Question

In: Accounting

REQUIRED: Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable...

REQUIRED:

Prepare General Ledger, Accounts Receivable Ledger, Accounts Payable Ledger, Trial Balance, Schedule of Accounts Receivable and Schedule of Accounts Payable from the following information and Journals using T Accounts with a balance column.

Grassley Company completes these transactions during November of the current year (terms for all its credits sales are 2/10, n/30).
Nov.1 Purchased $5,058 of office equipment on credit from Brun supply, invoice dated November 1, terms n/10 EOM.
2 Borrowed $88, 500 cash from Wisconsin Bank by signing a long-term note payable.
4 Purchased $33,500 of merchandise from BLR Industries, invoice dated November 3, terms 2/10, n/30.
5 Purchased $1,040 of store supplies on credit from grebe Company, invoice dated November 5, terms n/10 EOM.
8 Sold merchandise on credit on Cyd Rounder, invoice No. 439, for $6,550 (cost is $3,910).
10 Sold merchandise on credit to Carlos Mantel, Invoice No. 440, for $13,500 (cost is $8,500).
11. Purchased $2,557 of merchandise from Lo company, invoice dated November 10, term 2/10, n/30.
12 Sent BLR Industries CheckNo.633 in payment of its November 3invoive less the discount.
15. Issued check No. 634, payable to payroll, in payment of salaries expense for the first half of the month, $6,585. Cashed the check and paid the employees.
15. Cash sales for the first half of the month are $18,170 (cost is $9,00). (cash sales are recorded daily but are recorded only tice in this problem to reduce repetitive entries.
15. sold merchandise on credit to Tori Tripp, invoice No. 441, for $5,250 (cost is $2,450).
16. Purchased $459 of office supplies on credit from Grebe Company, invoice dated November 16, terms n/10 EOM.
17 Received a $557 credit memorandum from Lo company, for the return of unsatisfactory merchandise purchased on November 11
18 Received payment from Cyd Rounder for the November 8 sale less the discount.
19. Issued Check No 635 to Lo Company in payment of its invoice of November 10, less the return and the discount
22. Sold Merchandise on Credit to Carlos mantel, Invoice No.442, for $3,695 (Cost is $2,060)
24. Sold Merchandise on credit to Tori Tripp, invoice No.443 for $4,280 (cost is $2,130)
25. Received payment from Tori Tripp for the sale of November 15 less the discount.
26. Received a $922 credit memorandum from Brum Supply for the return of office equipment purchased on November 1
30. Issued Check No. 636, payable to payroll, in payment of sales salaries expense for the last half of the month, $6,585. Cashed the check and paid the employees.
30. Cash sales for the last half of the month are $16,703 (cost is $10,200)

SALES JOURNAL
Date ACCOUNT DEBITED INVOICE NUMBER PR

ACCOUNTS RECEIVABLE-DR.

SALES CR.

COST OF GOODS SOLD-DR.

