Question

In: Accounting

The transactions completed by AM Express Company during March, the first month of the fiscal year,...

The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows:

Mar. 1. Issued Check No. 205 for March rent, $2,450.
2. Purchased a vehicle on account from McIntyre Sales Co., $26,900.
3. Purchased office equipment on account from Office Mate Inc., $1,570.
5. Issued Invoice No. 91 to Ellis Co., $7,000.
6. Received check for $7,950 from Chavez Co. in payment of invoice.
7. Issued Invoice No. 92 to Trent Co., $9,840.
9. Issued Check No. 206 for fuel expense, $820.
10. Received check for $10,000 from Sajeev Co. in payment of invoice.
10. Issued Check No. 207 to Office City in payment of $450 invoice.
10. Issued Check No. 208 to Bastille Co. in payment of $1,890 invoice.
11. Issued Invoice No. 93 to Jarvis Co., $7,200.
11. Issued Check No. 209 to Porter Co. in payment of $415 invoice.
12. Received check for $7,000 from Ellis Co. in payment of March 5 invoice.
13. Issued Check No. 210 to McIntyre Sales Co. in payment of $26,900 invoice of March 2.
16. Cash fees earned for March 1–16, $26,800.
16. Issued Check No. 211 for purchase of a vehicle, $28,500.
17. Issued Check No. 212 for miscellaneous administrative expense, $4,680.
18. Purchased maintenance supplies on account from Bastille Co., $2,430.
18. Received check for rent revenue on office space, $900.
19. Purchased the following on account from Master Supply Co.: maintenance supplies, $2,640, and office supplies, $1,500.
20. Issued Check No. 213 in payment of advertising expense, $8,590.
20. Used maintenance supplies with a cost of $4,400 to repair vehicles.
21. Purchased office supplies on account from Office City, $990.
24. Issued Invoice No. 94 to Sajeev Co., $9,200.
25. Received check for $14,000 from Chavez Co. in payment of invoice.
25. Issued Invoice No. 95 to Trent Co., $6,300.
26. Issued Check No. 214 to Office Mate Inc. in payment of $1,570 invoice of March 3.
27. Issued Check No. 215 to J. Wu as a personal withdrawal, $4,000.
30. Issued Check No. 216 in payment of driver salaries, $33,300.
31. Issued Check No. 217 in payment of office salaries, $21,200.
31. Issued Check No. 218 for office supplies, $600.
31. Cash fees earned for March 17–31, $29,400.

Required:

1. The following accounts are setup in the general ledger as of March 1. Using the information below, enter the balances for each account.

11 Cash $65,200 32 J. Wu, Drawing -
12 Accounts Receivable 31,950 41 Fees Earned -
14 Maintenance Supplies 7,240 42 Rent Revenue -
15 Office Supplies 3,690 51 Driver Salaries Expense -
16 Office Equipment 17,300 52 Maintenance Supplies Expense -
17 Accum. Depr.—Office Equip. 4,250 53 Fuel Expense -
18 Vehicles 62,400 61 Office Salaries Expense -
19 Accum. Depr.—Vehicles 17,800 62 Rent Expense -
21 Accounts Payable 2,755 63 Advertising Expense -
31 J. Wu, Capital 162,975 64 Miscellaneous Administrative Exp. -

2. Journalize the transactions for March using the required journal(s). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

2a. Journalize the transactions for March using the purchases journal (with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If no entry is required, type "No entry required" and leave the amount boxes blank.

If an amount box does not require an entry, leave it blank.

2b. Journalize the transactions for March using the cash receipts journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If an amount box does not require an entry, leave it blank.

2c. Journalize the transactions for March using the single-column revenue journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

2d. Journalize the transactions for March using the cash payments journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If an amount box does not require an entry, leave it blank.

2e. Journalize the transactions for March using the two-column general journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If an amount box does not require an entry, leave it blank.

3. Post the appropriate individual entries to the general ledger.

4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.

If an amount box does not require an entry, leave it blank.

5. Prepare a trial balance.

If an amount box does not require an entry, leave it blank.

Solutions

Expert Solution

SOLUTION:- JOURNAL ENTRIES IN THE BOOKS OF AM EXPRESS COMPANY :-

DATE PARTICULARS DEBIT CREDIT
MAR 1

RENT A/C

TO BANK

BEING RENT PAID VIDE CHEQUE NO 205

2450 2450
MAR 2

VEHICLE A/C

TO MCINTYRE SALES CO.

BEING VEHICLE PURCHASED ON CREDIT FROM MCINTYRE AND CO.

26900 26900
MAR 3

OFFICE EQUIPMENT A/C

TO OFFICE MATE INC.

BEING OFFICE EQUIPMENT PURCHASED ON CREDIT

1570 1570
MAR 5

ELLIS CO. A/C

TO SALES

BEING SALES MADE TO ELLIS AND CO.

7000

7000

MAR 6

BANK A/C

TO CHAVEZ AND CO.

BEING CHEQUE RECEIVED FROM DEBTOR

7950 7950
MAR 7

TRENT CO.

TO SALES

BEING SALES MADE TO TRENT AND CO.

9840 9840
MAR9

FUEL EXPENSES A/C

TO BANK

BEING CHEQUE PAID FOR FUEL EXPENSES

820 820
MAR 10

BANK A/C

TONSANJEEV AND CO.

10000 10000
MAR 10

OFFICE CITY A/C

TO BANK

450 450
MAR 10

BASTILLE AND CO.

TO BANK

1890 1890
MAR 11

JARVIS CO

TO SALES

7200 7200
MAR 11

PORTER AND CO.

TO BANK

415 415
MAR 12

BANK A/C

TO ELLIS AND CO.

7000 7000
MARV 13

MCINTYRE SALES A/C

TO BANK

26900 26900
MAR 16

CASH A/C

TO FEES EARNED

26800 26800
MAR 16

VEHICLE A/C

TO CREDITORS

28500 28500
MAR 17

ADMINISTRATIVE EXPENSES A/C

TO BANK

4680 4680
MAR 18

MAINTENANCE SUPPPLIES A/C

TO BASTILLE AND CO.

2430 2430
MAR 18

BANK A/C

TO RENT REVENUE ON OFFICE SPACE

900 900
MAR 19

MAINTENANCE AND OFFICE SUPPLIES A/C

TO MASTERVSUPPLY AND CO.

1500 1500
MAR 20

ADVERTISING EXPENSES A/C

TO BANK

8590 8590
MAR 20

REPAIRING EXPENSES A/C

TO MAINTENANCE SUPPLIES

4400 4400
MAR 21

OFFICE SUPPLIES A/C

TO OFFICE CITY

990 990
MAR 24

SANJEEV CO

TO SALES

9200 9200
MAR 25

BANK A/C

TO CHAVEZ AND CO.

14000 14000
MAR 25

TRENT CO

TO SALES

6300 6300
MAR 26

OFFICE MATE INC

TO BANK

1570 1570
MAR 27

DRAWINGS A/C

TO BANK

4000 4000
MAR 30

DRIVER SALARIES A/C

TO BANK

33300 33300
MAR 31

OFFICE SALARIES A/C

TO BANK

21200 21200
MAR 31

OFFICE SUPPLIES A/C

TO BANK

600 600
MAR 31

CASH A/C

TO FEE EARNED

29400 29400

Related Solutions

The transactions completed by AM Express Company during March, the first month of the fiscal year,...
The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Mar 1. Issued Check No. 205 for March rent, $2,450. Mar 2. Purchased a vehicle on account from McIntyre Sales Co., $26,900. Mar 3. Purchased office equipment on account from Office Mate Inc., $1,570. Mar 5. Issued Invoice No. 91 to Ellis Co., $7,000. Mar 6. Received check for $7,950 from Chavez Co. in payment of invoice. Mar 7. Issued Invoice...
All Journals and General Ledger; Trial Balance The transactions completed by AM Express Company during March,...
All Journals and General Ledger; Trial Balance The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, $2,450. 2. Purchased a vehicle on account from McIntyre Sales Co., $26,900. 3. Purchased office equipment on account from Office Mate Inc., $1,570. 5. Issued Invoice No. 91 to Ellis Co., $7,000. 6. Received check for $7,950 from Chavez Co. in payment of invoice. 7....
The transactions completed by Revere Courier during December, the first month of fiscal year, were as...
The transactions completed by Revere Courier during December, the first month of fiscal year, were as follows: Dec.1 Issued Check No.610 for December rent $4,200. Dec. 2 Issued Invoice No. 940 to Clifford Co., $1,740. Dec. 3 Received check for $4,800 from Ryan Co. in payment of account. Dec. 5 Purchased a vehicle on account from Platinum Motors, $37,300. Dec. 6 Purchased office equipment on account from Austin Computer Co., $4,500. Dec. 6 Issued Invoice No. 941 to Ernesto Co..,...
Carpet Company began operations in May and completed the following transactions during that first month of...
Carpet Company began operations in May and completed the following transactions during that first month of operations. Pass journal entries to record the following transactions 1 May Carol, the owner, invested OMR 90,000 cash in the Company. 2_The Company purchased OMR 25,000 in office equipment. It paid OMR 10,000 in cash and signed a note payable for the balance. 3_The Company rented office space and paid OMR 3,000 for the 12 months' rent, 4_The Company installed new carpet for a...
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year...
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500....
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were...
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: Jan. 3 Issued a check to establish a petty cash fund of $4,500. Feb. 26 Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Apr. 14 Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. May...
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were...
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: Jan. 3 Issued a check to establish a petty cash fund of $4,500. Feb. 26 Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Apr. 14 Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. May...
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were...
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: Jan. 3 Issued a check to establish a petty cash fund of $4,500. Feb. 26 Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Apr. 14 Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. May...
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year...
Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended Dec. 31, 20Y8, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500....
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were...
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y5, were as follows: Jan.3Issued a check to establish a petty cash fund of $4,500. Feb.26Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Apr.14Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. May13Paid the invoice of April 14 after...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT