In the Introductory Survey we asked if you had paid employment while studying at university. We also asked this question in the equivalent survey for Semester 2 2018. A summary of the results for this question from both surveys is shown in the table below. ‘Working’ denotes students who said that they had some kind of paid employment while studying, ‘Total’ denotes the total number of students who responded to these questions in the surveys. 2019 Semester 1 Working 355 Total 627 2018 Semester 2 250 510 STAT101 includes a very wide range of students. For this question we will assume that these samples can be regarded as random samples from the total populations of first year UC students in Semester 1 2019 and Semester 2 2018, respectively. a) Use the data to construct a 90% confidence interval for the population proportion of first year UC students who were working while studying at the start of Semester 1 2019. b) Use the data to construct a 90% confidence interval for the population proportion of first year UC students who were working while studying at the start Semester 2 2018. c) Use your confidence intervals to comment on the suggestion that the proportion of first year UC students who were working while studying was higher at the start of Semester 1 2019 than at the start of Semester 2 2018. Give your response in one or two brief sentences.
In: Statistics and Probability
A report states that the mean yearly salary offer for students graduating with a degree in accounting is $48,733. Suppose that a random sample of 50 accounting graduates at a large university who received job offers resulted in a mean offer of $49,850 and a standard deviation of $3500. Do the sample data provide strong support for the claim that the mean salary offer for accounting graduates of this university is higher than the national average of $48,733? Test the relevant hypotheses using
α = 0.05.
(Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.)
t=
p=
In: Statistics and Probability
A report states that the mean yearly salary offer for students graduating with a degree in accounting is $48,757. Suppose that a random sample of 50 accounting graduates at a large university who received job offers resulted in a mean offer of $49,880 and a standard deviation of $3500. Do the sample data provide strong support for the claim that the mean salary offer for accounting graduates of this university is higher than the national average of $48,757? Test the relevant hypotheses using α = 0.05. (Use a statistical computer package to calculate the P-value. Round your test statistic to two decimal places and your P-value to three decimal places.)
t =
P-value =
In: Math
In the US it is illegal to sell your Kidney (you only need one so everyone could sell one to someone who needed it). This effectively imposes a price ceiling of $0 in this market.
a. What type of market distortion does this policy cause? What are the consequences of this ban?
b. How does lifting the ban (that is making it legal to sell your kidney and allowing market forces to determine price and quantity) solve this distortion? Why would this be more efficient from an economist’s point of view?
c. Discuss the differences between (a) and (b). Think about the participants in the market. Who are the producers and who are the consumers of kidneys? If (b) is more efficient why do we maintain the ban? Justify the ban on selling one’s organs.
In: Economics
On this short handbook, Epictetus says, " Remember, what a desire proposes is that you gain what you desire, and what an aversion proposes is that you not all into what you averse to. Someone who fails to get what he desires is unfortunate, while someone who all’s into what he is averse to has met misfortune". Does Epictetus try to tell the audience that our desires will come true if they're meant to be, if they're not is due to be unfortunate, and someone who suffers or falls into aversion is suffering a misfortune? So then, would it be that he's dictating that whatever fate and destiny has set for us is meant to be, and that our desires are mere feelings from which if we're lucky we get them, if not we are simply unfortunate?
In: Operations Management
.Suppose that an individual has the following utility function:
?(?, ?) = ? 0.5? 0.5
in which L is leisure time in hours per day and C is the time for a one-way commuting to work in hours per day. It is also known that leisure time for this individual has opportunity cost of $5 per hour while commuting costs $4 per hour.
If you assume that this individual is a rational person who spends 7 hours for sleep and 7 hours at work daily, and her daily budget is $45, how she will allocate the rest of her day between leisure and commute?
