50,000 0 0 0 0 50,000 0 1 Pet's Choice Enterprise 2 BALANCE SHEET 3 DECEMBER 31, 2017 4 Current Assets 5 Cash 6 Accounts Receivable 7 Inventories 8 Prepaid inventory 9 Prepaid insurance 10 Total Current Assets 11 Non-Current Assets 12 Land 13 14 Buildings 15 Less: Accumulated Depreciation 16 Net value of Buildings 17 Other assets 18 19 Total Assets 20 21 Current Liabilities 22 Notes Payable 23 Accounts Payable BSO 01 Q2 03 04 0 0 O 0 50,000 0 0 Do not use or delete Do not use or delete2 D 0 O 50,000 0 0 0 A 16 Net value of Buildings 17 Other assets 18 19 Total Assets 20 21 Current Liabilities 22 Notes Payable 23 Accounts Payable 24 Unearned Revenues 25 Income Taxes Payable 26 Interest Payable 27 Total Current Liabilities 28 Non-Current Liabilities 29 Notes payable 30 Total Non-Current Liabilities 31 Total Liabilities 32 Stockholders' Equity 33 Common Stock 34 Paid-in-capital - Common Stock 35 Retained Earnings 36 Total Stockholders' Equity 37 Total Liabilities and Stockholders' Equity 38 BSO 01 Q2 03 04 0 0 0 50,000 0 0 50,000 50,000 Do not use or delete Do not use or delete Ready Type here to search e PROTECTED VIEW Be careful files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing i SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled Reactivate ADDITIONAL INFORMATION If you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More A138 1,500,000 B D E 1 Transaction 1: 1/1/2018 Sell 150,000 shares of PC's common stock ($1 par value) for $10 per share 2 3 1/1/2018 Dr. cash Correct 4 Cr Common Stock Correct 5 Additional Paid in Cap Correct 6 7 Notes You can leave the notes empty 8 Correct 150000 Correct 1,350,000 Correct 9 Enter Amount 10 11 Transaction 2: 1/3/2018. Borrow $1 million loan from the bank. Interest on this 10-year loan is 5% per annum 12 13 1/3/2018 Dr Choose Account Enter Amount 14 Cr Choose Account 15 16 Notes 17 18 Transaction 3: 1/5/2018. Pay $1.5 million for land (1 million) and building (0.5 million). Set up a 20-year straight-line depreciation schedule for building 19 The estimated residual value of the building is 0.1 million 20 21 1/5/2018 Dr Choose Account Enter Amount 22 Choose Account Eater Amount 23 Cr Choose Account B50 Q1 Q2 Q3 Do not use or delete Do not use or delete2 Eater Amount Ready Type here to search hp Aman Khan HW XV Protected View Excel (Unlicensed Product) File Home Insert Page Layout Formulas Data Review Search PROTECTED VIFW Be carefules from the Internet can contain Viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing 1 SUBSCRIPTION EXPIRED Most of the features of Excel have been drabled Beactivate ADDITIONAL INFORMATION you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More A138 D H 70 21 1/5/2018 Dr Choose Account Choose Account Enter Amount Enter Amount Cr. 75 24 Notes: Choose Account Eater Amount 26 Transaction 4.1/6/2018. Purchase 1-year ability insurance for $2,100, effective from 1/1/2018 28 1/6/2018 Dr. Choose Account Enter Amount Choose Account Eater Amount 30 Notes 31 2 Eater Amount Eater Amount Eater Amount 33 Transaction 5. 17/2018. Purchase $250,000 worth of inventory. Pay down now 34 35 17/2018 Dr Choose Account 36 Cr Choose Account 37 Choose Account 38 Notes: 37 40 Transaction 6.1/12/2018 Pay the remaining $125,000 dae in 15. 41 42 12/2018 Choose Account 850 Q1 Q2 03 04 Do not use or delete Do not use or delete2 Enter Amount Ready o Type here to search PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing i SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled. Reactivate ADDITIONAL INFORMATION If you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More A138 B D 39 40 Transaction 6.1/12/2018 Pay the remaining $125,000 due in TS. DI 42 1/12/2018 43 Choose Account Enter Amount Cr Choose Account Eater Amount 44 Notes 46 47 Transaction 7. 