Name:_________________ BUS ADM 201 Introduction to Financial Accounting
EXTRA CREDIT I
Due at 11:59 on Saturday, October 20th
GRADING: Worth up to 15 points. Carefully READ the requirements on page 2 first. Partially
completed problems will earn no credit—that means all requirements must be FULLY completed. All
work must be completed by hand. If you complete all items as requested, you will earn at least 7.5 points.
The remaining points are dependent upon the accuracy of your answers. Round amounts to the nearest
dollar, if applicable.
Jamukha Company’s post-closing trial balance for October 31, 2017 showed the following account
Unearned service revenue
During November the following transactions were completed. A perpetual inventory system is used.
Paid $2,600 for salaries due to employees, of which $2,000 is for October
salaries payable and $600 is for November.
Received $14,100 cash from customers in payment of account.
Purchased merchandise on account from Charlie Wholesale Supply for
$9,250, terms 2/10, n/30.
Sold merchandise on account for $8,100, terms 2/10, n/30. The cost of the
merchandise sold was $6,750.
Received credit from Charlie Wholesale Supply for merchandise returned
Received collections in full, less discounts, from customers billed on sales of
$8,100 on Nov. 12.
Paid Charlie Wholesale Supply in full, less discount. (Don’t forget the return
on Nov. 15.)
Received $11,600 cash for services performed in November.
Purchased equipment on account $13,000.
Purchased supplies on account $1,150.
Paid creditors $6,500 of accounts payable due.
Paid November rent $3,750.
Paid salaries $2,600.
Performed services on account and billed customers for services provided
Received $800 from customers for services to be provided in the future.
Supplies on hand are valued at $1,122.
Accrued salaries payable as of 11/30 are $900.
Depreciation for the month is $4,800.
$660 of the unearned service revenue has not been earned by month end.
Print out the attached templates for the general ledger, journal, and worksheet and complete the
following requirements. You must complete all requirements (a) through (h) to receive any credit.
Turn in your completed packet of work to your TA in discussion, or in their mailbox by midnight
on Saturday October 20th.
a. Enter the November 1 balances in ledger accounts. Use the T-accounts provided on the next
b. Enter the November transactions in the general journal provided on page 4. Do not prepare
adjusting entries until part (e).
c. Post to the ledger accounts. You will need to add some accounts.
d. Using the worksheet on page 7, prepare an unadjusted trial balance at November 30 and enter
on the worksheet on page 7. Then complete the other worksheet columns. (See below.)
e. Using your unadjusted trial balance from (d) and the data for adjusting entries, prepare a 12
column worksheet similar to the Sierra Corporation Worksheet in the Chapter 4 of your
accounting text book on page 183. The worksheet will include columns for account names, a
trial balance, adjustments, and adjusted trial balance, an income statement, a statement of
retained earnings, and a balance sheet.
f. Journalize and post adjusting entries.
g. Prepare a complete and properly-formatted multiple-step income statement and a retained
earnings statement for November and a classified balance sheet at November 30. Use your
own paper for these statements. (No templates are provided.)
h. Journalize and post closing entries.
EXTRA CREDIT ONE SOLUTION – Name ________________________
(a), (c), (f), (h) General Ledger
General Ledger (Continued)
(b), (f), (h)
(d), (e) Worksheet
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