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Accounting 23rd Edition Carl S. Warren - Solutions
=+c. Why aren’t special journal totals posted to control accounts at the end of the month in an electronic accounting system?
=+b. What accounts are posted from an electronic invoice form?
=+a. Identify the key input fields (spaces) in an electronic invoice form.
=+Most computerized accounting systems use electronic forms to record transaction information, such as the invoice form illustrated at the top of Exhibit 7.
=+2. What is the balance of the controlling account at June 30?
=+c. 1. What is the sum of the balances in the accounts receivable subsidiary ledger at June 30?
=+b. Post the general journal and the revenue journal to the following general ledger accounts, inserting account balances only after the last postings:12 Accounts Receivable 14 Office Supplies 22 Sales Tax Payable 41 Fees Earned
=+a. Journalize the transactions for June, using a three-column revenue journal and a two-column general journal. Post the customer accounts in the accounts receivable subsidiary ledger, and insert the balance immediately after recording each entry.
=+28. Issued Invoice No. 6 to R. Mendoza for $60 plus tax.
=+21. Issued Invoice No. 3 to J. Knight for $80 plus tax.22. Issued Invoice No. 4 to D. Jeffries for $140 plus tax.24. Provided services to K. Sallinger, in exchange for office supplies having a value of $100, plus tax.26. Issued Invoice No. 5 to J. Knight for $260 plus tax.
=+Steinway provided technical services during the remainder of June are listed below.These clients pay Steinway the amount indicated plus a 5% sales tax.June 16. Issued Invoice No. 1 to A. Sommerfeld for $360 plus tax on account.19. Issued Invoice No. 2 to R. Mendoza for $160 plus tax.
=+Steinway Technical Services Inc. was established on June 15, 2010. The clients for whom
=+The following cash receipts journal headings have been suggested for a small service firm. List the errors you find in the headings.CASH RECEIPTS JOURNAL Page 12 Fees Accts. Other Account Post. Earned Rec. Cash Accounts Date Credited Ref. Cr. Cr. Cr. Dr.
=+a. 11,190b. 6,500 Account Receivabled. 12,410e. 11,190 Office Supplies h. 7,600 Prepaid Rentc. 400 Accounts Payablef. 6,500 g. 7,600 Fees Earned i. 12,410 Rent Expense j. 400
=+After Sierra Assay Services Inc. had completed all postings for July in the current year(2010), the sum of the balances in the following accounts payable ledger did not agree with the $36,950 balance of the controlling account in the general ledger.
=+b. Prepare an accounts payable subsidiary ledger on December 31, 2010. Verify that the total of the accounts payable subsidiary ledger equals the balance of the accounts payable control account on December 31, 2010.
=+Total Solutions Consulting Company makes most of its sales and purchases on credit. It uses the five journals described in this chapter (revenue, cash receipts, purchases, cash payments, and general journals). Identify the journal most likely used in recording the postings for selected
=+(a) determine the error(s) in the preceding accounts and (b) prepare an accounts payable subsidiary ledger report (from the corrected accounts payable subsidiary ledger.
=+Assuming that the controlling account balance of $36,950 has been verified as correct,
=+Date Item Ref. Debit Credit Balance 2010 July 5 P30 3,150 3,150
=+Date Item Ref. Debit Credit Balance 2010 July 1 Balance ✓ 4,750 10 CP22 4,750 —17 P30 3,700 3,700 27 J7 750 1,950 NAME Valley Power ADDRESS 915 E. Walnut Street Post.
=+Date Item Ref. Debit Credit Balance 2010 July 1 Balance ✓ 8,300 7 P30 5,800 14,200 12 J7 300 13,900 20 CP23 5,800 8,100 NAME Cutler and Powell ADDRESS 717 Elm Street Post.Date Item Ref. Debit Credit Balance 2010 July 1 Balance ✓ 6,100 18 CP23 6,100 —29 P31 9,100 9,100 NAME Perez Mining
=+obj. 2 NAME C. D. Greer and Son ADDRESS 972 S. Tenth Street Post.Date Item Ref. Debit Credit Balance 2010 July 17 P30 3,750 3,750 27 P31 10,000 13,750 NAME Cheyenne Minerals Inc.ADDRESS 1170 Mattis Avenue Post.
