Posted: November 8th, 2022

Received customer purchase order No. 53426

Doc No. 1
Transactions Listing
December 16–31, 2022
Sure
No
• Hints are supplied in boxed areas like this.
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1 16th Sure
p. 18 -19
Received customer purchase order No. 53426 (Doc. No. four) from Rosemont College,
authorised their credit score and shipped the products. All items ordered have been shipped,
besides that solely shoulder pad units have been obtainable for cargo.
• Rosemont’s credit score restrict is documented of their subsidiary ledger account.
• You’ll use a number of paperwork and report an entry within the gross sales journal
and the accounts receivable subsidiary ledger for this transaction.
• For steerage in making ready the invoice of lading, see pages 35–36 of the
Reference guide.
Full every of the next transactions in accordance with the seven-step course of on pages 11–12
of the Directions and Flowcharts guide (step 5). Bear in mind the significance of the flowcharts on
pages 18–24 for particulars as to (a) paperwork to arrange, (b) approvals and different inner management
procedures, (c) accounting entries, and (d) submitting. You’re to carry out the roles of Ray Kramer, Nancy Ford,
and Jim Adams. Flowchart web page references are included within the third column of the transactions listing the place
applicable.
A few of the following occasions require the preparation or modification of paperwork and a few don’t.
Though paperwork accompany most enterprise transactions, you might be requested to arrange and work with
solely a consultant pattern on this undertaking. Every occasion on the transactions listing consists of certainly one of two
symbols, which decide whether or not paperwork from the doc set on this undertaking should be ready
or used:
You’re required to arrange or modify paperwork from the doc set for this
occasion. An accounting entry could or will not be required.
You aren’t required to arrange or modify paperwork from the doc set
as a result of paperwork wouldn’t usually be ready or modified for this sort of
occasion. An accounting entry is required, with one exception: annual change in
worker pay charges.
Service & quantity: Allied Trucking; Service quantity 2154
Freight costs: FOB transport level (i.e., can be paid by Rosemont)
Route: Specific
Truck & driver: Truck 2961XZ, John Arens
Freight charge: $37.00 per 100 lbs.
Cargo: 5 cartons/objective and rim units @ 42 lbs./carton
2 cartons/backboards @ 123 lbs./carton
cartons/shoulder pad units @ 30 lbs./carton
four cartons/soccer helmets @ 32 lbs./carton
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2 16th Sure
p. 21
Received an e-mail notification from First American Financial institution and Belief for an ACH payment from Department School. ACH cost obtained was $1,622.88 for cost in
stuffed with cost sale bill No. 730.
three 16th Sure
p. 22
Ordered the next stock on account from Velocity Sporting Items, utilizing
purchase order No. 328 (Doc. No. 16).
Models Merchandise # Description
115 BB-Zero19 Basketball pole pad
125 BB-538 Basketball bag
75 BB-431 Whistle and lanyard – set of 6
50 BB-399 Basketball internet
100 FB-Zero27 Shoulder pad set (to cowl again order and stock restock)
Vendor tackle: 1285 Colgrove Ave., Pierre, SD 57501
Freight provider: Interstate Motor Freight
Freight costs: FOB transport level (i.e., can be paid later by Waren)
Allowances: None
• Use purchase order No. 325 (Doc. No. 16) as a information.
• Use the value listing (Doc. No. three).
• No receiving or recording happens at this level for this transaction.
• File purchase order copies following the flowchart steerage.
four 19th Sure
p. 22
Received workplace provides from Chicago Workplace Provide as listed on purchase order
No. 327 (Doc. No. 16), a duplicate of which is being held in accounting. Chicago Workplace
Provide’s vendor bill No. 2378 (Doc. No. 18) was obtained with the products. All
provides ordered have been obtained in good situation and brought on to the workplace,
however the bill was not paid.
5 19th Sure
p. 21
6 19th Sure
p. 20
Received gross sales return request No. R8034 (Doc. No. 12) from Japanese Wisconsin
College (EWU). The request was authorised, and the acknowledgment copy
mailed to EWU.
