Mills Sporting Goods Store -College Accounting- Comprehensive Review Problem II – paradigm 5th edition

| June 1, 2016

Question
Mills Sporting Goods Store -College Accounting- Comprehensive Review Problem II – paradigm 5th edition

Mills Sporting Goods Store – EXCEL TEMPLATE

You have now completed the accounting cycle for a merchandising business and are ready to try to put it all together in this second comprehensive review problem.

You are keeping the accounting records for Cindi Mills, owner of Mills Sporting Goods Store. You begin with the balances in her accounts and go through the accounting cycle for two months.

Directions:

1. Open accounts in the general ledger with the following balances as of January 1, 20X1

2. Open accounts in the accounts receivable ledger with the following balances as of January

3. Open accounts in the accounts payable ledger with the following balances as of January 1,

4.Record the January transactions in a general journal (page 12), a one column sales journal (page26), a purchases journal (page 10), a five-column cash receipts journal (page 11), or a four column cash payments journal (page 9). All credit sales carry terms of 2/10, n/30. Freight on all purchases is charged to the freight in account.

5. Total all special journals

6. Post all items that need to be posted

7. Prepare a trial balance on a work sheet as of January 31, 20X1

8. Prepare schedules of accounts receivable and accounts payable

9. Complete the worksheet. Adjustment data for January 31 are as follows:

10.Record and post adjusting entries as of January 31.

11. Record and post closing entries as of January 31.

12. Prepare a January 31 post-closing trial balance.

13. Prepare an income statement for the month of January. All salaries are sales salaries.

14. Prepare a statement of owner’s equity for the month of January

15. Prepare a January 31 balance sheet

16. Record the following February transactions

17.Total all special journals.

18. Post all items that need to be posted

19. Prepare a trial balance on a work sheet as of February 28, 20X1

20. Prepare schedules of accounts receivable and accounts payable.

21. Complete the work sheet. Adjustment data for February 28 are as follows

22.Record and post adjusting entries as of February 28.

23. Record and post closing entries as of February 28.

24. Prepare a February 28 post-closing trial balance.

25. Prepare an income statement for the month of February. All salaries are sales salaries.

26. Prepare a statement of owner’s equity for the month of February.

27. Prepare a February 28 balance sheet.

Check figures for January only.

Net Loss: 4,946.75 Total Assets: 57,168.25 Cash Balance: 4,823.25

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