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Module 3 Graded Assessment: Part 2: Required (1) (16 Points)

This document provides instructions for a graded assessment involving calculations and journal entries for a clothing company's income statement and balance sheet for November, as well as transactions for a pet food company. It asks the student to fill in missing values, match financial statement effects to transactions, and record journal entries to record various business transactions for the pet food company on its income statement and balance sheet.

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Ceejay Rosales
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© © All Rights Reserved
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Download as PDF, TXT or read online on Scribd
45 views1 page

Module 3 Graded Assessment: Part 2: Required (1) (16 Points)

This document provides instructions for a graded assessment involving calculations and journal entries for a clothing company's income statement and balance sheet for November, as well as transactions for a pet food company. It asks the student to fill in missing values, match financial statement effects to transactions, and record journal entries to record various business transactions for the pet food company on its income statement and balance sheet.

Uploaded by

Ceejay Rosales
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Module 3 Graded Assessment: Part 2

Please use the textboxes provided to demonstrate all calculatio

the month the company receives $46,000 from a shareholder

Required (1) (16 Points)


Fill in the missing amounts below.

SUPER STYLE CLOTHING


Income Statement
For the Month of November
Sales
Cost of sales
Net income

SUPER STYLE CLOTHING


Balance Sheet
At the End of November
Cash
Accounts Receivable
Inventory
Total assets
Accounts Payable
Bank loan
Total liabilities
Contributed Capital
Retained earnings
Total equity
Total liabilities and equity

Required (2) (12 Points)


Consider the transactions listed on the left. Match each

Transaction Corresponding Number Financial Statement Effect


Pay wages with cash 1 Increase assets and increase liabilities
Repay bank loan 2 Decrease liabilities and decrease assets
Prepay insurance expense 3 Decrease assets and decrease equity
Receive prepayment from customer 4 Decrease assets and increase assets

Required (3) (16 Points)

Record the following transactions for Mouser Pet Foods, Inc.,

Balance Sheet Income Statement


Transaction Cash Asset (+)Noncash Assets(=) Liabilities (+)Contributed Capital(+) Earned Capital Revenues (-) Expenses (=) Net Income
Sell stock in company for $78,000 A A (+) (=) (+) (+) (-) (=)
Obtain long-term bank loan of $30,000. B B (+) (=) (+) (+) (-) (=)
Purchase manufacturing equipment for $20,400 cash. C C (+) (=) (+) (+) (-) (=)
Rent manufacturing and warehousing space and pay $34,800 D D (+) (=) (+) (+) (-) (=)
Purchase $30,000 of inventory, paying $6,000 in cash and the E E (+) (=) (+) (+) (-) (=)
inventory purchased in transaction (e) for $33,900 on account. F F (+) (=) (+) (+) (-) (=)
Pay $24,000 to creditors. G G (+) (=) (+) (+) (-) (=)
Make loan payment of $4,800 of which interest is $480 and H H (+) (=) (+) (+) (-) (=)

Once you have completed this assignment, save the document and mark the assignment as complete on the "M3 Graded Assessment Workbook" page.

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