Problem Senior 1

Omnis Mus Problem Senior 1 (--> use with OMBASE01.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 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 $150.00 for previously accrued expenses.  (decrease 20200 Miscellaneous Accrued Expense)

1b. Purchase of supplies for $250.00 cash.  (increase 10410 Supplies)

1c. Purchase of new computer mouse for $125.25 cash.  Management decides to capitalize the mouse as an asset.  (increase 10500 Fixed Assets)

1d. Reimbursed Petty cash fund for $38.50 for Miscellaneous expense (80400)

1e. Declared a cash dividend of $1,000, payable July 31.  (35009 Dividends Declared is a contra-equity account)


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:

10 1346720000 BridgeKnight

12 1713620500 BridgeBrain

10 2056988333 MrBridge

20 2883300015 BridgeDoctor

12 4509833100 BridgeStar

12 6000310005 EasyBridge

70 6055044500 ValueBridge

Order number 1012

Customer: Deuces Wild (12136)

Date: 6/12

Order type: email

Items:

4 2044590910 BetterBridge

100 4098048900 CheckerBrain

50 6088805600 VisualBridge

20 6088806500 VisualChess

100 7034554666 Bridge Mus

Order number 1013

Customer: Arrow Electronic (12139)

Date: 6/12

Order Type: mail

Items:

20 2092350999 ChessWiz

12 2304500010 Interactive Chess

20 3023469877 Molly's Bridge

31 6088806500 VisualChess

20 8077680800 Network Bridge

Order number 1014

Customer: Video Boutique (12103)

Date: 6/12

Order Type: phone

Items:

20 0834210205 BridgeGuest

24 1713620500 BridgeBrain

12 2022521015 MsBridge

12 4509833050 ChessStar

18 8923405000 BridgePrince

Order number 1015

Customer: Bridge Things (12145)

Date: 6/12

Order Type: fax

Items:

15 6088805600 VisualBridge

200 7034554666 Bridge Mus

20 8077680800 Network Bridge

30 8097643400 Omnus Bridge

Order number: 1016

Customer: Queen's (12131)

Date: 6/12

Order Type: email

Items:

40 1713621000 ChessBrain

24 2090515020 ChessChamp

30 2304500010 Interactive Chess

210 4098048900 CheckerBrain

30 4509833050 ChessStar

10 6088806500 VisualChess


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 $50.00

1016 $50.00

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. Reversal of earlier entry:

In transaction 1-c above, you were instructed to capitalize the purchase of new computer mouse for $125.25 cash by increasing 10500 Fixed Assets. Upon further consideration, management has decided to expense the mouse.

8a1. Reverse your entry for 1-c

---In Record mode, move to the entry you made for 1-c.

---Click Options, then Click Reverse Entry.

A reversing journal entry will automatically be created, added to the general journal, and posted to the general ledger.

8a2. Enter a new entry for transaction 1-c, decreasing cash and increasing 80400 Miscellaneous expense for $125.25.

8b. Record the payroll for the month:

....Salaries $10,000.00

....Accrued Payroll $8,200.00

....Accrued Payroll-Taxes $950.00

....Accrued Payroll-Other $850.00

8c. Employer's payroll tax expense $1,600.00

Increase Payroll Taxes expense and Accrued Payroll-Taxes

8d. Depreciation expense $220

8e. An aging analysis was performed to estimate bad debts expense.  There should be a $700 allowance for bad accounts as of June 30.

8f. Supplies were counted and found to be $2,500 at June 30.

8g. Accrue the following expenses.

Increase account 20200 Miscellaneous Accrued Expense for each expense unless there is a specific liability account for the expense.  If an expense has a prepaid balance in the general ledger, properly reflect the reduction of the prepaid balance in your journal entry.

8g1. Advertising expense $500.23

8g2. Insurance expense $150.00

8g3. Interest expense $360.00

8g4. Janitorial expense $425.00

8g5. Property tax expense $56.22

8g6. Rent expense $1,500.00

8g7. Utilities expense $992.54

8g8. Shipping expense..$250.00


9. Close Accounts: Prepare Statements

The ending inventory was costed at $160,000.

Omnis Mus will ask for 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.