Accountant (1)
Duties
You will be using the following tabs on the Excel Spreadsheet: Inventory, Chart of
Accounts, Journal, Ledger, and Work Sheet. On the inventory spreadsheet and the
worksheet that you complete, you only have to enter information in the cells that are
highlighted yellow. You do not need to enter any information on the income statement or
balance sheet.
Monthly Inventory Duties
 Enter all items that have sold in the “# Sold” column in inventory excel
spreadsheet using the monthly inventory report from cash register
Note: Every time you make a journal entry, make sure to post the entry to the ledger!
Purchases and Returns
Inventory Received (once a week)
 Obtain the Inventory binder and look at the requisition/purchase order forms in
the Inventory Purchased tab. Initial the purchase order. Make the journal entry
for any purchases that have been made and received (Dr. Purchases, Cr.
Accounts Payable and the Name of the business)
Inventory Returned (once a week)
 Look to see if any inventory has been returned (typically review books) under the
Inventory returned tab. Make the journal entry for any inventory that has been
returned (Dr. Accounts Receivable, Cr. Purchases Returns)
Inventory Return Payment (as checks are received)
 When a check is received from a vendor for an inventory return, enter the date
that the check is received into the Review Book Return Form
 Complete the transmittal form to make the deposit and give the form to the
Bookstore Advisor
 Make the journal entry (Dr. Cash, Cr. Accounts Receivable)
Cash Payment
Invoice Payments (as invoices are received)
 As invoices are received, check the Inventory binder to make sure that the items
were actually received (buyer initialed and dated the purchase order)
 Confirm the quantity and amount to the purchase order and initial and date the
invoice. (If there was an added shipping cost, make sure to make the adjustment
to the Inventory received journal entry from above.) Give the invoice to the
Advisor (advisor will make a copy to give to Mrs. Harshberger and will give you
the invoice back)
 Staple the invoice to the packing slip, purchase order and requisition form in the
Inventory binder and move to the “Inventory Paid” tab in the binder
 Enter the transaction into the journal. (Dr. Accounts Payable and name of
business, Cr. Cash)
DECA Expenses (as told to you by the Advisor)


The bookstore advisor will let you know when there is a DECA expense
Make the entry into the journal when there is a competition expense (Dr. DECA
Expense, Cr. Cash)
Miscellaneous Expenses (as told to you by the advisor)
 The bookstore advisor will let you know when there is a miscellaneous expense
(i.e. shipping and handling on returns, etc.)
 Make the entry into the journal when there is a miscellaneous expense. (Dr.
Miscellaneous Expense, Cr. Cash)
Sales/Cash Receipts
Inventory Sold (once a week – typically Mon. or Tues. during Marketing Concepts)
 Obtain the money bag from the main office (Mrs. LaFlair) and the Sales binder
from the Bookstore. Bring those items to the Business Office
 Count the money in each envelope and verify the amount with the Z1 Register
Tape and Cash Out Receipts and initial the Z1 Register Tape
 Take the Daily Sales Record from the Sales binder and compare each entry with
the corresponding Z1 Register Tape and then initial if they equal on the Daily
Sales Record
 Total each day at the bottom of the Daily Sales Record. Then get a total for the
week.
 Make the corresponding sales entry into the journal (Dr. Cash, Dr. Sales
Discounts, Dr. Sales Returns, Cr. Sales, Cr. Sales Tax Payable)
 Make the corresponding sales entry into the journal (Dr. Sales Tax Payable, Cr.
Cash)
 If there is a discrepancy, inform the Bookstore Advisor (there will be an entry to
the cash and the Cash Short and Over Expense account.)
 Complete the transmittal form using the cash deposit and the Daily Sales Record
sheets
 Give the transmittal form to Mrs. Harshberger
 Put the deposit back in the money bag and return to the office (make sure all bills
are facing the same direction and roll any bills or coins that can be)
 Put the Z Register Tapes, the Daily Sales Record sheets and the Cash-Out
Receipts in envelope and place in file in bookstore section of filing cabinet in
room 1307
End of Fiscal Period (Complete on Excel Spreadsheet)
(Advisor will work through this with you)
Work Sheet
 Complete all cells that are highlighted in yellow (get the information from the
ending balances in your general ledger)
Adjusting Entry for Merchandise Inventory
 Take the difference between the periodic inventory value and the beginning
inventory value to determine the journal entry that will be made. Dr. Merchandise
Inventory, Cr. Income Summary if the merchandise inventory account increased
from the beginning of the fiscal year; Dr. Income Summary Cr. Merchandise
Inventory if the merchandise inventory account decreased.
Adjustments on Work Sheet
 Record adjustment in the adjustment column of the work sheet
Closing Entries for Accounts with Credit Balances
 Close out the Sales and Purchases Returns accounts to the Income Summary
Account. Dr. Sales, Dr. Purchases Returns, Cr. Income Summary
Closing Entries for Accounts with Debit Balances
 Close out the Sales Discount, Sales Returns, Purchases, Cash Short and Over
Expense, Competition Expense, Miscellaneous Expense and Sales Tax Expense
accounts to the Income Summary account. Dr. Income Summary, Cr. Sales
Discount, Cr. Sales Returns, Cr. Purchases, Cr. Cash Short and Over Expense,
Cr. Competition Expense, Cr. Miscellaneous Expense and Cr. Sales Tax Expense
Closing Entry to Record Net Income/Net Loss
 After completing the previous closing entries, you need to determine if there was
a net income or net loss for the period. If the credit side of the income summary
account is larger than the debit side, there is a net income for the fiscal period.
The journal entry would be Dr. Income Summary and Cr. Capital. If the debit
side of the Income Summary account is larger than the credit side, there is a net
loss for the fiscal period. The journal entry would be Dr. Capital and Cr. Income
Summary
Posting
 Post all adjusting and closing entries to the ledger
Additional Notes: