HHH Appliance Practice Set Assignment 2 - Bookkeeping(1).docx - Budgeting Cost Control HHH Appliance Budget Practice Set Assignment 2 – Bookkeeping

HHH Appliance Practice Set Assignment 2 - Bookkeeping(1).docx

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Budgeting & Cost Control HHH Appliance Budget Practice Set Assignment 2 – Bookkeeping Name: Directions: As part of your consulting fee, HHH has asked you to take care of the monthly bookkeeping. Record January’s transactions below in the excel template provided in blackboard. You will need part 1 to complete the transactions below. Detailed instructions will be given in class by your instructor. Here are some helpful hints: 1. Record all sales transactions in the daily sales ledger before journalizing. The owner uses this information to manage the business operations. 2. Record all inventory transactions in the inventory ledger. Remember that HHH appliance uses the FIFO method of inventory accounting. One inventory price changes during the month and instructions will be provided by your instructor on how to handle this in the ledger. 3. Journalize all transactions in the general journal. Do not put spaces between entries and do not put notes below entries. Make sure to use the correct journal page number when posting to the general ledger. 4. Post all transactions in the general ledger. A trial balance will automatically update when you journalize. Make sure you balance after each transaction and fix errors as you go. Complete the worksheet template in the excel file. 5. 2 Payroll registers have been provided to use when completing the payroll transactions. Use the withholding tables provided in part 1 of the practice set. 6. Do not do the closing entries. Jan 1 Harry invests life savings into business: $28,762, opened a business checking account, orders business checks for $130 that will come out of his account automatically later in the month and a business credit card at the bank Jan 1 Purchased office supplies on account: $422.93 Jan 1 Harry pays for his business licenses with a check: $219.48 and office expenses of $129.41
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  • Summer '19
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