Question

In: Accounting

Kozma Company chart if accounts includes the following selected accounts: 101 Cash, 112 Accounts Receivable, 120...

Kozma Company chart if accounts includes the following selected accounts: 101 Cash, 112 Accounts Receivable, 120 Inventories, 301 Owners Capital, 401 Sales Revenue, 414 Sales Discounts, 505 Cost of Goods Sold

On April 1st the accounts receivable ledger of Kozma Company showed the following balances: Morrow 1550, Rose 1200, Jennings Co 2900, and Dent 2200. The April transactions involving the receipt of cash as follows :

April : Apr. 1 The owner, T. Kozma, invested additional cash in the business $7,200.

4 Received check for payment of account from Dent less 2% cash discount.

5 Received check for $920 in payment of invoice no. 307 from Jennings Co.

8 Made cash sales of merchandise totaling $7,245. The cost of the merchandise sold was $4,347.

10 Received check for $600 in payment of invoice no. 309 from Morrow.

11 Received cash refund from a supplier for damaged merchandise $740.

23 Received check for $1,000 in payment of invoice no. 310 from Jennings Co.

29 Received check for payment of account from Rose.(No Cash Discounts Allowed)

Instructions

a) Journalize the transactions above in a six-column cash receipts journal with columns for cash DR. sales discount DR. Accounts Receivable CR. Sales revenue CR. Other Accounts CR. AND cost of goods sold DR/ inventory CR. Foot and cross foot the journal.

a) Balancing Totals $25,452

b) Insert the beginning balances in the accounts receivable control and subsidiary accounts, and post the April transactions to these accounts.

c) Prove the agreement of the control account and subsidiary account balances.

c) Accounts Receivable $1,930

Journalize transactions in cash payments journal, post to control account and subsidiary ledgers.

Solutions

Expert Solution

(a)

Cash Receipts Journal
Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Receivable Cr. Sales Revenue Cr. Other Accounts Cr. Cost of Goods Sold Dr.
Inventory Cr.
Apr. 1 Owner's Capital 301 7200 7200
Apr. 4 Dent √ 2156 44 2200
Apr. 5 Jennings Co. √ 920 920
Apr. 8 7245 7245 4347
Apr. 10 Morrow √ 600 600
Apr. 11 Inventory 120 740 740
Apr. 23 Jennings Co. √ 1000 1000
Apr. 29 Rose √ 1200 1200
21061 44 5920 7245 7940 4347
(101) (414) (112) (401) (X) (505)(120)

(b)

General Ledger
Accounts Receivable No. 112
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance √ 7850
Apr. 30 CR1 5920 1930
Accounts Receivable Subsidiary Ledger
Morrow
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance √ 1550
Apr. 10 CR1 600 950
Rose
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance √ 1200
Apr. 29 CR1 1200 0
Jennings
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance √ 2900
Apr. 5 CR1 920 1980
Apr. 23 CR1 1000 980
Dent
Date Explanation Ref. Debit Credit Balance
Apr. 1 Balance √ 2200
Apr. 4 CR1 2200 0

(c)

Accounts receivable balance: 1930
Subsidiary account balances:
Morrow 950
Jennings 980
Total $ 1930

ekkarill92 answered 2 hours ago
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