Carla Vista Co. uses a perpetual inventory system and both an accounts receivable and an accounts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Carla Vista Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Carla Vista are indicated in the working papers. Presented below are a series of transactions for Carla Vista Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER January 1 Opening Balance Account Number Account Title 101 Cash $33,000 112 Accounts Receivable 13,500 115 Notes Receivable 42,000 120 Inventory 16,000 126 Supplies 1,400 130 Prepaid Insurance 2,100 157 Equipment 6,000 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 27,500 301 Owner's Capital 85,000 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,800 B. Santos 7,600 S. Mahay 4,100 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Opening Balance Customer S. Meek $7,500 R. Moses 12,000 D. Saito 8,000 Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jour the problem.) Date Account Titles and Explanation Debit Credit (Issued credit for merchandise returned.) (Cost of merchandise returned.) (Received credit for returned goods.) (Payment of balance due.) LINK TO TEXT LINK TO TEXT Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Cash No. 101 Date Explanation Ref. Debit Credit Balance D. Saito Part 8 ncept of ls to ta) Eydle - al-f2 8,000 Jan. 3 Sell merchandise on account to B. Corpas $3,700, invoice no. 510, and to J. Revere $1,900, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $3,000, terms n/30. 7 Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $220. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $8,000 less 1% cash discount. ts by Study Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $14,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,400, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,600 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Carla Vista for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $16,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $18,600. Make one journal entry for these sales. 21 Issue $12,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515. 22 Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,800, invoice no. 516, and to J. Revere $6,900, invoice no. 517. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; D. Posey $3,400, terms n/30; and S. Gamel $5,800, terms n/30. Post all entries to the subsidiary ledgers. 23 25 27 27 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $22,800. Make one journal entry for these sales. 31 Pay sales salaries $4,700 and office salaries $3,200. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal s1 Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr. Date Account Debited Invoice No. Ref. Sales Journal S1 Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Date Account Debited Invoice No. Ref. Inventory Cr. LINK TO TEXT LINK TO TEXT Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 n/30 1/10, n/30 n/30 n/30 Activate Windows LINK TO TEXT LINK TO TEXT Go to Settings to activate Windews, .docx EffectivePersuasi.docx CM220M1_Readin.pdf O ACCOUNTINGCY.pptx Show all 3:46 PM to search 5/2/2021 远 Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Account Receivable Cr. Cr. Ref. Dr. Dr. Cr. Inventory Cr. LINK TO TEXT LINK TO TEXT Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Other Accounts Accounts Payable Supplies Inventory Cr. Cash Date Account Debited Ref. Dr. Dr. Dr. Cr. 120 729 306 627 LINK TO TEXT LINK TO TEXT Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Activate Windows Go to Settings to activate Windows. asi...docx W EffectivePersuasi.docx CM220M1_Readin.pdf e ACCOUNTINGCY.pptx Show all 3:46 PM ere to search 5/2/2021 > > > > > Carla Vista Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Carla Vista are indicated in the working papers. Presented below are a series of transactions for Carla Vista Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER January 1 Opening Balance Account Number Account Title 101 Cash $33,000 112 Accounts Receivable 13,500 115 Notes Receivable 42,000 120 Inventory 16,000 126 Supplies 1,400 130 Prepaid Insurance 2,100 157 Equipment 6,000 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 27,500 301 Owner's Capital 85,000 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Opening Balance Customer R. Beltre $1,800 B. Santos 7,600 S. Mahay 4,100 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Opening Balance Customer S. Meek $7,500 R. Moses 12,000 D. Saito 8,000 Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record jour the problem.) Date Account Titles and Explanation Debit Credit (Issued credit for merchandise returned.) (Cost of merchandise returned.) (Received credit for returned goods.) (Payment of balance due.) LINK TO TEXT LINK TO TEXT Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Cash No. 101 Date Explanation Ref. Debit Credit Balance D. Saito Part 8 ncept of ls to ta) Eydle - al-f2 8,000 Jan. 3 Sell merchandise on account to B. Corpas $3,700, invoice no. 510, and to J. Revere $1,900, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $3,000, terms n/30. 7 Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $220. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $8,000 less 1% cash discount. ts by Study Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $14,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,400, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,600 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Carla Vista for personal use. 15 Post all entries to the subsidiary ledgers. 16 Purchase merchandise from D. Saito $16,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 Daily cash sales from January 11 to January 20 total $18,600. Make one journal entry for these sales. 