Term project - Details and template.docx - My Place, House...

This preview shows page 1 - 6 out of 96 pages.

iiiMy Place, House of DécorCONTENTSDescription of the Business.........................................................................1Operations....................................................................................................1General Ledger............................................................................................3Accounts Receivable Ledger.............................................................................20Accounts Payable Ledger..................................................................................23General Instructions and Transactions for January............................................25January Analysis................................................................................................27General Instructions and Transactions for February..........................................35February Analysis..............................................................................................37General Instructions and Transactions for March..............................................45March Analysis..................................................................................................47General Instructions and Transactions for April................................................55April Analysis....................................................................................................57General Instructions and Transactions for May.................................................67May Analysis.....................................................................................................69General Instructions and Transactions for June.................................................79June Analysis.....................................................................................................82
We have textbook solutions for you!
/College-Accounting-Chapters-1-27-22nd-Edition-9781305666160-114/
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise E 10-6A
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified
1My Place, House of DécorDESCRIPTION OF THEBUSINESSSophia LeBron’s vast experience in interior design provided her the opportunity to open a business ofher own. She organized a corporation named My Place, House of Décor that offers decoratingservices to customers but subcontracts the manufacture of the merchandise needed. Thesesubcontractors are to deal directly with the customers.After three months of successful operations, Sophia thought it would be an excellent idea to expandher business into the sale of antique furniture. She started buying merchandise inventory from a com-pany named Golden Antiques for resale to retail stores.Beginning on page 25, you are presented with the events that occurred in the business over a six-month period. Your responsibility is to record the transactions on a monthly basis, prepare adjustingentries, issue the interim financial statements, prepare closing entries, and finalize the accountingcycle with the preparation of the post-closing trial balance.If you are completing the My Place, House of Décor practice case using the General Ledger software,follow the separate set of instructions provided with the data file by clicking on the Info toolbar buttonwhile you have the data file open.OPERATIONSThe chart of accounts on the inside front cover lists the accounts that should be used in thepreparation of all journal entries.The business has cash sales and sales on account. The terms given on the credit sales depend onthe credit history of the particular customer. Sales of merchandise areFOB shipping point.The salary assigned to My Place, House of Décor is recorded gross for the first four months, in orderto follow the basic chapters of the accounting textbooks. However, the effect of payroll taxes isillustrated during the last two months in this practice case.The company is using the perpetual inventory system for its merchandise inventory and the spe-cific identification method to value it. All purchases of inventory areFOB destination.Events affecting various areas of the business have been selected for the purpose of showing youtheir treatment in the accounting records. This will give you a more practical view of how a com-pany’s books and records are kept in the business world.
3GENERAL LEDGERACCOUNTPetty CashACCOUNT NO.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 96 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
Marklevitz
Tags
English, Balance Sheet, Generally Accepted Accounting Principles
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
College Accounting, Chapters 1-27
The document you are viewing contains questions related to this textbook.
Chapter 10 / Exercise E 10-6A
College Accounting, Chapters 1-27
Heintz/Parry
Expert Verified

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture