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INSTRUCTIONS

  1. Open the general ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the postclosing trial balance prepared on September 30, 2019, which is shown below. (If you are using the Study Guide & Working Papers, you will find that the general ledger accounts are already open.)
  2. Open the subsidiary ledger accounts and enter the balances for October 1, 2019. Obtain the necessary figures from the schedule of accounts payable and schedule of accounts receivable prepared on September 30, 2019, which appears below. (If you are using the Study Guide & Working Papers, you will find that the subsidiary ledger accounts are already open.)
  3. Analyze the transactions for October and record each transaction in the proper journal. (Use 10 as the number for the first page of each special journal and 16 as the number for the first page of the general journal.)
  4. Post the individual entries that involve customer and creditor accounts from the journals to the subsidiary ledgers on a daily basis. Post the individual entries that appear in the general journal and in the Other Accounts sections of the cash receipts and cash payments journals to the general ledger on a daily basis.
  5. Total, prove, and rule the special journals as of October 31, 2019.
  6. Post the column totals from the special journals to the general ledger accounts.

The Fashion Rack

Chart of Accounts

Assets

Revenues

101

Cash

401

Sales

111

Accounts Receivable

402

Sales Returns and Allowances

112

Allowance for Doubtful Accounts

Cost of Goods Sold

121

Merchandise Inventory

501

Purchases

131

Supplies

502

Freight In

133

Prepaid Insurance

503

Purchases Returns and Allowances

135

Prepaid Advertising

504

Purchases Discounts

141

Equipment

Expenses

142

Accumulated Depreciation—Equipment

611

Advertising Expense

Liabilities

614

Depreciation Expense—Equipment

203

Accounts Payable

617

Insurance Expense

221

Social Security Tax Payable

620

Uncollectible Accounts Expense

222

Medicare Tax Payable

623

Janitorial Services Expense

223

Employee Income Tax Payable

626

Payroll Taxes Expense

225

Federal Unemployment Tax Payable

629

Rent Expense

227

State Unemployment Tax Payable

632

Salaries Expense

229

Salaries Payable

635

Supplies Expense

231

Sales Tax Payable

638

Telephone Expense

Owners Equity

644

Utilities Expense

301

Teresa Lojay, Capital

 302

Teresa Lojay, Drawing

 399

Income Summary

  1. Check the accuracy of the subsidiary ledgers by preparing a schedule of accounts receivable and a schedule of accounts payable as of October 31, 2019. Compare the totals with the balances of the Accounts Receivableaccount and the Accounts Payable account in the general ledger.
  2. Check the accuracy of the general ledger by preparing a trial balance in the first two columns of a 10-column worksheet. Make sure that the total debits and the total credits are equal.
  3. Complete the Adjustments section of the worksheet. Use the following data. Identify each adjustment with the appropriate letter.
  4. a.During October, the firm had net credit sales of $9,810. From experience with similar businesses, the previous accountant had estimated that 1.0 percent of the firm’s net credit sales would result in uncollectible accounts. Record an adjustment for the expected loss from uncollectible accounts for the month of October.b.On October 31, an inventory of the supplies showed that items costing $3,240 were on hand. Record an adjustment for the supplies used in October.c.On September 30, 2019, the firm purchased a six-month insurance policy for $8,400. Record an adjustment for the expired insurance for October.d.On October 1, 2019, the firm signed a three-month advertising contract for $4,800 with a local cable television station and paid the full amount in advance. Record an adjustment for the expired advertising for October.e.On April 1, 2019, the firm purchased equipment for $83,000. The equipment was estimated to have a useful life of five years and a salvage value of $12,500. Record an adjustment for depreciation on the equipment for October.f.-g.Based on a physical count, ending merchandise inventory was determined to be $81,260.
  5. Complete the Adjusted Trial Balance section of the worksheet.
  6. Determine the net income or net loss for October and complete the worksheet.
  7. Prepare a classified income statement for the month ended October 31, 2019. (The firm does not divide its operating expenses into selling and administrative expenses.)
  8. Prepare a statement of owner’s equity for the month ended October 31, 2019.
  9. Prepare a classified balance sheet as of October 31, 2019.
  10. Journalize and post the adjusting entries using general journal page 17.
  11. Prepare and post the closing entries using general journal page 18.
  12. Prepare a postclosing trial balance.

DATE

TRANSACTIONS

Oct.

1

Issued Check 601 for $4,200 to pay City Properties the monthly rent.

 1

Signed a three-month radio advertising contract with Cable Station KOTU for $4,800; issued Check 602 to pay the full amount in advance.

