3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases...

 

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3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment JK L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri | A Á BIU = - * - A. A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y Normal 2 Good De Z Styles Normal Neutral SEE EXAMPLE A - POST ENTRY DATE B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment Credit ab Wrap Text KL MN O PQR S Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Merge & Center 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri | A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 Good De Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D - POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z D - POST DEBIT OR CREDIT p Styles Normal Neutral B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE Bad Calculation E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 Good De Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D - POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T UV W X Balance Number Balance AP Subsidiary Ledger Schedules Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri | A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = 3 = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T UV W X Balance Number Balance AP Subsidiary Ledger Schedules Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number TU V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - «- A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment JK L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri | A Á BIU = - * - A. A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y Normal 2 Good De Z Styles Normal Neutral SEE EXAMPLE A - POST ENTRY DATE B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment Credit ab Wrap Text KL MN O PQR S Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Merge & Center 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri | A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 Good De Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D - POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z D - POST DEBIT OR CREDIT p Styles Normal Neutral B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE Bad Calculation E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 Good De Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D - POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T UV W X Balance Number Balance AP Subsidiary Ledger Schedules Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri | A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = 3 = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T UV W X Balance Number Balance AP Subsidiary Ledger Schedules Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number TU V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B - POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE-HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - * - A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good 3. 4 5 6 SOME COMPANY, INC. Jan Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account. 7 8 9 10 11 12 13 14 15 16 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10, N30. 15 Made a partial payment to Bottle Inc. for $1,500. 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount. 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 INSTRUCTIONS Using the transactions above, shown in the journal to the right, complete the following: 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided for Bottle Inc. and Jarhead, Inc. 34 35- 36 SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & A P SUBSIDIARY LEDGER 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided for ABC Company and JKL Company. 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts. Ready Transactions Accessibility investigate General Ledger Control Accts AR Subsidiary Ledger AP Subsidiary Ledger DATE 8-Jan Purchases 10 Accounts Payable, Bottle, Inc. Purchased inventory on account Accounts Receivable, ABC Company Sales Sold inventory on account Accounts Payable, Bottle Inc. Cash Partial Payment on Account 20 Accounts Receivable, JKL Company Sales 15 20 21 25 Schedules GENERAL JOURNAL ACCOUNT TITLE Sold inventory on account Cash Sales Discount + Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances Accounts Receivable, JKL Company Sales Retumed by JKL Company Supplies Accounts Payable, Jarhead, Inc. Purchased supplies on account POST REF. PAGE 1 1 DEBIT 2,000.00 4,000.00 GENERAL 1,500.00 2,000.00 3,920,00 80.00 400.00 500.00 CREDIT 2,000,00 2 4,000.00 1,500.00 2,000.00 4,000.00 400.00 500.00 File Home Insert Page Layout Formulas Data Review X Cut [Copy Z4 2 3 Paste 4 LO AutoSave Off= Subsidiary exercise template Saved to this PC 6 7 8 9 10 12 13 14 15 A B 16 17 18 Clipboard Date 19 20 21 22 Jan 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Date 38 39 40 41 Format Painter 42 43 A Ready Arial BIU :X ✓ fx C Explanation 51°F Mostly clear Font Explanation 8 Purchase from Bottle Inc. ACCOUNTS RECEIVABLE Post Ref. DE 10 Α' Α΄ 3 3 О. А ACCOUNTS PAYABLE Post Ref. 121 Debit * View FGH 1 Debit == J Help EE Alignment KLMN Credit Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate Wrap Text Merge & Center 00 PQR S Dr. Dr. O Search AP Subsidiary Ledger General Q Search $ % 9 500 00 T ACCOUNT NO. 1020 Balance Number ACCOUNT NO. 2000 Balance U V W X Cr. Schedules E Cr. 2 0 0 0 00 + Conditional Format as Formatting Table - Y SEE EXAMPLE A - POST ENTRY DATE Normal 2 De Good Z Styles Normal Neutral B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT Bad Calculation AA 19 C2 1 2 3 4 5 6 7 9 12 13 yenm St A 15 16 17 18 19 20 21 22 Date 23 24 25 26 27 28 29 30 31 32 33 Clipboard B 34 35 36 37 38 39 Format Painter Date 40 41 42 V Ready : x ✓ fx C ABC COMPANY Explanation Font Explanation JKL COMPANY Accessibility: Investigate D Post Ref. Post Ref. E F G H I Debit Debit Transactions General Ledger Control Accts Alignment J K L M N Credit Credit AR Subsidiary Ledger O Dr. Dr. S P Q R S T Balance Number Balance AP Subsidiary Ledger Schedules U V W X Cr. Cr. Formatting Table- Z AA File Z12 1 2 3 Paste AutoSave 4 5 6 7 8 9 10 11 12 13 14 15 16 17 A B 18 19 35 20 21 22 Date 23 24 25 26 27 28 29 Explanation Jan 8 Purchased Inventory 30 31 32 33 m m m 3 Home Insert Page Layout X Cut [Copy 34 35 56 36 Clipboard 37 38 39 40 41 42 Format Painter Off 89- Date < Ready Arial B B I U = Subsidiary exercise template Saved to this PC Explanation Formulas Data Review View V BOTTLE INC. Font JARHEAD INC. M D 10 C Post Ref. 11 Post Ref. Bak A A A NAMM 17 FGH 1 Debit . Debit J Help With Alignment K L M N O PQR S Credit ab Wrap Text Merge & Center Credit Transactions General Ledger Control Accts AR Subsidiary Ledger Accessibility: Investigate 00 Dr. Dr. General AP Subsidiary Ledger $ % 900 20 Balance Balance Search Number T U V W X Cr. 2 0 0 0 Cr. Schedules E + 00 3 Conditional Format as Formatting Table - Y Normal 2 Good SEE EXAMPLE A - POST ENTRY DATE Z Styles Normal Neutral Bad Calculation B-POST EXPLANATION OF TRANSACTION C-POST POSTING REFERENCE D-POST DEBIT OR CREDIT E-POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE A/P NORMAL BALANCE IS CREDIT + AA File 114 1 2 Paste 3 4 5 6 7 A 8 9 10 11 12 13 quatic 14 15 16 17 18 19 20 21 22 23 Home Insert Page Layout X Cut [Copy 24 25 26 Clipboard 27 28 ABC Company JKL Company 29 30 31 32 33 Format Painter Total 34 35 V 36 F B :X ✓ fx Calibri A Á BIU = - «- A- A Font SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE JAN 30, XXXX C Review D view Help Total = = = = = = = = @ Bottle Inc. Jarhead Inc. E a Wrap Text Alignment Merge & Center F SOME COMPANY, INC SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX G General $ - % 9 , Number H Score F Conditional Format as Formatting Table - Graded Area 30 Recorded Numbers Instructor to Complete Shaded Area Grading Rubrics 100% out of 100% Par less numbers incorrect (highlight in yellow) 30 numbers correct 25 x Available Points 25 Total Points out of 25 Total Points 100% Total% Normal 2 Good

Answer rating: 100% (QA)

Solution Given Data Job Label JD Immediate Predecessors Time neededdays Earliest Date to start at A select Staff members 12 15Mar20 B Survey 9 16Mar20 ... View the full answer