The following transactions were completed by Yu Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30.

Instructions Check Figure . „ , 1 r T 1-1 oi Trial balance totals, $60,442.80 1.Record the transactions for January, using a sales journal, page 91; a pur¬
chases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; a general journal, page 119. 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 those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owner’s name in the Capital and Drawing accounts.
5. Add the columns of the special journals, and prove the equality of debit and credit totals on scratch paper.
6. Post the appropriate totals of the special journals to the general ledger.
7. Prepare a trial balance.
8. Prepare a schedule of accounts receivable and a schedule of accounts payable.
Do the totals equal the balances of the related controlling accounts?

Instructions for General Ledger Software 1. Record the transactions in the sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal.

a. For efficiency, analyze the transactions, indicate what journal each trans¬
action goes into, and key the entries in five groups or batches, one for each journal.

b. Because the program uses a single-column purchases journal, add the amount of the freight to the amount of purchases.
2. Print the journals.
3. Post the amounts from the sales, purchases, cash receipts, cash payments, and general journals.
4. Print a trial balance.
5. Print a schedule of accounts receivable and compare the total with the balance of the Accounts Receivable controlling account.
6. Print a schedule of accounts payable and compare the total with the balance of the Accounts Payable controlling account.

Transcribed Image Text:

Jan. 2 Paid rent for the month, $550; check no. 6981. 2 E. Yu, the owner, invested an additional $2,240 in the business. 4 Bought merchandise on account from Vaughn and Company, $2,710; their invoice no. A694, terms 2/10, n/30; dated January 2. 4 Received check from Vessey Appliance for $980 in payment of invoice for $1,000 less discount. 4 Sold merchandise on account to L. Parker, $650, invoice no. 6483. 6 Received check from Peterson, Inc., for $637 in payment of $650 invoice less discount. 7 Issued check no. 6982, $588, to Franklin and Son in payment of their invoice no. C127 for $600, less discount. 7 Bought supplies on account from Duncan Office Supply, $84.80, their invoice no. 190B; terms net 30 days. 7 Sold merchandise on account to English and Cole, $850, invoice no. 6484. 9 Issued credit memo no. 43 to L. Parker, $30, for merchandise returned. 11 Cash sales for January 1 to January 10, $4,442.60. 11 Paid Vaughn and Company $2,655.80; check no. 6983, in payment of their $2,710 invoice, less discount. 14 Sold merchandise on account to Vessey Appliance, $1,900, invoice no. 6485. 14 Received check from L. Parker, $607.60, in payment of $650 invoice, less return of $30 and less discount. 19 Bought merchandise on account from Crosby Products, $3,600; their invoice no. 7281, dated January 16; terms 2/10, n/60; FOB shipping point, freight prepaid and added to invoice, $140 (total $3,740). 21 Issued check no. 6984, $265, for advertising to Barclay Agency not