The general ledger of Crystal Lake Golf Shop includes the following selected accounts, along with their...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The general ledger of Crystal Lake Golf Shop includes the following selected accounts, along with their account numbers: (Click on the icon to view the accounts.) Transactions in December that affected purchases and cash payments follow. i (Click on the icon to view the transactions.) Read the requirements. Number Account 111 Cash 131 161 171 Merchandise Inventory Prepaid Insurance Office Supplies Number Account 181 Equipment 211 Accounts Payable 564 583 Rent Expense Utilities Expense Dec. 2 Purchased merchandise inventory on credit from Triton, $4,900. Terms were 3/10 n/30. 3 Paid monthly rent, debiting Rent Expense for $2,200. 5 Purchased office supplies on credit terms of 3/10 n/30 from Rapid Supply, $480. 8 Received and paid electricity utility bill, $540. 9 Purchased equipment on account from Alright Equipment, $6,500. Payment terms were net 30. 10 Returned the equipment to Alright Equipment. It was damaged. 11 Paid Triton the amount owed on the purchase of December 2. 12 Purchased merchandise inventory on account from Crandell Golf, $4,400. Terms were 2/10 n/30. 13 Purchased merchandise inventory for cash, $650. 14 Paid a semiannual insurance premium, debiting Prepaid Insurance, $1,900. 16 Paid its account payable to Rapid Supply, from December 5. 18 Received and paid gas and water utility bill, $500. 21 Purchased merchandise inventory on credit terms of 3/10 n/45 from Darling, Inc., $3,500. 21 Purchased merchandise inventory on credit terms of 3/10 n/45 from Darling, Inc., $3,500. 21 Paid account payable to Crandell Golf from December 12. 22 Purchased office supplies on account from Office Stuff, Inc., $100. Terms were net 30. 26 Returned to Darling, Inc. $800 of the merchandise inventory purchased on December 21. 31 Paid Darling, Inc. the net amount owed from December 21, less the return on December 26. 1. Crystal Lake Golf Shop records purchase returns in the general journal. Use the appropriate journal to record the transactions in a purchases journal, a cash payments journal (omit the Check No. column), and a general journal. The company uses the perpetual inventory system. 2. Total each column of the special journals. Show that total debits equal total credits in each special journal. 3. Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals. (Assume all postings are made to the applicable ledgers.) The general ledger of Crystal Lake Golf Shop includes the following selected accounts, along with their account numbers: (Click on the icon to view the accounts.) Transactions in December that affected purchases and cash payments follow. i (Click on the icon to view the transactions.) Read the requirements. Number Account 111 Cash 131 161 171 Merchandise Inventory Prepaid Insurance Office Supplies Number Account 181 Equipment 211 Accounts Payable 564 583 Rent Expense Utilities Expense Dec. 2 Purchased merchandise inventory on credit from Triton, $4,900. Terms were 3/10 n/30. 3 Paid monthly rent, debiting Rent Expense for $2,200. 5 Purchased office supplies on credit terms of 3/10 n/30 from Rapid Supply, $480. 8 Received and paid electricity utility bill, $540. 9 Purchased equipment on account from Alright Equipment, $6,500. Payment terms were net 30. 10 Returned the equipment to Alright Equipment. It was damaged. 11 Paid Triton the amount owed on the purchase of December 2. 12 Purchased merchandise inventory on account from Crandell Golf, $4,400. Terms were 2/10 n/30. 13 Purchased merchandise inventory for cash, $650. 14 Paid a semiannual insurance premium, debiting Prepaid Insurance, $1,900. 16 Paid its account payable to Rapid Supply, from December 5. 18 Received and paid gas and water utility bill, $500. 21 Purchased merchandise inventory on credit terms of 3/10 n/45 from Darling, Inc., $3,500. 21 Purchased merchandise inventory on credit terms of 3/10 n/45 from Darling, Inc., $3,500. 21 Paid account payable to Crandell Golf from December 12. 22 Purchased office supplies on account from Office Stuff, Inc., $100. Terms were net 30. 26 Returned to Darling, Inc. $800 of the merchandise inventory purchased on December 21. 31 Paid Darling, Inc. the net amount owed from December 21, less the return on December 26. 1. Crystal Lake Golf Shop records purchase returns in the general journal. Use the appropriate journal to record the transactions in a purchases journal, a cash payments journal (omit the Check No. column), and a general journal. The company uses the perpetual inventory system. 2. Total each column of the special journals. Show that total debits equal total credits in each special journal. 3. Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals. (Assume all postings are made to the applicable ledgers.)
