COMPREHENSIVE ACCOUNTING CYCLE ASSIGNMENT
accounting
Description
COMPREHENSIVE ACCOUNTING CYCLE ASSIGNMENT
Transaction for 2018
Date
Amount Transaction
01/01 0.00 Started new business. All Accounts are nil.
01/05 2,823,884.00 Bought inventory
01/08 8,471,652.00 Sold services
01/10 3,388,660.80 Sold all inventory
01/24 67,773.22 2%
of Sales were returned
02/01 705,971.00
Paid Rent for the current month
02/05 3,388,660.80 Bought inventory
02/08 8,471,652.00 Sold services
02/10 4,744,125.12 Sold all inventory
02/15 1,694,330.40 Paid employees
02/24 94,882.50 2%
of Sales were returned
02/27
1,245,671.71 Allowance for Doubtful Accounts is estimated to be 5% of
accounts receivable
balance
02/30 1,694,330.40 Paid employees
03/01 705,971.00 Paid
Rent for the current month
03/05 4,235,826.00 Bought inventory
03/08 8,471,652.00 Sold services
03/10 5,930,156.40 Sold all inventory
03/15 1,694,330.40 Paid employees
03/24 118,603.13 2%
of Sales were returned
03/26 16,943,304.00 Settle all accounts payable
03/27
1,959,831.97 Allowance for Doubtful Accounts is
estimated to be 5% of
accounts receivable
balance
03/28 37,236,807.50 Received cash from 95% of accts receivable
03/29
3,205,503.68
Recognized bad debt expense for all amounts in Allowance for
Doubtful Accounts
03/30 1,694,330.40 Paid employees
04/01 705,971.00 Paid
Rent for the current month
04/05 5,082,991.20 Bought inventory
04/06 16,943,304.00 Bought equipment 5yr life
04/08 8,471,652.00 Sold services
04/10 7,116,187.68 Sold all inventory
04/15 1,694,330.40 Paid employees
04/24 142,323.75 2%
of Sales were returned
04/26 26,120,927.00 Settle all accounts payable
04/27
709,992.21 Allowance
for Doubtful Accounts is estimated to be 5% of
accounts receivable
balance
04/28 13,489,852.01 Received cash from 95% of accts receivable
04/29
709,992.21 Recognized
bad debt expense for all amounts in Allowance for
Doubtful Accounts
04/30 1,694,330.40 Paid employees
05/01 705,971.00 Paid
Rent for the current month
05/05 5,930,156.40 Bought inventory
05/06 282,388.40 Depreciate
equipment for 1 month
05/08 8,471,652.00 Sold services
05/10 8,302,218.96 Sold all inventory
05/15 1,694,330.40 Paid employees
05/24 166,044.38 2%
of Sales were returned
05/26 10,024,788.20 Settle all accounts payable
05/27
830,391.33 Allowance
for Doubtful Accounts is estimated to be 5% of
accounts receivable
balance
05/28 15,777,435.25 Received cash from 95% of accts receivable
05/29
830,391.33 Recognized
bad debt expense for all amounts in Allowance for
Doubtful Accounts
05/30 1,694,330.40 Paid employees
06/01 705,971.00 Paid
Rent for the current month
06/03
211,791,300.00 Received a business loan for building payable monthly 5yr
term @5%
06/04 211,791,300.00 Bought building 20yr life
06/05 6,777,321.60 Bought inventory
06/06 282,388.40 Depreciate
equipment for 1 month
06/08 8,471,652.00 Sold services
06/10 9,488,250.24 Sold all inventory
06/15 1,694,330.40 Paid employees
06/24 189,765.00 2%
of Sales were returned
06/26 10,871,953.40 Settle all accounts payable
06/27
888,506.86 Allowance
for Doubtful Accounts is estimated to be 5% of
accounts receivable
balance
06/28 16,881,630.38 Received cash from 95% of accts receivable
06/29
888,506.86 Recognized
bad debt expense for all amounts in Allowance for
Doubtful Accounts
06/30 1,694,330.40 Paid employees
07/01 42,358,260.00 Owner invested cash into the business
07/02 882,463.75 Paid
1 month of interest per Loan Amortization Schedule
07/03 3,114,299.36 Paid principal portion based on Loan Amortization Schedule
07/04 882,463.75 Depreciate
building for 1 month
07/05 7,624,486.80 Bought inventory
07/06 282,388.40 Depreciate
equipment for 1 month
07/08 8,471,652.00 Sold services
07/10 10,674,281.52
Sold all inventory
07/15 1,694,330.40 Paid employees
07/24 213,485.63 2%
of Sales were returned
07/26 11,013,147.60 Settle all accounts payable
07/27
946,622.39 Allowance
for Doubtful Accounts is estimated to be 5% of
accounts receivable
balance
07/28 17,985,825.50 Received cash from 95% of accts receivable
07/29
946,622.39 Recognized
bad debt expense for all amounts in Allowance for
Doubtful Accounts
07/30 1,694,330.40 Paid employees
08/02 869,487.50 Paid
1 month of interest per Loan Amortization Schedule
08/03 3,127,275.60 Paid principal portion based on Loan Amortization Schedule
08/04 882,463.75 Depreciate
building for 1 month
08/05 8,471,652.00 Bought inventory
08/06 282,388.40 Depreciate
equipment for 1 month
08/08 8,471,652.00 Sold services
08/10 11,860,312.80 Sold all inventory
08/11 10,165,982.40 Prepaid for 12 months of insurance
08/15 1,694,330.40 Paid employees
08/24 237,206.26 2%
of Sales were returned
08/26 22,026,295.20 Settle all accounts payable
08/27
1,004,737.93 Allowance for Doubtful Accounts is
estimated to be 5% of
accounts receivable
balance
08/28 19,090,020.61 Received cash from 95% of accts receivable
08/29
1,004,737.93 Recognized bad debt expense for all
amounts in Allowance for
Doubtful Accounts
08/30 1,694,330.40 Paid employees
09/02 856,457.19 Paid
1 month of interest per Loan Amortization Schedule
09/03 3,140,305.92 Paid principal portion based on Loan Amortization
Schedule
09/04 882,463.75 Depreciate
building for 1 month
09/05
9,318,817.20 Bought inventory 09/06 282,388.40 Depreciate
equipment for 1 mont
09/08
8,471,652.00 Sold services 09/10 13,046,344.08 Sold
all inventory
09/11
847,165.20 Amortize
prepaid insurance for 1 month
09/15
1,694,330.40 Paid employees 09/24 260,926.88 2% of
Sales were returned
09/26 12,707,478.00 Settle all accounts payable
09/27
1,062,853.46 Allowance for Doubtful Accounts is
estimated to be 5% of
accounts receivable
balance
