(Please read the rest on the pictures provided) Page 1 PRACTICE SET ACCOUNTING 3

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(Please read the rest on the pictures provided) Page 1 PRACTICE SET ACCOUNTING 3341 (5133) FALL 2018 This summari practice set is intended to refresh your basic accounting skills by requiring you to record, ze, and report the results of a basic set of accounting transactions for a sample company. HOW TO PROCEED Enter the current period transactions in the General Journal. Use the journal entry number for each transaction as a reference. It is not necessary to include an explanation for the entries in this problem. Enter the beginning balances for each account in the General Ledger and post the current period journal 2. entries to the accounts in the General Ledger Balance each account in the General Ledger List each account balance on the Unadjusted Trial Balance re-balance each account. 3. 5. Record the adjusting entries in the General Journal. Post the adjusting entries to the General Ledger and 6. List each account balance on the Adjusted Trial Balance. 7. Prepare a multiple-step Income Statement, a Statement of Retained Eamings, and a classified Balance Sheet. 8.Record the year-end closing entries in the General Journal, post them to the General Ledger, and re-balance 9. Prepare a Post-Closing Trial Balance. each account. REQUIREMENTS COMPLETE THE FOLLOWING FOR THE PERIOD CURRENTLY ENDED: 1. General Journal- should include current period entries, adjusting entries and closing entries 2. General Ledger- with all journal entries appropriately posted. 3. Unadjusted Trial Balance-which you will complete prior to making adjusting entries. 4. Adjusted Trial Balance- which you will use to prepare the financial statements 5. Income Statement (Multiple Step)- including Eanings-Per-Share. 6. Statement of Retained Earnings. 7. Balance Sheet (Classified). 8. Post-Closing Trial Balance. NOTE: All of the above must be submitted inside this bound workbook and in page number sequence in order to insure uniformity in the grading proces. If your practice set is submited in any other form, credit will be deducted for failure to follow instructions.

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As per Chegg Policy, Only 4 subparts in a question can be answered. Request you to post balance of subparts (point no 7 onwards) in seperate question.

Part-1

Part 2,3,5:

Part 4 &6:

Event Account Debit Credit 1 Merchandise Inventory 900900 1 Accounts Payable 900900 2a Accounts Receivable 1502800 2a Sales Revenue 1502800 2a Cost of Goods Sold 924000 2a Merchandise Inventory 924000 3 Cash 875000 3 Accounts Receivable 875000 4 Accounts Payable 470300 4 Cash 470300 5 Telephone & Utility Expense 20200 5 Cash 20200 6 Salaries and Wages Expense 350000 6 Cash 350000 7 Rent Expense 47000 7 Cash 47000 Adj: 8 Cost of Goods Sold 400 Working-1 8 Merchandise Inventory 400 9 Depreciation Expense 11250 (250000-25000)/20 9 Accumulated Depreciation-Equipment 11250 10 Income Tax Expense 48000 10 Income Tax Payable 48000

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