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CP.02.01_Steps 1-2 - Comprehensive Problem.

Extra Credit Comprehensive Problem Calculator 1. CP.02.01 Steps 1-2 NOTE: This comprehensive problem Part 1 is divided into several steps. At times you will be required to printout your answers from one step to use to complete the next step. During the second half of December 20-1, TJ's Specialty Shop engaged in the following transactions: 2. CP.02.01_Steps 3-4 3. CP.02.01_Step 5 4. CP.02.01 Step 6 5. CP.02.01_Steps 7 and 9 En.. 6. CP.02.01_Steps 7 and 9_Po. Dec. 16 Received payment from Lucy Greene on account, $1,960. 16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. Sale No. 640. 17 Returned merchandise to Evans Essentials for credit, $150. Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,250, less the credit 18 received on December 17. 19 Sold merchandise on account to Lucy Greene, $620, plus tax of $31. Sale No. 641. 22 Received payment from John Dempsey on account, $1,560. 23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies) Purchased merchandise on account from West Wholesalers, $1,200. Invoice No. 465, dated December 24, 24 terms n/30 Purchased merchandise on account from Nathen Co., $800. Invoice No. 817, dated December 26, terms 2/10, 26 n/30 7. CP.02.01_Step 8 B. CP.02.02_Steps 1-2 9. CP.02.02_Steps 3-4 10. CP.02.02 Step 5 11. CP.02.02 Step 6 27 Issued Check No. 815 to KC Power & Light (Utilities Expense) for the month of December, $630. 27 Sold merchandise on account to John Dempsey, $2,020, plus tax of $101. Sale No. 642. 29 Received payment from Martha Boyle on account, $2,473. Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, 29 $1,100. 30 Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200. 12. CP.02.02_Step 7_Entries 13. CP.02.02_Step_Posting 14. CP.02.02_Step 8 As of December 16, TJ's account balances were as follows: Account Account No. Debit Credit Cash 101 $9,705 Accounts Receivable 122 10,256 131 21,800 Merchandise Inventory Supplies Prepaid Insurance 141 1,035 145 1,380 Land 161 8,700 171 52,000 171.1 $9,200 181 28,750 181.1 9,300 Building Accum. Depr.-Building Store Equipment Accum. Depr.-Store Equipment Accounts Payable Wages Payable Sales Tax Payable Mortgage Payable Tom Jones, Capital 202 3,600 219 231 1,378 251 12,525 311 90,000 Extra Credit Comprehensive Problem 231 1,378 1. CP.02.01_Steps 1-2 251 12,525 2. CP.02.01 Steps 3-4 Calculator Sales Tax Payable Mortgage Payable Tom Jones, Capital Tom Jones, Drawing Income Summary Sales 311 90,000 312 8,500 3. CP.02.01_Step 5 313 124,900 401 1,430 4. CP.02.01_Step 6 Sales Returns and Allowances 401.1 64,400 5. CP.02.01_Steps 7 and 9_En... 501 460 501.1 698 6. CP.02.01_Steps 7 and 9_Po. 501.2 175 502 7. CP.02.01_Step 8 8. CP.02.02_Steps 1-2 26,100 4,700 s 511 512 524 2,180 9. CP.02.02_Steps 3-4 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Wages Expense Advertising Expense Supplies Expense Phone Expense Utilities Expense Insurance Expense Depr. Expense-Building Depr. Expense-Store Equipment Miscellaneous Expense Interest Expense 525 6,900 10. CP.02.02_Step 5 533 535 540 541 11. CP.02.02_Step 6 12. CP.02.02_Step 7_Entries 13. CP.02.02_Step_Posting 14. CP.02.02_Step 8 549 551 2,700 1,350 $252,061 $252,061 Required: Steps 1 and 2. Enter transactions (in chronological order) for December 16-27 in the general journal below. When you have completed this step, print out your answers. You will need this information to complete steps 3 and 4. If an amount box does not require an entry, leave it blank. Page: 3 DATE ACCOUNT TITLE DOC. POST. DEBIT CREDIT NO. REF. 1 20-1 Dec. 16 1 2 2 3 Received cash on account 3 4 4 5 Dec. 16 5 6 lll 6 7 7 8 Sale No. 640 8 9 9 10 Dec. 17 10 Extra Credit Comprehensive Problem Calculator 10 Dec. 17 10 1. CP.02.01_Steps 1-2 11 11 2. CP.02.01_Steps 3-4 12 Returned goods purchased 12 13 13 3. CP.02.01_Step 5 14 Dec. 18 4. CP.02.01_Step 6 Il 1.1. 15 15 16 Check No. 813 16 5. CP.02.01_Steps 7 and 9_En.. 17 17 18 18 Dec. 19 6. CP.02.01_Steps 7 and 9_Po.. 19 19 7. CP.02.01_Step 8 20 20 8. CP.02.02_Steps 1-2

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