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15/10/2021 Client: muhammad11 Deadline: 2 Day

Coffee & Cafe Supplier ACCOUNTING EXCEL

PLEASE COMPLETE FOLLOWING QUESTIONS IN EXCEL, AND PUTTING ANSWERS IN THE WORKSHEET (IN EXCEL).

7. Schedules of accounts

a. Create a schedule of accounts receivable balances as at the end of June.

b. Create a schedule of accounts payable balances as at the end of June.

8. Financial statements

a. Prepare an income statement for the month of June.

b. Prepare a statement of stockholders' equity for the month of June.

c. Prepare a balance sheet as at the end of June.

9. Closing entries

a. Journalise closing entries in the general journal.

b. Post the closing entries from the general journal to the relevant ledger accounts.

10. Post-closing trial balance

Production team Commissioning publisher and development editor: Jon Carter Authors: Raechel Wight and Julyana Cahyadi Technical editor: Liam Carey Graphic designer: Ryan Dunn

Publisher's thanks This practice set contains instructional content and questions selected from our comprehensive catalog. The production credits acknowledge the key contributors to this work. In addition to those people listed, Perdisco would like to thank all authors, designers and technical experts (past and present) who have made possible the delivery of our high quality, academically rigorous and technically advanced learning resources.

Copyright notice The copyrights in this practice set are owned by Perdisco. All rights reserved. Apart from any fair use for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part of this practice set may be reproduced, stored in a retrieval system, communicated or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher. All inquiries should be addressed to the publisher.

An electronic version of the practice set is provided free of charge to instructors and undergraduate students enrolled at a government-recognized higher education body in the US. It is not provided freely to any other person. Even though the practice set is provided free of charge, it is still subject to strict copyright and limitations on its use and distribution. In particular, the practice set and its contents (including, but not limited to, its structure, instructions, any numeric values, any marketing information, and this copyright notice) may not be altered or customized in any way (other than what is required for a student to supply their answers), sold or distributed in any way (including by an instructor's email to their students or by placing it on a LAN, WAN or internet server including any course management system owned by any adopting university) without the written permission of Perdisco.

© 2006 Perdisco. Coffee and Café Supplier Accounting Practice Set US GAAP Edition 1 published in 2006.

© 2008 Perdisco. Coffee and Café Supplier Accounting Practice Set US GAAP Edition 2 published in 2008.

© 2010 Perdisco. Coffee and Café Supplier Accounting Practice Set US GAAP Edition 3 published in 2010.

About the authors Raechel Wight (B.Bus., B.V.A) is an educator and author who has taught undergraduate accounting at a number of universities. She has many years experience writing educational resources for accounting students and, in her prior professional career, worked as an auditor for Deloitte.

Julyana Cahyadi (B.Com., M.Bus.) teaches financial accounting and financial statement analysis to undergraduate students. She previously worked as a researcher for the National Centre for Banking and Capital Markets and has since then undertaken various consulting roles in Australia and overseas.

Contents Study time guidelines ................................................................................................................................ 2 Overview .................................................................................................................................................... 3

Background information .......................................................................................................................................... 3 Accounting policies................................................................................................................................................... 3 Accounting procedures ............................................................................................................................................ 4

Instructions................................................................................................................................................ 6 Transactions ............................................................................................................................................................... 6 End of month posting.............................................................................................................................................. 6 Bank reconciliation ................................................................................................................................................... 6 Unadjusted trial balance ........................................................................................................................................... 6 Worksheet................................................................................................................................................................... 6 Adjusting entries........................................................................................................................................................ 7 Schedules of accounts............................................................................................................................................... 7 Financial statements.................................................................................................................................................. 7 Closing entries ........................................................................................................................................................... 7 Post-closing trial balance.......................................................................................................................................... 7 Reversing entries ....................................................................................................................................................... 7

Further information ................................................................................................................................... 8 Chart of accounts ...................................................................................................................................................... 8 Schedule of accounts receivable ~ May................................................................................................................. 9 Schedule of accounts payable ~ May..................................................................................................................... 9 Post-closing trial balance ~ May........................................................................................................................... 10 Bank reconciliation statement ~ May .................................................................................................................. 11 Bank statement ~ June........................................................................................................................................... 12

Transactions ............................................................................................................................................ 13 General journal ........................................................................................................................................ 16 Special Journals ....................................................................................................................................... 21

Sales journal.............................................................................................................................................................. 21 Purchases journal..................................................................................................................................................... 21 Cash receipts journal............................................................................................................................................... 22 Cash payments journal ........................................................................................................................................... 23

Ledgers .................................................................................................................................................... 25 Accounts receivable subsidiary ledger.................................................................................................................. 26 Accounts payable subsidiary ledger ...................................................................................................................... 28 General ledger.......................................................................................................................................................... 30

Final statements ...................................................................................................................................... 45 Bank reconciliation statement ............................................................................................................................... 46 Worksheet................................................................................................................................................................. 48 Schedule of accounts receivable............................................................................................................................ 50 Schedule of accounts payable................................................................................................................................ 50 Income statement.................................................................................................................................................... 51 Statement of stockholders' equity......................................................................................................................... 52 Balance sheet............................................................................................................................................................ 53 Post-closing trial balance........................................................................................................................................ 54

Study time guidelines Your accounting practice set is a large activity that will take approximately 18 hours or more of study. As such, you will not complete the whole practice set in one sitting. The timeframes that we are suggesting on this page measure study time spent directly working with this practice set.

Depending on the submission guidelines set by your instructor, your study time may be spread over many days or weeks. The study times below are provided only to give you a general guide as to how to allocate your time when completing the sections in your practice set. Breaking your study time into blocks will help maintain your concentration while performing the tasks required.

Some students will take less time to complete their accounting practice set, other students will take longer. That is OK. Subject to the deadlines set by your instructor, please take as much or as little time as you need.

Accounting cycle step

Approximate study time

Reading time Up to 0.5 hour

Transactions - week 1 Up to 2 hours

Transactions - week 2 Up to 1 hour

Transactions - week 3 Up to 1 hour

Transactions - week 4 Up to 1 hour

Transactions - week 5 Up to 1 hour

End of month posting Up to 1.5 hours

Bank reconciliation Up to 1.5 hours

Unadjusted trial balance Up to 1 hour

Worksheet Up to 2 hours

Adjusting entries Up to 1 hour

Schedules of accounts Up to 0.25 hour

Financial statements Up to 1.5 hours

Closing entries Up to 1.5 hours

Post-closing trial balance Up to 0.25 hour

Reversing entries Up to 1 hour

TOTAL all steps (approximate) Up to 18 hours

2 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Overview Background information

Assume it is currently June 30, 20XX.

You are working for the temporary accounting employment agency known as Tempters. Today you have been asked to work at Moondollars, a small coffee supplies store that operates in the city and is owned by Adrian Bartos. Your task here is to complete the accounting cycle for Moondollars for the month of June 20XX. To assist you in this task, Adrian tells you to read the company's accounting policies and procedures. Note that you will be required to follow these policies and procedures when completing the accounts for Moondollars.

Accounting policies Business operations: Moondollars is set up as a private non-listed corporation based in the city witha. Adrian Bartos as the sole stockholder. The business derives its main source of revenue from retail sales of coffee supplies.

To assist in managing the business, Moondollars rents a small office space. Note that the business is required to pay for the rent for this premises in advance.

The electricity and water expenses incurred during the month relate to the running of the office. Additional expenses include an insurance policy to protect the equipment in the office in the event of theft or fire.

All costs associated with the office are classified as general and administrative expenses.

Adrian is the only full-time employee and his role is to handle all administrative tasks. Adrian's salary is paid once at the end of each month. All other employees are sales staff who are employed on a part-time basis. The sales staff receive their wages every two weeks.

Accounting cycle: The business adopts a monthly accounting cycle.b.

Purchases: Purchases are recorded when the business receives the goods. All items purchased are received on thec. same day as recorded in the transaction list, except for purchase orders which are received at a later date. Note that the business uses the gross method of recording purchases and receives trade discounts and early payment discounts from some suppliers.

Purchase returns: To allow Adrian to separately track and analyze the value of goods returned to suppliers, alld. purchase returns are recorded in the Purchase Returns and Allowances account rather than directly in the Purchases account.

Revenue recognition: The business recognizes revenues when goods sold are delivered to customers. All itemse. sold are delivered on the same day as recorded in the transaction list except for sales orders, which are delivered at a later date as agreed with the customer. Note that the business uses the gross method of recording sales and sometimes grants trade discounts to customers. Past experience has shown that offering early payment discounts did not increase the likelihood of accounts receivable being paid promptly. Therefore, discounts for early payment of accounts are not normally offered to credit customers except in exceptional circumstances.

Sales returns: So that the business can easily track the level of sales returns in relation to overall sales, all salesf. returns are recorded using a contra revenue account (Sales Returns and Allowances) rather than being recorded directly in the Sales Revenue account.

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 3

Sales tax: Adrian has advised you to ignore the effect of sales tax. [ASIDE: This is an assumption to make theg. practice set easier for you to complete. In the real world, sales tax cannot be ignored.]

Cash: The business accepts cash and checks and uses checks to pay for the majority of its expenses. On the dayh. checks are received, Adrian deposits them at the bank. It may take a number of days for the checks to be cleared by the bank. The business holds its checking account with BitiBank.

Short-term investments: The business holds a six-month term deposit account with BitiBank. Interest isi. calculated on a monthly basis and received at the end of the deposit term. Note that when the deposit matures, Adrian usually rolls over the principal and interest received at the end of the term. The term deposit account was rolled over on June 1, 20XX.

Inventories: The business uses the periodic inventory system and and records all purchases of inventory in thej. Purchases account, rather than recording them directly in the Merchandise Inventory account. At the end of the reporting period, the Purchases account and the opening balance of the Merchandise Inventory account are closed to the Income Summary account and Merchandise Inventory is restated to its ending balance. Note that the company does not use a Cost of Goods Sold account.

Prepayments: The business has a policy of recording prepayments, including office supplies, as assets. At the endk. of the month, adjustments are made to the relevant accounts to recognize the expense incurred during the accounting period.

Property, plant and equipment: Property, plant and equipment items are depreciated over their estimated usefull. life using the straight line method to calculate the depreciation charge.

Long-term liabilities: The business obtained an interest only loan from MRMC Bank on June 1, 20XX. The firstm. interest payment is due at the end of August 20XX and the principal on the loan is due at the beginning of June four years later.

Accounting procedures Moondollars adopts a manual accounting system and uses the general journal and special journals for the recording of individual transactions. Adrian Bartos has tailored the design of those journals to meet the specific needs of the business so the format of those journals may be slightly different to those you have seen before. However, he advises you that the general principles of how to use special journals are followed in his business.

The table below shows the journals used by the business and the types of transactions that can be recorded in each of these journals:

Journal Code Transaction type

General journal GJ All transactions that are not able to be recorded in the special journals below.

Sales journal SJ Credit sales of inventory

Purchases journal PJ Credit purchases of inventory

Cash receipts journal CRJ Cash inflows to the business

Cash payments journal CPJ Cash outflows from the business

To summarize the effects of transactions recorded in those journals, Adrian maintains the general ledger and the following subsidiary ledgers:

▪ accounts receivable subsidiary ledger, and ▪ accounts payable subsidiary ledger.

4 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Adrian then indicates that he is aware other businesses using a manual accounting system may post transactions from journals to ledgers at different times (i.e. daily or monthly). Although the posting procedures used in his business may be different to what you have seen before, he asks that you specifically follow his company's accounting policies and procedures.

The information below explains when transactions are required to be posted from the journals to the appropriate ledger accounts:

Posting of entries recorded in the general journal

All transactions that are entered in the general journal are posted on a daily basis. Note that if a transaction recorded in the general journal involves both a control account and a subsidiary ledger account, that journal entry will need to be posted to both ledgers.

Posting of entries recorded in the special journals

When a transaction is recorded in a special journal, part of the journal entry may need to be posted daily and part of that entry is to be posted monthly.

Daily:a.

