Dunder Mifflin Company's chart of accounts includes the following selected accounts. 101 Cash 157 Equipment 120...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Dunder Mifflin Company's chart of accounts includes the following selected accounts. 101 Cash 157 Equipment 120 Inventory 201 Accounts Payable 130 Prepaid Insurance 306 Owner's Drawings On November 1, the accounts payable ledger of Dunder Mifflin Company showed the following balances: S. Carell $4,000, D. Schrute $2,100, R. Wilson $800, and W. Rainn $1,300. The November transactions involving the payment of cash were as follows. Nov. Purchased merchandise, check no. 11, $950. 1 3. Purchased store equipment, check no. 12, $1,400. 5 Paid W. Rainn balance due of $1,300, less 1% discount, check no. 13, $1,287. 11 Purchased merchandise, check no. 14, $1,700. 15 Paid R. Wilson balance due of $800, less 3% discount, check no. 15, $776. 16 M. Scott, the owner, withdrew $400 cash for own use, check no. 16. 19 Paid D. Schrute in full for invoice no. 1245, $2,100 less 2% discount, check no. 17, $2,058. 25 Paid premium due on one-year insurance policy, check no. 18, $2,400. 30 Paid S. Carell in full for invoice no. 832, $2,900, check no. 19. Instructions (a) Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and crossfoot the journal. (b) Insert the beginning balances in the Accounts Payable control and subsidiary accounts, and post the November transactions to these accounts. (e) Prove the agreement of the control account and the subsidiary account balances. Dunder Mifflin Company's chart of accounts includes the following selected accounts. 101 Cash 157 Equipment 120 Inventory 201 Accounts Payable 130 Prepaid Insurance 306 Owner's Drawings On November 1, the accounts payable ledger of Dunder Mifflin Company showed the following balances: S. Carell $4,000, D. Schrute $2,100, R. Wilson $800, and W. Rainn $1,300. The November transactions involving the payment of cash were as follows. Nov. Purchased merchandise, check no. 11, $950. 1 3. Purchased store equipment, check no. 12, $1,400. 5 Paid W. Rainn balance due of $1,300, less 1% discount, check no. 13, $1,287. 11 Purchased merchandise, check no. 14, $1,700. 15 Paid R. Wilson balance due of $800, less 3% discount, check no. 15, $776. 16 M. Scott, the owner, withdrew $400 cash for own use, check no. 16. 19 Paid D. Schrute in full for invoice no. 1245, $2,100 less 2% discount, check no. 17, $2,058. 25 Paid premium due on one-year insurance policy, check no. 18, $2,400. 30 Paid S. Carell in full for invoice no. 832, $2,900, check no. 19. Instructions (a) Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and crossfoot the journal. (b) Insert the beginning balances in the Accounts Payable control and subsidiary accounts, and post the November transactions to these accounts. (e) Prove the agreement of the control account and the subsidiary account balances.
Expert Answer:
Answer rating: 100% (QA)
Answer Solution Part1 Date Chk No Account Debited Ref No Other Accounts Dr Accounts Payable Dr Inven... 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
-
Dunder Miffl in Companys chart of accounts includes the following selected accounts. 101 Cash 157 Equipment 120 Inventory 201 Accounts Payable 130 Prepaid Insurance 306 Owners Drawings On November 1,...
-
Starr Companys chart of accounts includes the following selected accounts. 101 Cash..........157 Equipment 120 Merchandise Inventory.. 201 Accounts Payable 130 Prepaid Insurance....306 R. Starr,...
-
Schellhammer Companys chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 130 Prepaid Insurance 157 Equipment 201 Accounts Payable 306 Owners Drawings On November 1,...
-
Generally, the JDBC API perform the following three functions a. Connect to database, load JDBC driver, perform the query b. Perform the query, connect to database, load JDBC driver c. Get result...
-
What happens when you cannot reduce parts of the project that are on the critical path? How can that affect the outcome? (Remember throwing additional resources at things with a fixed duration won't...
-
"If all securities are fairly priced, all must offer equal expected rates of return." Comment.
-
Locate a sample settlement brochure. What type of case are settlement brochures best used for?
-
Your client is a company that owns a shopping center with 30 store tenants. All leases with the store tenants provide for a fixed rent plus a percentage of sales, net of sales taxes, in excess of a...
-
A fast-food company advertises a low calorie chicken sandwich as having 300 calories.A sample of 25 sandwiches revealed the sample mean of the number of calories to be 288 with a sample standard...
-
Throughout the course, you will be working on a Wealth Management Analyst Project For this project, imagine you are a new hire at a wealth management firm and tasked with determining the location of...
-
A parametrization for the line segment with endpoints (0,-23) and (1,0) is given by x=t+1, y=46t, -1 t 0 x=t-1, y=23t, -1 t 0 x=t+1, y=23t, Os t 1 x=t+1, y=23t, -1 t 0 Ox=t, y=23t, -1 t 0
-
Write a Java record (Class) Car with the following features (Instance variables): Make, Model, Color, and Year. Declare an array Cars to store 10 cars. Define an instance method setCars() to populate...
-
In 250-500 words, analyze and evaluate ways in which the CIP has addressed the needs outlined in the needs assessment, the degree to which the improvement actions have been embedded in the school...
-
Q 12. A mass m of a particle moves along Hyperboloid (shown below) at a time t find the equation of motion of a particle using "E. Lagrange's equations of motion" HYPERBOLOID x + y-22 = 1 z = r2-1 p=...
-
Learning Curves and Production Costs. A company's new process will be carried out in one department. The production process has an expected learn- ing curve of 80 percent. The costs subject to the...
-
It is desired to just able to slip the 16.0 mm diameter glass marble through an aluminum washer. At 20.0 , the inner diameter of the washer is 15.98 mm. To what temperature should the aluminum washer...
-
2. A minivan cruising along a straight road at a constant speed of 28 m/s relative to the ground passes a Porsche traveling at 13 m/s in the same direction in a parallel lane. At the instant the...
-
In July 2013, cnet.com listed the battery life (in hours) and luminous intensity (i. e., screen brightness, in cd/m2) for a sample of tablet computers. We want to know if screen brightness is...
-
What type of industry is likely to use a job order cost system? Give some examples.
-
Petoskey Co. sold $800,000, 9%, 10-year bonds on January 1, 2012. The bonds were dated January 1, and interest is paid on January 1 and July 1. The bonds were sold at 105. Instructions (a) Prepare...
-
The following account balances relate to the stockholders equity accounts of Chipo Corp. at year-end. A small stock dividend was declared and issued in 2012. The market value of the shares was...
-
Negative confirmation of accounts receivable is less effective than posi- tive confirmation of accounts receivable because a. A majority of recipients usually lack the willingness to respond...
-
If the number of days' sales in accounts receivable (365 days/receivables turnover) decreases significantly, which of the following assertions for accounts receivable most likely is violated? a....
-
Which of the following is most likely to be detected by an auditor's review of a client's sales cutoff? a. Unrecorded sales for the year. b. Lapping of year-end accounts receivable. c. Excessive...
Study smarter with the SolutionInn App