• You’ll be able to’t report the gross sales return but as a result of the products haven’t but been
obtained from Japanese Wisconsin College.
7 20th Sure
p. 23
Received vendor bill No. 105963 (Doc. No. 18) from First Safety Insurance coverage for
the fourth quarter’s medical insurance protection for workers and instantly
issued a examine (Doc. No. 20) for cost in full.
• Purchase orders are usually not issued for companies that Waren purchases.
Borrowed $90,00Zero from First American Financial institution and Belief by issuing a two-year be aware
payable (Doc. No. 14) with a said annual rate of interest of 5.5%. Received an e-mail
notification from the financial institution that the $90,00Zero proceeds have been electronically deposited
into Waren’s checking account. Reviewed the phrases and circumstances of the be aware and
signed it (Ray Kramer) because the borrower.
• Observe the ACH deposit procedures within the flowchart and make sure to file
the be aware within the Banking file tab.
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eight 20th No
N/A
Elevated worker pay charges efficient for the December 16th-31st semimonthly
pay interval. There have been no modifications in submitting standing or withholding allowances.
New Pay Price
Ray Kramer semimonthly
Jim Adams per hour
Nancy Ford per hour
9 20th Sure
p. 22
• You’ll be able to’t report a purchase but as a result of the bill hasn’t been obtained.
10 21st Sure
p. 18 -19
Stuffed the backorder amount of shoulder pad units for Rosemont College’s
customer purchase order No. 53426 (Doc. No. four). Accepted Rosemont’s credit score and
shipped the again ordered shoulder pad units. Ready a brand new cost sale bill
(Doc. No. 6) for the sale to Rosemont.
• Rosemont’s credit score restrict is documented of their subsidiary ledger account.
• You’ll use a number of paperwork and report an entry within the gross sales journal
and the accounts receivable subsidiary ledger for this transaction.
• For steerage in making ready the invoice of lading, see pages 35–36 of the
Reference guide.
11 22nd Sure
p. 22
Received vendor bill No. 34719 (Doc. No. 18) from Velocity Sporting Items for
items ordered December 16th and obtained December 20th.
• Upon receiving the bill, now you can report the purchase utilizing the
date on which Waren incurred the legal responsibility for the products, December 20th.
12 23rd No
p. 19
Received authorized notification from Benson, Rosenbrook, and Martinson, P.C.,
attorneys at legislation, that Stevenson School had filed chapter and can more than likely
be unable to pay any of its excellent money owed to its suppliers. Write off the account
as a foul debt.
• Do not forget that Waren Sports activities Provide makes use of the “Allowance” technique slightly
than “Direct write-off” for accounting for dangerous money owed.
Service & quantity: Allied Trucking; Service quantity 2154
Freight costs: FOB transport level (i.e., can be paid by Rosemont)
Route: Specific
Truck & driver: Truck 2988XZ, Jennifer Hansen
Freight charge: $37.00 per 100 lbs.
Cargo: cartons/shoulder pad units @ 30 lbs./carton
Received merchandise from Velocity Sporting Items as listed on purchase order
No. 328. All merchandise listed on the purchase order was delivered in good condition and within the portions ordered, besides that solely basketball pole pads (Merchandise
No. BB-Zero19) have been obtained. The products have been positioned instantly within the stock
warehouse.
• No accounting entries are vital, however it’s essential to replace the pay charge
historical past data within the Pay Price Historical past Tab.
$17.50 $21.50 $three,575 90 9
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13 23rd Sure
p. 20
Received all items that Waren had approved Japanese Wisconsin College (EWU)
to return on EWU’s return request No. R8034 for credit score in opposition to their account steadiness.
• Course of and report the gross sales return now.
14 27th Sure
p. 21
Received examine No. 49326 (Doc. No. eight) for $12,00Zero from Japanese Wisconsin College in
partial cost of the remaining quantity (after gross sales return) on cost sale bill
No. 729.
• Restrictively endorse means to jot down the next on the again of the
examine: “For deposit solely. Waren Sports activities Provide.”
• Money receipts prelist is Doc. No. 9.