▪ If a transaction affects a subsidiary ledger account, then the entry that involves a subsidiary ledger account is to be posted to that subsidiary ledger on a daily basis. However, the same amount posted to the subsidiary ledger account is not posted to the related control ledger account immediately. This procedure allows the business to keep track of supplier and customer balances on a daily basis.

▪ In the cash receipts journal or the cash payments journal, if a transaction is recorded in the Other Accounts column, then the amount recorded in the Other Accounts column is to be posted to the appropriate general ledger account daily.

Monthly:b.

▪ At the end of the month, the totals of each column in the special journals are manually calculated. Those totals, with the exception of the totals of the Other Accounts columns in the cash journals, are posted to the appropriate general ledger accounts at the end of the month.

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 5

Instructions Now that you have reviewed information about Moondollars, you are ready to complete the accounting cycle for Moondollars for the month of June. To start with, Adrian gives you the transaction list for the month of June and all the journals, ledgers and final statements you will need to complete this task. He also mentions that you will be required to record reversing entries at the beginning of July. Adrian provides the following list of tasks you are required to perform for June and the beginning of July:

1. Transactions Record all transactions in the relevant journals. Note that special journals must be used where applicable. Anya. transaction that cannot be recorded in a special journal should be recorded in the general journal. Post entries recorded in the journals to the appropriate ledger accounts according to the company's accountingb. policies and procedures.

Remember to enter all answers to the nearest whole dollar. When calculating a discount, if a discount is not a whole number, round the discount to the nearest whole dollar. Then, to calculate the Cash amount, subtract the discount from the original amount.

2. End of month posting Total the columns in the special journals.a. Post the totals of the columns in the special journals to their corresponding ledger accounts. To confirm that theb. posting has been performed, a posting reference is recorded in the last row of the special journals. If the total of a column is not required to be posted (because the entries in that column have already been posted on a daily basis) you need to record an X in the post reference field for that column.

3. Bank reconciliation Prepare the bank reconciliation statement as at June 30.a. Identify and record the relevant reconciling items in the general journal, and post them to the relevant accounts.b.

4. Unadjusted trial balance Complete the unadjusted trial balance as at June 30 on the worksheet provided.

5. Worksheet Use the following information to record adjustments in the Adjustments column of the worksheet:a.

▪ furniture: Depreciation on the furniture owned by the business for the month of June is $156. ▪ equipment: Depreciation on the equipment owned by the business for the month of June is $366. ▪ Electricity expense for the month of June is estimated to be $874. ▪ The water usage for the month of June is estimated to be $235. ▪ The amount of wages incurred during the month of June but not yet paid to sales staff is $1,320. ▪ Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is

$275. ▪ Interest earned from short-term investments in BitiBank for the month of June is $100. ▪ The value of office supplies used during the month of June is $4,037. ▪ $3,000 worth of prepaid rent expired during the month of June. ▪ $3,000 worth of prepaid advertising was used up in June. ▪ $590 worth of prepaid insurance expired during the month of June.

Complete the remaining columns of the worksheet. After taking a physical count of inventory, the balance ofb. inventory on hand as at June 30 is $60,857. You will need to use this information to complete both the Income Statement and the Balance Sheet columns of the worksheet. Note that Merchandise Inventory is recorded in the Income Statement columns. Hint: This information will assist you in calculating cost of goods sold under the periodic inventory system.

6 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

6. Adjusting entries Use the worksheet to help journalize adjustments for June.

Record adjusting entries in the general journal.a. Post the adjusting entries from the general journal to the relevant ledgers.b.

7. Schedules of accounts Create a schedule of accounts receivable balances as at the end of June.a. Create a schedule of accounts payable balances as at the end of June.b.

8. Financial statements Prepare an income statement for the month of June.a. Prepare a statement of stockholders' equity for the month of June.b. Prepare a balance sheet as at the end of June.c.

9. Closing entries Journalise closing entries in the general journal.a. Post the closing entries from the general journal to the relevant ledger accounts.b.

