cash fund. Payments from the fund are as follows: Store Supplies, $142.99; Office Supplies, $152.27; Freight In, $17.23.

CAN SOMEONE PLEASE HELP ME UNDERSTAND THE INSTRUCTIONS OR GIVE AN EXAMPLE OF EACH