exercise 14 - 1 ACCOUNTING Exercise 14 Wilson Sporting...

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Unformatted text preview: 1 ACCOUNTING Exercise 14 Wilson Sporting Goods Company 2 ECONOMIC EVENTS 1. Spend $1,000,000 to make 100,000 footballs. 2. Sell 50,000 footballs to college and NFL teams, on credit, for $25 each, plus 8% sales tax. 3. Record $500,000 Cost of Sales. 4. Certain teams return 5,000 footballs. 5. Record the returned footballs. 6. Teams pay remaining balance within 10 days. Our terms are 2/10, N30. 7. Pay sales tax to the state. 8. Sell 30,000 footballs to college and NFL teams for $25 each. The teams pay using American express cards. American Express charges a fee which is 6% of sales. 9. Record $300,000 Cost of sales. 10. Pay $2,000 to ship footballs to customers. 11. Collect from American Express. 12. Pay $200,000 to buy back some of the companys stock. 13. Transfer Net Income (Loss) to Retained Earnings. 3 JOURNAL ENTRIES 1. 2. 3. 4. 5. 4 JOURNAL ENTRIES 6. 7. 8. 9. 10. 5 JOURNAL ENTRIES 11. 12. 13. 14. 15. 6 Cash Reference Transaction Current Balance Debit Credit Debit Credit 20,000,000 7 Common Stock Reference Transaction Current Balance Debit Credit Debit Credit 10,000,000 8 Paid in Capital Reference Transaction Current Balance Debit Credit Debit Credit 5,000,000 9 Retained Earnings Reference Transaction Current Balance Debit Credit Debit Credit 5,000,000 10 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 11 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 12 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 13 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 14 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 15 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 16 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 17 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 18 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 19 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 20 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 21 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 22 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 23 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 24 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 25 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 26 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 27 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 28 _________________ A/C Reference Transaction Current Balance Debit Credit Debit Credit 29 TRIAL BALANCE Account Debit Credit Total 30...
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exercise 14 - 1 ACCOUNTING Exercise 14 Wilson Sporting...

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