The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows:
Dec.
1. Issued Check No. 610 for December rent, $4,200.
2. Issued Invoice No. 940 to Clifford Co., $1,740.
3. Received check for $4,800 from Ryan Co. in payment of account.
5. Purchased a vehicle on account from Platinum Motors, $37,300.
6. Purchased office equipment on account from Austin Computer Co., $4,500.
6. Issued Invoice No. 941 to Ernesto Co., $3,870.
9. Issued Check No. 611 for fuel expense, $600.
10. Received check from Sing Co. in payment of $4,040 invoice.
10. Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice.
10. Issued Invoice No. 942 to Joy Co., $1,970.
11. Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account.
11. Issued Check No. 614 for $500 to Porter Co. in payment of account.
12. Received check from Clifford Co. in payment of $1,740 invoice of December 2.
13. Issued Check No. 615 to Platinum Motors in payment of $37,300 balance of December 5.
16. Issued Check No. 616 for $39,800 for cash purchase of a vehicle.
16. Cash fees earned for December 1–16, $20,300.
17. Issued Check No. 617 for miscellaneous administrative expense, $500.
18. Purchased maintenance supplies on account from Essential Supply Co., $1,750.
19. Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375.
20. Issued Check No. 618 in payment of advertising expense, $1,780.
20. Used $3,200 maintenance supplies to repair delivery vehicles.
23. Purchased office supplies on account from Office To Go Inc., $400.
24. Issued Invoice No. 943 to Sing Co., $6,100.
24. Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000.
25. Issued Invoice No. 944 to Ernesto Co., $5,530.
25. Received check for $4,100 from Ryan Co. in payment of balance.
26. Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6.
30. Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,900; office salaries, $7,100.
Dec.
31. Cash fees earned for December 17–31, $18,900.
31. Issued Check No. 622 in payment for office supplies, $340.
Instructions
1. Enter the following account balances in the general ledger as of December 1:
11 Cash $161,680
32 S. Holmes, Drawing —
12 Accounts Receivable 12,940
41 Fees Earned —
14 Maintenance Supplies 10,850
51 Driver Salaries Expense —
15 Office Supplies 4,900
52 Maintenance Supplies Exp. —
16 Office Equipment 28,500
53 Fuel Expense —
17 Accum. Depr.—Office Equip. 6,900
61 Office Salaries Expense —
18 Vehicles 95,900
62 Rent Expense —
19 Accum. Depr.— Vehicles 14,700
63 Advertising Expense —
21 Accounts Payable 3,920
64 Miscellaneous Administrative Expense —
31 S. Holmes, Capital 289,250
2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
3. Post the appropriate individual entries to the general ledger.
4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances.
5. Prepare a trial balance.
Answer:
1., 3., and 4.
Account No. 11
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 161,680
31 CR31 53,880 215,560
31 CP34 119,940 95,620
Account No. 12
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 12,940
31 R35 19,210 32,150
31 CR31 14,680 17,470
Account No. 14
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 10,850
20 J1 3,200 7,650
31 P37 3,250 10,900
Account No. 15
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 4,900
31 CP34 340 5,240
31 P37 775 6,015
Account No. 16
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 28,500
6 P37 4,500 33,000
Account No. 17
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 6,900
Account No. 18
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 95,900
5 P37 37,300 133,200
16 CP34 39,800 173,000
Account No. 19
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 14,700
Account No. 21
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 3,920
31 P37 45,825 49,745
31 CP34 45,7204,025
Account No. 31
Post.
Item Ref. Debit Credit Debit Credit
1 Balance 289,250
Account No. 32
Post.
Item Ref. Debit Credit Debit Credit
24 CP34 3,000 3,000
Account No. 41
Post.
Item Ref. Debit Credit Debit Credit
16 CR31 20,300 20,300
31 CR31 18,900 39,200
31 R35 19,210 58,410
Account No. 51
Post.
Item Ref. Debit Credit Debit Credit
30 CP34 16,900 16,900
Account No. 52
Post.
Item Ref. Debit Credit Debit Credit
20 J1 3,200 3,200
Account No. 53
Post.
Item Ref. Debit Credit Debit Credit
9 CP34 600 600
Account No. 61
Post.
Item Ref. Debit Credit Debit Credit
30 CP34 7,100 7,100
Account No. 62
Post.
Item Ref. Debit Credit Debit Credit
1 CP34 4,200 4,200
Account No. 63
Post.
Item Ref. Debit Credit Debit Credit
20 CP34 1,780 1,780
Account No. 64
Post.
Item Ref. Debit Credit Debit Credit
17 CP34 500 500
2. and 4.
Dec. 5918 37,300
6916 4,500
189
199 375
239 400
3177541,800
(15)(9)
Page 31
Dec. 3 Ryan Co. 9 4,800
10 Sing Co. 9 4,040
12 Clifford Co. 9 1,740
16 Fees Earned 4120,300
25 Ryan Co. 9 4,100
31 Fees Earned 4118,900
3153,880
(11)
2. and 4.
Page 35
2 940 Clifford Co.
6 941 Ernesto Co.
10 942 Joy Co.
24 943 Sing Co.
25 944 Ernesto Co.
31
Page 34
1 610 Rent Expense 624,200
9 611 Fuel Expense 53600
10 612 Office To Go Inc. 330 330
11 613 Essential Supply Co. 3,090 3,090
11 614 Porter Co. 500 500
13 615 Platinum Motors 37,300 37,300
16 616 Vehicles 1839,800
17 617 Misc. Admin. Expense 64500
20 618 Advertising Expense 631,780
24 619 S. Holmes, Drawing 323,000
26 620 Austin Computer Co. 4,500 4,500
30 621 Driver Salaries Exp. 5116,900
Office Salaries Exp. 617,100
31 622 Office Supplies 15340
3145,720 119,940
(21) (11)
3.Page 1
Dec. 20 Maintenance Supplies Expense 52 3,200
Maintenance Supplies 14 3,200
5.
Account Debit Credit
No. Balances Balances
Cash11 95,620
Accounts Receivable12 17,470
Maintenance Supplies 14 10,900
Office Supplies15 6,015
Office Equipment16 33,000
Accumulated Depreciation—Office Equipment 17 6,900
Vehicles18 173,000
Accumulated Depreciation—Vehicles 19 14,700
Accounts Payable21 4,025
S. Holmes, Capital31 289,250
S. Holmes, Drawing 32 3,000
Fees Earned41 58,410
Driver Salaries Expense 51 16,900
Maintenance Supplies Expense 52 3,200
Fuel Expense53 600
Office Salaries Expense 61 7,100
Rent Expense62 4,200
Advertising Expense63 1,780
Miscellaneous Administrative Expense 64 500
373,285 373,285
No comments:
Post a Comment