• Don’t finalize a deposit slip (Doc. No. 10) till you establish whether or not
there are different money receipts within the type of checks on the identical day.
15 27th Sure
p. 21
Received examine No. 47852 (Doc. No. eight) for $5,835 and customer purchase order No. H8241
(Doc. No. four) within the mail from Hawkins School for a money sale. All items ordered have been
shipped and the money sale was processed and recorded. Made a financial institution deposit for this
money sale plus as we speak’s assortment from Japanese Wisconsin College. Received validated
deposit receipt (Doc. No. 11) from the financial institution after deposit was made.
Service & quantity: Interstate Motor Freight; Service quantity 62XY404
Freight costs: FOB transport level (i.e., can be paid by Hawkins School)
Route: Direct
Truck & driver: Truck 64, Regina Rexrode
Freight charge: $37.00 per 100 lbs.
Cargo: three cartons/basketballs @ 14 lbs./carton
15 cartons/hip, tail, and arm pad units @ 32 lbs./carton
5 cartons/footballs @ 24 lbs./carton
• File this money receipt and course of the financial institution deposit for the day.
• File Doc. No. 9 and Doc. No. 11 within the Short-term file tab.
16 28th Sure
p. 23
Received vendor bill No. 72654 (Doc. No. 18) from College Athletic Information for
commercials Waren ran in the course of the Christmas season and instantly issued a
examine (Doc. No. 20) for cost in full.
17 28th Sure
p. 23
Received freight invoice 26245 (Doc No. 19) from Interstate Motor Freight for the
Velocity Sporting Items cargo obtained December 20th. Issued examine
(Doc. No. 20) to Interstate Motor Freight for the total quantity of the freight invoice.
18 29th Sure
p. 23
Issued an digital cost to Velocity Sporting Items utilizing ACH Cost
Authorization No. E-53431 (Doc. No. 21) for cost in stuffed with their bill No. 34719
(Doc. No. 18) for items obtained December 20th.
• Take into account the credit score phrases earlier than figuring out the quantity of the digital
cost.
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19 29th Sure
p. 22
Received the standing workstations ordered on Waren’s purchase order No. 325
(Doc. No. 16) and vendor bill No. 2423 (Doc. No. 18) from Chicago Workplace
Provide. The workstations have been obtained in new and undamaged situation and
taken on to the workplace. The estimated helpful life is 5 years with no salvage
worth.
20 30th Sure
p. 24
Printed and reviewed payroll time report reviews (Doc. No. 22) for Ford and Adams for
the time interval ended December 31st and ready the payroll for all three staff,
together with paychecks. Federal and state withholding quantities for every worker are as
follows:
Earnings Tax Withholding Quantities
• Paychecks are thought of “Mailed/Given to Outsiders.”
• Time report reviews are filed within the “Accounting” file tab.
Sure Month-to-month Assertion – Put together a month-to-month assertion (Doc. No. 15) for
No Ending Stock –
No Dangerous Debt Expense –
No Marketable Securities – At December 31, 2022, the market worth of marketable
securities held by Waren approximated the price of the
securities.
The undertaking is now full. Good work! Assessment your supplies to make sure every little thing
is finalized. Full the submitting of paperwork, information, and dealing papers as indicated in
the flowcharts.
YEAR-END PROCEDURES – After finishing all of the month-end procedures, go to web page 14 of the Directions and
Flowcharts guide and full all of the year-end procedures. Further data for the year-end procedures is:
A bodily stock was taken 1/1/23, earlier than enterprise started for
the brand new yr. Merchandise readily available value
MONTH-END PROCEDURES – After you might have recorded all of the transactions, go to web page 12 of the Directions and
Flowcharts guide and full all of the month-end procedures. An extra month-end requirement for this
undertaking is:
Federal State of Illinois
Ray Kramer
Jim Adams
Nancy Ford
The expense for dangerous money owed is estimated on the finish of the yr as
of 1 p.c of internet gross sales.
$70.86 $99.12 $167.58 $70.00 $198.00 $312.00 one-half (Zero.005) $203,390.00. Japanese Wisconsin College.

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