Description
Use the following information to complete the partial worksheet for Bill's Company. Record the appropriate adjusting entries using the data below and extend the balances over to the adjusted trial balance columns.
Unformatted Attachment Preview
ASSIGNMENT 04
A02E Principles of Accounting I
Directions: Unless otherwise stated, answer in complete sentences, and be sure to use correct English,
spelling and grammar. Sources must be cited in APA format. Your response should be four (4) doublespaced pages; refer to the "Assignment Format" page located on the Course Home page for specific
format requirements.
Part A (40 points)
Use the following information to complete the partial worksheet for Bill's Company. Record the
appropriate adjusting entries using the data below and extend the balances over to the adjusted trial
balance columns.
Merchandise inventory—ending
$10
Store supplies on hand
3
Depreciation on store equipment
2
Accrued salaries
1
Account Titles
Merchandise Inv.
Store Supplies
Store Equipment
Accum. Depr. Store
Equip.
Salaries Payable
Income Summary
Salary Expense
Depreciation
Expense
Store Supplies Exp.
Bill’s Company
Partial Worksheet
For the Year Ended December 31st, 2012
Trial Balance
Adjustments
Debit
Credit
Debit
Credit
16
10
20
6
10
Part B (15 points each for a possible total of 60 points)
Adjusted Trial Balance
Debit
Credit
The Bixby Co. had the following transactions involving the purchase of merchandise. Prepare the
necessary general journal entries. Any applicable freight costs are prepaid by the seller. The perpetual
inventory method is in use.
June 16 Purchased merchandise having a price of $6,000 from the Shelby Manufacturing Co. on account
with credit terms 10, n/30. Transportation terms F.O.B destination.
June 16 Purchased merchandise having a price of $9,000 from the Ajax Supply House on account with
credit terms 2/10, n/30. Transportation terms F.O.B shipping point. The freight costs were $175.
June 17 Received the goods from Shelby.
June 17 Received the goods from Ajax.
June 20 Returned for credit merchandise with an invoice price of $800 to Ajax.
June 25 Paid Shelby the amount owed.
June 28 Paid Ajax the amount owed.
June 30 Returned for cash, merchandise with an invoice price of $400 to Shelby.
(1) Prepare the necessary general journal entry for June 16, Purchased merchandise having a price
of $6,000 from the Shelby Manufacturing Co. on account with credit terms 2/10, n/30.
Transportation terms F.O.B destination.
__________________________________________
__________
__________
__________________________________________
__________
__________
__________________________________________
__________
__________
(2) Prepare the necessary general journal entry for June 17, Received the goods from Shelby.
__________________________________________
__________
__________
__________________________________________
__________
__________
__________________________________________
__________
__________
(3) Prepare the necessary general journal entry for June 25.
__________________________________________
__________
__________________________________________
__________
__________________________________________
__________
__________
__________
__________
(4) Prepare the necessary general journal entry for June 28.
__________________________________________
__________
__________________________________________
__________
__________________________________________
__________
__________
__________
__________
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