Omnis Mus Problem Senior 2 (--> use with OMBASE02.MDB)
General journal entries can be entered using either transaction analysis format or debit credit format. Transaction analysis format is the initial setting. This preference can be changed from the Forms (Main) Menu (click Options), and/or from the keyboard used to input numbers in a general journal transaction (click Format).
1. Enter the following transactions into the general journal.
All of the following may be dated June 12.
1a. A cash payment of $225.25 for previously accrued expenses payable.
1b. Purchase of supplies for $1,250 cash.
1c. Sold Treasury Stock having a cost of $2,000 for $2,500 cash.
1d. Received $250 cash for advising a customer.
1e. Declared a cash dividend of $3,000, payable July 31.
2. Order Processing
Open the Orders form. The orders form functions as a sales journal. Orders become sales when the order is shipped and shipping charges are entered into the order.
a: Enter shipping charges for the following orders:
(Click Options, Edit Order in Record mode Shortcut: double-click the shipping field)
1007 $22.00
1008 $15.75
1009 $25.00
1010 $28.75
b: Post Sales (shipped orders)
To post orders, click Options and then click Post.
Only the following orders will be posted:
-Those with shipping charges (meaning that the order is shipped).
-Those not previously posted.
Posting will:
- update the accounts receivable subsidiary ledger
- update the general ledger with summary data.
3. Order Processing - Additional Transactions
Enter the following items into the Orders form.
None of these orders have been shipped.
Order number 1011
Customer: Electric Hobby Shop (12107)
Date: 6/12
Order type: fax
Items:
250 1346720000 BridgeKnight
250 1713620500 BridgeBrain
Order number 1012
Customer: Deuces Wild (12136)
Date: 6/12
Order type: email
Items:
500 4098048900 CheckerBrain
200 6088806500 VisualChess
Order number 1013
Customer: Arrow Electronic (12139)
Date: 6/12
Order Type: mail
Items:
10 6088806500 VisualChess
25 8077680800 Network Bridge
Order number 1014
Customer: Video Boutique (12103)
Date: 6/12
Order Type: phone
Items:
100 0834210205 BridgeGuest
120 8923405000 BridgePrince
Order number 1015
Customer: Bridge Things (12145)
Date: 6/12
Order Type: fax
Items:
250 6088805600 VisualBridge
250 8077680800 Network Bridge
200 9944402033 MasterBridge
4. Receipts on Account
Open the Receipts on Account form.
a: Enter the following receipts.
Number: 1009
Customer: 12143 Gameware
Date: 6/12
Credit: 0.00
Cash: 50.00
Number: 1010
Customer: 12135 Zap!
Date: 6/12
Credit: 0.00
Cash: 2,010.86
Number: 1011
Customer: 12128 Nando's Funhouse
Date: 6/12
Credit: 150.00
Cash: 1,200.00
Number: 1012
Customer: 12120 Wonderful Times
Date: 6/12
Credit: 0.00
Cash:770.50
b: Post Receipts
To post receipts, click Options and then click Post.
Posting will:
update the accounts receivable subsidiary ledger
update the general ledger with summary data.
Only receipts not previously posted will be posted.
5. Purchases
Open the Purchases form.
a: Enter the following purchases.
Number: 1007
Vendor: 30234 Hollin Company
Due date: 7/12
Invoice: 456000
Amount: 550.00
Freight: 12.50
Number 1008
Vendor: 45098 Game Bits
Due date: 7/12
Invoice: 3433
Amount: 1,000.00
Freight: 25.00
Number 1009
Vendor: 60888 Kiss Software
Due date: 7/12
Invoice:111
Amount: 250.00
Freight: 10.00
Number 1010
Vendor: 99444 PC Resources
Due date: 7/12
Invoice: 4566
Amount: 1,555.00
Freight: 35.35
b: Post Purchases
To post purchases, click Options and then click Post.
Posting will:
update the accounts payable subsidiary ledger
update the general ledger with summary data.
Only purchases not previously posted will be posted.
6. Payments to Vendors
Open the Payments to Vendors form.
a: Enter the following payments.
Number 1007
Vendor 08342 Bridgemeisters
Date 6/12
Credit 0.00
Cash 1,025.00
Number 1008
Vendor 15212 SpaceCat
Date 6/12
Credit 38.00
Cash 650.00
Number 1009
Vendor 45098 Game Bits
Date 6/12
Credit 0.00
Cash 698.00
Number 1010
Vendor 23312 Fine Programs
Date 6/12
Credit 280.00
Cash 5,500.00
b: Post Payments
To post payments, click Options and then click Post.
Posting will:
update the accounts payable subsidiary ledger
update the general ledger with summary data.
Only payments not previously posted will be posted:
7. Order Processing
Open the Orders form.
a: Enter shipping charges for the following orders:
1011 $19.00
1012 $48.25
1013 $52.00
1014 $18.25
1015 $125.00
b: Post Sales (shipped orders)
To post orders, click Options and then click Post.
Only the following orders will be posted:
-Those with shipping charges (meaning that the order is shipped).
-Those not previously posted.
8. Enter the following transactions in the general journal.
All of the following may be dated June 30
8a. Record the payroll for the month:
Salaries expense $15,000
Accrued Payroll $12,000
Accrued Payroll-Taxes $2,250
Accrued Payroll-Other $750
8b. The employer's payroll tax expense is 10% of gross salaries expense. Increase Payroll Taxes expense and Accrued Payroll-Taxes
8c. An aging analysis was performed to estimate bad debts expense. There should be a $2,500 allowance for bad accounts as of June 30.
8d. The equipment was purchased 2 1/2 years ago on January 1, and is being depreciated on the double-declining balance method of depreciation. It has a 10 year life and $5,000 estimated salvage value. Compute depreciation expense for the third (full) year; then enter 50% of this amount as depreciation expense for the 6 months ending June 30.
8e. The truck was purchased 2 1/2 years ago on January 1, and is being depreciated on the sum-of-the-years method of depreciation. It has a 4 year life and $2,000 estimated salvage value. Compute depreciation expense for the third (full) year; then enter 50% of this amount as depreciation expense for the 6 months ending June 30.
8f. The estimate of supplies on hand at June 30 is $1,250.
8g. The prepaid insurance account consists of a two year policy that was purchased on January 1 of this year. Record insurance expense for the 6 month period ending June 30.
8h. The interest rate on the note payable is 6%. Accrue interest expense for the 6 month period ending June 30.
8i. Accrue the following expenses.
Increase account 20200 Accrued Expense Payable for each of these items. If an expense has a prepaid balance, properly reflect the reduction of the prepaid balance in your journal entry.
8i1. Advertising expense $525.30
8i2. Rent expense $1,500.00
8i3. Utilities expense $875.12
8i4. Miscellaneous expense $75.25
8i5. Shipping expense..$650.20
9. Close Accounts: Prepare Statements
The ending inventory must be estimated. The company has had an average gross profit equal to 35% of net sales (Sales less Sales Returns and Allowances). (Round your computation to the nearest dollar.)
Omnis Mus will ask you to enter this figure when you close the accounts.
Open the general ledger, and click Options. Click Close Accounts.
Financial statements may be viewed after closing from the Report form.
Review the financial statements, and correct any errors as necessary. If you make any corrections, then you must Close Accounts again to have the financial statements updated for your corrections.
You may Close Accounts as often as you wish.
PLEASE NOTE:
Post Closing Entries will zero all revenue and expense accounts. Do not Post Closing Entries until you are certain that you are finished with your assignment(s). If in doubt, do not Post Closing Entries. You do NOT have to post Closing Entries to produce financial statements.