 2

Received $520 from Megan Greening, a credit customer, in payment of her account.

 2

Issued Check 603 for $17,820 to remit the sales tax owed for July through September to the State Tax Commission.

 2

Issued Check 604 for $7,673.40 to A Fashion Statement, a creditor, in payment of Invoice 9387 ($7,830), less a cash discount ($156.60).

 3

Sold merchandise on credit for $2,480 plus sales tax of $124 to Dimitri Sayegh, Sales Slip 241.

 4

Issued Check 605 for $1,050 to BMX Supply Co. for supplies.

 4

Issued Check 606 for $8,594.60 to Today’s Woman, a creditor, in payment of Invoice 5671 ($8,770), less a cash discount ($175.40).

 5

Collected $1,700.00 on account from Emily Tran, a credit customer.

 5

Accepted a return of merchandise from Dimitri Sayegh. The merchandise was originally sold on Sales Slip 241, dated October 3; issued Credit Memorandum 18 for $630, which includes sales tax of $30.

 5

Issued Check 607 for $1,666 to Classy Threads, a creditor, in payment of Invoice 3292 ($1,700), less a cash discount ($34).

 6

Had cash sales of $18,600 plus sales tax of $930 during October 1-6.

 8

Received a check from James Helmer, a credit customer, for $832 to pay the balance he owes.

 8

Issued Check 608 for $1,884 to deposit social security tax ($702), Medicare tax ($162), and federal income tax withholding ($1,020) from the September payroll. Record this check in the cash payments journal.

 9

Sold merchandise on credit for $2,050 plus sales tax of $102.50 to Emma Maldonado, Sales Slip 242.

 10

Issued Check 609 for $1,445 to pay The City Daily for a newspaper advertisement that appeared in October.

 11

Purchased merchandise for $4,820 from A Fashion Statement, Invoice 9422, dated October 8; the terms are 2/10, n/30.

 12

Issued Check 610 for $375 to pay freight charges to Ace Freight Company, the trucking company that delivered merchandise from A Fashion Statement on September 27 and October 11.

 13

Had cash sales of $12,300 plus sales tax of $615 during October 8-13.

 15

Sold merchandise on credit for $1,940 plus sales tax of $97 to James Helmer, Sales Slip 243.

 16

Purchased discontinued merchandise from Acme Jobbers; paid for it immediately with Check 611 for $6,420.

 16

Received $510 on account from Dimitri Sayegh, a credit customer.

 16

Issued Check 612 for $4,723.60 to A Fashion Statement, a creditor, in payment of Invoice 9422 ($4,820.00), less cash discount ($96.40).

 18

Issued Check 613 for $7,200 to Teresa Lojay as a withdrawal for personal use.

 20

Had cash sales of $13,500 plus sales tax of $675 during October 15-20.

 22

Issued Check 614 to City Utilities for $1,112 to pay the monthly electric bill.

 24

Sold merchandise on credit for $820 plus sales tax of $41 to Megan Greening, Sales Slip 244.

 25

Purchased merchandise for $3,380 from Classy Threads, Invoice 3418, dated October 23; the terms are 2/10, n/30.

 26

Issued Check 615 to Regional Telephone for $780 to pay the monthly telephone bill.

 27

Had cash sales of $14,240 plus sales tax of $712 during October 22-27.

 29

Received Credit Memorandum 175 for $430 from Classy Threads for defective goods that were returned. The original purchase was recorded on October 25.

 29

Sold merchandise on credit for $3,120 plus sales tax of $156 to Emily Tran, Sales Slip 245.

 29

Recorded the October payroll. The records prepared by the payroll service show the following totals: earnings, $10,800; social security, $702.00; Medicare, $162.00; income tax, $1,020; and net pay, $8,916. The excess withholdings corrected an error made in withholdings in September.

 29

Recorded the employer’s payroll taxes, which were calculated by the payroll service: social security, $702; Medicare, $162; federal unemployment tax, $118; and state unemployment tax, $584. This, too, reflects an understatement of taxes recorded in September and corrected in this month.

 30

Purchased merchandise for $4,020 from Today’s Woman, Invoice 5821, dated October 26; the terms are 1/10, n/30.

 31

Issued Checks 616 through 619, totaling $8,916.00, to employees to pay October payroll. For the sake of simplicity, enter the total of the checks on a single line in the cash payments journal.

 31

Issued Check 620 for $475 to Handy Janitors for October janitorial services.

 31

Had cash sales of $1,700 plus sales tax of $85 for October 29-31.

 

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Week 4 – Short-Essay Assignment 2

Assignment Instructions

Instructions

For this assignment, you will compose a well-written and thoughtful short-essay of 500-750 words in length (2-3 pages). LABEL and answer one of the four questions provided.

It is not what you think that matters, but what you can support. Be sure you are expressing an INFORMED opinion. All papers must have credible research on the topic included. 

Format & Expectations

State your thesis, the answer you want to defend using at least three well-supported reasons embodying logic, reason, and research. Give possible objections to your arguments, answer these objections and restate your conclusion. Essays should include a Works Cited page following MLA Style. For grading expectations, please see the iRubric for this assignment in the Gradebook.

 Questions:

1.    Give a clear set of  arguments for legalizing active euthanasia or  argument against it. Be sure to address at least one argument against your position with a clear counterargument.  [For this paper, you can see “active euthanasia” as either physician assisted suicide or what is more commonly called mercy killing.]

2.    Argue for or against the principle that a just society must provide equality of opportunity for those with the interest and talent. [You must name and discuss at least one philosopher who holds this view.]

3.    Clarify as much as possible Aristotle’s distinction between practical knowledge and theoretical knowledge. Argue for or against his view that the good or happiness comes from leading a contemplative life. [Be sure you understand the distinction]

4.    How is the “greatest happiness principle” supposed to be useful in determining what I ought to do? [Be sure you discuss Mill and his understanding of the principle] 

Supporting Materials

·          MLA Template.docx (15 KB)

·          MLA Sample Paper 2012.pdf (592 KB)

PHIL200 | Lesson 4 Utilitarianism

:

Ethics, An Online TextbookStephen O’ Sullivan and Philip A. PecorinoChapter 5: Theological Theories: EgoismChapter 6: Theological Theories: Utilitarianism 

*Please note: Instead of the first link in Chapter 6, Sections 1 & 2, please refer to http:// 

The Original Text: On Utilitarianism by John Stuart Mill can be found at http://books.google.com/books?id=nhERAAAAYAAJ&pg=PP11#v=onepage&q&f=false

 Introduction to Ethical StudiesLee Archie and John G. ArchieChapter 25: “Happiness Is the Greatest Good” by Jeremy BenthamChapter 10: “A Science of Human Nature” by John Stuart MillChapter 21: “Egoism Is Mistaken” by David Hume 

 

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As shown by the timeline of major employment laws, sometimes referred to as labor laws, these have been in place for many years. Many have been updated to be more relevant for the workplace during various times in the United States. While these laws continue to evolve, the purpose of employment laws is to protect individual workers and employers right along with them to promote a more productive, safe working environment.

You will begin this assignment by researching and selecting one of the older employment laws such as the Fair Labor and Standards Act, Title VII of the Civil Rights Act, or the American with Disabilities Act (ADA). Then, research and select a recently changed or newly implemented employment law. Think of relevant current topics such as changes in sick leave or family leave laws, or the new ban-the-box or pregnancy accommodation legislation. Now, in the role of an HR manager, develop a narrated PowerPoint presentation explaining the laws you have selected. You are to present your information at the next team meeting with your HR associates. Address the following in your presentation:

  • Explain the laws and what they cover.
  • Determine how the obsoleter employment law and the more recent one vary from each other. Provide examples of how this influences HR supervisors’ and team members’ roles.
  • Assess the impact of the laws for employees and the organization.
  • Include important steps supervisors must take to ensure compliance with employment laws.

Incorporate appropriate animations, transitions, and graphics as well as speaker notes for each slide. The speaker notes may be comprised of brief paragraphs or bulleted lists and should cite material appropriately. Add audio to each slide using the Media section of the Insert tab in the top menu bar for each slide.

Support your presentation with at least five scholarly resources. In addition to these specified resources, otherappropriate scholarly resources may be included.

Length: 12-15 slides (with a separate reference slide)

Notes Length: 200-350 words for each slide

Be sure to include citations for quotations and paraphrases with references in APA format and style where appropriate.

 

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You are the chief appraiser for a large art dealer in a major American city. You are offered a chance to examine, and buy, a work of art. You have reason to believe that it is a piece from a famous artist of the 15th century that has been lost to the art world for hundreds of years. Such apainting would have an estimated market value of $1 million. However, you face two risks. First,the painting may be a forgery, a chance that you estimate to be .4. Second, even if the painting isauthentic it may be stolen. Once you buy the painting, you bear all risk. If it is a fake, its value is $0. If it proves to be stolen (a .2 risk in your estimation), you must return the painting to its rightful owner and you cannot recover the purchase price.You have the chance to buy the painting for $500,000. As a risk-neutral decision maker,should you make the purchase?

 

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