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Payable Inventory Supplies Accounts

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Student Name;Class;Problem 07C;COLO COMPANY;Sales Journal;AR Debit COGS;Inv. Trans. Sales Debit;Date Account Debited No. No. Credit Inv. Credit;May 2 Hensel Company 8785 83 6,100 4,100;16 Hensel Company 8786 84 3,990 1,890;22 Lee Services 8787 85 6,850 4,990;26 Crane Corp. 8788 86 14,210 8,230;31 Totals 31,150 19,210;^ Correct! ^Correct!;COLO COMPANY;Purchases Journal;Accounts Office Other;Inv. Trans. Payable Inventory Supplies Accounts;Date Account Date Terms No. Credit Debit Debit Debit;May 4 Store Supp./Gear Supp. 5/4 n/10, EOM 78 37,729 37,072 83 574;10 Off. Equip./Gear Supp. 5/10 n/10, EOM 79 4,074 0 0 4,074;11 Garcia, Inc. 5/10 n/30, n/30 80 8,800 8,800 0 0;17 Fink Corp. 5/14 2/10, n/60 81 13,650 13,650 0 0;24 Store Supp./Gear Supp. 5/24 n/10, EOM 82 9,030 8,120 280 630;25 Peyton Products 5/23 2/10, n/30 83 3,080 3,080 0 0;31 Totals 76,363 70,722 363 5,278;^ Correct! ^ Correct! ^ Correct! ^ Correct!;COLO COMPANY;Cash Receipts Journal;Sales Accts. Other COGS;Trans. Cash Discount Recv. Sales Accts. Debit;Date Account Cr. Explanation No. Debit Debit Credit Credit Credit Inv. Credit;May 5 Knox, Inc. Sale of April 28 81 4,459 4,900;9 Store Supplies Sold store supplies 82 350 350 350 350;11 Hensel Company Sale of May 2 83 5,978 6,100 5,978;15 Sales Cash sales, 84 59,220 6,450 59,220;May 1-15;30 Lee Services Sale of May 22 85 6,713 6,713;31 Sales Cash Sales, 86 66,052 25,050;May 16-31;31 Totals 142,772 350 17,500 125,272 350 80,700;^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct!;COLO COMPANY;Cash Disbursements Journal;Other Accts.;Check Account Trans. Cash Inventory Accts. Pay.;Date No. Payee Debited No. Credit Credit Debit Debit;May 1 3410 S&P Mgmt. Co. Rent Exp., Selling 76;Rent Exp., Office;8 3411 Peyton Products Peyton Products 77;15 3412 Payroll Sales Salaries Exp. 78;Office Salaries Exp.;19 3413 Garcia, Inc. Garcia, Inc. 79;23 3414 Fink Corp. Fink Corp. 80;26 3415 Perennial Power Utilities Exp. 81;29 3416 Jenny Colo J. Colo, Withdrawals 82;30 3417 Payroll Sales Salaries Exp. 83;Office Salaries Exp.;Totals 57,108 575 28,933 28,750;^ Correct! ^ Correct! ^ Correct! ^ Correct!;COLO COMPANY;General Journal;Trans.;Date Description No. Debit Credit;May 2 Sales Returns and Allowances 65;Accounts Receivable-Knox, Inc.;3 Accounts Payable-Peyton Products 66;Inventory;12 Accounts Payable-Gear Supply Co. 67;Office Equipment;Adjusting entries;May 31 Insurance Expense 68;Prepaid Insurance;31 Store Supplies Expense 69;Store Supplies;31 Office Supplies Expense 70;Office Supplies;31 Depreciation Expense, Store Equip. 71;Accumulated Depr., Store Equip.;31 Depreciation Expense, Office Equip. 