=+a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark (✓) in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc.
=+27. Purchased pet supplies from Pets Mart Inc. on account, $380.30. Issued Check No. 348 to Sanders Inc. for cleaning expenses, $50.
=+19. Purchased office equipment from Office Helper Inc. on account, $2,000.23. Issued Check No. 347 to Best Friend Supplies Inc. in payment of account from purchase made on December 4.
=+11. Purchased pet supplies from Poodle Pals Inc., $660.18. Issued Check No. 346 to Pets Mart Inc. in payment of account, $210.
=+Happy Tails Inc. has $615 in the December 1 balance of the accounts payable control account. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of December 2010 are as follows:Dec. 4. Purchased pet supplies from Best Friend Supplies Inc. on account,
=+31. Issued Check No. 61 in payment of salaries, $4,600.Prepare a purchases journal and a cash payments journal to record these transactions.The forms of the journals are similar to those illustrated in the text. Place a check mark (✓) in the Post. Ref. column to indicate when the accounts
=+25. Issued Check No. 60 to Industrial Products Inc. in payment of May 3 invoice.
=+20. Purchased laundry services from Maryville Laundry Service on account, $100.
=+17. Purchased supplies on account from Liquid Klean Supplies Inc., $265.
=+15. Issued Check No. 59 to Maryville Laundry Service in payment of account, $120.
=+12. Purchased cleaning supplies on account from Porter Products Inc., $205.
=+8. Issued Check No. 58 to purchase equipment from Jefferson Equipment Sales,$2,400.
=+3. Purchased cleaning supplies on account from Industrial Products Inc., $140.
=+Transactions related to purchases and cash payments completed by Lake County Cleaning Services Inc. during the month of May 2010 are as follows:May 1. Issued Check No. 57 to Liquid Klean Supplies Inc. in payment of account,$235.
=+30 ______ ______ _____ 17,950 15,550 2,400 ______ ______ _____ ______ ______ _____(21) (14) (✓)Prepare the accounts payable subsidiary ledger, and determine that the total agrees with the ending balance of the accounts payable control account.EX 5-17 Purchases and cash payments journals obj.
=+The cash payments and purchases journals for Natural Creation Landscaping Co. are shown below. The accounts payable control account has an April 1, 2010, balance of$3,140, consisting of an amount owed to Augusta Sod Co.CASH PAYMENTS JOURNAL Page 31 Other Accounts Ck. Post. Accounts Payable Cash
=+d. Verify the equality of the sum of the creditor account balances and the accounts payable control account balance.
=+c. Prepare T accounts for the accounts payable control and cleaning supplies accounts.Post control totals to the two accounts, and determine their ending balances.
=+b. Post the transactions from the purchases journal to the creditor accounts, and determine their ending balances.
=+a. Prepare a T account for the accounts payable creditor accounts.
=+The purchases journal for See-Thru Window Cleaners Inc. is shown below. The accounts payable control account has a January 1, 2010, balance of $295 of an amount due from Lawson Co. There were no payments made on creditor invoices during January.
=+April 30, $11,905 PURCHASES JOURNAL Page 16 Accts. Cleaning Other Post. Payable Supplies Accounts Post.Date Account Credited Ref. Cr. Dr. Dr. Ref. Amount 2010 Jan. 4 Crystal Cleaning Supplies Inc. 375 375 15 Lawson Co. 250 250 21 Office Mate Inc. 2,400 Office 2,400 Equipment 26 Crystal Cleaning
=+c. What is the November 30 balance of the Office Universe Inc. creditor account assuming a zero balance on November 1?
