Hello, I need help with a milestone accounting project. It is for the month of november attached.
Chart of Accounts Chart of Accounts Account TitleAccount Number Cash101 Accounts Receivable111 Allowance for Doubtful Accounts112 Merchandise Inventory121 Supplies131 Prepaid Insurance133 Prepaid Advertising135 Equipment141 Accumulated Depreciation—Equipment142 Accounts Payable203 Sales Tax Payable231 Interest Payable235 Notes Payable275 Teresa Logan, Capital301 Teresa Logan, Drawing302 Income Summary399 Sales401 Sales Returns and Allowances402 Purchases501 Freight In502 Purchases Returns and Allowances503 Purchases Discounts504 Cost of Goods Sold551 Advertising Expense611 Depreciation Expense—Equipment614 Insurance Expense617 Uncollectible Accounts Expense620 Janitorial Services Expense623 Rent Expense629 Salaries Expense632 Supplies Expense635 Telephone Expense638 Utilities Expense644 Interest Expense781 Sales Journals SALES JOURNALPAGE11 DATESALES SLIP NO.CUSTOMER’S NAMEPOST. REF.ACCOUNTS RECEIVABLE DEBITSALES TAX PAYABLE CREDITSALES CREDIT 120211 2Nov.31241Mariam SalibX2,6041242,4802 33 44 55 66 707 88 99 1010 SALES JOURNALPAGE12 DATESALES SLIP NO.CUSTOMER’S NAMEPOST. REF.ACCOUNTS RECEIVABLE DEBITSALES TAX PAYABLE CREDITSALES CREDIT 11 22 33 44 55 66 707 88 99 1010 Purchase Journals PURCHASES JOURNALPAGE11 DATEPURCHASED FROMINVOICE NUMBERINVOICE DATETERMSPOST. REF.PURCHASES DR./ ACCOUNTS PAYABLE CREDIT 120211 2Nov.11A Fashion Statement942211/8/212/10,n/304,8202 33 44 55 66 77 88 PURCHASES JOURNALPAGE12 DATEPURCHASED FROMINVOICE NUMBERINVOICE DATETERMSPOST. REF.PURCHASES DR./ ACCOUNTS PAYABLE CREDIT 11 22 33 44 55 66 77 88 99 Cash Receipts Journal CASH RECEIPTS JOURNALPAGE11 DATEDESCRIPTIONPOST. REF.ACCOUNTS RECEIVABLE CREDITSALES TAX PAYABLE CREDITSALES CREDITOTHER ACCOUNTS CREDITCASH DEBIT ACCOUNT NAMEPOST. REF.AMOUNT 120211 2Nov2Megan GreeningX2,5202,5202 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 CASH RECEIPTS JOURNALPAGE12 DATEDESCRIPTIONPOST. REF.ACCOUNTS RECEIVABLE CREDITSALES TAX PAYABLE CREDITSALES CREDITOTHER ACCOUNTS CREDITCASH DEBIT ACCOUNT NAMEPOST. REF.AMOUNT 11 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 Cash Payments Journal CASH PAYMENTS JOURNALPAGE11 DATECK. NO.DESCRIPTIONPOST. REF.ACCOUNTS PAYABLE DEBITOTHER ACCOUNTS DEBITPURCHASES DISCOUNT CREDITCASH CREDIT ACCOUNT NAMEPOST. REF.AMOUNT 120211 2Nov.16122Properties Management, Inc.Rent Expense6294,4004,4002 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 **round discounts!** CASH PAYMENTS JOURNALPAGE12 DATECK. NO.DESCRIPTIONPOST. REF.ACCOUNTS PAYABLE DEBITOTHER ACCOUNTS DEBITPURCHASES DISCOUNT CREDITCASH CREDIT ACCOUNT NAMEPOST. REF.AMOUNT 120211 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 **round discounts!** General Journal Pg 16 GENERAL JOURNALPAGE16 DATEDESCRIPTIONPOST. REF.DEBIT CREDIT 11 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 2222 2323 2424 2525 2626 2727 2828 2929 3030 3131 3232 3333 3434 3535 3636 3737 3838 General Journal Pg 17 GENERAL JOURNALPAGE17 DATEDESCRIPTIONPOST. REF.DEBIT CREDIT 11 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 2222 2323 2424 2525 2626 2727 2828 2929 3030 3131 3232 3333 3434 3535 3636 3737 3838 General Journal Pg 18 GENERAL JOURNALPAGE18 DATEDESCRIPTIONPOST. REF.DEBIT CREDIT 11 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 2222 2323 2424 2525 2626 2727 2828 2929 3030 3131 3232 3333 3434 3535 3636 3737 3838 Gen Ledger - Assets GENERAL LEDGER ACCOUNTCashACCOUNT NO.101 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX59,800 ACCOUNTAccounts ReceivableACCOUNT NO.111 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX9,298 ACCOUNTAllowance