72;Accumulated Depr., Office Equip.;Closing entries;May 31 Income Summary 73;Sales Discounts;Sales Returns and Allowances;Cost of Goods Sold;Depr. Expense, Office Equipment;Depr. Expense, Store Equipment;Office Salaries Expense;Sales Salaries Expense;Insurance Expense;Rent Expense, Office Space;Rent Expense, Selling Space;Office Supplies Expense;Store Supplies Expense;Utilities Expense;31 Sales 74;Income Summary;31 Income Summary 75;J. Colo, Capital;31 J. Colo, Capital 76;J. Colo, Withdrawals;COLO COMPANY;General Ledger;Cash Account No. 101;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 50,247;May 31 CRJ;31 CDJ;Accounts Receivable Account No. 106;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 4,725;May 2 JG65;31 SJ;31 CRJ;Merchandise Inventory Account No. 119;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 220,080;May 31 GJ66;31 CDJ;31 PJ;31 CRJ;31 SJ;Office Supplies Account No. 124;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 430;May 31 PJ;31 GJ70;Store Supplies Account No. 125;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 2,447;May 4 PJ78;9 CR82;24 PJ82;31 GJ69;Prepaid Insurance Account No. 128;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 3,318;May 31 GJ68;Office Equipment Account No. 163;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 22,470;May 10 PJ79;12 GJ67;Accumulated Depreciation, Office Equipment Account No. 164;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 9,898;May 31 GJ72;Store Equipment Account No. 165;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 38,920;Accumulated Depreciation, Store Equipment Account No. 166;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 17,556;May 31 GJ71;Accounts Payable Account No. 201;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 7,098;May 3 GJ66;12 GJ67;31 PJ;31 CDJ;Jenny Colo, Capital Account No. 301;Trans.;Date Item no. Debit Credit Balance;Apr. 30 Balance 308,085;May 31 GJ75;31 GJ76;Jenny Colo, Withdrawals Account No. 302;Trans.;Date Item no. Debit Credit Balance;May 29 CD82;31 GJ76;Sales Account No. 413;Trans.;Date Item no. Debit Credit Balance;May 31 SJ;31 CRJ;31 GJ74;Sales Returns & Allowances Account No. 414;Trans.;Date Item no. Debit Credit Balance;May 2 GJ65;31 GJ73;Sales Discounts Account No. 415;Trans.;Date Item no. Debit Credit Balance;May 31 CRJ;31 GJ73;Cost of Goods Sold Account No. 502;Trans.;Date Item no. Debit Credit Balance;May 31 S2;31 R2;31 G3;Depreciation Expense, Ofc. Equipment Account No. 612;Trans.;Date Item no. Debit Credit Balance;May 31 GJ72;31 GJ73;Depreciation Expense, Store Equipment Account No. 613;Trans.;Date Item no. Debit Credit Balance;May 31 GJ71;31 GJ73;Office Salaries Expense Account No. 620;Trans.;Date Item no. Debit Credit Balance;May 15 CD78;30 CD83;31 GJ73;Sales Salaries Expense Account No. 621;Trans.;Date Item no. Debit Credit Balance;May 15 CD78;30 CD83;31 GJ73;Insurance Expense Account No. 637;Trans.;Date Item no. Debit Credit Balance;May 31 GJ68;31 GJ73;Rent Expense, Office Space Account No. 641;Trans.;Date Item no. Debit Credit Balance;May 1 CD76;31 GJ73;Rent Expense, Selling Space Account No. 642;Trans.;Date Item no. Debit Credit Balance;May 1 CD76;31 GJ73;Office Supplies Expense Account No. 650;Trans.;Date Item no. Debit Credit Balance;May 31 GJ70;31 GJ73;Store Supplies Expense Account No. 651;Trans.;Date Item no. Debit Credit Balance;May 31 GJ69;31 GJ73;Utilities Expense Account No. 690;Trans.;Date Item no. Debit Credit Balance;May 26 CD81;31 GJ73;Income Summary Account No. 901;Trans.;Date Item no. Debit Credit Balance;May 31 GJ73;31 GJ74;31 GJ75;COLO COMPANY;Accounts Receivable Ledger;Crane Corp.;Trans.;Date Item no. Debit Credit Balance;May 26 SJ86;Hensel Company;Trans.;Date Item no. Debit Credit Balance;May 2 SJ83;11 CR83;16 SJ84;Knox, Inc.;Trans.;Date Item no. Debit Credit Balance;Apr. 28 S2 4,725 4,725;May 2 GJ65;5 CR81;Lee Services;Trans.;Date Item no. Debit Credit Balance;May 22 SJ85;30 CR85;COLO COMPANY;Accounts Payable Ledger;Fink Corp.;Trans.;Date Item no. Debit Credit Balance;May 17 PJ81;23 CD80;Garcia, Inc.;Trans.;Date Item no. Debit Credit Balance;May 11 PJ80;19 CD79;Peyton Products;Trans.;Date Item no. Debit Credit Balance;Apr. 29 PJ 7,098 7,098;May 3 JG66;8 CD77;25 PJ83;Gear Supply Co.;Trans.;Date Item no. Debit Credit Balance;May 4 PJ78;10 PJ79;12 GJ67;24 PJ82;COLO COMPANY;Work Sheet;For Month Ended May 31, 2005;Balance Sheet;Unadjusted Adjusted Income & Statement;Trial Balance Adjustments Trial Balance Statement of Owner's Equity;Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit;Cash;Accounts receivable;Merchandise inventory;Office supplies;Store supplies;Prepaid insurance;Office equipment;Accum. depr., office equip.;Store equipment;Accum. depr., store equip.;Accounts payable;J. Colo, Capital;J. Colo, Withdrawals;Sales;Sales discounts;Sales returns and allowances;Cost of goods sold;Depr. expense, office equip.;Depr. expense, store equip.;Office salaries expense;Sales salaries expense;Insurance expense;Rent exp., office space;Rent exp., selling space;Office supplies expense;Store supplies expense;Utilities expense;Totals;Net income;Totals;COLO COMPANY;Income Statement;For Month Ended May 31, 2005;Revenue;Sales;Less: Sales discounts;Sales returns and allowances;Net sales;Less: Cost of goods sold;Gross profit on sales;Operating expenses;Selling expenses;Depreciation expense, store equipment;Sales salaries expense;Rent expense, selling space;Store supplies expense;Total selling expenses;General and administrative expenses;Depreciation expense, office equipment;Office salaries expense;Insurance expense;Rent expense, office space;Office supplies expense;Utilities expense;Total general and administrative expenses;Total operating expenses;Net income;COLO COMPANY;Statement of Owner's Equity;For Month Ended May 31, 2005;Jenny Colo, Capital, April 30, 2005;Plus: Net income;Total;Less: Withdrawals by owner;Jenny Colo, Capital, May 31, 2005;COLO COMPANY;Balance Sheet;May 31, 2005;Assets;Current assets;Cash;Accounts receivable;Merchandise inventory;Office supplies;Store supplies;Prepaid insurance;Total current assets;Plant assets;Office equipment;Less accumulated depreciation;Store equipment;Less accumulated depreciation;Total plant assets;Total assets;Liabilities;Current liabilities;Accounts payable;Owner's Equity;Jenny Colo, Capital;Total liabilities and equity;COLO COMPANY;Post-Closing Trial Balance;May 31, 2005;Debit Credit;Cash;Accounts receivable;Merchandise inventory;Office supplies;Store supplies;Prepaid insurance;Office equipment;Accum. depr., office equipment;Store equipment;Accum. depr., store equipment;Accounts payable;Jenny Colo, Capital;Totals;COLO COMPANY;Schedule of Accounts Receivable;May 31, 2005;Crane Corp.;Hensel Company;Total accounts receivable;COLO COMPANY;Schedule of Accounts Payable;May 31, 2005;Peyton Products;Gear Supply Co.;Total accounts payable

 

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