- online accounting certificate
- online payment fees
I’m not asking anyone to do my work for me. I already did all of the work. I just want to make sure that everything is correct. Please help!!!!
Directions: Assume Rocky Ram uses a perpetual inventory system.
1. Prepare the journal entries (if needed) to record the December 2013 transactions found on Page 3.
2. After completing Step 1, post these entries to the general ledger.
3. Prepare an unadjusted trial balance. Total debits must equal total credits.
I'm only going to post the information for step 1, because the information derived from this step is the same information used for steps 2 and 3. Thanks SO MUCH in advance for your help!
1 On December 1, Rocky Ram, Inc. received $17,000 from Kanga Roo Inc. for partial payment of account. (First entry journalized and posted for you.)
Cash- DB 17000
Accounts Receivable- CR 17000
2 On December 1, Rocky Ram, Inc. received $12,000 in advance for renting office space to Bullwinkle, Inc. for the December 1, 2013 through February 28, 2014.
Cash- DB 12000
Unearned Revenue- CR 12000
3 On December 6, Rocky Ram, Inc. issued checks to Acne Corporation for $12,000, Bow & Arrow, Inc. for $8,000, and Boa Construction Inc. for $15,000 in payment on accounts.
Accounts Payable- DB 35000
Cash- CR 35000
4 On December 10, the company purchased supplies in the amount of $4,000 on account from Boa Construction Inc. (FOB Shipping Point terms n/10, n/30), order shipped in December.
Supplies Expense-DB 4000
Accounts Payable-CR 4000
5 On December 10, Rocky Ram, Inc. received a check in the amount of $30,000 from Poodle & Co. in payment of account.
Cash- DB 30,000
Accounts Receivable- CR 30,000
6 On December 15, Rocky Ram, Inc. made a sale in the amount of $80,000 to Poodle & Co (terms 2/10, n/30). The cost of the inventory sold was $55,000.
Accounts Receivable-DB 80,000
Sales Revenue-CR 80,000
COGS-DB 55,000
Merchandise Inventory-CR 55,000
7 On December 17, Board of Directors declared $8,200 in dividends to be paid later.
Dividends- DB 8200
Dividends Payable- CR 8200
8 On December 20, the company paid employees $31,000 for wages earned during the period from December 1 through December 15, 2006.
Wages & Salaries Expense- DB 31,000
Cash- CR 31,000
9 On December 25, received full payment from Poodle & Co. for sale made December 15, within the discount period.
Cash-DB 29400
Sales Discount-DB 600
Accounts Receivable-CR 30000
10 On December 25, Rocky Ram, Inc. made a sale in the amount of $140,000 to Bulldog Inc. (terms 2/10, n/30). The cost of the inventory sold was $9,000.
Accounts Receivable-DB 140,000
Sales Revenue-CR 140,000
COGS- DB 9,000
Merchandise Inventory- CR 9,000
11 On December 28, Bulldog Inc. returned goods purchased on December 25, in the amount of $14,000. The cost of inventory was $9,000.
Sales Returns & Allowances- DB 14,000
Accounts Receivable-CR 14,000
Merchandise Inventory- DB 9,000
COGS- CR 9,000
12 On December 28, Rocky Ram, Inc. ordered inventory from Bow & Arrow, Inc. in the amount of $50,000 (FOB Destination, terms 2/10, n/30), inventory is expected to arrive sometime in January.
Merchandise Inventory- 50000
Accounts Payable- 50000
13 On December 31, the company purchased office equipment costing $60,000. They paid $15,000 down on the equipment and signed a promissory note for the remaining balance. The note is due March 31, 2007.
Office Equipment- DB 60,000
Cash- CR 15,000
Notes Payable- CR 45,000
14 On December 31, Rocky Ram, Inc. paid utility bills totaling $10,000 for utilities used during the month of December.
Utilities Expense- 10000
Cash- 10000
PLEASE Help with Accounting Project! ASAP!?
