Continuing Cookie Chronicle_CCC4

Continuing Cookie Chronicle
(Note:This is a continuation of the
Cookie Chronicle from Chapters 1 through 3.)
CCC4Cookie Creations is gearing up
for the winter holiday season. During the month of December 2014, the following
transactions occur.
Dec. 1 Natalie hires an assistant at an hourly wage
of $8 to help with cookie making and some administrative duties.
5 Natalie teaches the class that was booked on
November 25. The balance outstanding is received.
8 Cookie Creations receives a check for the
amount due from the neighborhood school for the class given on November 30.
9 Cookie Creations receives $750 in advance from
the local school board for five classes that the company will give during
December and January.
15 Pays the
cell phone invoice outstanding at November 30.
16 Issues a
check to Natalie’s brother for the amount owed for the design of the website.
19 Receives
a deposit of $60 on a cookie class scheduled for early January.
23 Additional
revenue during the month for cookie-making classes amounts to $4,000. (Natalie
has not had time to account for each class individually.) $3,000 in cash has
been collected and $1,000 is still outstanding. (This is in addition to the
December 5 and December 9 transactions.)
23 Additional
baking supplies purchased during the month for sugar, flour, and chocolate
chips amount to $1,250 cash.
23 Issues a
check to Natalie’s assistant for $800. Her assistant worked approximately 100
hours from the time in which she was hired until December 23.
28 Pays a
dividend of $500 to the common shareholder (Natalie).
As of December 31, Cookie Creations’ year-end,
the following adjusting entry data are provided.
1. A count
reveals that $45 of brochures and posters were used.
2. Depreciation
is recorded on the baking equipment purchased in November. The baking equipment
has a useful life of 5 years. Assume that 2 months’ worth of depreciation is
required.
3. Amortization
(which is similar to depreciation) is recorded on the website. (Credit the Website
account directly for the amount of the amortization.) The website is amortized
over a useful life of 2 years and was available for use on December 1.
4. Interest
on the note payable is accrued. (Assume that 1.5 months of interest accrued
during November and December.) Round to nearest dollar.
5. One
month’s worth of insurance has expired.
6. Natalie
is unexpectedly telephoned on December 28 to give a cookie class at the
neighborhood community center on December 31. In early January Cookie Creations
sends an invoice for $450 to the community center.
7. A count
reveals that $1,025 of baking supplies were used.
8. A cell
phone invoice is received for $75. The invoice is for services provided during
the month of December and is due on January 15.
9. Because the
cookie-making class occurred unexpectedly on December 31 and is for such a
large group of children, Natalie’s assistant helps out. Her assistant worked 7
hours at a rate of $8 per hour.
10. An
analysis of the unearned revenue account reveals that two of the five classes
paid for by the local school board on December 9 still have not been taught by
the end of December. The $60 deposit received on December 19 for another class
also remains unearned.
Instructions
Using the information that you have gathered and
the general ledger accounts that you have prepared through Chapter 3, plus the
new information above, do the following.
(a) Journalize
the above transactions.
(b) Post the
December transactions. (Use the general ledger accounts prepared in Chapter 3.)
(c) Prepare
a trial balance at December 31, 2014.
(c) Totals
$8,160
(d) Prepare and post adjusting journal entries for
the month of December.
(e) Prepare
an adjusted trial balance as of December 31, 2014.
(f ) Prepare
an income statement and a retained earnings statement for the 2-month period
ending December 31, 2014, and a classified balance sheet as of December 31, 2014.
(g) Prepare
and post closing entries as of December 31, 2014.
(h) Prepare
a post-closing trial balance.
(c) Totals $8,160

(e) Totals $8,804

(f) Net income $3,211

(h) Totals $6,065

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