Expert Answer:
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
The general ledger of Sparkling Lake Golf Shop includes the following selected accounts, along with their account numbers: Transactions in December that affected purchases and cash payments follow:...
-
The general ledger of Circus Lake Golf Shop includes the following selected accounts, along with their account numbers: Transactions in December that affected purchases and cash payments were as...
-
The general ledger of Shiny Lake Golf Shop includes the following selected accounts, along with their account numbers: Transactions in December that affected purchases and cash payments follow: Dec....
-
The following condensed balance sheet is for the partnership of Miller, Tyson, and Watson, who share profits and losses in the ratio of 6:2:2, respectively: For how much money must the other assets...
-
What advice would you give to an employer that wants to adopt some form of employee participation program but is concerned about the legality of such programs?
-
The income statement and comparative balance sheet for Front Row Entertainment are shown below: Front Row Entertainment Inc. Income Statement For the year ended December 31, 2020 Revenues: Sales...
-
How to obtain a lis pendens?
-
Connie Dell just won a lottery and received a cash award of $900,000 net of tax. She is 61 years old and would like to retire in four years. Weighing this important fact, she has found two possible...
-
e: 1. Identify the stage that your team is at from the descriptions above. 2. Consider what you need to do to move on to the next stage. 3. Schedule regular reviews of where your team is at, and...
-
A fund manager announces that the fund's one-month 95% VaR is 6% of the size of the portfolio being managed. You have an investment of $100,000 in the fund. How do you interpret the portfolio...
-
The Sarbanes-Oxley Act of 2002 was enacted in response to corporate financial scandals that shook investor confidence, such as the Enron and WorldCom debacles. This case study delves into the impact...
-
Benartzi Company purchased a 90\% interest in Liang Company on January 1 of the current year and the purchase price reflected \(90 \%\) of Liang's book value of equity. Benartzi Company had \(\$...
-
What is unearned revenue? Provide three examples of unearned revenue.
-
Under what circumstances will deferred taxes likely result in a cash outflow?
-
What is the concept of pro forma income and why has this income measure been criticized?
-
What effect, if any, does a weakening \$US have on reported sales and net income for companies operating outside the United States?
-
PLANNING & DECISION MAKING a short essay that describes the six-step rational decision-making process and outline two limitations of this process. Apply this process to a decision to purchase a new...
-
(a) As Section 17.3 discusses, high-frequency sound waves exhibit less diffraction than low-frequency sound waves do. However, even high-frequency sound waves exhibit much more diffraction under...
-
Use the following inventory data for Slicing Golf Company to compute the cost of goods manufactured for the year: Direct Materials Used........$ 12,000 Manufacturing Overhead...... 22,000...
-
Miller Corporation issued 30,000 shares of $1 par value common stock in exchange for a building with a market value of $160,000. Record the stock issuance.
-
Robin Design, Inc. is a Web site design and consulting firm. The firm uses a job order costing system in which each client is a different job. Robin Design assigns direct labor, licensing costs, and...
-
The red flag literature has been criticized for its generality. It is difficult to make general measures of problems operational. For example, a lack of management integrity has been cited as a red...
-
Related parties are generally cited as indicators of a higher risk of fraud existing for an auditee. The idea is that arms-length transactions in and of themselves exercise control over the propriety...
-
Untimely cutoffs of sales or cash recipts can occur due to delays in shipping, mishandling of consigned goods shipped as sales, retroactive posting of cash received after the year-end, or holding...
Study smarter with the SolutionInn App