Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 6S, Problem 1P
1 and 2.
To determine
Record the given transactions in the cash receipts and cash payments journals and foot and crossfoot the journals.
1 and 2.
Expert Solution
Explanation of Solution
Record the given transactions in the cash receipts and cash payments journals.
3.
To determine
Indicate the journals from which the manager finds the total sales for the accounting period.
3.
Expert Solution
Explanation of Solution
The transaction related to Sales should be recorded in sales journal, cash receipts journal, and sales general ledger. The manager can find the total sales by adding the total sales column of sales journal and total sales column of cash receipt journal. Manager can also find the total sales by referring the sales account in the general ledger.
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Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Record the following transactions in the sales journal:
Jan. 15
Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501
Jan. 22
Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032
Jan. 27
Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to
account for merchandise inventory.
February 2 Wrote a $350 check to establish a petty cash fund.
February 5 Purchased paper for the copier for $15.55 that is immediately used.
February 9 Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These
costs are added to merchandise inventory.
February 12 Paid $7.75 postage to deliver a contract to a client.
February 14 Reimbursed Adina Sharon, the manager, $72 for mileage on her car.
February 20 Purchased office paper for $68.77 that is immediately used.
February 23 Paid a courier $25 to deliver merchandise sold to a customer, terms FOB destination.
February 25 Paid $10.90 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These
costs are added to merchandise inventory.
February 27 Paid $55 for postage…
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.
Feb.
2
Wrote a $360 check to establish a petty cash fund.
5
Purchased paper for the copier for $16.15 that is immediately used.
9
Paid $44.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.
12
Paid $7.35 postage to deliver a contract to a client.
14
Reimbursed Adina Sharon, the manager, $70 for mileage on her car.
20
Purchased office paper for $68.77 that is immediately used.
23
Paid a courier $20 to deliver merchandise sold to a customer, terms FOB destination.
25
Paid $11.60 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory.
27
Paid $57 for postage…
Chapter 6S Solutions
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- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardTransactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Wisk Away Cleaning Services Inc. uses the following accounts:arrow_forwardThe following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach, as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts? If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.arrow_forward
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