10. Post-closing trial balance Prepare a post-closing trial balance as at the end of June.

11. Reversing entries On the first day of July, record in the general journal any entries that are required to reverse the followinga. adjusting entries from the month of June:

▪ Water expense incurred but not paid ▪ Electricity expense incurred but not paid ▪ Wages owed to the employees but have not yet been paid in cash ▪ Interest expense incurred but not paid to the lender ▪ Interest earned but not received in cash

Post the reversing entries from the general journal to the relevant general ledger accounts.b.

After completing the tasks for Moondollars, you should double check your work and ensure that you have completed all of the accounting records before submitting them for review.

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 7

Further information Chart of accounts

Account No. Name

100 Cash 102 Short-term Investments 110 ARC - Accounts Receivable Control 112 Interest Receivable 120 Merchandise Inventory 130 Office Supplies 140 Prepaid Rent 141 Prepaid Advertising 142 Prepaid Insurance 150 Office Furniture 151 Accum Depn: Office Furniture 160 Office Equipment 161 Accum Depn: Office Equipment 210 APC - Accounts Payable Control 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock 301 Retained Earnings 310 Income Summary 400 Sales Revenue 401 Sales Returns and Allowances 402 Sales Discounts 403 Interest Revenue 500 Purchases 501 Purchase Returns and Allowances 502 Purchase Discounts 511 Advertising Expense 516 Wages Expense 540 Rent Expense 541 Electricity Expense 542 Water Expense 543 Insurance Expense 544 Office Supplies Expense 545 Salary Expense 560 Depn Expense: Office Furniture 561 Depn Expense: Office Equipment 571 Interest Expense 572 Admin. Expense - Bank Charges

8 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Schedule of accounts receivable ~ May Moondollars

Schedule of Accounts Receivable May 31, 20XX

Account No. Name Debit($) Credit

($)

110-1 ARC - Central Coffee 2,844

110-2 ARC - Con's Coffee 3,881

110-3 ARC - SloZone 2,144

110-4 ARC - Quick Bolt Coffee 3,701

110-5 ARC - Revamp Coffee Carts

110-6 ARC - Jandesh's Hot Spot

Total 12,570

Please note: Moondollars does not generally give a discount for early payment except in exceptional circumstances. All debtors are on net 30 credit terms.

Schedule of accounts payable ~ May Moondollars

Schedule of Accounts Payable May 31, 20XX

Account No. Name Debit($) Credit

($) Terms

210-1 APC - Brazil Imports Group 3,432 2/10, n/30

210-2 APC - East Tangiers Co-op. 3,781 1/15, n/30

210-3 APC - Abejundio Coffee 4,668 net 30

210-4 APC - Buena Vista Coffee 1,413 2/10, n/30

210-5 APC - Klam Wholesalers 3,144 net 30

210-6 APC - Jordo Gourmet Coffee net 30

Total 16,438

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 9

Post-closing trial balance ~ May Moondollars - Post-closing trial balance, As at May 31, 20XX

Account No. Name Debit($) Credit

($)

100 Cash 29,477 102 Short-term Investments 20,000 110 ARC - Accounts Receivable Control 12,570 112 Interest Receivable 120 Merchandise Inventory 73,322 130 Office Supplies 7,083 140 Prepaid Rent 6,000 141 Prepaid Advertising 9,000 142 Prepaid Insurance 2,950 150 Office Furniture 9,000 151 Accum Depn: Office Furniture 2,031 160 Office Equipment 43,000 161 Accum Depn: Office Equipment 13,532 210 APC - Accounts Payable Control 16,438 220 Wages Payable 221 Electricity Payable 222 Water Payable 225 Interest Payable 250 Bank Loan Payable 300 Common Stock 80,000 301 Retained Earnings 100,401

Total 212,402 212,402

10 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Bank reconciliation statement ~ May

Moondollars Bank Reconciliation Statement As at May 31, 20XX

Balance per bank: $32,182 Add: deposit in transit from Quick Bolt Coffee $3,685 deposit in transit from Central Coffee 1,210 4,895

37,077 Deduct: outstanding check No. 901 $6,900 outstanding check No. 902 700 7,600