INVENTORY-CR.
NOV 8 Cyd Rounder 439 $6,550 $3,910
NOV 10 Carlos Mantel, 440 $13,500 $8,500
NOV 15 Tori Tripp 441 $5,250 $2,450
NOV 22 Carlos mantel 442 $3,695 $2,060
NOV 24 Tori Tripp 443 $4,280 $2,130
PURCHASES JOURNAL
Date ACCOUNT DATE OF INVOICE TERMS PR ACCOUNTS PAYABLE -CR. PURCHASES DR. OFFICE SUPPLIES-DR. OTHER ACCOUNTS-DR.
NOV 4 BLR INDUSTRIES NOV 3 2/10, n/30. $33,500 $33,500
NOV 5 Office supplies/Grebe Company Nov 5 n/10 EOM. $1,040 $1,040
NOV 11 Lo company NOV 10 2/10, n/30. $2,557 $2,557
NOV 16 Office supplies/Grebe Company NOV 16 n/10 EOM $459 $459
CASH RECEIPT JOURNAL
Date ACCOUNT CREDITED EXPLANATION PR CASH-DR. SALES DISCOUNT-DR. ACCOUNTS RECEIVABLE-CR. SALES-CR. OTHER ACCOUNTS-CR.
NOV 2 LONG TERM NOTES PAYABLE NOTE TO BANK $88,500 $88,500
NOV 15 SALES CASH SALES $18,170 $18,170
NOV 18 Cyd Rounder invoice No. 439 $6,419 $131 $6,550
NOV 25 TORRI TRIPP invoice No. 441, $5,145 $105 $5,250
NOV 30 SALES CASH SALES $16,703 $16,703
CASH DISBURSEMENT JOURNAL
Date CHQ NO. PAYEE ACCOUNT DEBITED PR CASH-CR. PURCHASE DISCOUNT-CR. OTHER ACCOUNTS-DR. ACCOUNTS PAYABLE-DR.
NOV 12 633 BLR Industries BLR Industries $32,830 $670 $33,500
NOV 15 634 PAYROLL salaries expense $6,585 $6,585
NOV 19 635 Lo Company $1,960 $40 $2,000
NOV 30 636 PAYROLL sales salaries expense $6,585 $6,585
GENERAL JOURNAL
Date Explanation Debit Credit
NOV 1 OFFICE EQUIPMENT $5,058
ACCOUNTS PAYABLE-BRUM SUPPLY $5,058
NOV 17 ACCOUNTS PAYABLE-LO COMPANY $557
PURCHASE RETURN AND ALLOWANCES
NOV 26 ACCOUNTS PAYABLE-BRUM COMPANY $922
OFFICE EQUIPMENT $922

Solutions

Expert Solution

Date Particulars Debit($) Crredit ($)
Nov 1 equipment 5058
Accounts Payable 5058
Purchase Equipment from Brun supplyterms n/10 EOM
Nov 2 Cash 88500
Note Payable 88500
cash from Wisconsin Bank by signing a long-term note payable
Nov4 Merchandise Inventory 33500
Accounts Payable 33500
Puchase from BLR Industriesterms 2/10, n/30
Nov5 Supplies 1040
Accounts Payable 1040
Purchase from grebe Companyterms n/10 EOM.
Nov8 Accopunts Receivable 6550
Sales 6550
Cost Of Goods Sold 3910
Merchandise Inventory 3910
Credit SalesCyd Rounder invoice No. 439
Nov10 Accopunts Receivable 13500
Sales 13500
Cost Of Goods Sold 8500
Merchandise Inventory 8500
Nov11 Merchandise Inventory 2557
Accounts Payable 2557
Pachase from Lo company  term 2/10, n/30
Nov12 Accounts Payable 33500
Cash 32830
Purchase Discount 670
Payment Made
Nov15 Salaries Expense 6585
Cash 6585
Salaries paid
Nov15 Cash 18170
Sales 18170
Cost of goods Sold 900
Merchandise Inventory 900
Nov15 Accounts Receivable 5250
Sales 5250
Cost of goods Sold 2450
Merchandise Inventory 2450
Nov16 Merchandise Inventory 459
Accounts Payable 459
Nov17 Accounts Payable 557
Purchase Returns and Alloowances 557
Nov18 Cash 6419
Sales Discount 131
Accounts Receivable 6550
nov19 Accounts Payable 2557
Cash 2507
Puchase Discount 51
Nov22 Accounts Receiveable 3695
Sales 3695
Cost of goods sold 2060
Merchandise Inventory 2060
Nov24 Accounts Receiveable 4280
Sales 4280
Cost of goods sold 2130
Merchandise Inventory 2130
Nov25 Cash 5145
Sales Discount 105
Accounts Receivable 5250
Nov26 Accounts Payable 922
Equipment 922
Nov30 Slaries Expense 6585
Cash 6585
Nov Cash 16703
Sales 16703
Cost of goods Sold 10200
Merchandise Inventory 10200

equipment Ledger

Date
Debit($)
Credit($)
Balance($)
1-Nov
5058
5058
26-Nov
922
4136

cash Ledger

Date
Debit($)
Credit($)
Balance($)
2-Nov
88500
88500
12-Nov
32830
55670
15-Nov
6585
49085
15-Nov
18170
67255
18-Nov
6419
73674
19-Nov
2507
71167
25-Nov
5145
76312
30-Nov
6585
69727
30-Nov
16703
86430

