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Systems Understanding Aid

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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 CURRENT ASSETS Cash Accounts receivable - net Inventory Marketable securities Total current assets FIXED ASSETS - Net of accumulated depreciation Total assets $103,141.67 42,506.08 192,593.00 24,000.00 362,240.75 2008 $11,025.19 7,814.19 101,681.00 0.00 120,520.38

215,921.00 $578,161.75

239,105.50 $359,625.88

LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable Payroll taxes withheld and payable Federal income taxes payable Interest payable Total current liabilities NOTE PAYABLE Total liabilities STOCKHOLDERS' EQUITY Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

$8,767.15 4,262.22 51,429.77 201.37 64,660.51 70,000.00 134,660.51

$11,279.35 3,284.54 29,797.00 0.00 44,360.89 0.00 44,360.89

225,000.00 218,501.24 443,501.24

225,000.00 90,264.99 315,264.99

$578,161.75

$359,625.88

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 GROSS MARGIN 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 Operating income OTHER INCOME - Miscellaneous income OTHER EXPENSE - Interest expense INCOME BEFORE TAXES FEDERAL INCOME TAXES NET INCOME RETAINED EARNINGS - Beginning of year RETAINED EARNINGS - End of year

$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 1,028,021.74 488,006.44

57,600.00 22,155.00 5,621.45 35,109.50 141,563.97 11,562.27 6,064.11 29,287.75 308,964.05 179,042.39 825.00 201.37 179,666.02 51,429.77 128,236.25 90,264.99 $218,501.24

57

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY ACCOUNTS RECEIVABLE AGED TRIAL BALANCE DECEMBER 31, 2009 CUST NO. 408 409 410 AMOUNT DUE 1,200.00 17,924.00 28,297.00 $47,421.00 AGE IN DAYS 31-60

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

CURRENT

61-90

OVER 90 $1,200.00

17,924.00 8,392.00 $26,316.00

19,905.00 $19,905.00 $0.00

0.00 $1,200.00

NF
WAREN SPORTS SUPPLY ACCOUNTS PAYABLE TRIAL BALANCE DECEMBER 31, 2009 VEND. NO. 253 261 AMOUNT PAYABLE $5,117.15 3,650.00 TOTAL $8,767.15

NAME Chicago Office Supply Gillett Consulting

NF

WAREN SPORTS SUPPLY FIXED ASSET TRIAL BALANCE DECEMBER 31, 2009 ACCUM. DEPREC. NET BOOK VALUE

ASSET

COST

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

$50,750.00 69,255.00 200,660.00 7,367.00 4,558.00 $332,590.00

$50,750.00 34,627.50 30,099.00 736.70 455.80 $116,669.00

$0.00 34,627.50 170,561.00 6,630.30 4,102.20 $215,921.00

NF

60

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 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 STOCKHOLDERS' EQUITY Common stock Retained earnings 103,141.67 47,421.00 4,914.92 192,593.00 24,000.00 332,590.00 116,669.00

20100 20300 20400 20500 20600 20700 20900 21000

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

26000 29000

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 Unadjusted balance, 12-31-09 Add: Deposit in transit - Dec. 23 Deposit in transit - Dec. 23 $113,376.53 10,000.00 10,240.00 General Ledger $103,169.17

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 Adjusted balance, 12-31-09 $103,141.67 (27.50) $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 12/31/2008 POST CLOSING TRIAL BALANCE DEBIT CREDIT 12/31/2009 UNADJUSTED TRIAL BALANCE DEBIT CREDIT

(Accounts with no activity in this worksheet are excluded in this solution.)

ACCT NO.

ACCOUNT TITLE

ADJUSTMENTS DEBIT CREDIT

ADJUSTED TRIAL BALANCE DEBIT CREDIT

INCOME STATEMENT DEBIT CREDIT

BALANCE SHEET DEBIT CREDIT

ASSETS 10100 10200 10300 10400 10600 10800 10900 Cash Accounts receivable Allowance for doubtful accounts Inventory Marketable securities Fixed assets Accumulated depreciation 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 STOCKHOLDERS' EQUITY Common stock Retained earnings 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 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 81,559.50 103,141.67 47,421.00 1,149.19 101,681.00 24,000.00 332,590.00 81,559.50 103,141.67 47,421.00 90,912.00 6,064.11 0.00 4,914.92 192,593.00 24,000.00 332,590.00 116,669.00 192,593.00 24,000.00 332,590.00 116,669.00 103,141.67 47,421.00 4,914.92

35,109.50

Solution - Main Transaction Set - Transactions List A

20100 20300 20400 20500 20600 20700 20900 21000

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

8,767.15 1,824.44 92.17 27.31 2,318.30 0.00 70,000.00 51,429.77 201.37

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

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

26000 29000

225,000.00 90,264.99

225,000.00 90,264.99

225,000.00 90,264.99

225,000.00 90,264.99

61

30100 30200 30300 30400 30500 30600 30700 30800 31200

1,592,545.00 61,111.00 15,405.82 1,028,021.74 1,130,295.00 19,445.00 16,597.20 24,680.94 825.00 19,445.00 16,597.20 24,680.94 0.00 1,130,295.00 61,111.00 15,405.82 1,028,021.74 0.00

1,592,545.00 61,111.00 15,405.82 1,028,021.74 0.00 0.00 825.00

1,592,545.00

825.00

40100 40200 40300 40400 40500 40600 40700 40800 40900 41000

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

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

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 1,593,370.00 699,745.67 699,745.67 571,509.42 128,236.25 699,745.67

-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------- -------------------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

Solution - Main Transaction Set - Transactions List A

WAREN SPORTS SUPPLY GENERAL JOURNAL December, 2009 ACCT. NO.

DATE

EXPLANATION 1 Allowance for doubtful accounts Accounts receivable To write off uncollectible Stevenson RK College account 2 Other operating expense Cash To record December bank service charges 3 Payroll tax expense F.I.C.A. F I C A payable State unemployment taxes payable Federal unemployment taxes payable To record December payroll taxes 4 Depreciation expense Accumulated depreciation To record 2009 depreciation 5

POST

DEBIT

CREDIT

Dec. 22

10300 10200

2,900.00 2,900.00

Dec. 31

41000 10100

27.50 27.50

Dec. 31

40600 20600 20400 20500

1,278.63 1,159.15 1 159 15 92.17 27.31

Dec. 31

40400 10900

35,109.50 35,109.50

Dec. 31

40800 20900

Interest expense Interest payable To accrue interest on note payable (70,000 X 15/365 X .07) 6 Bad debt expense Allowance for doubtful accounts To record 2009 provision for bad debts

201.37 201.37

Dec. 31

40900 10300

6,064.11 6,064.11

74

Solution - Main Transaction Set - Transactions List A 7 Cost of goods sold Purchases returns and allowances Purchases discounts taken Inventory Purchases Freight-in To adjust inventory (to reflect results of 12-31-09 physical inventory) and record cost of goods sold 8 Federal income tax expense Federal income taxes payable To record 2009 federal income tax provision 9 Sales Miscellaneous revenue Sales returns and allowances Sales discounts taken Cost of goods sold Income summary 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 To close expense accounts to income summary 11 Dec. 31 28000 29000 Income summary Retained earnings To close income summary to retained earnings 128,236.25 128,236.25 360,595.19 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

Dec. 31

30400 30600 30700 10400 30500 30800

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

0.00 1,130,295.00 24,680.94

Dec. 31

40700 20700

51,429.77 51,429.77

Dec. 31

30100 31200 30200 30300 30400 28000

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

75

SALES JOURNAL
Inv. or Cr. Memo Number 727 728 729 730 731 CM 42 Subs. Acct. No. 406 407 410 408 409 410

DECEMBER
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 ============ ============ ============

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

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

Solution - Main Trans saction Set - Transactions List

76
Date Dec. 6 Dec. 9 Dec. 14 Dec. 15 Dec. 15 Dec. 16 Dec. 22 Dec. 23 Dec. 23

CASH RECEIPTS JOURNAL
Ctrl Init NF NF NF NF NF 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 Sales Disc. G/L 30300 83.48 145.04

DECEMBER
CREDIT A/R - G/L 10200 Subs. A/C # Amt. 406 407 4,174.00 5,306.00 7,252.00 31200 21000 33.12 408 410 1,656.00 10,000.00 10,240.00 --------------------------------------------- ---------------23,082.00 21,437.00 ============ ========= ---------------70,825.00 ========= 825.00 70,000.00 Post Sales G/L 30100 5,891.00 A/C # Other G/L Amt. Post

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

A

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

PURCHASES JOURNAL
Vendor Invoice No. 33965 2344 34719 2378 2423 Debit Purchases G/L 30500 Acc# 36,115.00 10800 15,680.00 40300 10800 ----------51,795.00 ======

DECEMBER
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

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 Monthly totals

Summary Totals 10800 11,925.00 40300 559.15

Solution - Main T Transaction Set - Transactions List A

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 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 Check No. 1140 1141 1142 1143 1144 1145 1146

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

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 15,366.40 521.25 313.60 252 15,680.00

Post

40100 41000 20300 20600 20500 20400

4,800.00 1,360.25 1,516.07 2,007.16 14.82 50.03

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

40200 ----------------59,162.00 ========== ---------------1,300.00 =========

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

Solution - Main Transaction Set - Transactions List A

PAYROLL JOURNAL
Regular Hours 88.00 88.00 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

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

Date Dec. D

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

78
Dec.

96.00 96.00

8.73 5.09

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 ========= ========== ========= =========== ==========

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 CR CD PR G CR CD PR G CR CD PR G Debit 110,395.64 98,304.36 10,498.83 25.00 82,113.56 44,113.33 10,599.08 21.00 115,082.36 73,099.43 12,168.89 27.50 Credit Debit Balance 44,407.53

45,974.98

73,355.13

103,141.67 Debit Balance 49,451.00 61,796.00 24,005.00 Ctrl Init NF NF NF

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

Journal S CR S CR G S CR

Debit 86,714.00

Credit

74,369.00 37,263.00 75,054.00 2,900.00 49,398.00 23,082.00

47,421.00

NF

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

Journal G G

Debit 2,900.00

Credit

Credit Balance 1,750.81 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

6,064.11

10400 - INVENTORY Jan. 1 Balance Forward Dec. 31

Journal G

Debit 90,912.00

Credit 0.00

10600 - MARKETABLE SECURITIES Oct. 1 Balance Forward

Journal

Debit

Credit

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

Journal P

Debit 11,925.00

Credit

63

Solution - Main Transaction Set - Transactions List A

GENERAL LEDGER 10900 - ACCUMULATED DEPN. Oct. 1 Balance Forward Dec. 31 Journal G Debit Credit 35,109.50 Credit Balance 81,559.50 116,669.00 Ctrl Init NF NF

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

Journal P CD P CD P CD

Debit

Credit 85,920.80

Credit Balance 1,087.83 4,635.80

Ctrl Init NF NF NF NF

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

3,650.00 8,767.15 Credit Balance 1,515.80 1,517.33 1,516.07 1,824.44

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

Journal CD PR CD PR CD PR

Debit 1,515.80

Credit

1,517.33 1,517.33 1,516.07 1,516.07 1,824.44

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

Journal G CD G CD G

Debit

Credit 44.98

Credit Balance 0.00 44.98 50.03 92.17

44.98 50.03 50.03 92.17

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

Journal G CD G CD G

Debit

Credit 13.33

Credit Balance 0.00 13.33 14.82 27.31

13.33 14.82 14.82 27.31

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 CD PR G CD PR G CD PR G Debit 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 2,007.16 1,990.76 Credit Credit Balance 1,745.62

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

Journal G

Debit

Credit 51,429.77

Credit Balance 0.00 51,429.77 Credit Balance 0.00 201.37 Credit Balance 0.00 0 00 70,000.00 Credit Balance 225,000.00

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

Journal G

Debit

Credit 201.37

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

Journal CR

Debit

Credit 70,000.00

26000 - COMMON STOCK Oct. 1 Balance Forward

Journal

Debit

Credit

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

Journal G G G

Debit 360,595.19 128,236.25

Credit 488,831.44

Balance

0.00 Credit Balance 90,264.99 218,501.24

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

Journal G

Debit

Credit 128,236.25

65

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

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

Journal S S G

Debit 23,014.00 3,480.00

Credit

61,111.00

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

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

Journal CR CR CR G

Debit 580.36 707.44 261.64

Credit

15,405.82

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

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

Journal G G

Debit 1,028,021.74

Credit 1,028,021.74

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

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

Journal P P P G

Debit 81,285.00 27,380.00 51,795.00

Credit

1,130,295.00

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

Journal G

Debit 19,445.00

Credit

Credit Balance 19,445.00 0.00

66

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 CD CD CD G Debit Credit 1,625.70 547.60 1,035.90 16,597.20 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

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

Journal CD CD CD G

Debit 2,985.60 2,356.99 1,300.00

Credit

24,680.94

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

Journal CR G

Debit

Credit 825.00

825.00

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

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

Journal CD CD CD G

Debit 4,800.00 4 800 00 4,800.00 4,800.00

Credit

57,600.00

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

Journal CD CD CD G

Debit 4,525.00 3,250.00 1,350.00

Credit

22,155.00

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

Journal P P P G

Debit 985.80 558.09 559.15

Credit

5,621.45

40400 - DEPRECIATION EXPENSE Dec. 31 Dec. 31

Journal G G

Debit 35,109.50

Credit 35,109.50

67

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 PR PR PR G Debit 13,011.54 13,118.73 15,152.48 141,563.97 Credit 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

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

Journal G G G G

Debit 1,053.69 1,068.43 1,278.63

Credit

11,562.27

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

Journal G G

Debit 51,429.77

Credit 51,429.77

40800 - INTEREST EXPENSE Dec. 31 Dec. 31

Journal G G

Debit 201.37

Credit 201.37

40900 - BAD DEBT EXPENSE Dec. 31 Dec. 31

Journal G G

Debit 6,064.11

Credit 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 G P CD G CD CD G G

Debit 25.00 3,650.00 1,985.21 21.00 1,763.65 3,935.25 27.50

Credit

29,287.75

68

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 29,018.00

CREDIT LIMIT: Credit

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

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

407

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

Debit 7,252.00

CREDIT LIMIT: Credit

7,252.00

$125,000 Balance 0.00 7,252.00 0.00

408

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

Debit

CREDIT LIMIT: Credit 45,351.00

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

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

409

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

Debit 17,924.00

CREDIT LIMIT: Credit

$100,000 Balance 0.00 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 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 24,905.00

CREDIT LIMIT: Credit

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

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

411

Debit 57,696.00

CREDIT LIMIT: Credit

23,014.00 34,682.00 2,900.00

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

RK

70

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 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

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

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 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 FREIGHT: No Charge Debit 1,087.83 985.80 985.80 558.09 558.09 7,367.00 7,367.00 559.15 4,558.00 Credit 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 Balance 0.00 3,650.00

69

Solution - Main Transaction Set - Transactions List A

PAY RATE HISTORY
Pay Rate Ray Kramer $3,400.00 $3,500.00 $3,700.00 Time Unit semimonthly semimonthly semimonthly Filing Status M M M Withholding Allowances 2 2 2 Effective Date 12/16/07 12/16/08 12/16/09 Approved By 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 DATE Period Ending 10-1-09 Balance forward Ray Kramer 417 Cherry Chicago, 60912 4/6/98 Date of Termination 2/15/1966 Occupation Manager HOURS WORKED Regular Overtime Hours Hours Soc.Sec.No. Phone No. 365-73-2376 781-3565

Paid

Gross Pay 63,000.00 3,500.00 3,500.00 70,000.00 3,500.00 3,500.00 77,000.00 3,500.00 3,700.00 84,200.00

F.I.C.A. 4,819.50 267.75 267.75 5,355.00 267.75 267.75 5,890.50 267.75 283.05 6,441.30

Federal Income Tax 7,950.78 441.71 441.71 8,834.20 441.71 441.71 9,717.62 441.71 491.71 10,651.04

Net Pay 50,229.72 2,790.54 2,790.54 55,810.80 2,790.54 2,790.54 61,391.88 2,790.54 2,925.24 67,107.66

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

71

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 80.00 88.00 88.00 96.00 11.87 8.75 12.88 10.54 5.77 8.73 Soc.Sec.No. Phone No. 379-54-9833 351-5874

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

F.I.C.A. 2,852.02 169.97 162.46 3,184.45 159.55 166.77 3,510.77 155.28 191.95 3,858.00

Federal Income Tax 5,091.05 320.52 295.95 5,707.52 286.47 310.04 6,304.03 272.48 392.34 6,968.85

Net Pay 29,338.15 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

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 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 48.00 50.00 49.00 60.00 88.00 96.00 1.23 5.09

Soc.Sec.No. Phone No.

367-55-4832 351-5251

Gross Pay 0.00 816.00 850.00 1,666.00 833.00 1,020.00 3,519.00 1,527.37 1,886.16 6,932.53

F.I.C.A. 0.00 62.42 65.03 127.45 63.73 78.03 269.21 116.83 144.29 530.33

Federal Income Tax 0.00 7.02 10.42 17.44 8.72 27.42 53.58 86.19 140.01 279.78

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

72

Solution - Main Transaction Set - Transactions List A

FIXED ASSET SUBSIDIARY LEDGER
Item Office Furniture Purch.From Chicago Office Supply Est Life 5 years Asset Record Debit Credit 50,750.00 Depreciation Method Where Located Est. Salvage Value $ Straight-line Office 0 Asset NBV 50,750.00 45,675.00 35,525.00 25,375.00 15,225.00 5,075.00 0.00

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

03 03 04 05 06 07 08

Balance 50,750.00

Depreciation Record Debit Credit Balance 5,075.00 10,150.00 10,150.00 10,150.00 10,150.00 5,075.00 5,075.00 15,225.00 25,375.00 35,525.00 45,675.00 50,750.00

Item Delivery Trucks Purch.From Dyckstra Ford Est Life 5 years Asset Record Debit Credit 69,255.00

Depreciation Method Where Located Est. Salvage Value $

Straight-line Loading Dock 0 Asset NBV 69,255.00 62,329.50 48,478.50 34,627.50

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

07 07 08 09

Balance 69,255.00

Depreciation Record Debit Credit Balance 6,925.50 13,851.00 13,851.00 6,925.50 20,776.50 34,627.50

Item Inv. Handling System Purch.From Conveyor Systems, Inc. Est Life 10 years Asset Record Debit Credit 200,660.00

Depreciation Method Where Located Est. Salvage Value $

Straight-line Warehouse 0 Asset NBV 200,660.00 10,033.00 190,627.00 30,099.00 170,561.00

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

Balance 200,660.00

Depreciation Record Debit Credit Balance 10,033.00 20,066.00

Item High-Speed Copier Purch.From Chicago Office Supply Est Life 5 years Asset Record Debit Credit 7,367.00

Depreciation Method Where Located Est. Salvage Value $

Straight-line Office 0 Asset NBV 7,367.00 6,630.30

Date Dec. 12 09 Dec. 31 09

Balance 7,367.00

Depreciation Record Debit Credit Balance 736.70 736.70

Item Computers Purch.From Chicago Office Supply Est Life 5 years Asset Record Debit Credit 4,558.00

Depreciation Method Where Located Est. Salvage Value $

Straight-line Office 0 Asset NBV 4,558.00 4,102.20

Date Dec. 31 09 Dec. 31 09

Balance 4,558.00

Depreciation Record Debit Credit Balance 455.80 455.80

73

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