A02E ASSIGNMENT 04 Principles of Accounting I.DOCX

A02E ASSIGNMENT 04 Principles of Accounting I

Directions: Be sure to save an electronic copy of your answer before submitting it to Ashworth College for grading. 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) double-spaced pages; refer to the “Assignment Format" page located on the C 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                              1ourse Home page for specific format requirements.

Bill’s Company

Partial Worksheet

For the Year Ended December 31st, 2012
Account Titles
Trial Balance
Adjustments
Adjusted Trial Balance
 
Debit
Credit
Debit
Credit
Debit
Credit
Merchandise Inv.
16
 Store Supplies
10
 Store Equipment
20
 Accum. Depr. Store Equip.
 6
 Salaries Payable
 Income Summary
 Salary Expense
10
 Depreciation Expense
 Store Supplies Exp.
 
(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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