Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627 Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account January 1 Opening Balance Number Account Title 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,600 B. Santos 7,900 S. Mahay 4,300 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7. Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales., 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. 21 Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek in full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Cost of Good Sold Dr. Inventory Cr. Account Receivable Dr. Date Account Debited Invoice No. Ref. Sales Revenue Cr. > > > > > > > > > > > > > > > > > > > Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 vV n/30 1/10, n/30 n/30 n/30 > > > > > > > > Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Ref. Dr. Dr. Account Receivable Cr. Cr. Cr. Inventory Cr. > > > > > > > > > > <> Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Accounts Payable Supplies Dr. Other Accounts Inventory Cash Date Account Debited Ref. Dr. Dr. Cr. Cr. 120 729 306 627
Expert Answer:
Answer rating: 100% (QA)
SOLUTION Sales Journal Date Account Debited Invoice No Ref Accounts Receivable Dr Sales Revenue Cr C... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
Bryant Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for...
-
Jeter Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter...
-
Bluma Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Bluma...
-
The Come-On-In company produces two types of entrance doors: Standard and Deluxe.The allocation base for indirect manufacturing costs has been direct labor hours.For 2016, the company completed the...
-
The following table lists the SAT scores for 27 college students: a. Identify the first, second, and third quartiles. b. Determine the inter quartile range. 845 1,040 815 1345 1,554 668 165 919 1.175...
-
The Svenson Corporation manufactures cellular modems. It manufactures its own cellular modem circuit boards (CMCB), an important part of the cellular modem. It reports the following cost information...
-
Statistical distance between records can be measured in several ways. Consider Euclidean distance, measured as the square root of the sum of the squared differences. For the first two records in...
-
Sunlight is used in a double-slit interference experiment. The fourth-order maximum for a wavelength of 450 nm occurs at an angle of = 90o. Thus, it is on the verge of being eliminated from the...
-
The first image of ECG shows the heart rate at about 70 beats per second. For the sake of simplicity, for this case, assume 60 beats per minute. Also, for simplicity, assume that the patient has only...
-
A concrete corporation had cost of goods sold of $1,550,000 for the third quarter. The beginning inventory at cost was $155,000, and the ending inventory at cost amounted to $180,900. The inventory...
-
The fuel tank of a car contain 12 gallons of gasoline and takes around 2.5 minutesto be filled.The molecular weight of gasoline is approximately 94, and its vapor pressure at 77F is 4.6 psia....
-
The net income for Letterman Company for 2015 was 320,000. During 2015, depreciation on plant assets was 124,000, amortization of patent was 40,000, and the company incurred a loss on sale of plant...
-
At January 1, 2015, Eikenberry Inc. had accounts receivable of $72,000. At December 31, 2015, accounts receivable is $54,000. Sales for 2015 total $420,000. Compute Eikenberrys 2015 cash receipts...
-
Make a list of private topics that you believe should not be discussed in professional settings, and then think of a time when your privacy was violated by someone. Was it an invasion of your private...
-
In 2015, Elbert Corporation had net cash provided by operating activities of 531,000, net cash used by investing activities of 963,000, and net cash provided by financing activities of 585,000. At...
-
Do you believe companies should have policies that forbid dating among employees? Why or why not? Should companies have policies forbidding supervisors and subordinates to have nonromantic...
-
7) Scarlet Company received an invoice for $67,000.00 that had payment terms of 2/5 n/30. If it made a partial payment of $14,000.00 during the discount period, calculate the balance of the invoice.
-
Determine the annual percentage yield for a loan that charges a monthly interest rate of 1.5% and compounds the interest monthly.
-
The Polishing Department of Burgoa Manufacturing Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process. Production:...
-
On December 31, 2012, Eli Associates owned the following securities, held as longterm investments. On this date, the total fair value of the securities was equal to its cost. The securities are not...
-
The trial balance of Ogilvys Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest...
-
Enter up a columnar purchases day book with columns for the various expenses for J. Still for the month from the following information on credit items. 2016 January f 1 Bought goods from H. Graham...
-
A Enter up a columnar purchases day book with columns for the various expenses for F. Graham for the month from the following information on credit items. 2016 June Bought goods from J. Syme 4 Bought...
-
Enter up the relevant accounts in the purchases and general ledgers from the columnar purchases day book you completed for Review Question 20.4A. Data From Review Question 20.4A 20.4A Enter up a...
Study smarter with the SolutionInn App