A B 3 COMPANY NAME: 9 10 12345678 Date 2023 C D E F GENERAL JOURNAL...
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A B 3 COMPANY NAME: 9 10 12345678 Date 2023 C D E F GENERAL JOURNAL Page # 1 Petersburgh Company Account Titles P. R. DR (Debit) CR (Credit) G H No descriptions required in the general journal for this final exam A B E F G H K M N 1 Required: 2 3 4 Below are the transactions for March 2023, for The Petersburg Company. Owner, Lori Ann has asked you the office manager to record the transactions into the correct journal. She has supplied you with the following journals, General Journal, Sales Journal, Cash Receipts Journal, Purchase Journal and Cash Payments Journals Transactions for March: 5 6 March 1 - Lori Ann invested $12,500 in the card store. 7 8 March 1 - Paid this months' rent to Howard Realty, cheque No. 1001 $2,800. 9 10 March 1 - Purchased merchandise from Upper-Card Company on account, $5,600. Invoice No. 710, dated March 1, terms 2/10, n/30. 11 12 March 2 - Sold merchandise to Jas Investors on account, $ 1,900. Invoice No. 602, terms 2/10, n/30. Cost of Goods sold was $1,100. 13 14 March 9 - Sold merchandise to Los Cabos on account, $ 1,000. Invoice No. 603, terms 2/10, n/30. Cost of Goods Sold was $550. 15 16 March 10 - Paid Able Cleaning $320. Cheque No. 1002 for cleaning the card store. 17 18 March 11 - Paid Upper-Card Company invoice No. 710, dated March 1, cheque No. 1003, taking discount. 19 20 March 12 - Los Cabos returned merchandise that cost $ 100 to the Petersburgh Company. Lori Ann issued credit memorandum No. 1 to Los Cabos for $ 100. All goods were returned to inventory, the cost of the goods returned was $26. 21 22 March 14 - Sold $ 1,800 worth of card merchandise for cash. Invoice No. 604. The cost of goods sold was $875. 23 24 March 16 - Jas Investors paid invoice No. 602, no discount. 25 26 March 28 - Received invoice of $1,300 from Able Cleaning, for cleaning the basement of the store. Invoice # 148 to be paid in 30 days. 27 28 29 Chart of Accounts 30 Assets Revenue 31 101 Cash 32 104 Accounts Receivable 33 106 Inventory 34 35 400 Sales 401 Sales Discounts 404 Sales Returns and Allowances 36 Liabilities 37 204 Accounts Payable 38 39 Owner's Equity 40 300 Lori Ann, Withdrawals 41 301 Lori Ann, Capital 42 43 Required: 44 Expenses 500 Cleaning Expense 505 Cost of Goods Sold 520 Rent Expense 45 (a) Journalize the transactions for the month of March in the correct journal. -The journals required are found on the following worksheets, General Journal, Sales Journal, Cash Receipts Journal, Purchases Journal 46 47 48 49 50 and Cash Payments Journal - Explanations are NOT required for entries in the General Journal 51 (b) Total each column of each journal as required, except the General Journal. 52 53 (c) Provide Posting references as if each entry had been posted. The Chart 54 55 56 57 of Accounts will assist with this part of posting to general ledger accounts. - Use an X if the amount should not be posted and a P (instead of a check mark or a T) if the amount should be posted to subledger account. A B 3 COMPANY NAME: 9 10 12345678 Date 2023 C D E F GENERAL JOURNAL Page # 1 Petersburgh Company Account Titles P. R. DR (Debit) CR (Credit) G H No descriptions required in the general journal for this final exam A B E F G H K M N 1 Required: 2 3 4 Below are the transactions for March 2023, for The Petersburg Company. Owner, Lori Ann has asked you the office manager to record the transactions into the correct journal. She has supplied you with the following journals, General Journal, Sales Journal, Cash Receipts Journal, Purchase Journal and Cash Payments Journals Transactions for March: 5 6 March 1 - Lori Ann invested $12,500 in the card store. 7 8 March 1 - Paid this months' rent to Howard Realty, cheque No. 1001 $2,800. 9 10 March 1 - Purchased merchandise from Upper-Card Company on account, $5,600. Invoice No. 710, dated March 1, terms 2/10, n/30. 11 12 March 2 - Sold merchandise to Jas Investors on account, $ 1,900. Invoice No. 602, terms 2/10, n/30. Cost of Goods sold was $1,100. 13 14 March 9 - Sold merchandise to Los Cabos on account, $ 1,000. Invoice No. 603, terms 2/10, n/30. Cost of Goods Sold was $550. 15 16 March 10 - Paid Able Cleaning $320. Cheque No. 1002 for cleaning the card store. 17 18 March 11 - Paid Upper-Card Company invoice No. 710, dated March 1, cheque No. 1003, taking discount. 19 20 March 12 - Los Cabos returned merchandise that cost $ 100 to the Petersburgh Company. Lori Ann issued credit memorandum No. 1 to Los Cabos for $ 100. All goods were returned to inventory, the cost of the goods returned was $26. 21 22 March 14 - Sold $ 1,800 worth of card merchandise for cash. Invoice No. 604. The cost of goods sold was $875. 23 24 March 16 - Jas Investors paid invoice No. 602, no discount. 25 26 March 28 - Received invoice of $1,300 from Able Cleaning, for cleaning the basement of the store. Invoice # 148 to be paid in 30 days. 27 28 29 Chart of Accounts 30 Assets Revenue 31 101 Cash 32 104 Accounts Receivable 33 106 Inventory 34 35 400 Sales 401 Sales Discounts 404 Sales Returns and Allowances 36 Liabilities 37 204 Accounts Payable 38 39 Owner's Equity 40 300 Lori Ann, Withdrawals 41 301 Lori Ann, Capital 42 43 Required: 44 Expenses 500 Cleaning Expense 505 Cost of Goods Sold 520 Rent Expense 45 (a) Journalize the transactions for the month of March in the correct journal. -The journals required are found on the following worksheets, General Journal, Sales Journal, Cash Receipts Journal, Purchases Journal 46 47 48 49 50 and Cash Payments Journal - Explanations are NOT required for entries in the General Journal 51 (b) Total each column of each journal as required, except the General Journal. 52 53 (c) Provide Posting references as if each entry had been posted. The Chart 54 55 56 57 of Accounts will assist with this part of posting to general ledger accounts. - Use an X if the amount should not be posted and a P (instead of a check mark or a T) if the amount should be posted to subledger account.
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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