Adjusted balance per bank $29,477

Balance per book: $29,348 Add: interest earned 134

29,482 Deduct: bank service charge 5

Adjusted balance per book $29,477

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 11

Bank statement ~ June

Seattle branch

Adrian Bartos 102 Martin Road Seattle, WA 98101

Account No. 69932616

Page No. 1

Moondollars

Date Particulars Debit Credit Balance

JUN 1 BALANCE BROUGHT FORWARD $32,182 CR

JUN 1 901 $6,900 $25,282 CR

JUN 2 902 $700 $24,582 CR

JUN 4 LOAN $55,000 $79,582 CR

JUN 4 DEPOSIT - Quick Bolt Coffee $3,685 $83,267 CR

JUN 5 903 $3,743 $79,524 CR

JUN 5 DEPOSIT - Central Coffee $1,210 $80,734 CR

JUN 6 904 $1,385 $79,349 CR

JUN 6 DEPOSIT - Cash sales $5,961 $85,310 CR

JUN 9 905 $220 $85,090 CR

JUN 10 DEPOSIT - Central Coffee $2,560 $87,650 CR

JUN 14 906 $3,144 $84,506 CR

JUN 16 DEPOSIT - Cash sales $10,081 $94,587 CR

JUN 20 DEPOSIT - Cash sales $9,658 $104,245 CR

JUN 20 907 $5,103 $99,142 CR

JUN 23 DEPOSIT - Jandesh's Hot Spot $300 $99,442 CR

JUN 26 NSF CHECK - Jandesh's Hot Spot $300 $99,142 CR

JUN 26 DEPOSIT - Cash sales $9,592 $108,734 CR

JUN 29 909 $3,425 $105,309 CR

JUN 30 DEPOSIT - Quick Bolt Coffee $3,701 $109,010 CR

JUN 30 910 $5,582 $103,428 CR

JUN 30 INTEREST $234 $103,662 CR

JUN 30 SERVICE CHARGE $5 $103,657 CR

Last statement to 05/31/XX

This statement to 06/30/XX

Total debits $30,507

Total credits $101,982

Final balance $103,657 CR

Proceeds of checks will not be available until cleared. All entries for the last business day are subject to verification and authorization. Any items not paid, or withdrawn, will be adjusted by reversal entry on a later statement. NSF means Not-Sufficient-Funds

12 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Transactions for June You will use the following five weeks of transactions as you complete the books for June. Note that the transactions are divided into five separate weeks to help you break your study time into blocks.

Week 1 Date Transaction description 1 Purchased Coffee Cup Lids from Abejundio Coffee for $160, terms net 30. 1 Purchased Gourmet Cubed Sugar from Brazil Imports Group for $200, terms 2/10, n/30. 1 Obtained a loan of $55,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest

payment is due at the end of August 20XX and the principal of the loan is to be repaid at the beginning of June four years later.

2 Paid the full amount owing to East Tangiers Co-op., Check No. 903. Payment fell within discount period. 2 Paid the full amount owing to Buena Vista Coffee, Check No. 904. Payment fell within discount period. 3 Purchased Gourmet Cream with cash for $220, Check No. 905. 4 Made cash sales of $5,961 during the first 4 days of the month. 7 Sold 5 bags of Medium Roast Arabica Coffee Beans to SloZone for $287 each, Invoice No. 201.

Week 2 Date Transaction description 9 Central Coffee paid the full amount owing on their account. Since Central Coffee has been a loyal

customer from the day the business commenced, a 10% discount was given for this early repayment. 11 Made cash sales of $10,081 during the week. 11 SloZone returned $1,198 worth of product. Issued a Credit Memorandum for $1,198. 12 Sold Chocolate Sprinkles to Jandesh's Hot Spot for $484, Invoice No. 202. 13 Paid the full amount owing to Klam Wholesalers, Check No. 906.

Week 3 Date Transaction description 15 Paid sales staff wages of $5,103 for the two weeks up to and including yesterday, Check No. 907. 17 Sold 10 boxes of Plastic Condiment Containers to Revamp Coffee Carts for $206 each, Invoice No. 203. 18 Made cash sales of $9,658 during the week. 18 Returned $1,403 worth of faulty product to Abejundio Coffee. Received a Credit Memorandum for

$1,403. 19 Jandesh's Hot Spot paid $300 in partial payment of their account. 21 SloZone paid the full amount owing on their account. 21 Received a purchase order from Jandesh's Hot Spot. Created a corresponding sales order to deliver

Gourmet Cream to this customer for $470, Invoice No. 204.

