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IMG_5935.jpgIMG_5934.jpgIMG_5933.jpgIMG_5932.jpgHello I have a lot of disabilities with this couse and especially the last part of my homework in financial accounting. Can someone with strong knowledge in financial accounting help me to Answer to the last part of my homework please. Is the part exhibit 4 to 7. Thanks for everyone who will help me take care guys ! I need to send it before Monday. It's a new chapter for me with debit and credit I did the 50% of the homework with a friend. But if someone can kindly provide me ASAP it's will be very grateful. Thank you very much for your understanding. I try to upload the homework 10 times but no respond. I don't give up haha


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Exhibit 4: General Journal - The Initial Sales
No. Date
Accounts Debits
Credit
S
(1)
|01/09/14
IMG_5930.jpg
Exhibit 5: Leger - The Initial Sales
BALANCE SHEET ACCOUNTS
INCOME STATEMENT ACCOUNTS
Cash
Sales
Bal 9/1
51,000
0
Bal 9/1
(S1)
Accounts Receivable
Cost of Goods Sold
Bal 9/1
0
Expense
Bal 9/1
0
Merchandise Inventory
Bal 9/1
18,000
5.5.5 Third Party Transactions
Fast forward to September 30, 2014, please record the effect of
all of Global Grocer's transactions (sales, operating expenses,
loan service and others) with external entities.
Sales
la. During September, Global Grocer recorded total sales of
$16,000 of which $11,000 was collected in cash, and
1b. During September, a total cost of goods sold expense of
$7,500. Customers did not make any payments towards their
credit accounts, and no inventory was purchased.
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5.5.5 Third Party Transactions
Fast forward to September 30, 2014, please record the effect of
all of Global Grocer's transactions (sales, operating expenses,
loan service and others) with external entities.
Sales
la. During September, Global Grocer recorded total sales of
$16,000 of which $11,000 was collected in cash, and
1b. During September, a total cost of goods sold expense of
$7,500. Customers did not make any payments towards their
credit accounts, and no inventory was purchased.
1 Sales
2 Operating Expenses
3 Loan Service
4 Other
Debit
Credit
Debit
Credit
1a. Sept. 30
Cash
11,000
1b.
Sept. 30
COGS Expense
7,500
Accounts Receivable
5,000
Merchandise Inventory
7,500
Sales
16,000
Merchandise inventory transferred to COGS
September sales
BALANCE SHEET ACCOUNTS
INCOME STATEMENT ACCOUNTS
Cash
Sales
COGS Expense
Bal 9/1
51,000
Bal 9/1
Bal 9/1
(1a)
11,000
16.000
(1a)
(1b)
7,500
62,000
16,000
7,500
Accounts Receivable
Bal 9/1
(1a)
5,000
5.000
Merchandise Inventory
September Transactions
Bal 9/1
18,000
1a. September sales
7,500
(1b)
1b. Merchandise inventory transferred to COGS
10,500
Operating Expenses
2. On September 30, monthly salary expense of $3,000 was
fully paid in cash.
3. On September 30, utilities expense of $500 was fully paid
in cash.
Loan Service
4. First, $250 interested paid for short-term loan.
5. Second, $150 interest paid for the mortgage.
6. Third, $100 payment towards the mortgage principle.
Others: Preparing for The Future
At the end of September, you also prepare for the growing
business and the anticipated holiday by undertaking the
following transactions:
7. September 28: $30,000 cash raised; common stock issued
8. September 30: Purchase of van for $10,000 cash
9. September 30: Purchase of $8,500 of merchandise
inventory; paid $2,500 cash; rest on credit
10. September 30: Obtained a $20,000 short-term loan,
interest payable quarterly, principal to be paid at the end of
the year.
F. Record the said above 11 journal entries (la, 1b, 2-10) for
all transactions incurred with the third party in
September in the general journal (Exhibit 6).
G. Updating and Posting these journal entries to the T-
accounts (Exhibit 7)
IMG_5932.jpg
5.6 Adjusting Entries
At the end of September, the first month of operations, there
are several adjusting entries to be made. We can identify
the accounts that need to be adjusted. They are: prepaid
expenses, warehouse building, store fixtures, franchise fee
and taxes payable. Take note that adjusting entries do not
involve any economic exchange with a third party.
1 1. Expiration of $1,000 of pre-paid expenses
12. Depreciation of warehouse building $300
13. Amortization of franchise fee $750.
14. Depreciation of store fixture $100
15. Accrual of estimated September tax expense of $950 as
taxes payable
Using the Exhibits on the following pages, please do the
following:
H. Record journal entries for the initial transactions
(continue on Exhibit 6)
1. Posting these journal entries to the T-accounts (continue
on Exhibit 7)
5.7 Closing Entries
At the Now it is time to close out each temporary or income
statement account and reset it to a zero balance, in
preparation for the next accounting period. Notice that the
sales account has a credit balance, and all the expense
accounts have debit balances.
16. Record closing entries and rest income statement
accounts to a zero balance. Post to ledger.
Date
Account Title
Ref. Debit Credit
Sept. 30
Sales
Cost of Goods Sold
Operating expenses
Interest Expense
Tax Expense
Retained Earnings
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Exhibit 6: General Journal - Month of September
No
Date
Accounts Debits
Credits
01/09/14
Exhibit 6 (Continued): General Journal - Month of
September
No.
Date
Accounts Debits
Credits
01/09/14
IMG_5934.jpg
Exhibit 7: Ledger - Month of September
BALANCE SHEET ACCOUNTS
ASSETS
LIABILITIES AND OWNER
Cash
Merchandise Inventory
Van (cost)
Accounts Payable
Bal 9/1 51,000
Bal 9/1 18,000
Bal 9/1
0
10,000 Bal 9/1
Bal 9/30
Bal 9/30
Prepaid Expenses
Accounts Receivable
Bal 9/1 3,000
Bal 9/1
Taxes Payable
Bal 9/30
Bal 9/30
0 Bal 9/1
Bal 9/30
Bal 9/30
Warehouse Building (cost)
Store Fixtures (cost)
Bal 9/1 40,000
Franchise Fee
Bal 9/1 5,000
Bal 9/30
Bal 9/1 18,000
Bal 9/30
Short-Term Debt
R
Bal 9/30
50,000 Bal 9/1
Accumulated Depreciation
Accumulated Depreciation
on Warehouse Building
0 Bal 9/1
Land
on Store Fixtures
Bal 9/30
0 Bal 9/1
Bal 9/1 30,000
Bal 9/30
Bal 9/30
Bal 9/30
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