21 Issue $12,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 Sell merchandise on account to B. Corpas $2,900, invoice no. 514, and to R. Beltre $2,500, invoice no. 515. 22 Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,800, invoice no. 516, and to J. Revere $6,900, invoice no. 517. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; D. Posey $3,400, terms n/30; and S. Gamel $5,800, terms n/30. Post all entries to the subsidiary ledgers. 23 25 27 27 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $22,800. Make one journal entry for these sales. 31 Pay sales salaries $4,700 and office salaries $3,200. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal s1 Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr. Date Account Debited Invoice No. Ref. Sales Journal S1 Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Date Account Debited Invoice No. Ref. Inventory Cr. LINK TO TEXT LINK TO TEXT Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Terms Ref. n/30 n/30 1/10, n/30 2/10, n/30 n/30 1/10, n/30 n/30 n/30 Activate Windows LINK TO TEXT LINK TO TEXT Go to Settings to activate Windews, .docx EffectivePersuasi.docx CM220M1_Readin.pdf O ACCOUNTINGCY.pptx Show all 3:46 PM to search 5/2/2021 远 Cash Receipts Journal CR1 Sales Sales Other Date Cash Discounts Revenue Accounts Cost of Good Sold Dr. Account Credited Account Receivable Cr. Cr. Ref. Dr. Dr. Cr. Inventory Cr. LINK TO TEXT LINK TO TEXT Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal CP1 Other Accounts Accounts Payable Supplies Inventory Cr. Cash Date Account Debited Ref. Dr. Dr. Dr. Cr. 120 729 306 627 LINK TO TEXT LINK TO TEXT Record the January transactions in a two-column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Activate Windows Go to Settings to activate Windows. asi...docx W EffectivePersuasi.docx CM220M1_Readin.pdf e ACCOUNTINGCY.pptx Show all 3:46 PM ere to search 5/2/2021 > > > > >
Expert Answer:
Answer rating: 100% (QA)
a Prepare sales journal Sales journal Accounts Customer ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
Students also viewed these accounting questions
-
Bluma Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Bluma...
-
Bryant Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for...
-
Jeter Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Jeter...
-
Problem 3.6.1 Given the random variable Y in Problem 3.4.1, let U = g(Y) = Y2. (a) Find Pu(u). (b) Find Fu(u). (c) Find E[U].
-
Fernandez Corporation purchased a truck at the beginning of 2010 for $50,000. The truck is estimated to have a salvage value of $2,000 and a useful life of 160,000 miles. It was driven 23,000 miles...
-
Identify the Franchise Disclosure Document. Explain why it is important in franchising.
-
14. A shareholder receives appreciated noncash property in a corporate distribution and assumes a liability attached to the property. How does this assumption affect the amount of gain the...
-
King Construction Company began work on a contract in 2017. The contract price is $ 4,000,000, and King determined that its performance obligation was satisfied over time. Other information relating...
-
To pay the amount of CZK 670, the cashier used 16 banknotes: one hundred crowns, several fifty crowns and several twenty crowns. How did she pay the amount
-
Busy Sally Socialite has trouble remembering people's birthdays, so she has organised her friends into what she calls a Birthday Support Team, or BST. Each friend needs only to keep track of three...
-
Compare and contrast two events motivated by incentives, one where the self-interested behavior was good for society and the other where it was bad.
-
A new partner C is invited to join in the AB partnership. Currently, A's and B's capital are $540,000 and $100,000, respectively. According to their profit and loss sharing contract, partner A and B...
-
The two tanks shown are connect through a mercury manometer. What is the relation between ???? and ? water Az water Ah
-
1. After reading about the types of rights that prisoners have while incarcerated, which of these rights, if any, should be reduced or diminished? Why? 2. In the same way, what rights do you believe...
-
According to the Socratic view of morality summarized by Frankena, is a person brought up by immoral parents in a corrupt society capable of making correct moral judgements? Why or why not? Do you...
-
Loma Company manufactures basketball backboards. The following information pertains to the company's normal operations per month: Output units15,000 boards Machine-hours4,000 hours Direct...
-
Required information [The following information applies to the questions displayed below.] Forten Company's current year income statement, comparative balance sheets, and additional information...
-
You work as an operations consultant for a textile company. Your client has a well-established distribution system in the US market. The company has hundreds of stores and four distribution centers....
-
In each of the following situations, state whether the bonds will sell at a premium or discount: a. Diaz issued $280,000 of bonds with a stated interest rate of 7 percent. At the time of issue, the...
-
Cassell Company accepted credit cards in payment for $8,650 of services performed during March 2013. The credit card company charged Cassell a 4 percent service fee. The credit card company paid...
-
On December 31, 2013, Green Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land ............... $40,000 Unearned Revenue...
-
Construct a plot of the residuals versus the fitted values (fitted values refers to the ys). What pattern do you see? What does this indicate regarding the regression assumptions?
-
What would you say about the variability of the number of home runs, for those with higher batting averages?
-
Refer to the previous exercise. Which regression assumption might this presage difficulty for?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App