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Crest view computers security uses the perpetual i...




Crest view computers security uses the perpetual inventorysystem and makes all credit sales on terms of 2/10 n /30. Crestview completed the following transactions during May. May 2- Issued inv.# 913. fro sale on account to Forbes, $2000.crestview cost of this inv. was $900 3- Puschasedinv. on credit terms of 3/10 n/60 from Chicosky. co. $2467 5- Soldinventory for cash $ 1077( cost $480) 5 Issued ck. # 532to purchase furniture for cash $2185 8- Collectedinterest revenue of $1775 9- Issued inv. #914 fro sale on account to Bell $5550 ( cost 2310) 10-Puchased inv. forcash $1143 issing ck # 533 12-Recieved cashfrom Forbes in full settlement of her acc. recievable fromsale on May 2nd 13- Puschased supplies onacct.from Manley, $441. terms were net end of the month 15- Sold inv. onaccount to brown issuing invoice # 915 fro $665 ( cost 240) 17-Issued credit memo, toBrown for $665 for merchandise return to us by brown . Alsoaccounted fro receipt of the inventory cost. 18- Issuedinvoice#916 for credit sale to Forbes $357 ( cost $127) 19- Recieved $5439from Bell in full settlement of its acct./recievable from May 9th.bell earned discount by paying early 20- Purchased inv. oncredit terms of net 30 from Sims $2047 22- Puschasedfurniture on credit terms of 3/10 n/60 from Chicosky $645 22 - Issued ck# 535to pay for insurance coverage debiting prepaid insurance fro$1000 24- Sold supplies to anemployee fro cash of $54which was Crestview cost. 25- Issued ck#536 to payutilities bills $453 28- Purchased inventory oncredit terms 2/10 n/30 from Manley$675 29- Returned damagaedinv. to Manley issueing a debit memofor $675 29- Sold goods on accountto Bell issing invoice# 917 for $2900( cost $ 800) 30- Issued ck# 537 to payManley in full on account from May 13th 31- Recieved cash in fullfrom Forbes on credit sale of May 18th . There was nodiscount 31- Issued ck# 538 to paymonthly salaries of $1950 Requirements 1.Open the folloeing four-column general ledger accounts using the Crestview Computer Security account numbers. 2. Open these accounts ing the subsidiary ledgers:Accounts receivable ledger--Bell Co., M.O. Brown ,and K.D.Forbes.Accounts payable ledger--Chicosky Co,;Manley,Inc.;and Sims Distributing. 3. Enter the transactions in a sales journal, a chash receipts journal,a purchases journal, a cash payments journal,and a general journal, as appropriate. 4.Post daily to the accounts receivable ledger and to the accounts payable ledger.On May 31,post to the general ledger. 5.Total each column of the special journals.Show that total debits equal total credits in each special journal. 6.Balance the total of the customer balances in the accounts receivable ledger against Accounts Receivable in the general ledger. Do the same for the accounts payable ledger and Accounts Payable in the general ledger.


Paper#9755 | Written in 18-Jul-2015

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