for Doubtful AccountsACCOUNT NO.112 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX420 ACCOUNTMerchandise InventoryACCOUNT NO.121 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX88,996 ACCOUNTSuppliesACCOUNT NO.131 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX4,100 ACCOUNTPrepaid InsuranceACCOUNT NO.133 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX8,400 ACCOUNTPrepaid AdvertisingACCOUNT NO.135 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 ACCOUNTEquipmentACCOUNT NO.141 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX83,000 ACCOUNTAccumulated Depreciation - EquipmentACCOUNT NO.142 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX7,050 Gen Ledger - Liab & Equity GENERAL LEDGER ACCOUNTAccounts PayableACCOUNT NO.203 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX9,700 ACCOUNTSales Tax PayableACCOUNT NO.231 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX3,242 ACCOUNTInterest PayableACCOUNT NO.235 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 ACCOUNTNote PayableACCOUNT NO.275 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 ACCOUNTTeresa Logan, CapitalACCOUNT NO.301 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX212,154 ACCOUNTTeresa Logan, DrawingACCOUNT NO.302 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX7,400 ACCOUNTIncome SummaryACCOUNT NO.399 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT Gen Ledger - Sales & COGS GENERAL LEDGER ACCOUNTSalesACCOUNT NO.401 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX72,080 ACCOUNTSales Returns and AllowancesACCOUNT NO.402 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 ACCOUNTPurchasesACCOUNT NO.501 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX17,600 ACCOUNTFreight InACCOUNT NO.502 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX360 ACCOUNTPurchase Returns and AllowancesACCOUNT NO.503 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX275 ACCOUNTPurchase DiscountsACCOUNT NO.504 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX394 ACCOUNTCost of Goods SoldACCOUNT NO.551 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Gen Ledger - Operating Exps GENERAL LEDGER ACCOUNTAdvertising ExpenseACCOUNT NO.611 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX3,225 ACCOUNTDepreciation Expense—EquipmentACCOUNT NO.614 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX1,175 ACCOUNTInsurance ExpenseACCOUNT NO.617 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX1,400 ACCOUNTUncollectible Accounts ExpenseACCOUNT NO.620 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX101 ACCOUNTJanitorial Services ExpenseACCOUNT NO.623 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX525 ACCOUNTRent ExpenseACCOUNT NO.629 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX4,400 ACCOUNTSalaries ExpenseACCOUNT NO.632 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX10,800 ACCOUNTSupplies ExpenseACCOUNT NO.635 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX2,410 ACCOUNTTelephone ExpenseACCOUNT NO.638 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX957 ACCOUNTUtilities ExpenseACCOUNT NO.644 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 Nov.1BalanceX1,368 ACCOUNTInterest ExpenseACCOUNT NO.781 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE DEBITCREDIT 2021 AR Sub Ledgers ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER NAMEAshley ButlerTERMSn/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX795 NAMEMegan GreeningTERMSn/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX2,520 2payment2,5200 NAMEJames HelmerTERMSn/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX832 NAMEEmma