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Solution - Main Transaction Set - Transactions List A

SOLUTION - MAIN TRANSACTION SET
TRANSACTIONS LIST A
The next 23 pages (pages 56-78) are the solutions to the Systems Understand Aid main transaction set for transactions list A. Additional transaction sets are provided later in this manual . See page 234 for the document solutions summary page. Illustrations of completed documents for the main transaction set for transactions list A are included on pages 235-242. See page 259 for a description of the filing system.

WAREN SPORTS SUPPLY
BALANCE SHEET
AT DECEMBER 31, 2009 AND 2008
ASSETS
2009

2008

CURRENT ASSETS
Cash
Accounts receivable - net
Inventory
Marketable securities
Total current assets

$103,141.67
42,506.08
192,593.00
24,000.00
362,240.75

$11,025.19
7,814.19
101,681.00
0.00
120,520.38

FIXED ASSETS - Net of accumulated depreciation

215,921.00

239,105.50

$578,161.75

$359,625.88

Total assets

LIABILITIES & STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable
Payroll taxes withheld and payable
Federal income taxes payable
Interest payable
Total current liabilities

$8,767.15

$11,279.35

4,262.22
51,429.77
201.37
64,660.51

3,284.54
29,797.00
0.00
44,360.89

NOTE PAYABLE
Total liabilities

70,000.00
134,660.51

0.00
44,360.89

STOCKHOLDERS' EQUITY
Common stock
Retained earnings
Total stockholders' equity

225,000.00
218,501.24
443,501.24

225,000.00
90,264.99
315,264.99

$578,161.75

$359,625.88

Total liabilities and stockholders' equity

56

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY
STATEMENT OF INCOME AND RETAINED EARNINGS
For the Year Ended December 31, 2009
REVENUE
Sales
Less: Sales returns and allowances
Sales discounts taken
Net sales
COST OF GOODS SOLD
Beginning inventory
Net purchases
Freight-in
Goods available for sale
Less: Ending inventory
Cost of goods sold

$1,592,545.00
61,111.00
15,405.82
1,516,028.18
101,681.00
1,094,252.80
24,680.94
1,220,614.74
192,593.00
1,028,021.74

GROSS MARGIN

488,006.44

OPERATING EXPENSES
Rent expense
Advertising expense
Office supplies expense
Depreciation expense
Wages and salaries
Payroll taxes
Bad debt expense
Other operating expense
Total operating expenses

57,600.00
22,155.00
5,621.45
35,109.50
141,563.97
11,562.27
6,064.11
29,287.75
308,964.05

Operating income

179,042.39

OTHER INCOME - Miscellaneous income

825.00

OTHER EXPENSE - Interest expense

201.37

INCOME BEFORE TAXES

179,666.02

FEDERAL INCOME TAXES

51,429.77

NET INCOME

128,236.25

RETAINED EARNINGS - Beginning of year
RETAINED EARNINGS - End of year

57

90,264.99
$218,501.24

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY
ACCOUNTS RECEIVABLE AGED TRIAL BALANCE
DECEMBER 31, 2009
CUST
NO.

CUSTOMER

AMOUNT
DUE

CURRENT

AGE IN DAYS
31-60

408
409
410

Branch College
Univ. of S. Iowa
E. Wisconsin Univ.

1,200.00
17,924.00
28,297.00

17,924.00
8,392.00

19,905.00

TOTAL

$47,421.00

$26,316.00

$19,905.00

61-90

OVER 90
$1,200.00
0.00

$0.00

$1,200.00

NF
WAREN SPORTS SUPPLY
ACCOUNTS PAYABLE TRIAL BALANCE
DECEMBER 31, 2009
VEND.
NO.
253
261

NAME

AMOUNT
PAYABLE

Chicago Office Supply
Gillett Consulting

$5,117.15
3,650.00
TOTAL

$8,767.15

WAREN SPORTS SUPPLY
FIXED ASSET TRIAL BALANCE
DECEMBER 31, 2009

ASSET

Office furniture
Delivery trucks
Inventory handling system
High-speed copier
Computers
TOTALS

COST

ACCUM.
DEPREC.

NET
BOOK VALUE

$50,750.00
69,255.00
200,660.00
7,367.00
4,558.00

$50,750.00
34,627.50
30,099.00
736.70
455.80

$0.00
34,627.50
170,561.00
6,630.30
4,102.20

$332,590.00

$116,669.00

$215,921.00

NF

60

NF

Solution - Main Transaction Set - Transactions List

A

WAREN SPORTS SUPPLY
POST-CLOSING TRIAL BALANCE
December 31, 2009
ACCT.
NO.

ACCOUNT TITLE

DEBIT

CREDIT

ASSETS
10100
10200
10300
10400
10600
10800
10900
11000

Cash
Accounts receivable
Allowance for doubtful accounts
Inventory
Marketable securities
Fixed assets
Accumulated depreciation
Notes receivable

103,141.67
47,421.00

20100
20300
20400
20500
20600
20700
20900
21000

LIABILITIES
Accounts payable
Federal income taxes withheld
State unemployment taxes payable
Federal unemployment taxes payable
F.I.C.A. taxes payable
Federal income taxes payable
Interest payable
Notes payable

26000
29000

STOCKHOLDERS' EQUITY
Common stock
Retained earnings

4,914.92
192,593.00
24,000.00
332,590.00
116,669.00

8,767.15
1,824.44
92.17
27.31
2,318.30
51,429.77
201.37
70,000.00

225,000.00
218,501.24
------------------------- ------------------------$699,745.67
$699,745.67
============= =============

TOTALS

RK

62

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY
BANK RECONCILIATION
December 31, 2009
Bank
Statement
$113,376.53

Unadjusted balance, 12-31-09
Add:

Deposit in transit - Dec. 23
Deposit in transit - Dec. 23

General
Ledger
$103,169.17

10,000.00
10,240.00

Deduct: Outstanding checks
Ck. #1118
1,985.21
Ck. #1143
4,800.00
Ck. #1152
521.25
Ck. #1153
15,366.40
Ck. #1154
2,925.24
Ck. #1155
1,924.90
Ck. #1156
1,601.86
Ck. #1157
1,350.00
(30,474.86)
Adjustments:
Bank service charge

(27.50)

Adjusted balance, 12-31-09

$103,141.67

$103,141.67

Journal Entry - December 31, 2009
Acct. No.
41000 Other operating expense
10100
Cash

Debit
$27.50

Credit
$27.50

59

WAREN SPORTS SUPPLY
YEAR-END WORKSHEET
December 31, 2009

ACCT
NO.

ACCOUNT
TITLE

(Accounts with no activity in this worksheet are excluded in this solution.)
12/31/2008
POST CLOSING
TRIAL BALANCE
DEBIT
CREDIT

12/31/2009
UNADJUSTED
TRIAL BALANCE
DEBIT
CREDIT

ADJUSTMENTS
DEBIT

CREDIT

ADJUSTED
TRIAL BALANCE
DEBIT
CREDIT

INCOME
STATEMENT
DEBIT
CREDIT

BALANCE
SHEET
DEBIT
CREDIT

ASSETS

LIABILITIES
Accounts payable
Federal income taxes withheld
State unemployment taxes payable
Federal unemployment taxes payable
F.I.C.A. taxes payable
Federal incomes taxes payable
Interest payable
Notes payable

26000
29000

STOCKHOLDERS' EQUITY
Common stock
Retained earnings

30100
30200
30300
30400
30500
30600
30700
30800
31200

REVENUE AND GROSS PROFIT
Sales
Sales returns and allowances
Sales discounts taken
Cost of goods sold
Purchases
Purchases returns and allowances
Purchases discounts taken
Freight-in
Miscellaneous revenue

40100
40200
40300
40400
40500
40600
40700
40800
40900
41000

EXPENSES
Rent expense
Advertising expense
Office supplies expense
Depreciation expense
Wages and salaries expense
Payroll tax expense
Federal income tax expense
Interest expense
Bad debt expense
Other operating expense
Sub-totals
Net Income (Loss)
TOTALS

11,025.19
11,065.00
3,250.81
101,681.00
320,665.00

103,141.67
47,421.00
1,149.19
101,681.00
24,000.00
332,590.00

103,141.67
47,421.00
90,912.00

81,559.50

81,559.50

11,279.35
1,326.76
281.17
83.31
1,593.30
29,797.00

6,064.11
0.00

4,914.92

35,109.50

8,767.15
1,824.44
92.17
27.31
2,318.30
51,429.77
201.37
70,000.00

225,000.00
90,264.99

1,592,545.00

116,669.00

8,767.15
1,824.44
92.17
27.31
2,318.30
51,429.77
201.37
70,000.00

225,000.00
90,264.99

225,000.00
90,264.99

1,592,545.00

61,111.00
15,405.82
1,028,021.74
1,130,295.00

1,130,295.00

61,111.00
15,405.82
1,028,021.74
0.00

19,445.00
16,597.20

24,680.94

1,592,545.00
61,111.00
15,405.82
1,028,021.74

0.00
0.00
24,680.94

0.00

825.00

825.00

57,600.00
22,155.00
5,621.45
35,109.50
141,563.97
11,562.27
51,429.77
201.37
6,064.11
29,287.75

192,593.00
24,000.00
332,590.00
116,669.00

51,429.77
201.37

0.00
70,000.00

19,445.00
16,597.20

4,914.92

192,593.00
24,000.00
332,590.00

8,767.15
1,824.44
92.17
27.31
2,318.30

225,000.00
90,264.99

103,141.67
47,421.00

57,600.00
22,155.00
5,621.45
35,109.50
141,563.97
11,562.27
51,429.77
201.37
6,064.11
29,287.75

-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------444,436.19
444,436.19 2,109,266.06 2,109,266.06 1,247,780.69 1,247,780.69 2,164,879.42 2,164,879.42

825.00

57,600.00
22,155.00
5,621.45
35,109.50
141,563.97
11,562.27
51,429.77
201.37
6,064.11
29,287.75
1,465,133.75
128,236.25
1,593,370.00

1,593,370.00

699,745.67

1,593,370.00

699,745.67

571,509.42
128,236.25
699,745.67

Solution - Main Transaction Set - Transactions List A

Cash
Accounts receivable
Allowance for doubtful accounts
Inventory
Marketable securities
Fixed assets
Accumulated depreciation

20100
20300
20400
20500
20600
20700
20900
21000

61

10100
10200
10300
10400
10600
10800
10900

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY
GENERAL JOURNAL
December, 2009

DATE

Dec. 22

ACCT.
NO.

