Question

Allison Cooper opened Allison’s Toy House. As her newly hired accountant, your tasks are to do the following:
1. Journalize the transactions for the month of October.
2. Record to subsidiary ledgers and post to the general ledger as appropriate.
3. Prepare a schedule of accounts receivable and a schedule of accounts payable.
(Use the same chart of accounts as in Problem 10A-4. The working papers that accompany this text have all the forms you need to complete this problem.)
In Problem 10A-4.


201X
Oct. 1 Allison Cooper invested $7,400 in the toy store.
1 Paid three months’ rent in advance, check no. 1, $2,900.
1 Purchased merchandise from Sarah Harmitz Company on account, $3,700, invoice no. 410, dated October 2; terms 7/10, n/30.
3 Sold merchandise to Robert Gibbs on account, $120, invoice no. 1; terms 7/10, n/30.
6 Sold merchandise to Inez Tenenbaum on account, $800, invoice no. 2; terms 2/10, n/30.
8 Purchased merchandise from Sarah Harmitz Co., $900, invoice no. 415, dated October 9; terms 7/10, n/30.
9 Sold merchandise to Robert Gibbs on account, $100, invoice no. 3; terms 7/10, n/30.
9 Paid cleaning service, check no. 2, $225.
10 Inez Tenenbaum returned merchandise that cost $200 to Allison’s Toy House.
Allison issued credit memorandum no. 1 to Inez Tenenbaum for $200.
10 Purchased merchandise from Lane Chipkin on account, $3,700, invoice no. 311, dated October 11; terms 5/15, n/60.
12 Paid Lane Chipkin Co. invoice no. 410, dated October 2, check no. 3.
13 Sold $1,000 of toy merchandise for cash.
13 Paid salaries, $800, check no. 4.
14 Returned merchandise to Lane Chipkin in the amount of $1,400. Allison’s Toy House issued debit memorandum no. 1 to Lane Chipkin.
15 Sold merchandise for $3,700 cash.
16 Received payment from Inez Tenenbaum, invoice no. 2 (less returned merchandise) less discount.
16 Robert Gibbs paid invoice no. 1.
16 Sold toy merchandise to Amanda Reader on account, $4,500, invoice no. 4; terms 7/10, n/30.
20 Purchased delivery truck on account from Sam Katz Garage, $3,100, invoice no. 111, dated October 21 (no discount).
22 Sold to Robert Gibbs merchandise on account, $500, invoice no. 5; terms 7/10, n/30.
23 Paid Lane Chipkin balance owed, check no. 5.
24 Sold toy merchandise on account to Amanda Reader, $1,600, invoice no. 6; terms 7/10, n/30.
25 Purchased toy merchandise, $1,200, check no. 6.
26 Purchased toy merchandise from Sanya Burger on account, $5,400, invoice no. 211, dated October 27; terms 7/10, n/30.
28 Robert Gibbs paid invoice no. 5, dated October 22.
28 Amanda Reader paid invoice no. 6, dated October 24.
28 Allison invested an additional $7,500 in the business.
28 Purchased merchandise from Sarah Harmitz Co., $1,500, invoice no. 436, dated October 29; terms 7/10, n/30.
30 Paid Sarah Harmitz Co. invoice no. 436, check no. 7.
30 Sold merchandise to Bonnie Flow Company on account, $3,000, invoice no. 7; terms 7/10,n/30.


$1.99
Sales7
Views305
Comments0
  • CreatedApril 24, 2014
  • Files Included
Post your question
5000