1/31/2018. Total cash sales during the month is $150,000 48 49 1/31/2018 Dr Choose Account 50 Cr 51 52 Notes Enter Amount Choose Account Ester Amount Eater Amount Enter Amount 54 Transaction 8. 2/2/2018. Receive utility bill for January, totaling $1,850 55 56 2/2/2018 Dr Choose Account 57 Cr Choose Account 58 59 Notes 60 61 Transaction 9.2/6/2018. Take an order from customer for $24,000 of pet food 850 Q1 02 03 04 Do not use or delete Do not use or delete 2 Ready Type here to search e man har HN (1) Protected Vienl. Excel (Unlicensed Product File Home Insert Page Layout Fermulas Data Review View Search PROTECTED VIEW Be careful files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled Beactivate ADDITIONAL INFORMATION Iyou need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More A138 D ED 61 Transaction 9.2/6/2018. Take an order from customer for $24,000 of pet food 2 63 No journal entry recorded since the order hasn't been shipped yet 65 Notes 56 67 Transaction 10. 2/7/2013. Pay January tryb 68 69 2/7/2018 Dr 70 Cr Choose Account Eater Amount Choose Account Eater Amount 72 Notes * Transaction 11. 28/2018. Ship and invoice customer for $24,000 of pet food ordered in T9 above. Shipping fee is on customer 75 76 2/1/2018 De Choose Account Eater Amount Cr Choose Account 78 Notes Eater Amos B0 Transaction 12. 2/12/2018. Receive payment of S24,000 for shipment made in TII 81 82 2/12/2018 DE Choose Account 850 Q1 Q2 03 04 Do not use or delete Do not use or delete Ready Enter Amount Type here to search hp Enable Editing PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. i SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled. Reactivate i ADDITIONAL INFORMATION you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More A138 6 H Enter Amount D 74 Transaction 11. 2/8/2018 Ship and invoice customer for $24,000 of pet food ordered in T9 above. Shipping fee is on customer 75 76 2/8/2018 De Choose Account 77 Cr. Choose Account 78 Notes 79 BO Transaction 12. 2/12/2018. Receive payment of $24,000 for shipment made in T11. Enter Amount Dr Choose Account Enter Amount 822/12/2018 83 84 Notes 85 Cr Choose Account Enter Amount 86 Transaction 13. 2/15/2018. Pay salespersons' first month wages of $13,500 (three persons, $150 per day, 30 days) Salespersons started their jobs on 1/16/2018 87 90 Ba 2/15/2018 Dr Choose Account Enter Amount 89 CE Choose Account Eater Amount 91 Notes 92 93 Transaction 14. 2/28/2018. Receive and ship an order from customer for $36,000. Customer promises to pay the amount within 10 days Shipping fee is paid by customer 94 95 2/28/2018 De Choose Account Ester Amount 96 Cr Choose Account Enter Amount BSO Q1 02 03 04 Do not use or delete Do not use or delete 2 Ready O Type here to search e up Enable Editing PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safe to stay in Protected View i SUBSCRIPTION EXPIRED Most of the features of Excel have been dnabled Reactivate ADDITIONAL INFORMATION IF you need to make a quick edit belore renewing your subscription, learn more about the Office Web Apps. Learn More A138 X D 85 86 Transaction 13.2/15/2018. Pay salespersons' first month wages of $13,500 (three persons, $150 per day, 30 days) Salespersons started their jobs on 1/16/2018 87 88 2/15/2018 Dr Choose Account Enter Amount 09 Cr Choose Account Enter Amount 90 91 Notes 92 93 Transaction 14,2/28/2018. Receive and ship an order from customer for $36,000. Customer promises to pay the amount within 10 days. Shipping fee is paid by customer 94 Dr Choose Account Eater Amount Cr. Choose Account Enter Amount 95 2/28/2018 96 97 98 Notes Eater Amount Choose Account Enter Amount 100 Transaction 15. 2/28/2018. Total cash sales during the month is $168.000 101 102 2/28/2018 Dr Choose Account 101 Cr 104 105 Transaction 16. 33/2018. Receive and pay February utility bill of $1,900. 106 107 3/3 2018 Dr Choose Account 850 Q1 02 03 04 Do not use or delete Ready Ester Amount Do not use or delete 2 e (2 Type here to search PROTECTED VIEW Be careful files from the Internet can contain viruses. Unless you reed SURSCRIPTION EXPIRED Most of the features of Becel have been disabled Beactivate ADDITIONAL INFORMATION If you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More H Enter Amount Enter Amount A138 D G 100 Transaction 15. 2/28/2018. Total cash sales during the month is $168,000 101 102 2/28/2018 Dr. Choose Account Enter Amount 103 CE Choose Account 104 105 Transaction 16, 3/3/2018. Receive and pay February utility bill of $1,900 106 1073/2018 Dr Choose Account Enter Amount 108 Cr: Choose Account 109 110 Transaction 17. 3/12/2018. Declare a 50.3 per share dividend and pay to common shareholders (There are a total of 200,000 shares outstanding) 111 112 112/2018 De Choose Account Enter Amount Cr Choose Account 114 115 Transaction 18. Pay salespersons' first month wages of $12,600 (three persons, $150 per day, 28 days) 116 117 3/15/2018 Dr Choose Account Enter Amount 118 Cr. Choose Account 119 120 Transaction 19.3/31/2018. Total cash sales during the month is $184,000. There is no credit sale during March 121 1223/1 2018 Dr Choose Account Enter Amount 850 Q1 03 04 Do not use or delete Do not use or delete Ready Enter Amount Enter Amount Type here to search o D HW XD (Protected View - Excel (Unlicensed Product) mantha File Home Insert Page Layout Formulas Duta Review View Help Search PROTECTED VIEW Be careful files from the Internet can contain viruses. Unless you need to edit, it's ale to stay in Protected View Enable Editing SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled. Reactivate ADDITIONAL INFORMATION ! you need to make a quick edit before renewing your subscription, learn more about the Office Web Appr Learn More A138 H Enter Amount D 102 2/28/2018 Dr Choose Account 103 Cr 104 105 Transaction 16. 33/2018. Receive and pay February utility bill of $1,900 Choose Account Eater Amount 106 Dr Choose Account Ester Amount 1073/3/2018 108 109 Cr: Choose Account Eater Amount 110 Transaction 17 13/2018. Declare a 50.3 per share dividend and pay to common shareholders (There are a total of 200,000 shares outstanding) 112 3/12/2018 De Choose Account Enter Amount Cr Choose Account Fater Amount Ester Amount Fater Amount 115 Transaction 18. Pay salespersons' first month wages of $12,600 (three persons, $150 per day, 28 days) 116 11/3/15/2018 Dr Choose Account 118 Cr Choose Account 119 120 Transaction 19.3/31/2018. Total cash sales during the month is $184,000. There is no credit sale during March 121 122 3/31/2018 Dr Choose Account 123 Cr Choose Account 124 850 Q1 02 03 04 Do not use or delete Do not use or delete Ready Ester Amount Enter Amount IE Type here to search hp imran the HWB61) Protected Vien] - Excel Unlicensed Product) File Home Insert Page Layout Fomulas Review View O PROTICTED VIEW Be careful-fles from the Internet can contain viruses. Unless you need to edit is set to stay in Protected View Enable Editing SUBSCRIPTION EXPERID Mont