Accopunts Receivable Ledger

Date
Debit($)
Credit($)
Balance($)
8-Nov
6550
6550
10-Nov
13500
20050
15-Nov
5250
25300
18-Nov
6550
18750
22-Nov
3695
22445
24-Nov
4280
26725
25-Nov
5250
21475

Supplies Ledger

Date
Debit($)
Credit($)
Balance($)
5-Nov
1040
1040

Merchandise Inventory Ledger

Date
Debit($)
Credit($)
Balance($)
4-Nov
33500
33500
8-Nov
3910
29590
10-Nov
8500
21090
11-Nov
2557
23647
15-Nov
900
22747
15-Nov
2450
20297
16-Nov
459
20756
22-Nov
2060
18696
24-Nov
2130
16566
30-Nov
10200
6366

Accounts Payables Ledger

Date
Debit($)
Credit($)
Balance($)
1-Nov
5058
5058
4-Nov
33500
-28442
5-Nov
1040
-29482
11-Nov
2557
-32039
12-Nov
33500
1461
16-Nov
459
1002
17-Nov
557
1559
19-Nov
2557
4116
26-Nov
922
5038

Note Payable Ledger

Date
Debit($)
Credit($)
Balance($)
2-Nov
88500
88500

Sales Ledger

Date
Debit($)
Credit($)
Balance($)
8-Nov
6550
6550
10-Nov
13500
-6950
15-Nov
18170
-25120
15-Nov
5250
-30370
22-Nov
3695
-34065
24-Nov
4280
-38345
30-Nov
16703
-55048
Cost Of Goods Sold Ledger
Date Debit($) Credit($) Balance($)
8-Nov 3910 3910
10-Nov 8500 12410
15-Nov 900 13310
15-Nov 2450 15760
22-Nov 2060 17820
24-Nov 2130 19950
30-Nov 10200 30150
Purchase Discountcash Ledger
Date Debit($) Credit($) Balance($)
12-Nov 670 670
19-Nov 51 619
Salaries Expense cash Ledger
Date Debit($) Credit($) Balance($)
15-Nov 6585 6585
30-Nov 6585 13170
Purchase Returns and Alloowances Ledger
Date Debit($) Credit($) Balance($)
17-Nov 557 557
Sales Discountcash Ledger
Date Debit($) Credit($) Balance($)
18-Nov 131 131
25-Nov 105 236
Trail Balance
equipment Ledger 4136
cash Ledger 86430
Accopunts Receivable Ledger 21475
Supplies Ledger 1040
Merchandise Inventory Ledger 6366
Accounts Payables Ledger 5038
Note Payable Ledger 88500
Sales Ledger 55048

