ACC 301 Excel Project.xlsx - MSU Candy Company Inc Work...

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MSU Candy Company, InWork Sheet for the Year Ended 12/3Accounts 2011 PC Trial Balance Debit Credit Cash $ 10,000 A2 A3 E hh Accts/Rec $ 28,000 A1 Allow. for D. Accts. $ 2,000 A4 Notes Rec. $ 6,000 Merch Inv. $ 60,000 Prep. Insurance $ 500 C Supplies $ 8,000 D Land $ 40,000 Building $ 200,000 AccumDepr-Bldg $ 16,000 Equipment $ 80,000 F AccumDepr-Equip $ 28,800 F Accts/Pay $ 13,000 B2 B3 Salaries Pay $ 5,000 G
Payroll Taxes Pay $ 2,000 G Unearned Revenue $ 3,000 H Dividends Pay $ 4,000 I Com Stk-$10 Par $ 200,000 APIC-C/S $ 20,000 Retained Earnings $ 138,700 Totals $ 432,500 $ 432,500 Dividends I Sales Revenue Service Revenue Interest Revenue COGS bb Gain on Disp. Equip Salaries Exp G gg Payroll Taxes Exp G gg Depr. Exp.-Bldg ff Depr. Exp.-Equip ff Bad Debt Exp aa Insurance Exp cc Supplies Exp dd Misc. Expense hh Interest Receivable ee Tax Expense ii Tax Payable Purchases B1 Totals Net Income Totals Summarized transactions for 2012: A1 A/R $ 648,623
Sales Revenue $ 648,623 A2 Cash $ 583,761 A/R $ 583,761 A3 Cash $ 26,600 A/R $ 26,600 A4 Allow. Doubt Acct. $ 1,400 A/R $ 1,400 B1 Purchases $ 354,920 A/P $ 354,920 B2 A/P $ 301,682 Cash $ 301,682 B3 A/P $ 13,000 Cash $ 13,000 C Prep. Ins. $ 2,480 Cash $ 2,480 D Supplies $ 25,492 Cash $ 25,492 E Cash $ 3,254 N/R $ 3,000 Interest Revenue $ 254 F

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