of the nature of Excel have been disabled. ADDITIONAL INFORMATION #you need to make a quick edit before renewing your subscription, learn more about the Office Web Apps. Learn More F8 K M 2 5 6 D H N 1. Recording Cost of Goods Sold. Calculate cost of goods sold based on "Purchased inventory in Transaction 5) and "Ending inventory (see Additional info.) Choose Account Choose Account Choose Account Choose Account 42. Recording depreciation expense of the building for the first quarter. (Cakulate 3 months depreciation expense based on info. in Transaction #3) "Formula: Choose Account Choose Account (Cost - Salvare value) Choose Account Choose Account - Depreciation per year years of useful life 7. Hecording interest expense for the first quarter calculate 3 months' interest expense based on Transaction) Choose Account Choose Account Formule 9 Choose Account Choose Account Interest expense Principlerute fraction of your 10. Recording in wronce expense for the first quarter (Calculate 3 months insurance expense based on Transaction 4) 11 Choose Account Choose Account 12 Choose Account Choose Account 13. Recording income tax expense for the first quarter (see Additional info) 14 Choose Account Choose Account 15 Choose Account Choose Account 16 6. Recording salwy expense for March (person, 16 days $150 per day) 17 Choose Account Choose Account 10 Choose Account Choose Account 19 7. Recording utility expense for March (see Additional info) Choose Account Choose Account Choose Account Choose Account 22 1 Q2 Q3 04 Do not use or delete Do not use or delete 2 20 LE Type here to search 0 8:36 PM W/1/2010 D G H Inventory Prepaid Insurance Land Building Accumulated Depreciation A/P Interest payable Income tax payable Salaries Payable Utilities Payable Notes Payable Common Stock Additional Paid-in Sales Revenue COGS Income tax expense Insurance expense Depreciation expense Inerest expense Salaries expense Utilities expense Cash dividend Total 22 Q3 Q4 Do not use or delete DO Oot use or delete 2 Home File Insert Page Layout Data Formulas Review View Help i PROTECTED VIEW Be careful_files from the Internet can contain viruses. Unless you need to edit i SUBSCRIPTION EXPIRED Most of the features of Excel have been disabled. Reactivate i ADDITIONAL INFORMATION If you need to make a quick edit before renewing your subscription, learn mo C2 fox D E 1 B Pets' Choice 2 Income statement, first quarter of 2018 3 Sales Revenue 4 COGS 5 Gross Margin 6 Operating Expenses 7 Depreciation expense 8 Insurance expense 9 Salaries expense 10 Utilities expense 11 Total Operating expenses 12 Other Expenses 13 interest expense 14 Income before income taxes 15 Income tax expense 16 Net income 17 > A B D E 17 18 Pets' Choice 19 Statement of R/E, as of 3/31/2018 20 21 R/E, 1/1/2018 22 Net income 23 Cash dividend 24 R/E, 3/31/2018 25 26 Pers' Choice 27 Balance Sheet, as of 3/31/2018 28 Current Assets 29 Cash 30 AR 31 Inventory 32 Prepaid Insurance 33 Total current assets 34 NonCurrent Assets 35 Land 36 Building 37 less: Accumulated Depreciation 38 39 BSO 01 02 03 04 Do not use or delete Do not use or delete2 Ready Tune here to search Learr C2 f D E F G H A B 38 39 40 Total Assets 41 42 Current liabilities 43 A/P 44 Salaries Payable 45 Interest payable 46 Utilities Payable 47 Income taxes payable 48 NonCurrent Liabilities 49 Notes Payable 50 Stockholders' Equity 51 Retained Earnings 52 Common Stock 53 Additional Paid-in 54 55 Total Liabilities and Stockholders' Equity 56 57 58 59 60 BSO Q1 0203 04 Ready Do not use or delete Do not use or delete 2 Type here to search e