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Account balances in its general and subsidiary ledgers

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Comprehensive Problem: Chapters 3 to 7;Raymond Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit balances.;Jan. 3 Sell merchandise on credit to B. Soto $3,100, invoice no. 510, and J. Ebel $1,800, invoice no. 511.;5 Purchase merchandise from S. Welz $3,000 and D. Laux $2,700.;7 Receive checks for $4,000 from S. Kysely and $2,000 from B. Jacovetti.;8 Pay freight on merchandise purchased $180.;9 Send checks to S. Liazuk for $9,000 and D. Nguyen for $11,000.;9 Issue credit memo for $300 to J. Ebel for merchandise returned.;10 Summary cash sales total $15,500.;11 Sell merchandise on credit to R. Draves for $1,900, invoice no. 512, and to S. Kysely $900, invoice no. 513.;Post all entries to the subsidiary ledgers.;12 Pay rent of $1,000 for January.;13 Receive payment in full from B. Soto and J. Ebel.;15 Withdraw $800 cash by I. Raymond for personal use.;16 Purchase merchandise from D. Nguyen for $15,000, from S. Liazuk for $13,900, and from S. Welz for $1,500.;17 Pay $400 cash for office supplies.;18 Return $200 of merchandise to S. Liazuk and receive credit.;20 Summary cash sales total $17,500.;21 Issue $15,000 note to R. Mikush in payment of balance due.;21 Receive payment in full from S. Kysely.;Post all entries to the subsidiary ledgers.;22 Sell merchandise on credit to B. Soto for $1,700, invoice no. 514, and to R. Draves for $800, invoice no. 515.;23 Send checks to D. Nguyen and S. Liazuk in full payment.;25 Sell merchandise on credit to B. Jacovetti for $3,500, invoice no. 516, and to J. Ebel for $6,100, invoice no. 517.;27 Purchase merchandise from D. Nguyen for $14,500, from D. Laux for $1,200, and from S. Welz for $2,800.;28 Pay $200 cash for office supplies.;31 Summary cash sales total $19,920.;31 Pay sales salaries of $4,300 and office salaries of $2,600.;Instructions;a. Record the January transactions in the appropriate journal-sales, purchases, cash receipts, cash payments, and general.;b. Post the journals to the general and subsidiary ledgers. New accounts should be added and numbered in an orderly fashion as needed.;c. Prepare a trial balance at January 31, 2005, using a work sheet. Complete the work sheet using the following additional information.;1. Office supplies at January 31 total $700.;2. Insurance coverage expires on October 31, 2005.;3. Annual depreciation on the equipment is $1,500.;4. Interest of $30 has accrued on the note payable.;5. Merchandise inventory at January 31 is $16,000.;d. Prepare a multiple-step income statement and a statement of owner's equity for January and a classified balance sheet at the end of January.;e. Prepare and post the adjusting and closing entries.;f. Prepare a post-closing trial balance, and determine whether the subsidiary ledgers agree with the control accounts in the general ledger.;Comprehensive Problem: Chapters HYPERLINK;javascript:parent.followAnchor('weygandtc07-anc-0004')" 3 to 7;Raymond Company has the following opening account balances in its;general and subsidiary ledgers on January 1 and uses the periodic;inventory system. All accounts have normal debit and credit balances.;? Jan. 3?;? Sell merchandise on credit to B. Soto $3,100, invoice no. 510, and J.;Ebel $1,800, invoice no. 511.?;? 5?;? Purchase merchandise from S. Welz $3,000 and D. Laux $2,700.?;? 7?;? Receive checks for $4,000 from S. Kysely and $2,000 from B.;Jacovetti.?;? 8?;? Pay freight on merchandise purchased $180.?;? 9?;? Send checks to S. Liazuk for $9,000 and D. Nguyen for $11,000.?;? 9?;? Issue credit memo for $300 to J. Ebel for merchandise returned.?;? 10?;? Summary cash sales total $15,500.?;? 11?;? Sell merchandise on credit to R. Draves for $1,900, invoice no. 512;and to S. Kysely $900, invoice no. 513.?;? Post all entries to the subsidiary ledgers.?;? 12?;? Pay rent of $1,000 for January.?;? 13?;? Receive payment in full from B. Soto and J. Ebel.?;? 15?;? Withdraw $800 cash by I. Raymond for personal use.?;? 16?;? Purchase merchandise from D. Nguyen for $15,000, from S. Liazuk for;$13,900, and from S. Welz for $1,500.?;? 17?;? Pay $400 cash for office supplies.?;? 18?;? Return $200 of merchandise to S. Liazuk and receive credit.?;? 20?;? Summary cash sales total $17,500.?;? 21?;? Issue $15,000 note to R. Mikush in payment of balance due.?;? 21?;? Receive payment in full from S. Kysely.?;? Post all entries to the subsidiary ledgers.?;? 22?;? Sell merchandise on credit to B. Soto for $1,700, invoice no. 514, and;to R. Draves for $800, invoice no. 515.?;? 23?;? Send checks to D. Nguyen and S. Liazuk in full payment.?;? 25?;? Sell merchandise on credit to B. Jacovetti for $3,500, invoice no.;516, and to J. Ebel for $6,100, invoice no. 517.?;? 27?;? Purchase merchandise from D. Nguyen for $14,500, from D. Laux for;$1,200, and from S. Welz for $2,800.?;? 28?;? Pay $200 cash for office supplies.?;? 31?;? Summary cash sales total $19,920.?;? 31?;? Pay sales salaries of $4,300 and office salaries of $2,600.?;Instructions;Record the January transactions in the appropriate journal???sales;purchases, cash receipts, cash payments, and general.;Post the journals to the general and subsidiary ledgers. New accounts;should be added and numbered in an orderly fashion as needed.;Prepare a trial balance at January 31, 2005, using a work sheet.;Complete the work sheet using the following additional information.;?;1.;Office supplies at January 31 total $700.;2.;Insurance coverage expires on October 31, 2005.;3.;Annual depreciation on the equipment is $1,500.;4.;Interest of $30 has accrued on the note payable.;5.;Merchandise inventory at January 31 is $16,000.;Prepare a multiple-step income statement and a statement of owner's;equity for January and a classified balance sheet at the end of January.;Prepare and post the adjusting and closing entries.;Prepare a post-closing trial balance, and determine whether the;subsidiary ledgers agree with the control accounts in the general;ledger.

 

Paper#26974 | Written in 18-Jul-2015

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