Prepare an adjusted trial balance as of december

Reference no: EM131438078

Accounting Practice Set

This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general purpose financial statements.

You are tasked with the preparation of a set of 2013 financial statements for Wolfpack Corp., a company that purchases merchandise inventory for resale.

You will be required to prepare journal entries (utilizing a general journal along with a set of special journals), the posting of those entries to both general and subsidiary ledger accounts, and preparation of month-end adjustments, an adjusted trial balance, financial statements, and closing entries in order to ready the general ledger for 2014 activity.

Wolfpack Corp. is a calendar-year firm that has been in business in Raleigh, NC for the past ten years. Your job is to maintain the accounting records of Wolfpack for the month of December, prepare the annual financial statements (income statement, balance sheet, and statement of cash flows-using the direct method) as of December 31, 2013, and then close the nominal accounts to prepare the accounting records for 2014 entries.

Wolfpack utilizes the following five journals:

Sales journal - this journal is exclusively used to record all credit sales
Purchases journal - this journal is exclusively used to record all purchases of inventory items (items for resale) on credit
Cash Receipts journal - this journal is exclusively used to record all transactions that involve a receipt of cash
Cash Disbursements journal - this journal is exclusively used to record all transactions that involve a cash payment
General journal - this journal is used to record all transactions that are not recorded in one of the special journals above

Wolfpack also maintains both a general ledger and two subsidiary ledgers:

A/R Subsidiary ledger - this ledger contains the specific balances owed to Wolfpack by individual customers
A/P Subsidiary ledger - this ledger contains the specific balances owed by Wolfpack to individual suppliers of merchandise inventory

Case Requirements:

Please prepare the following for turn-in-arranged in this order please):

Due in class on October 8:

1. Five journals (SJ, PJ, CRJ, CDJ, and the GJ) with December transactions, year-end adjustments, and closing entries recorded appropriately,

2. The two subsidiary ledgers (A/R and A/P) and the General Ledger with December postings and year-end balances,

3. An adjusted trial balance as of December 31, 2013.

4. An Income Statement for the year ended December 31, 2013,

5. A Balance Sheet as of December 31, 2013, and

6. A Statement of Cash Flows (Direct Method) for the year ended December 31, 2013, with required supplementary disclosures.

Attachment:- Assignment File.rar

Reference no: EM131438078

Questions Cloud

Derive the appropriate rate for charging the overheads : Athena Ltd is an engineering business doing work for its customers to their particular requirements and specifications. It determines the full cost of each job taking a ‘job costing' approach, accounting for overheads on a departmental basis.

Write a proposal to present to the hadleyville town council : Write a proposal to present to the Hadleyville Town Council in response to the town's financial crisis as indicated below.

What information would you want to know before intervening : What information would you want to know before intervening? After finding out the necessary information, how would you handle this case?

Create job description and specifications for your dream job : Create a job description and specifications for your dream job. Design a compensation and benefits package related to your dream job. Rationalize your compensation and benefits package. Be sure to indicate the research and considerations that went ..

Prepare an adjusted trial balance as of december : ACC 310 Fall 2013 Accounting Practice Set. This case is designed to reinforce certain technical accounting skills that are a prerequisite to a solid understanding of the generally accepted accounting principles that underlie preparation of general ..

What is your obligation to break confidentiality : What is your obligation to break confidentiality? What would your duty to warn entail and what would your duty to protect entail? How would you address this?

How important is it to be personally invested in an idea : How important is it to be personally invested in an idea? Can you sell an idea that you have no stake in? Why or why not? Using one of the resources from the Course Readings, provide an example of an author who is communicating in a way that tells..

Justice department said the court decision : Explain the following citation "The Justice Department said the court's decision would save customers and taxpayers up to $500 million a year." How it might relate to demand elasticity? Is it the only benefit to consumers?

Which hr practice do you believe would be most useful : In an international organization, which HR practice do you believe would be most useful to the employees? Please support your answer.

Reviews

len1438078

3/23/2017 7:57:28 AM

Hello, I need help with the first 2 sections of this problem set including the required. From what I understand 1. Is essentially the unadjusted trial balance. They are the highlighted text below: 1. Five journals (SJ, PJ, CRJ, CDJ, and the GJ) with December transactions, year-end adjustments, and closing entries recorded appropriately, 2. The two subsidiary ledgers (A/R and A/P) and the General Ledger with December postings and year-end balances, I will attach the entire document. The last 4 sections listed and their completion are not needed. Thank you for your time.

Write a Review

Message

User Account

All Pages