=+b. What is the total amount posted to the accounts payable control and office supplies accounts from the purchases journal for November?
=+Nov. 12. Purchased office supplies from Office Universe Inc. on account, $130.21. Purchased office supplies from Paper-to-Go Inc. on account, $195.27. Paid invoice on November 4 purchase from Office Universe Inc.a. Prepare a purchases journal with the following headings to record the November
=+Nov. 4. Purchased office supplies from Office Universe Inc. on account, $480.8. Purchased office equipment on account from Best Equipment, Inc., $1,900.Chapter 5 Accounting Systems 235
=+The debits and credits from three related transactions are presented in the following creditor’s account taken from the accounts payable ledger.Shield Security Company had the following transactions during the month of November:
=+Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.NAME Madison Co.ADDRESS 101 W. Stratford
=+EX 5-11 Identify postings from purchases journal obj. 2 CASH PAYMENTS JOURNAL Page 46 Other Accounts Ck. Post. Accounts Payable Cash Date No. Account Debited Ref. Dr. Dr. Cr.2010 Jan. 3 611 Aquatic Systems Co. (a) 4,000 4,000 5 612 Utilities Expense (b) 310 310 10 613 Prepaid Rent (c) 3,200 3,200
=+Sept. 4 Amex Supply Co. (a) 4,000 4,000 6 Coastal Equipment Co. (b) 5,325 Warehouse Equipment (c) 5,325 11 Office Warehouse (d) 2,000 Office Equipment (e) 2,000 13 Taylor Products (f) 1,875 1,600 275 20 Office Warehouse (g) 6,000 Store Equipment (h) 6,000 27 Miller Supply Co. (i) 2,740 2,740
=+Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required.PURCHASES JOURNAL Page 49 Accounts Store Office Other
=+b. Prepare an accounts receivable subsidiary ledger on October 31, 2010. Verify that the total of the accounts receivable subsidiary ledger equals the balance of the accounts receivable control account on October 31, 2010.
=+a. Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark (✓) in the Post. Ref. column to indicate when the
=+15. Received cash from Tower Co., on account, for $1,110.18. Issued Invoice No. 624 for services provided to Amex Services Inc., $2,600.23. Received cash from Phillips Corp. for Invoice No. 622.28. Issued Invoice No. 625 to Tower Co., on account, for $2,190.30. Received cash from Rogers Co. for
=+Oct. 3. Issued Invoice No. 622 for services provided to Phillips Corp., $2,150.5. Received cash from Charles Co., on account, for $940.10. Issued Invoice No. 623 for services provided to Sunstream Aviation Inc.,$3,720.
=+EX 5-9 Revenue and cash receipts journals obj. 2 Leo Corp. has $2,050 in the October 1 balance of the accounts receivable account consisting of $940 from Charles Co. and $1,110 from Tower Co. Transactions related to revenue and cash receipts completed by Leo Corp. during the month of October 2010
=+Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark (✓) in the Post.Ref. column to indicate when the accounts
=+31. Received cash from McCleary Co. for services provided, $75.
=+19. Received cash from Deacon Inc., on account, $610.22. Issued Invoice No. 515 to Electronic Central Inc., $150.27. Received cash from Marshall Inc. for services provided, $90.29. Received cash from Browne Co. for invoice of March 2.
=+8. Issued Invoice No. 513 to Gabriel Co., $265.12. Issued Invoice No. 514 to Deacon Inc., $690.
=+Prepare the accounts receivable subsidiary ledger, and determine that the total agrees with the ending balance of the accounts receivable control account.Transactions related to revenue and cash receipts completed by Tex Max Inc. during the month of March 2010 are as follows:Mar. 2. Issued
=+Apr. 6 Best Studios Inc. . . . . . . . . . . ✓ — 4,710 4,710 11 Fees Earned . . . . . . . . . . . . . . 3,200 3,200 18 Crown Broadcasting Co. . . . . . ✓ — 1,400 1,400 28 Gold Coast Media Inc.. . . . . . . ✓ ______ ______ ______ — 5,500 5,500 30 3,200 11,610 14,810 ______ ______
=+EX 5-8 Accounts receivable subsidiary ledger obj. 2✔ Accounts Receivable balance, April 30, $5,740 Chapter 5 Accounting Systems 233 CASH RECEIPTS JOURNAL Page 36 Post. Fees Accts. Rec. Cash Date Account Credited Ref. Earned Cr. Cr. Dr.2010
=+EX 5-7 Posting a revenue journal obj. 2 The revenue and cash receipts journals for Eclipse Productions Inc. are shown below.The accounts receivable control account has an April 1, 2010, balance of $4,710, consisting of an amount due from Best Studios Inc.REVENUE JOURNAL Page 16 Invoice Post.
=+d. Verify the equality of the sum of the customer account balances and the accounts receivable control account balance.
=+c. Prepare T accounts for the accounts receivable control and fees earned accounts.Post control totals to the two accounts, and determine the ending balances.
=+b. Post the transactions from the revenue journal to the customer accounts, and determine their ending balances.
=+a. Prepare a T account for the accounts receivable customer accounts.
=+EX 5-6 Prepare journal entries in a revenue journal obj. 2 The revenue journal for Hi Performance Consulting Inc. is shown below. The accounts receivable control account has a February 1, 2010, balance of $1,050 consisting of an amount due from Arnott Co. There were no collections during
=+c. What is the June 30 balance of the Thomas Corp. customer account assuming a zero balance on June 1?
=+b. What is the total amount posted to the accounts receivable control and fees earned accounts from the revenue journal for June?
=+a. Prepare a revenue journal with the following headings to record the June revenue transactions for Patton Services Company.REVENUE JOURNAL Invoice Post. Accts. Rec. Dr.Date No. Account Debited Ref. Fees Earned Cr.
=+ 5-5 Identify transactions in accounts receivable ledger obj. 2 232 Chapter 5 Accounting Systems Patton Services Company had the following transactions during the month of June:June 2. Issued Invoice No. 201 to Thomas Corp. for services rendered on account, $290.3. Issued Invoice No.202 to Mid
=+Describe each transaction, and identify the source of each posting.
=+EX 5-4 Identify journals obj. 2 The debits and credits from three related transactions are presented in the following customer’s account taken from the accounts receivable subsidiary ledger.NAME Insite Design ADDRESS 1319 Elm Street Post.Date Item Ref. Debit Credit Balance 2010 Nov. 3 R36 740
=+d. Purchase of office equipment for cash.e. Advance payment of a one-year fire insurance policy on the office.f. Purchase of office supplies for cash.g. Adjustment to record accrued salaries at the end of the period.h. Adjustment to prepaid rent at the end of the month.i. Purchase of office
=+EX 5-3 Identify journals obj. 2 Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded:a. Payment of six months’ rent in
=+c. Providing services for cash.d. Closing of drawing account at the end of the year.e. Adjustment to record accrued salaries at the end of the year.f. Receipt of cash refund from overpayment of taxes.g. Receipt of cash on account from a customer.h. Receipt of cash for rent.i. Investment of
=+EX 5-2 Accounts receivable ledger obj. 2✔d. Total accounts receivable, $6,860 Assuming the use of a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be