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 13

Week 4 Date Transaction description 24 Delivered Gourmet Cream to Jandesh's Hot Spot for $470, Invoice No. 204, which was ordered on the

21st. 25 Made cash sales of $9,592 during the week. 26 Paid the full amount owing to Brazil Imports Group, Check No. 908. 27 Paid the full amount owing to Abejundio Coffee, Check No. 909. 28 Ordered Organic Chocolate Cream Liqueur from Buena Vista Coffee for $155, agreed terms with Buena

Vista Coffee are 2/10, n/30.

Week 5 Date Transaction description 29 Paid sales staff wages of $5,582 for the two weeks up to and including yesterday, Check No. 910. 30 Received Organic Chocolate Cream Liqueur for $155, which was ordered on the 28th, agreed terms with

Buena Vista Coffee are 2/10, n/30. 30 Quick Bolt Coffee paid the full amount owing on their account. 30 Made cash sales of $6,629 during the last 5 days of the month. 30 Paid monthly salary of $5,200 to Adrian Bartos, Check No. 911.

14 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General journal

Date Account and Explanation PostRef. Debit Credit

Record transaction entries below Record bank reconciliation entries on the next page

16 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General journal

Date Account and Explanation PostRef. Debit Credit

Record bank reconciliation entries below Record adjusting entries on the next page

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 17

General journal

Date Account and Explanation PostRef. Debit Credit

Record adjusting entries below Record closing entries on the next page

18 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General journal

Date Account and Explanation PostRef. Debit Credit

Record closing entries below Record reversing entries on the next page

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 19

General journal

Date Account and Explanation PostRef. Debit Credit

Record reversing entries below

20 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Sales journal

Date Account InvoiceNo. Post Ref. Amount

Purchases journal

Date Account Terms PostRef. Amount

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 21

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Blank page for your notes

Accounts receivable subsidiary ledger Account: ARC - Central Coffee Account No. 110-1

Date Description Ref. Debit Credit Balance

May 31 Balance 2,844 DR

Account: ARC - Con's Coffee Account No. 110-2

Date Description Ref. Debit Credit Balance

May 31 Balance 3,881 DR

Account: ARC - SloZone Account No. 110-3

Date Description Ref. Debit Credit Balance

May 31 Balance 2,144 DR

26 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Accounts receivable subsidiary ledger Account: ARC - Quick Bolt Coffee Account No. 110-4

Date Description Ref. Debit Credit Balance

May 31 Balance 3,701 DR

Account: ARC - Revamp Coffee Carts Account No. 110-5

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: ARC - Jandesh's Hot Spot Account No. 110-6

Date Description Ref. Debit Credit Balance

May 31 Balance 0

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 27

Accounts payable subsidiary ledger Account: APC - Brazil Imports Group Account No. 210-1

Date Description Ref. Debit Credit Balance

May 31 Balance 3,432 CR

Account: APC - East Tangiers Co-op.dio Coffee Account No. 210-2

Date Description Ref. Debit Credit Balance

May 31 Balance 3,781 CR

Account: APC - Abejundio Coffee Account No. 210-3

Date Description Ref. Debit Credit Balance

May 31 Balance 4,668 CR

28 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

Accounts payable subsidiary ledger Account: APC - Buena Vista Coffee Account No. 210-4

Date Description Ref. Debit Credit Balance

May 31 Balance 1,413 CR

Account: APC - Klam Wholesalers Account No. 210-5

Date Description Ref. Debit Credit Balance

May 31 Balance 3,144 CR

Account: APC - Jordo Gourmet Coffee Account No. 210-6

Date Description Ref. Debit Credit Balance

May 31 Balance 0

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 29

General ledger Account: Cash Account No. 100

Date Description Ref. Debit Credit Balance

May 31 Balance 29,477 DR

Account: Short-term Investments Account No. 102

Date Description Ref. Debit Credit Balance

May 31 Balance 20,000 DR

Account: ARC - Accounts Receivable Control Account No. 110

Date Description Ref. Debit Credit Balance

May 31 Balance 12,570 DR

30 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General ledger Account: Interest Receivable Account No. 112