In: Economics
any half answer will them for Q refund thanks
All Journals and General Ledger; Trial Balance
The transactions completed by Revere Courier Company during December, the first month of the 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., $3,870. | |
| Dec. 9. | Issued Check No. 611 for fuel expense, $600. | |
| Dec. 10. | Received check from Sing Co. in payment of $4,040 invoice. | |
| Dec. 10. | Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice. | |
| Dec. 10. | Issued Invoice No. 942 to Joy Co., $1,970. | |
| Dec. 11. | Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account. | |
| Dec. 11. | Issued Check No. 614 for $500 to Porter Co. in payment of account. | |
| Dec. 12. | Received check from Clifford Co. in payment of $1,740 invoice of December 2. | |
| Dec. 13. | Issued Check No. 615 to Platinum Motors in payment of $37,300 balance of December 5. | |
| Dec. 16. | Issued Check No. 616 for $39,800 for cash purchase of a vehicle. | |
| Dec. 16. | Cash fees earned for December 1–16, $20,300. | |
| Dec. 17. | Issued Check No. 617 for miscellaneous administrative expense, $500. | |
| Dec. 18. | Purchased maintenance supplies on account from Essential Supply Co., $1,750. | |
| Dec. 19. | Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375. | |
| Dec. 20. | Issued Check No. 618 in payment of advertising expense, $1,780. | |
| Dec. 20. | Used $3,200 maintenance supplies to repair delivery vehicles. | |
| Dec. 23. | Purchased office supplies on account from Office To Go Inc., $400. | |
| Dec. 24. | Issued Invoice No. 943 to Sing Co., $6,100. | |
| Dec. 24. | Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000. | |
| Dec. 25. | Issued Invoice No. 944 to Ernesto Co., $5,530. | |
| Dec. 25. | Received check for $4,100 from Ryan Co. in payment of balance. | |
| Dec. 26. | Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6. | |
| Dec. 30. | Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,900; office salaries, $7,100. | |
| Dec. 31. | Cash fees earned for December 17–31, $18,900. | |
| Dec. 31. | Issued Check No. 622 in payment for office supplies, $340. |
Required:
1. The following accounts are setup in the general ledger as of December 1. Using the information below, enter the balances for each account.
| 11 | Cash | $161,680 | 32 | S. Holmes, Drawing | - | |
| 12 | Accounts Receivable | 12,940 | 41 | Fees Earned | - | |
| 14 | Maintenance Supplies | 10,850 | 51 | Driver Salaries Expense | - | |
| 15 | Office Supplies | 4,900 | 52 | Maintenance Supplies Exp. | - | |
| 16 | Office Equipment | 28,500 | 53 | Fuel Expense | - | |
| 17 | Accum. Depr.—Office Equip. | 6,900 | 61 | Office Salaries Expense | - | |
| 18 | Vehicles | 95,900 | 62 | Rent Expense | - | |
| 19 | Accum. Depr.—Vehicles | 14,700 | 63 | Advertising Expense | - | |
| 21 | Accounts Payable | 3,920 | 64 | Miscellaneous Administrative Expense | - | |
| 31 | S. Holmes, Capital | 289,250 |
2. Journalize the transactions for December, 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 December, 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.
| PURCHASES JOURNAL | PAGE 37 | |||||||
|---|---|---|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Accounts Payable Cr. |
Maintenance Supplies Dr. |
Office Supplies Dr. |
Other Accounts Dr. |
Post. Ref. |
Amount |
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| (21) | (14) | (15) | ✔ | |||||
2b. Journalize the transactions for December, 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.
| CASH RECEIPTS JOURNAL | PAGE 31 | ||||
|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Other Accounts Cr. |
Accounts Receivable Cr. |
Cash Dr. |
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| (✔) | (12) | (11) | |||
2c. Journalize the transactions for December, 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.
| REVENUE JOURNAL | PAGE 35 | |||
|---|---|---|---|---|
| Date | Invoice No. |
Account Debited | Post. Ref. |
Accounts Rec. Dr. Fees Earned Cr. |
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| (12) (41) | ||||
2d. Journalize the transactions for December, 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.
| CASH PAYMENTS JOURNAL | PAGE 34 | |||||
|---|---|---|---|---|---|---|
| Date | Ck. No. | Account Debited | Post. Ref. | Other Accounts Dr. |
Accounts Payable Dr. |
Cash Cr. |
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| (✔) | (21) | (11) | ||||
2e. Journalize the transactions for December, 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.
| JOURNAL | PAGE 1 | |||
|---|---|---|---|---|
| Date | Description | Post. Ref. | Debit | Credit |
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.
| GENERAL LEDGER | ||||||
|---|---|---|---|---|---|---|
| Balance | ||||||
| Date | Item | Post. Ref. | Debit | Credit | Dr. | Cr. |
| Account: Cash #11 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accounts Receivable #12 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Maintenance Supplies #14 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Office Supplies #15 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Office Equipment #16 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Office Equipment #17 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Vehicles #18 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Vehicles #19 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accounts Payable #21 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: S. Holmes, Capital #31 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: S. Holmes, Drawing #32 | ||||||
| Account: Fees Earned #41 | ||||||
| Account: Driver Salaries Expense #51 | ||||||
| Account: Maintenance Supplies Expense #52 | ||||||
| Account: Fuel Expense #53 | ||||||
| Account: Office Salaries Expense #61 | ||||||
| Account: Rent Expense #62 | ||||||
| Dec. 1 | ||||||
| Account: Advertising Expense #63 | ||||||
| Account: Miscellaneous Administrative Expense #64 | ||||||
5. Prepare a trial balance.
If an amount box does not require an entry, leave it blank.