10300
10200

EXPLANATION
1
Allowance for doubtful accounts
Accounts receivable

POST

DEBIT

CREDIT

2,900.00
2,900.00

To write off uncollectible Stevenson
RK
College account

Dec. 31

41000
10100

2
Other operating expense
Cash

27.50
27.50

To record December bank service charges

Dec. 31

40600
20600
20400
20500

3
Payroll tax expense
F.I.C.A.
F I C A payable
State unemployment taxes payable
Federal unemployment taxes payable

1,278.63
1,159.15
1 159 15
92.17
27.31

To record December payroll taxes

Dec. 31

40400
10900

4
Depreciation expense
Accumulated depreciation

35,109.50
35,109.50

To record 2009 depreciation
5
Dec. 31

40800
20900

Interest expense
Interest payable

201.37
201.37

To accrue interest on note payable
(70,000 X 15/365 X .07)

Dec. 31

40900
10300

6
Bad debt expense
Allowance for doubtful accounts
To record 2009 provision for bad debts

74

6,064.11
6,064.11

Solution - Main Transaction Set - Transactions List A

Dec. 31

30400
30600
30700
10400
30500
30800

7
Cost of goods sold
Purchases returns and allowances
Purchases discounts taken
Inventory
Purchases
Freight-in

1,028,021.74
19,445.00
16,597.20
90,912.00

0.00
1,130,295.00
24,680.94

To adjust inventory (to reflect results of
12-31-09 physical inventory) and record cost of goods sold

Dec. 31

40700
20700

8
Federal income tax expense
Federal income taxes payable

51,429.77
51,429.77

To record 2009 federal income tax provision

Dec. 31

30100
31200
30200
30300
30400
28000

9
Sales
Miscellaneous revenue
Sales returns and allowances
Sales discounts taken
Cost of goods sold
Income summary

1,592,545.00
825.00
61,111.00
15,405.82
1,028,021.74
488,831.44
488 831 44

To close revenue and gross profit accounts to income summary
10
Dec. 31

28000
40100
40200
40300
40400
40500
40600
40700
40800
40900
41000

Income summary
Rent expense
Advertising expense
Office supplies expense
Depreciation expense
Wages and salaries expense
Payroll tax expense
Federal income tax expense
Interest expense
Bad debt expense
Other operating expense

360,595.19
57,600.00
22,155.00
5,621.45
35,109.50
141,563.97
11,562.27
51,429.77
201.37
6,064.11
29,287.75

To close expense accounts to income summary
11
Dec. 31

28000
29000

Income summary
Retained earnings

128,236.25
128,236.25

To close income summary to retained earnings

75

SALES JOURNAL

Customer
Rosemont University
Clayborn University
E. Wisconsin University
Branch College
Univ. of S. Iowa
E. Wisconsin University

Subs.
Acct.
No.
406
407
410
408
409
410

Subs.
Post

Debit
Credit
Acct. Rec.
Sales Returns
Sales
G/L 10200
G/L 30200
G/L 30100
4,174.00
4,174.00
7,252.00
7,252.00
21,872.00
21,872.00
1,656.00
1,656.00
17,924.00
17,924.00
(3,480.00)
3,480.00
---------------------- ---------------------- ---------------------49,398.00
3,480.00
52,878.00
============ ============ ============

Monthly totals

76

CASH RECEIPTS JOURNAL

Description
Gates University
Rosemont University
Hancock College
Clayborn University
Atwood Brothers
First Amer. Bank
Branch College
E. Wisconsin University
Wright University
Monthly totals

DEBIT
Cash
G/L 10100
5,891.00
4,090.52
5,306.00
7,106.96
825.00
70,000.00
1,622.88
10,000.00
10,240.00
-----------------115,082.36
==========
RK

CREDIT
Sales Disc.
G/L 30300

A/R - G/L 10200
Subs. A/C #
Amt.

83.48

406
407

Sales
G/L 30100
5,891.00

A/C #

Other G/L
Amt.

4,174.00

145.04

Post

7,252.00

5,306.00
31200
21000
33.12

----------------261.64
==========

408
410

825.00
70,000.00

1,656.00
10,000.00
10,240.00
--------------------------------------------- ---------------23,082.00
21,437.00
============
=========

Post

A

Date
Dec.
6
Dec.
9
Dec. 14
Dec. 15
Dec. 15
Dec. 16
Dec. 22
Dec. 23
Dec. 23

Ctrl
Init
NF
NF
NF
NF
NF

DECEMBER

Solution - Main Trans saction Set - Transactions List

Date
Dec.
2
Dec.
7
Dec.
9
Dec. 13
Dec. 19
Dec. 23

Inv. or
Cr. Memo
Number
727
728
729
730
731
CM 42

DECEMBER

---------------70,825.00
=========

PURCHASES JOURNAL

Date
Dec.
Dec.
Dec.
Dec.
Dec.

5
12
22
26
31

Vendor
Velocity Sporting Goods
Chicago Office Supply
Velocity Sporting Goods
Chicago Office Supply
Chicago Office Supply

Vendor
Invoice
No.
33965
2344
34719
2378
2423

Monthly totals

DECEMBER

Debit
Purchases
G/L 30500 Acc#
36,115.00
10800
15,680.00
40300
10800
----------51,795.00
======

Credit
Other G/L
A/P - G/L 20100
Amount Post Subs. A/C# Amount Post
252
36,115.00
7,367.00
253
7,367.00
252
15,680.00
559.15
253
559.15
4,558.00
253
4,558.00
--------------------12,484.15
64,279.15
======
======

Purch. Ret.
G/L 30600

CASH DISBURSEMENTS JOURNAL
77
Date
Dec. 7
Dec. 12
Dec. 13
Dec. 13
Dec. 14
Dec. 14
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec.23
Dec.29
Dec.31
Dec.31

Check
No.
1140
1141
1142
1143
1144
1145
1146

Description
First Security Insurance
Chicago Office Supply
Velocity Sporting Goods
Worldwide Management
Board of Water and Light
Interstate Motor Freight
Internal Revenue Service
1147 Internal Revenue Service
1148 State of Illinois
1149-51 See Payroll Journal
1152 Interstate Freight
1153 Velocity Sporting Goods
1154-56 See Payroll Journal
1157 University Athletic News
Monthly totals

DECEMBER

CREDIT
DEBIT
Cash
Purch. Disc.
A/P - G/L 20100
Freight-in
G/L 10100 G/L 30700 Subs. A/C #
Amt.
Post G/L 30800
2,575.00
7,367.00
253
7,367.00
35,392.70
722.30
252 36,115.00
4,800.00
1,360.25
778.75
778.75
3,523.23
14.82
50.03
521.25
15,366.40

Other G/L
A/C #
Amt.
41000
2,575.00

40100
41000

4,800.00
1,360.25

20300
20600
20500
20400

1,516.07
2,007.16
14.82
50.03

521.25
313.60

1,350.00
--------------- ----------------73,099.43
1,035.90
========= ==========
RK

252

15,680.00
40200
----------------59,162.00
==========

---------------1,300.00
=========

1,350.00
--------------13,673.33
=========

Post

Solution - Main T
Transaction Set - Transactions List A

Summary Totals
10800 11,925.00
40300
559.15

Date
Dec.
D

78
Dec.

Employee
15 R K
Ray Kramer
Jim Adams
Nancy Ford
31 Ray Kramer
Jim Adams
Nancy Ford
Monthly totals

Regular
Hours
88.00
88.00

96.00
96.00

Regular
Pay
3,500.00
3 500 00
1,848.00
1,496.00
3,700.00
2,208.00
1,747.20
---------------------14,499.20
============

EARNINGS
Overtime
Hours
5.77
1.23

8.73
5.09

DECEMBER
DEDUCTIONS
Gross Pay
F.I.C.A.
Fed.Inc.Tax
G/L 40500 G/L 20600 G/L 20300
3,500.00
3 500 00
267.75
267 75
441.71
441 71
181.76
2,029.76
155.28
272.48
31.37
1,527.37
116.83
86.19

Overtime
Pay

PAYMENT
Net Pay
Ck .
G/L 10100
No.
2,790.54
2 790 54 1149
1,602.00 1150
1,324.35 1151

3,700.00
283.05
491.71
2,925.24 1154
301.19
2,509.19
191.95
392.34
1,924.90 1155
138.96
1,886.16
144.29
140.01
1,601.86 1156
--------------- ------------------ --------------- ------------------- -----------------653.28
15,152.48
1,159.15
1,824.44
12,168.89
========= ========== ========= =========== ==========

Subs
Post
Ref

Solution - Main Transaction Set - Transactions List A

PAYROLL JOURNAL

Solution - Main Transaction Set - Transactions List A

GENERAL LEDGER
10100 - CASH
Oct.
1 Balance Forward
Oct.
31
Oct.
31
Oct.
31 Net Wages and Salary
Oct.
31 Bank Service Charge
Nov.
30
Nov.
30
Nov.
30 Net Wages and Salary
Nov.
30 Bank Service Charge
Dec.
31
Dec.
31
Dec.
31 Net Wages and Salary
Dec.
31 Bank Service Charge

Journal

10200 - ACCOUNTS RECEIVABLE
Oct.
1 Balance Forward
Oct.
31
Oct.
31
Nov.
30
Nov.
30
Dec.
22
Dec.
31
Dec.
31

Journal

10300 - ALLOWANCE FOR
DOUBTFUL ACCOUNTS
Oct.
1 Balance Forward
Dec.
22
Dec.
31

CR
CD
PR
G
CR
CD
PR
G
CR
CD
PR
G

Debit

Credit

Debit
Balance
44,407.53

110,395.64
98,304.36
10,498.83
25.00

45,974.98

44,113.33
10,599.08
21.00

73,355.13

73,099.43
12,168.89
27.50

103,141.67

82,113.56

115,082.36

Debit
Balance
49,451.00

Ctrl
Init
NF

74,369.00

61,796.00

NF

75,054.00
2,900.00

24,005.00

NF

23,082.00

S
CR
S
CR
G
S
CR

Debit

47,421.00

NF

Credit

86,714.00
37,263.00

49,398.00

Journal
G
G

Debit

Credit

Credit
Balance
1,750.81

2,900.00
6,064.11

10400 - INVENTORY
Jan.
1 Balance Forward
Dec.
31

Journal

10600 - MARKETABLE SECURITIES
Oct.
1 Balance Forward

Journal

Debit

Credit

10800 - FIXED ASSETS
Oct.
1 Balance Forward
Dec.
31

Journal

Debit

Credit

G

Debit
90,912.00

P

11,925.00

63

Credit
0.00

4,914.92
Debit
Balance
101,681.00
192,593.00
Debit
Balance
24,000.00
Debit
Balance
320,665.00
332,590.00

Ctrl
Init
NF
NF

Solution - Main Transaction Set - Transactions List A

GENERAL LEDGER
10900 - ACCUMULATED DEPN.
Oct.
1 Balance Forward
Dec.
31

Journal

20100 - ACCOUNTS PAYABLE
Oct.
1 Balance Forward
Oct.
31
Oct.
31
Nov.
30
Nov.
30
Dec.
31
Dec.
31

Journal

20300 - FED. INCOME TAXES W/H
Oct.
1 Balance Forward
Oct.
31
Oct.
31
Nov
30
Nov
30
Dec.
31
Dec.
31

Journal

20400 - STATE UNEMPLOYMENT
TAXES PAYABLE
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Nov.
30
Dec.
31
Dec.
31

20500 - FEDERAL UNEMPLOYMENT
TAXES PAYABLE
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Nov.
30
Dec.
31
Dec.
31

Debit

G

P
CD
P
CD
P
CD

Debit

Credit
Balance
1,087.83

Ctrl
Init
NF
NF
NF

8,767.15

Credit

Ctrl
Init
NF
NF

3,650.00

35,109.50

Credit
Balance
81,559.50
116,669.00

4,635.80

Credit

NF

85,920.80
82,372.83
27,938.09
28,923.89
64,279.15
59,162.00

CD
PR
CD
PR
CD
PR

Debit

Credit

Credit
Balance
1,515.80

1,515.80
1,517.33

1,517.33

1,516.07

1,516.07

1,824.44

1,824.44

1,517.33
1,516.07

44.98

50.03

92.17

G
CD
G
CD
G

Debit

Credit
Balance
0.00
44.98

50.03

Journal

92.17

Credit

44.98
50.03

13.33

14.82

27.31

G
CD
G
CD
G

Debit

Credit
Balance
0.00
13.33

14.82

Journal

27.31

Credit

13.33
14.82

64

Solution - Main Transaction Set - Transactions List A
GENERAL LEDGER
20600 - F.I.C.A. TAXES PAYABLE
Oct.
1 Balance Forward
Oct.
31
Oct.
31 F.I.C.A. Withheld
Oct.
31 Employer's Tax
Nov.
30
Nov.
30 F.I.C.A. Withheld
Nov.
30 Employer's Tax
Dec.
31
Dec.
31 F.I.C.A. Withheld
Dec.
31 Employer's Tax

Journal

20700 - FED. INCOME TAXES PAYABLE
Oct.
1 Balance Forward
Dec.
31

Journal

20900 - INTEREST PAYABLE
Oct.
1 Balance Forward
Dec.
31

Journal

21000 - NOTES PAYABLE
Oct.
O t
1B l
Balance F
Forward
d
Dec.
31

Journal

26000 - COMMON STOCK
Oct.
1 Balance Forward

Journal

Debit

Credit

28000 - INCOME SUMMARY
Dec.
31
Dec.
31
Dec.
31

Journal
G
G
G

Debit

Credit
488,831.44

29000 - RETAINED EARNINGS
Oct.
1 Balance Forward
Dec.
31

Journal

CD
PR
G
CD
PR
G
CD
PR
G

Debit

Credit

Credit
Balance
1,745.62

1,745.62
995.38
995.38

1,990.76

1,003.58
1,003.58

2,007.16

1,159.15
1,159.15

2,318.30

1,990.76

2,007.16

Debit

G

Credit
51,429.77

Debit

G

Credit
201.37

Debit

CR

Credit
70,000.00

G

360,595.19
128,236.25

Debit

Credit
Balance
0.00
201.37
Credit
Balance
0.00
0 00
70,000.00
Credit
Balance
225,000.00

Balance

0.00

Credit
128,236.25

65

Credit
Balance
0.00
51,429.77

Credit
Balance
90,264.99
218,501.24

Solution - Main Transaction Set - Transactions List A
GENERAL LEDGER
30100 - SALES
Oct.
1 Balance Forward
Oct.
31 Credit Sales
Oct.
31 Cash Sales
Nov.
30 Credit Sales
Nov.
30 Cash Sales
Dec.
31 Credit Sales
Dec.
31 Cash Sales
Dec.
31

Journal

30200 - SALES RETURNS & ALLOW.
Oct.
1 Balance Forward
Nov.
30
Dec.
31
Dec.
31

Journal

30300 - SALES DISCOUNTS TAKEN
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

30400 - COST OF GOODS SOLD
Dec.
31
Dec.
31

Journal
G
G

30500 - PURCHASES
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

30600 - PURCHASES RETURNS
AND ALLOWANCES
Oct.
1 Balance Forward
Dec.
31

S
CR
S
CR
S
CR
G

Debit

Credit
86,714.00
36,607.00
60,277.00
7,767.00
52,878.00
21,437.00

1,592,545.00

S
S
G

Debit

Credit

23,014.00
3,480.00
61,111.00

CR
CR
CR
G

Debit

Credit

580.36
707.44
261.64
15,405.82

P
P
P
G

Debit
1,028,021.74

Credit
1,028,021.74

Debit

Credit

81,285.00
27,380.00
51,795.00
1,130,295.00

Journal
G

Debit
19,445.00

66

Credit

Credit
Balance
1,326,865.00
1,450,186.00
1,518,230.00
1,592,545.00
0.00

Debit
Balance
34,617.00
57,631.00
61,111.00
0.00

Debit
Balance
13,856.38
14,436.74
15,144.18
15,405.82
0.00

Debit
Balance
1,028,021.74
0.00
Debit
Balance
969,835.00
1,051,120.00
1,078,500.00
1,130,295.00
0.00

Credit
Balance
19,445.00
0.00

Solution - Main Transaction Set - Transactions List A

GENERAL LEDGER
30700 - PURCHASES DISC. TAKEN
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