MaldonadoTERMSn/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX1,320 NAMETim PriceTERMSn/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX1,621 NAMEMariam SalibTERMSn/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX510 3Sales Slip 1241S112,6043,114 NAMEAmy TrinhTERMSn/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX1,700 AP Sub Ledgers ACCOUNTS PAYABLE SUBSIDIARY LEDGER NAMEA Fashion StatementTERMS2/10,n/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX3,830 2Invoice 9422CP113,8300 NAMEClassy ThreadsTERMS2/10,n/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX2,100 NAMEUnique StylesTERMS1/10,n/30 DATEDESCRIPTIONPOST. REF.DEBITCREDITBALANCE 2021 Nov.1BalanceX3,770 Nov Schedules of AR AP The Fashion Rack Schedule of Accounts Receivable November 30, 2021 The Fashion Rack Schedule of Accounts Payable November 30, 2021 Dec Schedules of AR AP The Fashion Rack Schedule of Accounts Receivable December 31, 2021 The Fashion Rack Schedule of Accounts Payable December 31, 2021 Nov Worksheet The Fashion Rack Worksheet For the Month Ended November 30, 2021 ACCOUNT NAMETRIAL BALANCEADJUSTMENTSADJUSTED TRIAL BALANCEINCOME STATEMENTBALANCE SHEET DEBITCREDITDEBITCREDITDEBITCREDITDEBITCREDITDEBITCREDIT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Dec Worksheet The Fashion Rack Worksheet For the Month Ended December 31, 2021 ACCOUNT NAMETRIAL BALANCEADJUSTMENTSADJUSTED TRIAL BALANCEINCOME STATEMENTBALANCE SHEET DEBITCREDITDEBITCREDITDEBITCREDITDEBITCREDITDEBITCREDIT 11 22 33 44 55 66 77 88 99 1010 1111 1212 1313 1414 1515 1616 1717 1818 1919 2020 2121 2222 2323 2424 2525 2626 2727 2828 2929 3030 3131 3232 3333 3535 3636 3737 3737 Income Stmt Owners Eq & Bal Sheet Post-Closing TB Microsoft Word - The Fashion Rack Instructions- ACCT 1135 Practice Set FA2022.docx Page 1 of 7 The Fashion Rack The Fashion Rack is a retail merchandising business that sells brand-name clothing at discount prices. The firm is owned and managed by Teresa Logan, who started the business on April 1, 2019. This project will give you an opportunity to put your knowledge of accounting into practice as you handle the accounting work of The Fashion Rack during the months of November and December 2021. ACCOUNTING PROCESSES The Fashion Rack has a monthly accounting period. The journals used to record transactions are the sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Postings are made from the journals to the Accounts Receivable Ledger (AR Ledger), Accounts Payable Ledger (AP Ledger), and General Ledger (GL). For each transaction in November: 1. Analyze and journalize each transaction to the proper journal for November 2021. 2. Post individual entries immediately after journalizing: If the entry involves a customer or creditor, follow these steps in order: Post from the journal to the subsidiary ledger immediately after journalizing the transaction, using the date of the transaction. Reference the special journal page in the “Post. Ref.” column of the subsidiary ledger. Reference the subsidiary ledger by using an X in the “Post. Ref.” column of the special journal. If the entry is recorded in the “Other Accounts” column of the special journal, follow these steps in order. Post from the journal to the general ledger immediately after journalizing the transaction using the date of the transaction. Reference the special journal page in the “Post. Ref.” column of the subsidiary ledger. Reference the general ledger account number in the “Post. Ref.” column of the special journal. 3. Post individual entries that appear in the general journal to the general ledger. Reference the general journal page in the “Post. Ref.” column (J16 or J17); Reference the account number in the special journal “Post. Ref.” column. 4. Update the balance in the general ledger after each posting. Page 2 of 7 November 2021 Transactions: Date Transaction 1 Issued Check 6122 for $4,400 to pay Properties Management, Inc., the monthly rent. 1 Signed a three-month radio advertising contract with Cable Station KTLE for $5,100 to start in December; issued Check 6123 to pay the full amount in advance. 1 Issued Check 6124 to City Utilities for $1,492 to pay the monthly electric bill. 1 Issued Check 6125 to Regional Telephone for $940 to pay the monthly telephone bill. 2 Issued Check 6126 for $525 to A+ Janitors for janitorial services. 2 Received $2520 from Megan Greening, a credit customer, in payment of her account. 2 Issued Check 6127 for $3,242 to remit the sales tax owed for October to the State Tax Commission. 2 Issued Check 6128 to A Fashion Statement, a creditor, in payment of the October balance, less a 2% cash discount. 3 Sold merchandise on credit for $2,480 plus sales tax of $124 to Mariam Salib, Sales Slip 1241. 5 Issued Check 6129 to Unique Styles, a creditor, in payment of the October balance, less a 1% cash discount. 5 Collected $1,700.00 on account from Amy Trinh, a credit customer. 5 Issued Check 6130 for $2,100 to Classy Threads, a creditor, in payment of October Invoice 3292, less a 2% cash discount. 6 Had cash sales of $18,600 plus sales tax of $930 during November 1–6. 8 Received a check from James Helmer, a credit customer, for $832. 9 Sold merchandise on credit for $2,040 plus sales tax of $102 to Emma Maldonado, Sales Slip 1242. 11 Purchased merchandise for $4,820 from A Fashion Statement, Invoice 9422, dated November 8; the terms are 2/10, n/30. 13 Issued Check 6131 for $1,050 to BMX Supply Co. for supplies. 13 Had cash sales of $13,200 plus sales tax of $660 during November 8–13. 15 Sold merchandise on credit for $1,980 plus sales tax of $99 to James Helmer, Sales Slip 1243. 15 Received $1,320 from Emma Maldonado, a credit customer, for payment on her account. 16 Received $510 on account from Mariam Salib, a credit customer. 16 Issued Check 6132 to A Fashion Statement, a creditor, in payment of Invoice 9422, less a 2% cash discount. 18 Issued Check 6133 for $7,400 to Teresa Logan as a withdrawal for personal use. 20 Had cash sales of $13,500 plus sales tax of $675 during November 15–20. 22 Issued Check 6134 for $1,525 to pay The Daily News for a newspaper advertisement that appeared in October. 24 Sold merchandise on credit for $1,620 plus sales tax of $81 to Megan Greening, Sales Slip 1244. Page 3 of 7 26 Issued Check 6135 for $395 to pay freight charges to Ace Freight Company, the trucking company that delivered merchandise from A Fashion Statement. 27 Had cash sales of $14,240 plus sales tax of $712 during November 22–27. 27 Received $1,621 from Tim Price, a credit customer, for payment on his account. 27 Purchased merchandise for $4,715 from Classy Threads, Invoice 3418, dated November 25; the terms are 2/10, n/30. 29 Sold merchandise on credit for $3,460 plus sales tax of $173 to Amy Trinh, Sales Slip 1245. 30 Purchased merchandise for $3,080 from Unique Styles, Invoice 5821, dated November 26; the terms are 1/10, n/30. 30 Had cash sales of $1,800 plus sales tax of $90 for November 29–30. 30 Issued checks to employees: Check 6136 to David Price for $4,200; Check 6137 to Michelle Logan for $2,125; Check 6138 to Kate Shade for $4,200. 30 Teresa signs an $35,000 18-month 7% note for a new inventory system she plans on buying in January. The bank deposits the money into the business checking account. At November 30 – 1. Total the special journals as