| REVERE COURIER
COMPANY Unadjusted Trial Balance December 31 |
||
|---|---|---|
| Debit Balances | Credit Balances | |
| Cash | ||
| Accounts Receivable | ||
| Maintenance Supplies | ||
| Office Supplies | ||
| Office Equipment | ||
| Accumulated Depreciation - Office Equipment | ||
| Vehicles | ||
| Accumulated Depreciation - Vehicles | ||
| Accounts Payable | ||
| S. Holmes, Capital | ||
| S. Holmes, Drawing | ||
| Fees Earned | ||
| Driver Salaries Expense | ||
| Maintenance Supplies Expense | ||
| Office Salaries Expense | ||
| Fuel Expense | ||
| Rent Expense | ||
| Advertising Expense | ||
| Miscellaneous Administrative Expense | ||
In: Accounting
All Journals and General Ledger; Trial Balance
The transactions completed by Revere Courier Company during December, the first month of the 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., $3,870. | |
| Dec. 9. | Issued Check No. 611 for fuel expense, $600. | |
| Dec. 10. | Received check from Sing Co. in payment of $4,040 invoice. | |
| Dec. 10. | Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice. | |
| Dec. 10. | Issued Invoice No. 942 to Joy Co., $1,970. | |
| Dec. 11. | Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account. | |
| Dec. 11. | Issued Check No. 614 for $500 to Porter Co. in payment of account. | |
| Dec. 12. | Received check from Clifford Co. in payment of $1,740 invoice of December 2. | |
| Dec. 13. | Issued Check No. 615 to Platinum Motors in payment of $37,300 balance of December 5. | |
| Dec. 16. | Issued Check No. 616 for $39,800 for cash purchase of a vehicle. | |
| Dec. 16. | Cash fees earned for December 1–16, $20,300. | |
| Dec. 17. | Issued Check No. 617 for miscellaneous administrative expense, $500. | |
| Dec. 18. | Purchased maintenance supplies on account from Essential Supply Co., $1,750. | |
| Dec. 19. | Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375. | |
| Dec. 20. | Issued Check No. 618 in payment of advertising expense, $1,780. | |
| Dec. 20. | Used $3,200 maintenance supplies to repair delivery vehicles. | |
| Dec. 23. | Purchased office supplies on account from Office To Go Inc., $400. | |
| Dec. 24. | Issued Invoice No. 943 to Sing Co., $6,100. | |
| Dec. 24. | Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000. | |
| Dec. 25. | Issued Invoice No. 944 to Ernesto Co., $5,530. | |
| Dec. 25. | Received check for $4,100 from Ryan Co. in payment of balance. | |
| Dec. 26. | Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6. | |
| Dec. 30. | Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,900; office salaries, $7,100. | |
| Dec. 31. | Cash fees earned for December 17–31, $18,900. | |
| Dec. 31. | Issued Check No. 622 in payment for office supplies, $340. |
Required:
1. The following accounts are setup in the general ledger as of December 1. Using the information below, enter the balances for each account.
| 11 | Cash | $161,680 | 32 | S. Holmes, Drawing | - | |
| 12 | Accounts Receivable | 12,940 | 41 | Fees Earned | - | |
| 14 | Maintenance Supplies | 10,850 | 51 | Driver Salaries Expense | - | |
| 15 | Office Supplies | 4,900 | 52 | Maintenance Supplies Exp. | - | |
| 16 | Office Equipment | 28,500 | 53 | Fuel Expense | - | |
| 17 | Accum. Depr.—Office Equip. | 6,900 | 61 | Office Salaries Expense | - | |
| 18 | Vehicles | 95,900 | 62 | Rent Expense | - | |
| 19 | Accum. Depr.—Vehicles | 14,700 | 63 | Advertising Expense | - | |
| 21 | Accounts Payable | 3,920 | 64 | Miscellaneous Administrative Expense | - | |
| 31 | S. Holmes, Capital | 289,250 |
2. Journalize the transactions for December, 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 December, 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.
| PURCHASES JOURNAL | PAGE 37 | |||||||
|---|---|---|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Accounts
Payable Cr. |
Maintenance Supplies Dr. |
Office
Supplies Dr. |
Other
Accounts Dr. |
Post. Ref. |
Amount |
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| (21) | (14) | (15) | ✔ | |||||
2b. Journalize the transactions for December, 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.
| CASH RECEIPTS JOURNAL | PAGE 31 | ||||
|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Other
Accounts Cr. |
Accounts Receivable Cr. |
Cash Dr. |
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| (✔) | (12) | (11) | |||
2c. Journalize the transactions for December, 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.
| REVENUE JOURNAL | PAGE 35 | |||
|---|---|---|---|---|
| Date |
Invoice No. |
Account Debited |
Post. Ref. |
Accounts
Rec. Dr. Fees Earned Cr. |
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| (12) (41) | ||||
2d. Journalize the transactions for December, 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.
| CASH PAYMENTS JOURNAL | PAGE 34 | |||||
|---|---|---|---|---|---|---|
| Date | Ck. No. | Account Debited | Post. Ref. |
Other Accounts Dr. |
Accounts Payable Dr. |
Cash Cr. |
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| (✔) | (21) | (11) | ||||
2e. Journalize the transactions for December, 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.
| JOURNAL | PAGE 1 | |||
|---|---|---|---|---|
| Date | Description | Post. Ref. | Debit | Credit |
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.
| GENERAL LEDGER | ||||||
|---|---|---|---|---|---|---|
| Balance | ||||||
| Date | Item | Post. Ref. | Debit | Credit | Dr. | Cr. |
| Account: Cash #11 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accounts Receivable #12 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Maintenance Supplies #14 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Office Supplies #15 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Office Equipment #16 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Office Equipment #17 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Vehicles #18 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Vehicles #19 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accounts Payable #21 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: S. Holmes, Capital #31 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: S. Holmes, Drawing #32 | ||||||
| Account: Fees Earned #41 | ||||||
| Account: Driver Salaries Expense #51 | ||||||
| Account: Maintenance Supplies Expense #52 | ||||||
| Account: Fuel Expense #53 | ||||||
| Account: Office Salaries Expense #61 | ||||||
| Account: Rent Expense #62 | ||||||
| Dec. 1 | ||||||
| Account: Advertising Expense #63 | ||||||
| Account: Miscellaneous Administrative Expense #64 | ||||||
5. Prepare a trial balance.
If an amount box does not require an entry, leave it blank.
| REVERE COURIER
COMPANY Unadjusted Trial Balance December 31 |
||
|---|---|---|
| Debit Balances | Credit Balances | |
| Cash | ||
| Accounts Receivable | ||
| Maintenance Supplies | ||
| Office Supplies | ||
| Office Equipment | ||
| Accumulated Depreciation - Office Equipment | ||
| Vehicles | ||
| Accumulated Depreciation - Vehicles | ||
| Accounts Payable | ||
| S. Holmes, Capital | ||
| S. Holmes, Drawing | ||
| Fees Earned | ||
| Driver Salaries Expense | ||
| Maintenance Supplies Expense | ||
| Office Salaries Expense | ||
| Fuel Expense | ||
| Rent Expense | ||
| Advertising Expense | ||
| Miscellaneous Administrative Expense | ||
Check My Work2 more Check My Work uses remaining.
In: Accounting
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. | 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.
| PURCHASES JOURNAL | PAGE 37 | |||||||
|---|---|---|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Accounts
Payable Cr. |
Maintenance Supplies Dr. |
Office
Supplies Dr. |
Other
Accounts Dr. |
Post. Ref. |
Amount |
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| (21) | (14) | (15) | (✔) | |||||
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.
| CASH RECEIPTS JOURNAL | PAGE 31 | ||||
|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Other
Accounts Cr. |
Accounts Receivable Cr. |
Cash Dr. |
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| (✔) | (12) | (11) | |||
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.
| REVENUE JOURNAL | PAGE 35 | |||
|---|---|---|---|---|
| Date |
Invoice No. |
Account Debited |
Post. Ref. |
Accounts
Rec. Dr. Fees Earned Cr. |
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| (41) (12) | ||||
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.
| CASH PAYMENTS JOURNAL | PAGE 34 | |||||
|---|---|---|---|---|---|---|
| Date | Ck. No. | Account Debited | Post. Ref. |
Other Accounts Dr. |
Accounts Payable Dr. |
Cash Cr. |
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| (✔) | (21) | (11) | ||||
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.
| JOURNAL | PAGE 1 | |||
|---|---|---|---|---|
| Date | Description | Post. Ref. | Debit | Credit |
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.
| GENERAL LEDGER | ||||||
|---|---|---|---|---|---|---|
| Balance | ||||||
| Date | Item | Post. Ref. | Debit | Credit | Dr. | Cr. |
| Account: Cash #11 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Accounts Receivable #12 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Maintenance Supplies #14 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Office Supplies #15 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Office Equipment #16 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Office Equipment #17 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Vehicles #18 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Vehicles #19 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: Accounts Payable #21 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: J. Wu, Capital #31 | ||||||
| Mar. 1 | Balance | ✔ | ||||
| Account: J. Wu, Drawing #32 | ||||||
| Account: Fees Earned #41 | ||||||
| Account: Rent Revenue #42 | ||||||
| Account: Driver Salaries Expense #51 | ||||||
| Account: Maintenance Supplies Expense #52 | ||||||
| Account: Fuel Expense #53 | ||||||
| Account: Office Salaries Expense #61 | ||||||
| Account: Rent Expense #62 | ||||||
| Mar. 1 | ||||||
| Account: Advertising Expense #63 | ||||||
| Account: Miscellaneous Administrative Expense #64 | ||||||
5. Prepare a trial balance.
If an amount box does not require an entry, leave it blank.
| AM EXPRESS
COMPANY Unadjusted Trial Balance March 31 |
||
|---|---|---|
| Debit Balances | Credit Balances | |
| Cash | ||
| Accounts Receivable | ||
| Maintenance Supplies | ||
| Office Supplies | ||
| Office Equipment | ||
| Accumulated Depreciation - Office Equipment | ||
| Vehicles | ||
| Accumulated Depreciation - Vehicles | ||
| Accounts Payable | ||
| J. Wu, Capital | ||
| J. Wu, Drawing | ||
| Fees Earned | ||
| Rent Revenue | ||
| Driver Salaries Expense | ||
| Maintenance Supplies Expense | ||
| Fuel Expense | ||
| Office Salaries Expense | ||
| Rent Expense | ||
| Advertising Expense | ||
| Miscellaneous Administrative Expense | ||
In: Accounting
All Journals and General Ledger; Trial Balance
The transactions completed by Revere Courier Company during December, the first month of the 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., $3,870. | |
| Dec. 9. | Issued Check No. 611 for fuel expense, $600. | |
| Dec. 10. | Received check from Sing Co. in payment of $4,040 invoice. | |
| Dec. 10. | Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice. | |
| Dec. 10. | Issued Invoice No. 942 to Joy Co., $1,970. | |
| Dec. 11. | Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account. | |
| Dec. 11. | Issued Check No. 614 for $500 to Porter Co. in payment of account. | |
| Dec. 12. | Received check from Clifford Co. in payment of $1,740 invoice of December 2. | |
| Dec. 13. | Issued Check No. 615 to Platinum Motors in payment of $37,300 balance of December 5. | |
| Dec. 16. | Issued Check No. 616 for $39,800 for cash purchase of a vehicle. | |
| Dec. 16. | Cash fees earned for December 1–16, $20,300. | |
| Dec. 17. | Issued Check No. 617 for miscellaneous administrative expense, $500. | |
| Dec. 18. | Purchased maintenance supplies on account from Essential Supply Co., $1,750. | |
| Dec. 19. | Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375. | |
| Dec. 20. | Issued Check No. 618 in payment of advertising expense, $1,780. | |
| Dec. 20. | Used $3,200 maintenance supplies to repair delivery vehicles. | |
| Dec. 23. | Purchased office supplies on account from Office To Go Inc., $400. | |
| Dec. 24. | Issued Invoice No. 943 to Sing Co., $6,100. | |
| Dec. 24. | Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000. | |
| Dec. 25. | Issued Invoice No. 944 to Ernesto Co., $5,530. | |
| Dec. 25. | Received check for $4,100 from Ryan Co. in payment of balance. | |
| Dec. 26. | Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6. | |
| Dec. 30. | Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,900; office salaries, $7,100. | |
| Dec. 31. | Cash fees earned for December 17–31, $18,900. | |
| Dec. 31. | Issued Check No. 622 in payment for office supplies, $340. |
Required:
1. The following accounts are setup in the general ledger as of December 1. Using the information below, enter the balances for each account.
| 11 | Cash | $161,680 | 32 | S. Holmes, Drawing | - | |
| 12 | Accounts Receivable | 12,940 | 41 | Fees Earned | - | |
| 14 | Maintenance Supplies | 10,850 | 51 | Driver Salaries Expense | - | |
| 15 | Office Supplies | 4,900 | 52 | Maintenance Supplies Exp. | - | |
| 16 | Office Equipment | 28,500 | 53 | Fuel Expense | - | |
| 17 | Accum. Depr.—Office Equip. | 6,900 | 61 | Office Salaries Expense | - | |
| 18 | Vehicles | 95,900 | 62 | Rent Expense | - | |
| 19 | Accum. Depr.—Vehicles | 14,700 | 63 | Advertising Expense | - | |
| 21 | Accounts Payable | 3,920 | 64 | Miscellaneous Administrative Expense | - | |
| 31 | S. Holmes, Capital | 289,250 |
2. Journalize the transactions for December, 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 December, 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.
| PURCHASES JOURNAL | PAGE 37 | |||||||
|---|---|---|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Accounts
Payable Cr. |
Maintenance Supplies Dr. |
Office
Supplies Dr. |
Other
Accounts Dr. |
Post. Ref. |
Amount |
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| ✔ | ||||||||
| (21) | (14) | (15) | ✔ | |||||
2b. Journalize the transactions for December, 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.
| CASH RECEIPTS JOURNAL | PAGE 31 | ||||
|---|---|---|---|---|---|
| Date | Account Credited | Post. Ref. | Other
Accounts Cr. |
Accounts Receivable Cr. |
Cash Dr. |
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| ✔ | |||||
| (✔) | (12) | (11) | |||
2c. Journalize the transactions for December, 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.
| REVENUE JOURNAL | PAGE 35 | |||
|---|---|---|---|---|
| Date |
Invoice No. |
Account Debited |
Post. Ref. |
Accounts
Rec. Dr. Fees Earned Cr. |
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| ✔ | ||||
| (12) (41) | ||||
2d. Journalize the transactions for December, 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.
| CASH PAYMENTS JOURNAL | PAGE 34 | |||||
|---|---|---|---|---|---|---|
| Date | Ck. No. | Account Debited | Post. Ref. |
Other Accounts Dr. |
Accounts Payable Dr. |
Cash Cr. |
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| ✔ | ||||||
| (✔) | (21) | (11) | ||||
2e. Journalize the transactions for December, 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.
| JOURNAL | PAGE 1 | |||
|---|---|---|---|---|
| Date | Description | Post. Ref. | Debit | Credit |
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.
| GENERAL LEDGER | ||||||
|---|---|---|---|---|---|---|
| Balance | ||||||
| Date | Item | Post. Ref. | Debit | Credit | Dr. | Cr. |
| Account: Cash #11 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accounts Receivable #12 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Maintenance Supplies #14 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Office Supplies #15 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Office Equipment #16 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Office Equipment #17 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Vehicles #18 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accumulated Depreciation - Vehicles #19 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: Accounts Payable #21 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: S. Holmes, Capital #31 | ||||||
| Dec. 1 | Balance | ✔ | ||||
| Account: S. Holmes, Drawing #32 | ||||||
| Account: Fees Earned #41 | ||||||
| Account: Driver Salaries Expense #51 | ||||||
| Account: Maintenance Supplies Expense #52 | ||||||
| Account: Fuel Expense #53 | ||||||
| Account: Office Salaries Expense #61 | ||||||
| Account: Rent Expense #62 | ||||||
| Dec. 1 | ||||||
| Account: Advertising Expense #63 | ||||||
| Account: Miscellaneous Administrative Expense #64 | ||||||
5. Prepare a trial balance.
If an amount box does not require an entry, leave it blank.
| REVERE COURIER
COMPANY Unadjusted Trial Balance December 31 |
||
|---|---|---|
| Debit Balances | Credit Balances | |
| Cash | ||
| Accounts Receivable | ||
| Maintenance Supplies | ||
| Office Supplies | ||
| Office Equipment | ||
| Accumulated Depreciation - Office Equipment | ||
| Vehicles | ||
| Accumulated Depreciation - Vehicles | ||
| Accounts Payable | ||
| S. Holmes, Capital | ||
| S. Holmes, Drawing | ||
| Fees Earned | ||
| Driver Salaries Expense | ||
| Maintenance Supplies Expense | ||
| Office Salaries Expense | ||
| Fuel Expense | ||
| Rent Expense | ||
| Advertising Expense | ||
| Miscellaneous Administrative Expense | ||
In: Accounting