Reference no: EM131443723

Accounting Project -

Part 1 -

Journalize the following transactions for the month of June for Quixote Company using the following list of Accounts and Account numbers.

Record all entries to the nearest cent.

Cash	#110
Accounts Receivable	#112
Merchandise Inventory	#115
Estimated Returns Inventory	#116
Store Supplies	#117
Prepaid Insurance	#119
Store Equipment	#120
Accumulated Depreciation - Store Equipment	#121
Accounts Payable	#210
Salaries Payable	#211
Customer Refunds Payable	#212
Larkin, Capital	#310
Larkin, Drawing	#311
Sales	#410
Cost of Merchandise Sold	#510
Office Salaries Expense	#511
Sales Salaries Expense	#512
Rent Expense	#513
Depreciation Expense	#514
Insurance Expense	#515
Delivery Expense	#516
Misc. Selling Expense	#517
Misc. Administrative Expense	#518

1-Jun - Paid rent for June, $6000

3-Jun - Purchased merchandise on account from ABC Company for $15000 Terms 2/10, n/30, FOB shipping point. We were billed $225 for shipping which was added to our invoice.

4-Jun - Returned $3000 of the merchandise purchased on June 3 from ABC Company.

6-Jun - Sold $22500 of Merchandise on account to EFG Company, terms 1/20, n/30, FOB shipping point. The cost of merchandise sold was $7500 and we paid $375 for shipping which was billed and added to the customer's invoice.

7-Jun - EFG Company returned $2250 of the merchandise purchased on June 6. The cost of merchandise sold was $1500.

8-Jun - Paid Misc. Selling Expense of $750 and Misc. Administrative Expense of $150       

9-Jun - Purchased on account $525 of Store Supplies.

13-Jun - Paid ABC Company for the purchase made on June 3rd, less the return of June 4^th          

16-Jun - Purchased store supplies for $150 cash.

17-Jun - Received cash from EFG Company for the sale of June 6, less the return of June 7^th.

25-Jun - Paid Sales Salaries Expense of $975 and Office Salaries Expense of $1125             

30-Jun - Owner withdrew $750

Part 2 - Post your Journal entries to the ledgers.  Be sure to balance the ledger after each entry.

Part 3 - A) Complete the Trial Balance part of the worksheet using the balances from your Ledger Accounts (columns 1 and 2).

B) Use the following data for adjustments and complete the rest of worksheet (columns 3-10). (Hint it might help to journalize the adjustments first.) Be sure to complete the entire worksheet showing totals and net income.

C) Complete the Financial Statements for the Year ended June 30.

1) The Multistep Income Statement

2) Statement of Owner's Equity

3) Balance Sheet (showing current and long term)

Adjustments (place on worksheet)

-Sales earned but not billed yet $1500 (treat as AR)

-Additional $375 in sales salaries has been accrued, but not yet recorded

-Depreciation expense on the store equipment for the month is $225

-Insurance expired for the month is $90

Attachment:- Assignment File.rar