Question Details

(solution) Use the following information to complete the partial worksheet


Use the following information to complete the partial worksheet for Bill?s
Company. Record the appropriate adjusting entries using the data below and
extend the balances over to the adjusted trial balance columns.
Merchandise inventory?ending $10
Store supplies on hand
3
Depreciation on store equipment 2
Accrued salaries
1



GRADED PROJECT

 

Directions: Be sure to make an electronic copy of your answer before submitting

 

it to Ashworth College for grading. Unless otherwise stated, answer in complete

 

sentences, and be sure to use correct English spelling and grammar. Sources

 

must be cited in APA format. Your response should be a minimum of one

 

(1) single-spaced page to a maximum of two (2) pages in length; refer to the

 

?Assignment Format? page for specific format requirements. Part A

 

(40 points)

 

Use the following information to complete the partial worksheet for Bill?s

 

Company. Record the appropriate adjusting entries using the data below and

 

extend the balances over to the adjusted trial balance columns.

 

Merchandise inventory?ending $10 Store supplies on hand 3 Depreciation on store equipment 2 Accrued salaries 1

 

Bill?s Company

 

Partial Worksheet

 

For the Year Ended December 31st, 2012 Account Titles Trial Balance

 

Debit Merchandise Inv. Credit Debit Credit 10 Store Equipment Debit Adjusted

 

Trial Balance 16 Store Supplies Credit Adjustments 20 Accum. Depr. Store

 

Equip. 6 Salaries Payable

 

Income Summary

 

Salary Expense 10 Depreciation Expense

 

Store Supplies Exp. PRINCIPLES OF ACCOUNTING 1 49 Part B

 

(15 points each for a possible total of 60 points)

 

The Bixby Co. had the following transactions involving the purchase of

 

merchandise. Prepare the necessary general journal entries. Any applicable

 

freight costs are prepaid by the seller. The perpetual inventory method is in use.

 

June 16 Purchased merchandise having a price of $6,000 from the

 

Shelby Manufacturing Co. on account with credit terms 10, n/30.

 

Transportation terms F.O.B destination. June 16 Purchased merchandise having a price of $9,000 from the

 

Ajax Supply House on account with credit terms 2/10, n/30.

 

Transportation terms F.O.B shipping point. The freight costs were

 

$175. June 17 Received the goods from Shelby. June 17 Received the goods from Ajax. June 20 Returned for credit merchandise with an invoice price of $800 to

 

Ajax. June 25 Paid Shelby the amount owed. June 28 Paid Ajax the amount owed. June 30 Returned for cash, merchandise with an invoice price of $400 to

 

Shelby. Prepare the necessary general journal entry for June 16, Purchased merchandise

 

having a price of $6,000 from the Shelby Manufacturing Co. on account with

 

credit terms 2/10, n/30. Transportation terms F.O.B destination.

 

_____________________________________ __________ __________ _____________________________________ __________ __________ _____________________________________ __________ __________ Prepare the necessary general journal entry for June 17, Received the goods from

 

Shelby.

 

_____________________________________ __________ _____________________________________ __________ __________ _____________________________________ 50 __________ __________ __________ PRINCIPLES OF ACCOUNTING 1 Prepare the necessary general journal entry for June 25.

 

_____________________________________ __________ __________ _____________________________________ __________ __________ _____________________________________ __________ __________ Prepare the necessary general journal entry for June 28.

 

_____________________________________ __________ __________ _____________________________________ __________ __________ _____________________________________ __________ __________ PROJECT UPLOAD

 

Once you?ve completed this assignment, login to the student portal at

 

https://students.ashworthcollege.edu. To log in, you?ll need the username and

 

password that you received via email. From the Student Portal page, enter your

 

username and password (Figure 1). Then click Login. Figure 1 PRINCIPLES OF ACCOUNTING 1 51 The Home or Dashboard page of the Student Portal displays. To access your

 

courses, click Courses in the upper right-hand banner (Figure 2). Figure 2

 

Click on Lessons to access your My Courses page and navigate to the final

 

segment of your program using the My Sites button on the top right of the My

 

Courses page (Figure 3). Figure 3 52 PRINCIPLES OF ACCOUNTING 1 Click on Assignments under Quick Links on the left-hand navigation menu

 

(Figure 4). Figure 4

 

Click on the link for your graded project under Assignment title in the center of

 

your screen (Figure 5). Figure 5 PRINCIPLES OF ACCOUNTING 1 53 Click on the Browse button at the bottom of the page to locate and attach your

 

finished project. When you have attached your file, check the Honor Pledge box

 

to confirm that you?re submitting your own work for the assignment. Then click

 

Submit (Figure 6). Figure 6

 

You?ll see a confirmation message that tells you your project has been

 

successfully submitted to the school (Figure 7). Figure 7 54 PRINCIPLES OF ACCOUNTING 1

 


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