Instructions This assignment is designed for practicing both the retailer/merchandiser accounting cycle and your basic e

[answerhappygod]

Instructions This assignment is designed for practicing both theretailer/merchandiser accounting cycle and your basic excel skills.Below are select sales transactions for Vareen Comapny. You willneed to enter the missing pieces of each transaction on the journalentry tab. Each missing piece of information is highlighted inyellow. The only cell where an actual number is to be input is onthe journal entries worksheet. Please note: not every yellow cellrequires input (it could be left blank if appropriate). Aftercompleting the journal entries, you must then complete the missingpieces of the T accounts, trial balance, and statements highlightedin yellow. Only excel functions may be used to calculate theappropriate cell value on these pages. DO NOT INPUT THE ACTUALNUMBER INTO THE T ACCOUNTS, TRIAL BALANCE, OR STATEMENTS. Use excelfunctions (such as making a cell equal another from the journalentry page, summing numbers together, or using the plus or minussymbols to help you find the appropriate number). Your balancesheet should balance when you are complete. Tip: After each journalentry, update the appropriate T accounts. SelectRetailer/Merchandiser-Related Transactions: 1) On June 10, VareenCompany purchased $8,000 of merchandise on account from HarrahCompany, FOB Shipping point, terms 3/10, n/30. Vareene pays thefreight costs of $400 on June 11th. 2) On June 12th, Vareen returns$300 of damaged goods to Harrah. Harrah credits Vareen's account.3) June 19, Vareen pays its invoice. 4) June 20, Vareen sells$4,000 of merchandise to Bally's (its cost is $2,200). Vareen givesterms 2/15, n/45, FOB shipping point. 5) June 22, Bally's returns$500 of merchandise (Vareen's cost is $275). Vareen credit'sBally's account. 6) July 5, Bally's pays its invoice.