Accounting 201 Name

Comprehensive Problem (100 Points)

Due: Tuesday, 4/18/2017

Anacomp Meter Company closes its books and prepares financial statements at the end of each
month. Anacomp uses the perpetual inventory system. The company completed the following
transactions during August, 2016:

Aug 1 Issued check no. 682 for August rent of $1,000

2 Issued check no. 683 to pay salaries of $1,240, which includes salary payable of
$930 from July 31.
2 Issued invoice no. 503 for sale on account to R. T. Loeb, $600. Anacomp’s cost of
this merchandise was $190.
3 Purchased inventory on credit terms of 1/15, n/60 from Grant, Inc., $1,400
4 Received net amount of cash on account from Fullam Company, $2,156, within
the discount period.
4 Sold inventory for cash, $330 (cost, $104)
5 Received from Park-Hee, Inc. merchandise that had been sold earlier for $550

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(cost, $174)

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5 Issued check no. 684 to purchase supplies for cash, $780

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6 Collected interest revenue of $1,100
7 Issued invoice no. 504 for sale on account to K. D. Skipper, $2,400 (cost, $759)

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8 Issued check no. 685 to pay Federal Company $2,600 of the amount owed at July
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31. This payment occurred after the discount period.
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11 Issued check no. 686 to pay Grant, Inc. the net amount owed from August 3
12 Received cash from R. T. Loeb in full settlement of her account receivable from
August 2
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16 Issued check no. 687 to pay salary expense of $1,240

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19 Purchased inventory for cash $850, issuing check no. 688

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22 Purchased furniture on credit terms of 3/15, n/60 from Beaver Corporation, $510
23 Sold inventory on account to Fullam Company, issuing invoice no. 505 for $9,966
(cost, $3,152)
24 Received half the July 31 amount receivable from K. D. Skipper—after the end of
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the discount period

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25 Issued check no. 689 to pay utilities, $432

26 Purchased supplies on credit terms 2/10, n/30 from Federal Company, $180
30 Returned damaged inventory to company from whom Anacomp made the cash
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purchase on August 19, receiving cash of $850

30 Granted a sales allowance of $175 to K. D. Skipper
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31 Purchased inventory on credit terms 1/10, n/30 from Suncrest Supply, $8,330
31 Issued check no. 690 to Lester Mednick, owner of the business, for personal
withdrawal, $1,700
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 Accounting 201 Name
Comprehensive Problem (100 Points)
Due: Tuesday, 4/18/2017

Requirements:
1. Open these accounts with their account numbers and July 31, 2016 balances in the
various ledgers:

General Ledger

101 Cash $ 4,490 401 Sales Revenue

102 Accounts Receivable 22,560 402 Sales Discounts
104 Interest Receivable 403 Sales Returns & Allowances
105 Inventory 41,800 410 Interest Revenue
109 Supplies 1,340 501 Cost of Goods Sold
117 Prepaid Insurance 2,200 510 Salary Expense
140 Note Receivable, Long-Term 11,000 513 Rent Expense
160 Furniture 37,270 514 Depreciation Expense

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161 Accumulated Depreciation 10,550 516 Insurance Expense

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201 Accounts Payable 12,600 517 Utilities Expense

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204 Salary Payable 930 519 Supplies Expense
207 Interest Payable 320 523 Interest Expense

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220 Note Payable, Long-Term 42,000
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Lester Mednick, Capital 54,260
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302 Lester Mednick, Withdrawals
400 Income Summary
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Accounts Receivable Subsidiary Ledger:

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Fullam Company, $2,200

R T. Loeb, 0
Park-Hee Inc., 11,590
K.D. Skipper, 8,770
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Accounts Payable Subsidiary Ledger:

Beaver Corporation $ 0
Federal Company 12,600
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Grant, Inc, 0
Suncrest Supply 0
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FORMS ARE POSTED TO LAULIMA IN THE COMPREHENSIVE PROBLEM

FOLDER
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2. Journalize the August transactions in the general journal (page 9). Do not include the
explanations. Anacomp makes all credit sales on terms of 2/10, n/30 unless otherwise
indicated. I have posted the beginning balances to the general ledgers and subsidiary
ledgers for you.

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 Accounting 201 Name
Comprehensive Problem (100 Points)
Due: Tuesday, 4/18/2017

3. Post daily, as appropriate, to the general ledger. Also post to the accounts receivable
subsidiary ledger and the accounts payable subsidiary ledger when appropriate. On
August 31 post to the general ledger.

4. Prepare a Trial Balance in the Trial Balance Columns of a Worksheet (Trial

Balance, Adjustments, Adjusted Trial Balance, Income Statement, and Balance
Sheet headings). Show these items to me no later than 11:00 pm Saturday, 4/15/2017
in order to receive your individual adjusting entries. Should you miss this deadline,
you will use the adjusting entries that I will post on Laulima and lose 10 points.

Check figure: Trial Balance before any adjusting entries should total $140,546

5. Bring your partial worksheet to me to check and I will give you the values for your
adjusting entries so you can complete the partial worksheet:

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a. Accrued interest revenue

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b. Supplies on hand
c. Prepaid insurance expired

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d. Depreciation expense
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Accrued salary expense
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f. Accrued interest expense
g. Inventory on hand
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6. Prepare Anacomp Meter Company’s multi-step Income Statement for the month of
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August, 2016.

7. Prepare Anacomp's classified Balance Sheet at August 31, 2016.

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8. Journalize and post the adjusting entries

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9. Journalize and post the closing entries

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10. Prepare a Post-Closing Trial Balance at August 31, 2016.

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11. a. Prepare a Schedule of Accounts Receivable, balancing the total of customer accounts
in the accounts receivable subsidiary ledger against the Accounts Receivable balance in
the General Ledger.
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b. Prepare a Schedule of Accounts Payable, balancing the total of vendor accounts in the
accounts payable subsidiary ledger against the Accounts Payable balance in the General
Ledger.

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