30800 - FREIGHT-IN
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

31200 - MISCELLANEOUS REVENUE
Oct.
1 Balance Forward
Dec.
31
Dec.
31

Journal

40100 - RENT EXPENSE
Oct.
1 Balance Forward
Oct.
Oct
31
Nov.
30
Dec.
31
Dec.
31

Journal

40200 - ADVERTISING EXPENSE
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

40300 - OFFICE SUPPLIES EXPENSE
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

40400 - DEPRECIATION EXPENSE
Dec.
31
Dec.
31

Journal
G
G

CD
CD
CD
G

Debit

Credit
1,625.70
547.60
1,035.90

16,597.20

CD
CD
CD
G

Debit

Credit

2,985.60
2,356.99
1,300.00
24,680.94

CR
G

Debit

Credit
825.00

825.00

CD
CD
CD
G

Debit

Credit

4,800.00
4 800 00
4,800.00
4,800.00
57,600.00

CD
CD
CD
G

Debit

Credit

4,525.00
3,250.00
1,350.00
22,155.00

P
P
P
G

Debit

Credit

985.80
558.09
559.15
5,621.45

67

Debit
35,109.50

Credit
35,109.50

Credit
Balance
13,388.00
15,013.70
15,561.30
16,597.20
0.00
Debit
Balance
18,038.35
21,023.95
23,380.94
24,680.94
0.00

Credit
Balance
0.00
825.00
0.00
Debit
Balance
43,200.00
48,000.00
48 000 00
52,800.00
57,600.00
0.00
Debit
Balance
13,030.00
17,555.00
20,805.00
22,155.00
0.00
Debit
Balance
3,518.41
4,504.21
5,062.30
5,621.45
0.00
Debit
Balance
35,109.50
0.00

Solution - Main Transaction Set - Transactions List A

GENERAL LEDGER
40500 - WAGES AND SALARIES EXP.
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

40600 - PAYROLL TAX EXPENSE
Oct.
1 Balance Forward
Oct.
31
Nov.
30
Dec.
31
Dec.
31

Journal

40700 - FED. INCOME TAX EXPENSE
Dec.
31
Dec.
31

Journal
G
G

Debit
51,429.77

40800 - INTEREST EXPENSE
Dec.
31
Dec.
31

Journal
G
G

Debit
201.37

40900 - BAD DEBT EXPENSE
Dec.
31
Dec.
31

Journal
G
G

Debit
6,064.11

41000 - OTHER OPERATING EXPENSE
Oct.
1 Balance Forward
Oct.
31
Oct.
31
Oct.
31
Nov.
30
Nov.
30
Dec.
31
Dec.
31
Dec.
31

Journal

Debit

PR
PR
PR
G

Debit

Credit

13,011.54
13,118.73
15,152.48
141,563.97

G
G
G
G

Debit

Credit

1,053.69
1,068.43
1,278.63
11,562.27

G
P
CD
G
CD
CD
G
G

Credit
51,429.77

Credit
201.37

Credit
6,064.11

Credit

25.00
3,650.00
1,985.21
21.00
1,763.65
3,935.25
27.50
29,287.75

68

Debit
Balance
100,281.22
113,292.76
126,411.49
141,563.97
0.00
Debit
Balance
8,161.52
9,215.21
10,283.64
11,562.27
0.00
Debit
Balance
51,429.77
0.00
Debit
Balance
201.37
0.00
Debit
Balance
6,064.11
0.00
Debit
Balance
17,880.14
17,905.14
21,555.14
23,540.35
23,561.35
25,325.00
29,260.25
29,287.75
0.00

Ctrl
Init
NF
NF
NF
NF

Solution - Main Transaction Set - Transactions List A

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
406

ROSEMONT UNIVERSITY
121 E. Front
Louisville, Kentucky 40202
DATE
Description
Oct.
1 Balance Forward
Oct.
6 Invoice # 722
Oct.
14 Payment # 722
Nov.
7 Invoice # 724
Nov.
17 Payment # 724
Dec.
2 Invoice # 727
Dec.
9 Payment #727

Debit

CREDIT LIMIT:
Credit

29,018.00
29,018.00
2,460.00
2,460.00
4,174.00
4,174.00

CLAYBORN UNIVERSITY
13210 S. Upton
Logansport, Indiana 46947
DATE
Description
Oct.
1 Balance Forward
Dec.
7 Invoice # 728
Dec.
15 Payment # 728

$125,000
Balance
0.00
29,018.00
0.00
2,460.00
0.00
4,174.00
0.00

407

Debit

CREDIT LIMIT:
Credit

7,252.00
7,252.00

BRANCH COLLEGE
242 W. Holt Rd.
Trenton, Missouri 64683
DATE
Description
Oct.
1 Balance Forward
Oct.
7 Payment # 721
Nov.
10 Invoice # 725
Nov.
18 Payment # 725
Dec.
13 Invoice # 730
Dec.
22 Payment # 730

$125,000
Balance
0.00
7,252.00
0.00

408

Debit

CREDIT LIMIT:
Credit
45,351.00

32,912.00
32,912.00
1,656.00
1,656.00

UNIVERSITY OF SOUTHERN IOWA
13210 S. Logan
Dubuque, Iowa 52003
DATE
Description
Oct.
1 Balance Forward
Dec.
19 Invoice # 731

$100,000
Balance
46,551.00
1,200.00
34,112.00
1,200.00
2,856.00
1,200.00

409

Debit

CREDIT LIMIT:
Credit

$100,000
Balance
0.00
17,924.00

CREDIT LIMIT:
Credit

$75,000
Balance
0.00
24,905.00
19,905.00
41,777.00
38,297.00
28,297.00

17,924.00

410

EASTERN WISCONSIN UNIVERSITY
14123 W. Saginaw
Madison, Wisconsin 53702
DATE
Description
Oct.
1 Balance Forward
Nov.
14 Invoice # 726
Nov.
21 Partial payment # 726
Dec.
9 Invoice # 729
Dec.
23 Return for credit - #CM 42
Dec.
23 Partial payment # 729

Debit
24,905.00

5,000.00
21,872.00
3,480.00
10,000.00

411

STEVENSON COLLEGE
2689 Industrial Boulevard
Chicago, Illinois 60614
DATE
Description
Oct.
1 Balance Forward
Oct.
24 Invoice # 723
Nov.
7 Return for credit - #CM 41
Nov.
7 Payment # 723
Dec.
22 Wrote off a/c. as uncollectible

Debit

CREDIT LIMIT:
Credit

57,696.00
23,014.00
34,682.00
2,900.00

RK

70

$75,000
Balance
2,900.00
60,596.00
37,582.00
2,900.00
0.00

Solution - Main Transaction Set - Transactions List
A

ACCOUNTS PAYABLE SUBSIDIARY LEDGER
252 VELOCITY SPORTING GOODS
1285 Colgrove Ave.
Pierre, SD 57501
TERMS: 2/10, Net 30
DATE
Oct.
1
Oct.
5
Oct.
14
Nov.
3
Nov.
13
Dec.
5
Dec.
13
Dec.
22
Dec.
29

FREIGHT : Collect

Description
Balance Forward
Vendor Invoice # 32407
Check # 1112
Vendor invoice # 33371
Check # 1125
Vendor invoice # 33965
Check # 1142
Vendor Invoice #34719
Check # 1153

Debit

Credit
81,285.00

81,285.00
27,380.00
27,380.00
36,115.00
36,115.00
15,680.00
15,680.00

Balance
0.00
81,285.00
0.00
27,380.00
0.00
36,115.00
0.00
15,680.00
0.00

253 CHICAGO OFFICE SUPPLY
1441 E. Michigan
Chicago, Illinois 60606
TERMS: Due on receipt of invoice
DATE
Oct.
1
Oct.
7
Oct.
19
Nov.
8
Nov.
21
Nov.
23
Dec.
12
Dec.
12
Dec.
26
Dec.
31

FREIGHT: No Charge

Description
Balance Forward
Check # 1111
Vendor invoice # 2112
Check # 1124
Vendor invoice # 2275
Check # 1136
Vendor invoice # 2344
Check # 1141
Vendor Invoice # 2378
Vendor Invoice # 2423

Debit

Credit

1,087.83
985.80
985.80
558.09
558.09
7,367.00
7,367.00
559.15
4,558.00

Balance
1,087.83
0.00
985.80
0.00
558.09
0.00
7,367.00
0.00
559.15
5,117.15

261 GILLETT CONSULTING
5613 Lantern View
Chicago, Illinois 60612
TERMS: Net 30 days
DATE
Oct.
1
Oct.
3

Description
Balance Forward
Vendor Invoice # 9884

Debit

Credit
3,650.00

69

Balance
0.00
3,650.00

Solution - Main Transaction Set - Transactions List A

PAY RATE HISTORY
Pay
Rate

Time
Unit

Filing
Status

Withholding
Allowances

Effective
Date

Approved
By

Ray Kramer

$3,400.00
$3,500.00
$3,700.00

semimonthly semimonthly semimonthly

M
M
M

2
2
2

12/16/07
12/16/08
12/16/09

RK
RK
RK

Jim Adams

$20.00
$21.00
$23.00

hourly hourly hourly

S
S
S

2
2
2

12/16/07
12/16/08
12/16/09

RK
RK
RK

Nancy Ford

$17.00
$18.20

hourly hourly M
M

3
3

10/01/09
12/16/09

Hire date, RK
RK

EMPLOYEE EARNINGS SUBSIDIARY LEDGER
Employee's Name
Home Address
Employed
Date of Birth

Ray Kramer
417 Cherry Chicago, 60912
4/6/98 Date of Termination
2/15/1966 Occupation
Manager

DATE
Period
Ending
10-1-09 Balance forward

Paid

HOURS WORKED
Regular
Overtime
Hours
Hours

Soc.Sec.No.
Phone No.

3,500.00
3,500.00
70,000.00
3,500.00
3,500.00
77,000.00
3,500.00
3,700.00

10-15-09
10-15-09
10-31-09
10-30-09
Cumulative Annual Total
11-15-09
11-13-09
11-30-09
11-30-09
Cumulative Annual Total
12-15-09
12-15-09
12-31-09
12-31-09
Cumulative Annual Total

Gross
Pay
63,000.00

84,200.00

71

365-73-2376
781-3565

F.I.C.A.
4,819.50

Federal
Income
Tax
7,950.78

Net
Pay
50,229.72

267.75
267.75
5,355.00
267.75
267.75
5,890.50
267.75
283.05

441.71
441.71
8,834.20
441.71
441.71
9,717.62
441.71
491.71

2,790.54
2,790.54
55,810.80
2,790.54
2,790.54
61,391.88
2,790.54
2,925.24

6,441.30

10,651.04

67,107.66

Solution - Main Transaction Set - Transactions List A

EMPLOYEE EARNINGS SUBSIDIARY LEDGER
Jim Adams
Employee's Name
Home Address
2522 Longfellow, Chicago,60823
Employed
1/16/05 Date of Termination
Date of Birth 10/1/1980 Occupation Accounting Clerk
DATE
HOURS WORKED
Period
Regular
Overtime
Ending
Paid
Hours
Hours
10-1-09 Balance forward
10-15-09
10-15-09
10-31-09
10-30-09
Cumulative Annual Total
11-15-09
11-13-09
11-30-09
11-30-09
Cumulative Annual Total
12-15-09
12-15-09
12-31-09
12-31-09
Cumulative Annual Total

88.00
88.00

11.87
8.75

80.00
88.00

12.88
10.54

88.00
96.00

5.77
8.73

Gross
Pay
37,281.22
2,221.91
2,123.63
41,626.76
2,085.72
2,180.01
45,892.49
2,029.76
2,509.19
50,431.44

Nancy Ford
Employee's Name
1018 Whittier, Chicago, 60823
Home Address
Employed
10/01/09 Date of Termination
Date of Birth 5/22/1976 Occupation
Clerk

Soc.Sec.No.
Phone No.

379-54-9833
351-5874

2,852.02

Federal
Income
Tax
5,091.05

Net
Pay
29,338.15

169.97
162.46
3,184.45
159.55
166.77
3,510.77
155.28
191.95
3,858.00

320.52
295.95
5,707.52
286.47
310.04
6,304.03
272.48
392.34
6,968.85

1,731.42
1,665.22
32,734.79
1,639.70
1,703.20
36,077.69
1,602.00
1,924.90
39,604.59

F.I.C.A.

Soc.Sec.No.
Phone No.

367-55-4832
351-5251

DATE
HOURS WORKED
Period
Regular
Overtime
Ending
Paid
Hours
Hours
10-1-09 Balance forward

Gross
Pay
0.00

F.I.C.A.
0.00

Federal
Income
Tax
0.00

10-15-09
10-15-09
10-31-09
10-30-09
Cumulative Annual Total
11-15-09
11-13-09
11-30-09
11-30-09
Cumulative Annual Total
12-15-09
12-15-09
12-31-09
12-31-09
Cumulative Annual Total

816.00
850.00
1,666.00
833.00
1,020.00
3,519.00
1,527.37
1,886.16
6,932.53

62.42
65.03
127.45
63.73
78.03
269.21
116.83
144.29
530.33

7.02
10.42
17.44
8.72
27.42
53.58
86.19
140.01
279.78

48.00
50.00
49.00
60.00
88.00
96.00

1.23
5.09

72

Net
Pay
0.00
746.56
774.55
1,521.11
760.55
914.55
3,196.21
1,324.35
1,601.86
6,122.42

Solution - Main Transaction Set - Transactions List A

FIXED ASSET SUBSIDIARY LEDGER
Item
Office Furniture
Purch.From Chicago Office Supply
Est Life
5 years

Date
Sept. 30
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31
Dec. 31

03
03
04
05
06
07
08

Asset Record
Debit
Credit
50,750.00

07
07
08
09

Asset Record
Debit
Credit
69,255.00

Asset Record
Debit
Credit
200,660.00

Asset Record
Debit
Credit
7,367.00

Balance
69,255.00

Depreciation Record
Debit
Credit
Balance

Depreciation Method
Where Located
Est. Salvage Value $

Balance
200,660.00

Asset Record
Debit
Credit
4,558.00

Straight-line
Warehouse
0

Straight-line
Office
0

736.70

Asset
NBV
7,367.00
6,630.30

Straight-line
Office
0

Depreciation Record
Debit
Credit
Balance
455.80

73

Asset
NBV
200,660.00
10,033.00 190,627.00
30,099.00 170,561.00

Depreciation Record
Debit
Credit
Balance

Depreciation Method
Where Located
Est. Salvage Value $

Balance
4,558.00

6,925.50
20,776.50
34,627.50

Asset
NBV
69,255.00
62,329.50
48,478.50
34,627.50

Depreciation Record
Debit
Credit
Balance

Depreciation Method
Where Located
Est. Salvage Value $

Balance
7,367.00

5,075.00
15,225.00
25,375.00
35,525.00
45,675.00
50,750.00

Asset
NBV
50,750.00
45,675.00
35,525.00
25,375.00
15,225.00
5,075.00
0.00

Straight-line
Loading Dock
0

736.70

Item
Computers
Purch.From Chicago Office Supply
Est Life
5 years

Date
Dec. 31 09
Dec. 31 09

Depreciation Method
Where Located
Est. Salvage Value $

10,033.00
20,066.00

Item
High-Speed Copier
Purch.From Chicago Office Supply
Est Life
5 years

Date
Dec. 12 09
Dec. 31 09

Depreciation Record
Debit
Credit
Balance

6,925.50
13,851.00
13,851.00

Item
Inv. Handling System
Purch.From Conveyor Systems, Inc.
Est Life 10 years

Date
Jul. 5 08
Dec. 31 08
Dec. 31 09

Balance
50,750.00

Straight-line
Office
0

5,075.00
10,150.00
10,150.00
10,150.00
10,150.00
5,075.00

Item
Delivery Trucks
Purch.From Dyckstra Ford
Est Life
5 years

Date
Apr. 21
Dec. 31
Dec. 31
Dec. 31

Depreciation Method
Where Located
Est. Salvage Value $

455.80

Asset
NBV
4,558.00
4,102.20

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