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Merchandise Inventory Account No. 120

Date Description Ref. Debit Credit Balance

May 31 Balance 73,322 DR

Account: Office Supplies Account No. 130

Date Description Ref. Debit Credit Balance

May 31 Balance 7,083 DR

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 31

General ledger Account: Prepaid Rent Account No. 140

Date Description Ref. Debit Credit Balance

May 31 Balance 6,000 DR

Account: Prepaid Advertising Account No. 141

Date Description Ref. Debit Credit Balance

May 31 Balance 9,000 DR

Account: Prepaid Insurance Account No. 142

Date Description Ref. Debit Credit Balance

May 31 Balance 2,950 DR

32 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General ledger Account: Office Furniture Account No. 150

Date Description Ref. Debit Credit Balance

May 31 Balance 9,000 DR

Account: Accum Depn: Office Furniture Account No. 151

Date Description Ref. Debit Credit Balance

May 31 Balance 2,031 CR

Account: Office Equipment Account No. 160

Date Description Ref. Debit Credit Balance

May 31 Balance 43,000 DR

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 33

General ledger Account: Accum Depn: Office Equipment Account No. 161

Date Description Ref. Debit Credit Balance

May 31 Balance 13,532 CR

Account: APC - Accounts Payable Control Account No. 210

Date Description Ref. Debit Credit Balance

May 31 Balance 16,438 CR

Account: Wages Payable Account No. 220

Date Description Ref. Debit Credit Balance

May 31 Balance 0

34 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General ledger Account: Electricity Payable Account No. 221

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Water Payable Account No. 222

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Interest Payable Account No. 225

Date Description Ref. Debit Credit Balance

May 31 Balance 0

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 35

General ledger Account: Bank Loan Payable Account No. 250

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Common Stock Account No. 300

Date Description Ref. Debit Credit Balance

May 31 Balance 80,000 CR

Account: Retained Earnings Account No. 301

Date Description Ref. Debit Credit Balance

May 31 Balance 100,401 CR

36 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General ledger Account: Income Summary Account No. 310

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Sales Revenue Account No. 400

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Sales Returns and Allowances Account No. 401

Date Description Ref. Debit Credit Balance

May 31 Balance 0

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 37

General ledger Account: Sales Discounts Account No. 402

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Interest Revenue Account No. 403

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Purchases Account No. 500

Date Description Ref. Debit Credit Balance

May 31 Balance 0

38 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General ledger Account: Purchase Returns and Allowances Account No. 501

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Purchase Discounts Account No. 502

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Advertising Expense Account No. 511

Date Description Ref. Debit Credit Balance

May 31 Balance 0

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 39

General ledger Account: Wages Expense Account No. 516

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Rent Expense Account No. 540

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Electricity Expense Account No. 541

Date Description Ref. Debit Credit Balance

May 31 Balance 0

40 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General ledger Account: Water Expense Account No. 542

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Insurance Expense Account No. 543

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Office Supplies Expense Account No. 544

Date Description Ref. Debit Credit Balance

May 31 Balance 0

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 41

General ledger Account: Salary Expense Account No. 545

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Depn Expense: Office Furniture Account No. 560

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Depn Expense: Office Equipment Account No. 561

Date Description Ref. Debit Credit Balance

May 31 Balance 0

42 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

General ledger Account: Interest Expense Account No. 571

Date Description Ref. Debit Credit Balance

May 31 Balance 0

Account: Admin. Expense - Bank Charges Account No. 572

Date Description Ref. Debit Credit Balance

May 31 Balance 0

COFFEE & CAFÉ SUPPLIER - US GAAP EDITION 3 (PCU3e) 43

Blank page for your notes

Bank reconciliation statement ~ June Moondollars Bank Reconciliation Statement As at June 30, 20XX

46 PERDISCO ACCOUNTING PRACTICE SET (PCU3e)

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