Question

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

Answer 1

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