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

Prepare the Adjusted Trial Balance Accounts Payable – 65,340 Accounts Receivable – 190,300 Accumulated Depreciation (Building)...
Prepare the Adjusted Trial Balance Accounts Payable – 65,340 Accounts Receivable – 190,300 Accumulated Depreciation (Building) – 5,400 Accumulated Depreciation (Equipment – 29,359 Accumulated other comprehensive income – 15,000 Additional Paid in Capital – Treasury Stock – 21,000 Advertising Expense – 8,400 Allowance for Doubtful Accounts – 25,000 Bad Debt Expense – 25,000 Bonds Interest Expense – 43,088 Bonds Payable - $1,600,000 Building – 150,000 Cash – 1,270,676 Common Stock – 101,000 Depreciation Expense – 33,759 Dividends – 41,000 Employee...
Prepare an adjusted Trial balance Accounts Payable- 88,851 Accounts receivable- 442,120 Accumulated depreciation: building- 1,265 Accumulated...
Prepare an adjusted Trial balance Accounts Payable- 88,851 Accounts receivable- 442,120 Accumulated depreciation: building- 1,265 Accumulated depreciation: equipment- 9,900 Advertising Expense- 9,240 Allowance for doubtful accounts- 75,000 Allowance to Reduce Inventory to NRV- 16,000 Bad Debt Expense- 75,000 Bonds Payable- 700,000 Building- 37,500 Cash- 834,544 Common stock- 135,000 Depreciation Expense- 11,165 Dividends- 28,000 Equipment- 21,600 Impairment Loss Expense- 5,000 Income Taxes Expense- 99,000 Income taxes payable- 99,000 Insurance Expense- 22,500 Interest Expense- 31,171 Interest Payable- 35,000 Inventory- 70,000 Land- 88,000...
Discuss the relationship between the balance in the accounts payable general ledger control account and what is found in the accounts payable subsidiary ledger.
Discuss the relationship between the balance in the accounts payable general ledger control account and what is found in the accounts payable subsidiary ledger.  
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,600. The beginning balances are posted to each subsidiary account below From the sales journal, transactions are: Sales to Sogard $740, to Hurley $1,160, to Giambi $1,350, and to Fowler $1,240. From the cash receipts journal, transactions are: Cash received from Fowler $1,290, from Sogard $2,320, from Giambi $280, from Andino $1,630, and from Hurley $1,100 From the general journal, transactions...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,960. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,440, Andino $2,640, Fowler $2,060, and Sogard $4,820. At the end of September, the various journals contained the following information. Sales journal: Sales to Sogard $800, to Hurley $1,260, to Giambi $1,330, and to Fowler $1,600. Cash receipts journal: Cash received from Fowler $1,310, from Sogard $3,300, from Giambi $380,...
Prepare a trial balance and financial statements. The accounts in the ledger of Bastin Delivery Service...
Prepare a trial balance and financial statements. The accounts in the ledger of Bastin Delivery Service contain the following balances on July 31, 2017. Accounts Receivable $13,400 Accounts Payable 8,400 Cash ? Equipment 80,000 Maintenance and Repairs Expense 1,958 Insurance Expense 900 Accumulated Depreciation 20,640 Notes Payable (due 2020) 28,450 Prepaid Insurance 2,200 Service Revenue 15,500 Dividends 700 Common Stock 40,000 Salaries and Wages Expense 7,428 Salaries and Wages Payable 820 Retained Earnings (July 1, 2017) 5,200 Instructions: 1. Prepare...
Required --------------------- 1. Post to the ledger. 2. Prepare the trial balance of Harper Service as...
Required --------------------- 1. Post to the ledger. 2. Prepare the trial balance of Harper Service as at 31 March 2018 -------- During March, the business engaged in the following transactions, All figures are GST (GST is 15%)inclusive where applicable: Journalise each transaction. Key journal entries by transaction letter, using the format below: General Journal Transactions Accounts Debit ($) Credit ($)         1 March: Borrowed $45,000 from the bank and signed a bill payable in the name of the business. 2...
A post closing trial balance is a list of general ledger accounts and their balances after...
A post closing trial balance is a list of general ledger accounts and their balances after the closing entries have been posted. The post closing trial balance would contain only the balance sheet accounts with balances as the income statement accounts would not be listed because they are considered temporary accounts whose balances have been closed to the capital account. Please describe an income statement account that would be closed to the capital account.
Using the following accounts, prepare a Balance SheetAccounts receivable $ 237,000Inventory 243,000Accounts payable...
Using the following accounts, prepare a Balance SheetAccounts receivable $ 237,000Inventory 243,000Accounts payable 89,000Notes payable 169,000Cash 95,0002,080,976 Sales (Sales = Income)Interest expense 19,296Fixed assets 500,00087,000 Accruals (accumulated)188,000 Long Term Debt255,000 Comon stock (common equity)40% Taxes212,000 Retained earnings75,000 Accumulated depreciation
Date please white general ledger : cash at bank, accounts receivable, inventory,account payable, bank loan payable,...
Date please white general ledger : cash at bank, accounts receivable, inventory,account payable, bank loan payable, Transaction description 1 Obtained a loan of $48,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2018 and the principal of the loan is to be repaid on 1 June 2021. 2 Sold 9 boxes of Sprearmint Gum to Sweet Tooth for $100 each, Invoice No. 201. 3 Purchased...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT