1. Journalize the transactions provided below. 2. Enter the beginning balances to each of the accounts...
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1. Journalize the transactions provided below. 2. Enter the beginning balances to each of the accounts provided below. 3. Post all genral journal transactions to the repesctive general ledger accounts. 4. Post the AR Subledger. 5. Prepare the Schedule of AR. 6. Post to the AP Subledger 7. Prepare the Scheudle of AP 8. Prepare a Bank Reconciliation General ledger account balances as of May 31, 20-- Account Title Account No. General Ledger Balance on May 1 Cash 101 $ 40,000.00 Accounts Receivable 122 $ 14,160.00 Purchases 133 $ 6,000.00 Accounts Payable Sales Tax Payable 231 $ Sales 401 Sales Return and Allowances 401.1 $ Wages Expense 500 ASSS $ 10,300.00 130.00 $ 25,000.00 400.00 $ 5,000.00 Accounts Receivable Account Balances as of May 1 Customer Angel Garcia Mark Parsons Account Balance $ 5,000.00 $ 2,500.00 Accounts Payable Account Balances as of May 1 Customer Keys Wholesale Account Balance $ 1,000.00 Custom Works $ 1,900.00 Dana Longview $ 3,000.00 Eduardo Quintana $ FA 1,260.00 Daisy Rangel American Products $ 4,000.00 Edible Pursuits $ 1,450.00 Kevin Sanders $ 1,500.00 SA $ Duke's Designs $ 1,250.00 900.00 Fryes Elecrtonics $ 700.00 Transactions May 1 Purchased merchandise from Keys Wholesale on account for $735.30, Invoice No 91 Dated May 1, terms 2/10, n30 May 2 Purchased merchandise from Fryes Electronics on account for $1500 Invoice no 102 Dated May 2, terms 2/10, n/30 May 3, Sold Merchandise on account to Dana Lonview, $169.50 plus tax of 0.825, Sale No. 51 May 4, Sold merchandise on account to Daisy Rangel on account, $799.99 plus tax of 0.825, Sale No. 52 May 6, Received payment from Kevin Sanders on account, $100.00. May 7, Issued a Credit Memo No. 68 to Mark Parsons for merchandise returned that had sold on account, $72.75 May 9, Issued a check No 895 to Keys Wholesale Invoice 91 less 2% discount. May 10, Received payment from Daisy Rangel on account, $500 May 11, Sold merchandise on account to Eduardo Quintana, $799.95 plus tax $65.99 Sale no. 63 May 12, Received a Credit Memo from Edibile Pursuits for catering credit for event on April 25 for $450.00 May 14, Received payment from Angel Garcia for half of the amount on account settlement of $2,500.00 May 14, Purchased merchandise from Custom Works on account for $395.00 plus .0825 Sales Tax, Invoice No 289 dated May 14, terms 2/10, n/30 May 15, Received credit memo from Custom Works for merchandise purchased on May 14, $79.00 May 17, Sold merchandise on account to Kevin Sandars, $565.00 plus tax of $46.61 Sale No. 45 May 19, Sold merchandise for Cash to Mark Parsons, $79.95 plus tax of $6.60 Sales 46 May 21, Issued. Credit Memo 49 to for merchandise returned that had been sold on account to Dana Longview, $63.45 including tax of $5.23 May 23, Issued a Check No. 897 to Custom Works for merchandise purhcased on May 14. May 24, Received payment from Eduard Quintana on account, $500.00 May 25, Sold merchandise on account to Angel Garcia, $189.50 plus tax of $16.33 Sale.No. 47 May 26, Received payment from Dana Longview on account, $550.65. May 27, Purchased merchandise from Fryes Electronics on account $478.63 Invoice 857 dated May 27, terms 2/10, n/30 May 28, Sold merchandise on account to Eduardo Quintana, $69.95 plus tax of $5.77 Sale No. 48 May 29, Issued check No. 898 to American Products for cash payment of merchandise on account $678.95 May 30, Issued check 899 to Fryes Electroics in payment of Invoice 857 dated May 27 with a 2% discount GENERAL LEDGER Cash Post Date Explanation Debit Credit Ref. Debit Date Explanation Accounts Receivable Post Ref. ACCOUNT NO. 101 Balance Credit ACCOUNT NO. 122 Balance Debit Credit Debit Credit Purchases Date Explanation Post Ref. Debit May 01 Balance May 01 Purchases 7 3 530 Date Explanation May 01 Balance May 01 Keys wholesale Date Explanation Accounts Payable Post Ref. Sales Tax Payable Post Ref. Credit Debit Credit ACCOUNT NO. 133 Balance Debit 6000 6 7 3 5 30 Credit ACCOUNT NO. 231 Balance Credit 10 3 0 0 11 0 3 5 30 Debit 73530 ACCOUNT NO. 231 Balance -Debit Credit Debit Credit ACCOUNT NO. 401 Balance Sales Post Date Explanation Debit Credit Ref. Debit Date Sales Retruns and Allowances Explanation Credit Post Ref. ACCOUNT NO. 401.1 Balance Debit Credit Debit Credit Purchase Discounts. Post ACCOUNT NO. 401.2 Balance Date -Explanation- Debit Credit Ref. Debit Credit Date Purchase Returns and Allowances Explanation ACCOUNT NO. 401.3 Balance Post Debit Credit Ref. Debit Credit ACCOUNT NO. 513 Balance Wage Expense Post Date Explanation Debit Credit Ref. Debit Credit 1. Journalize the transactions provided below. 2. Enter the beginning balances to each of the accounts provided below. 3. Post all genral journal transactions to the repesctive general ledger accounts. 4. Post the AR Subledger. 5. Prepare the Schedule of AR. 6. Post to the AP Subledger 7. Prepare the Scheudle of AP 8. Prepare a Bank Reconciliation General ledger account balances as of May 31, 20-- Account Title Account No. General Ledger Balance on May 1 Cash 101 $ 40,000.00 Accounts Receivable 122 $ 14,160.00 Purchases 133 $ 6,000.00 Accounts Payable Sales Tax Payable 231 $ Sales 401 Sales Return and Allowances 401.1 $ Wages Expense 500 ASSS $ 10,300.00 130.00 $ 25,000.00 400.00 $ 5,000.00 Accounts Receivable Account Balances as of May 1 Customer Angel Garcia Mark Parsons Account Balance $ 5,000.00 $ 2,500.00 Accounts Payable Account Balances as of May 1 Customer Keys Wholesale Account Balance $ 1,000.00 Custom Works $ 1,900.00 Dana Longview $ 3,000.00 Eduardo Quintana $ FA 1,260.00 Daisy Rangel American Products $ 4,000.00 Edible Pursuits $ 1,450.00 Kevin Sanders $ 1,500.00 SA $ Duke's Designs $ 1,250.00 900.00 Fryes Elecrtonics $ 700.00 Transactions May 1 Purchased merchandise from Keys Wholesale on account for $735.30, Invoice No 91 Dated May 1, terms 2/10, n30 May 2 Purchased merchandise from Fryes Electronics on account for $1500 Invoice no 102 Dated May 2, terms 2/10, n/30 May 3, Sold Merchandise on account to Dana Lonview, $169.50 plus tax of 0.825, Sale No. 51 May 4, Sold merchandise on account to Daisy Rangel on account, $799.99 plus tax of 0.825, Sale No. 52 May 6, Received payment from Kevin Sanders on account, $100.00. May 7, Issued a Credit Memo No. 68 to Mark Parsons for merchandise returned that had sold on account, $72.75 May 9, Issued a check No 895 to Keys Wholesale Invoice 91 less 2% discount. May 10, Received payment from Daisy Rangel on account, $500 May 11, Sold merchandise on account to Eduardo Quintana, $799.95 plus tax $65.99 Sale no. 63 May 12, Received a Credit Memo from Edibile Pursuits for catering credit for event on April 25 for $450.00 May 14, Received payment from Angel Garcia for half of the amount on account settlement of $2,500.00 May 14, Purchased merchandise from Custom Works on account for $395.00 plus .0825 Sales Tax, Invoice No 289 dated May 14, terms 2/10, n/30 May 15, Received credit memo from Custom Works for merchandise purchased on May 14, $79.00 May 17, Sold merchandise on account to Kevin Sandars, $565.00 plus tax of $46.61 Sale No. 45 May 19, Sold merchandise for Cash to Mark Parsons, $79.95 plus tax of $6.60 Sales 46 May 21, Issued. Credit Memo 49 to for merchandise returned that had been sold on account to Dana Longview, $63.45 including tax of $5.23 May 23, Issued a Check No. 897 to Custom Works for merchandise purhcased on May 14. May 24, Received payment from Eduard Quintana on account, $500.00 May 25, Sold merchandise on account to Angel Garcia, $189.50 plus tax of $16.33 Sale.No. 47 May 26, Received payment from Dana Longview on account, $550.65. May 27, Purchased merchandise from Fryes Electronics on account $478.63 Invoice 857 dated May 27, terms 2/10, n/30 May 28, Sold merchandise on account to Eduardo Quintana, $69.95 plus tax of $5.77 Sale No. 48 May 29, Issued check No. 898 to American Products for cash payment of merchandise on account $678.95 May 30, Issued check 899 to Fryes Electroics in payment of Invoice 857 dated May 27 with a 2% discount GENERAL LEDGER Cash Post Date Explanation Debit Credit Ref. Debit Date Explanation Accounts Receivable Post Ref. ACCOUNT NO. 101 Balance Credit ACCOUNT NO. 122 Balance Debit Credit Debit Credit Purchases Date Explanation Post Ref. Debit May 01 Balance May 01 Purchases 7 3 530 Date Explanation May 01 Balance May 01 Keys wholesale Date Explanation Accounts Payable Post Ref. Sales Tax Payable Post Ref. Credit Debit Credit ACCOUNT NO. 133 Balance Debit 6000 6 7 3 5 30 Credit ACCOUNT NO. 231 Balance Credit 10 3 0 0 11 0 3 5 30 Debit 73530 ACCOUNT NO. 231 Balance -Debit Credit Debit Credit ACCOUNT NO. 401 Balance Sales Post Date Explanation Debit Credit Ref. Debit Date Sales Retruns and Allowances Explanation Credit Post Ref. ACCOUNT NO. 401.1 Balance Debit Credit Debit Credit Purchase Discounts. Post ACCOUNT NO. 401.2 Balance Date -Explanation- Debit Credit Ref. Debit Credit Date Purchase Returns and Allowances Explanation ACCOUNT NO. 401.3 Balance Post Debit Credit Ref. Debit Credit ACCOUNT NO. 513 Balance Wage Expense Post Date Explanation Debit Credit Ref. Debit Credit
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College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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