=+EX 5-1 Identify postings from revenue journal obj. 2 Chapter 5 Accounting Systems 231 Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for TEK Corp., which had a $620 beginning balance. In addition, there were no
=+2010 Nov. 1 112 Environmental Safety Co. (a) $2,625 10 113 Jenkins Co. (b) 1,050 18 114 Eco-Systems (c) 1,600 27 115 TEK Corp. (d) 965 ______ 30 $6,240 ______ ______(e)
=+EE 5-5 p. 218 PE 5-5B Modified revenue journal obj. 3 Exercises Using the following revenue journal for Alpha Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts.REVENUE
=+Dec. 1. Issued Invoice No. 862 to Matrix Inc. for security services provided on account,$425.3. Issued Invoice No. 863 to James Lawhorn, a residential customer, for services provided on account, $85.Record these transactions in a revenue journal using the following format:REVENUE JOURNAL Fees
=+EE 5-5 p. 218 PE 5-5A Modified revenue journal obj. 3 230 Chapter 5 Accounting Systems Record these transactions in a revenue journal using the following format:REVENUE JOURNAL Accts. Fees Sales Tax Invoice Post. Rec. Earned Payable Date No. Account Debited Ref. Dr. Cr. Cr.Armor Security Services
=+EE 5-4 p. 217 PE 5-4B Accounts payable subsidiary ledger obj. 2 The state of Ohio has a 5.5% sales tax. Buckeye Services Inc., an Ohio company, had two revenue transactions as follows:Aug. 7. Issued Invoice No. 121 to Manly Inc. for services provided on account,$1,200, plus sales tax.21. Issued
=+EE 5-3 p. 213 PE 5-3B Purchases journal obj. 2 The debits and credits from two transactions are presented in the following supplier’s(creditor’s) account:NAME Carnation Inc.ADDRESS 5000 Grand Ave.Post.Date Item Ref. Debit Credit Balance Nov. 1 Balance 92 11 Invoice 128 CP71 47 45 18 Invoice
=+The following purchase transactions occurred during May for Amy’s Catering Service:May 11. Purchased party supplies for $420, on account from Party Zone Supplies Inc.19. Purchased party supplies for $290, on account from Party Time Supplies Inc.21. Purchased office furniture for $2,160, on
=+PURCHASES JOURNAL Accounts Office Other Post. Payable Supplies Accounts Post.Date Account Credited Ref. Cr. Dr. Dr. Ref. Amount EE 5-3 p. 213 PE 5-3A Purchases journal obj. 2
=+EE 5-2 p. 211 PE 5-2B Accounts receivable subsidiary ledger obj. 2 The following purchase transactions occurred during October for Rehoboth Inc.:Oct. 4. Purchased office supplies for $105, on account from Office-to-Go Inc.16. Purchased office equipment for $2,460, on account from Zell Computer
=+EE 5-2 p. 211 PE 5-2A Accounts receivable subsidiary ledger obj. 2 The debits and credits from two transactions are presented in the following customer account:NAME Airwave Communications Inc.ADDRESS 76 Oak Ridge Rd.Post.Date Item Ref. Debit Credit Balance May 1 Balance ✓ 280 14 Invoice 564
=+Describe each transaction and the source of each posting.
=+The debits and credits from two transactions are presented in the following customer account:NAME XTREME Products Inc.ADDRESS 46 W. Main St.Post.Date Item Ref. Debit Credit Balance Mar. 1 Balance ✓ 1,200 10 Invoice 127 R29 920 2,120 19 Invoice 106 CR52 690 1,430
=+REVENUE JOURNAL Post. Accts. Rec. Dr.Date Invoice No. Account Debited Ref. Fees Earned Cr.EE 5-1 p. 208 PE 5-1B Revenue journal obj. 2 Chapter 5 Accounting Systems 229
=+21. Issued Invoice No. 123 to Bailey Co. for services provided on account, $4,140.Record these three transactions into the following revenue journal format:
=+15. Issued Invoice No. 122 to Triple A Inc. for services provided on account, $2,360.
=+The following revenue transactions occurred during August:Aug. 7. Issued Invoice No. 121 to Lincoln Co. for services provided on account, $5,410.
=+15. Issued Invoice No. 80 to David Inc. for services provided on account, $515.Record these three transactions into the following revenue journal format:REVENUE JOURNAL Post. Accts. Rec. Dr.Date Invoice No. Account Debited Ref. Fees Earned Cr.EE 5-1 p. 208 PE 5-1A Revenue journal obj. 2 Practice
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