1 Critical Thinking Problem 9.1 (Algo) Special Journals LO 9-1,9-2, 9-3, 9-4, 9-5 20 points During September 20x1, Interior Designs Specialty Shop, a retail store, had the transactions listed below. The general ledger accounts used to record these transactions are also provided below. GENERAL LEDGER ACCOUNTS eBook 101 Cash 109 Notes receivable 111 Accounts receivable 121 Supplies 131 Inventory 201 Notes payable 205 Accounts payable 231 Sales tax payable 301 Sergio Cortez, Capital 401 Sales $ 18, 190 Dr. 451 Sales returns and allowances 501 Purchases 5,790 Dr. 502 Freight in 600 Dr. 503 Purchases returns and allowances 35, 240 Dr. 504 Purchases discounts 611 Cash short or over 8,990 Cr. 614 Rent expense 617 Salaries expense 52,900 Cr. 619 Utilities expense Print References DATE Sept. TRANSACTIONS 1 Received a check for $910 from David Prater to pay his account. 1 Issued Check 1401 for $2,060 to Sadler Floor Coverings, a creditor, in payment of Invoice 6325 dated August 3. 2 Issued Check 1402 for $2,450 to pay the monthly rent. 3 Sold a table on credit for $400 plus sales tax of $32 to Pam Lawrence, Sales Slip 1850. 5 Sergio Cortez, the owner, invested an additional $12,300 cash in the business in order to expand operations. 6 Had cash sales of $4,100 plus sales tax of $328 during the period September 1-6; there was a cash shortage of $20. 6 Purchased carpeting for $3,200 from Reed Millings Company, Invoice 827, dated September 3; terms of 2/10, n/30. 6 Issued Check 1403 for $190 to Tri-City Trucking Company to pay the freight charge on goods received from Reed Millings Company: 8 Purchased store supplies for $330 from Rocker Company, Invoice 4204, dated September 6, net amount due in 30 days. 8 Sold chairs on credit for $1,000 plus sales tax of $80 to Henry Tolliver, Sales Slip 1851. 11 Accepted a two-month promissory note for $2,210 from Jason Williams to settle his overdue account; the note has an interest rate of 10 percent. 11 Issued Check 1404 for $3,136 to Reed Millings Company, a creditor, in payment of Invoice 827 dated September 3 ($3,200) less a cash discount (564). 13 Had cash sales of $3,500 plus sales tax of $280 during the period September 8-13. 14 Purchased carpeting for $4,670 plus a freight charge of $80' from Wells Products, Invoice 9453, dated September 11, net due and payable in 30 days. 15 Collected $1,270 on account from Mesia Davis. 17 Gave a two-month promissory note for $4,510 to Mcknight Corporation, a creditor, to settle an overdue balance; the note bears interest at 10 percent. 19 Sold a lamp on credit to Rachel Carter for $200 plus sales tax of $16, Sales Slip 1852. 20 Had cash sales of $3,375 plus sales tax of $270 during the period September 15-20; there was a cash shortage of $10. 21 Purchased area rugs for $3,800 from Nelson Craft Products, Invoice 677, dated September 18; the terms are 2/10, n/30. 22 Issued Check 1405 for $350 to pay the monthly utility hill. 23 Granted an allowance to Rachel Carter for ss Screenshot fcludes a price reduction of $100 and sales bmp that she bought on Sales Slip 1852 of September 19; issued Credit Memorandum 151 tax of $8. 19 Sold a lamp on credit to Rachel Carter for $200 plus sales tax of $16, Sales Slip 1852. 20 Had cash sales of $3,375 plus sales tax of $270 during the period September 15-20; there was a cash shortage of $10. 21 Purchased area rugs for $3,000 from Nelson Craft Products, Invoice 677, dated September 18; the terms are 2/10, n/30. 22 Issued Check 1405 for $350 to pay the monthly utility bill. 23 Granted an allowance to Rachel Carter for scratches on the lamp that she bought on Sales Slip 1852 of September 19; issued Credit Memorandum 151 for $108, which includes a price reduction of $100 and sales tax of $8. 24 Received Credit Memorandum 110 for $400 from Nelson Craft Products for a damaged rug that was returned; the original purchase was made on Invoice 677 dated September 18. 24 Robert Kent sent a check for $1,400 to pay the balance he owes. 25 Issued Check 1406 for $3,920 to make a cash purchase of merchandise. 26 Issued Check 1407 for $2,548 to Nelson Craft Products, a creditor, in payment of Invoice 677 of September 18 ($3,000), less a return $400) and a cash discount ($52). 27 Purchased hooked rugs for $3,610 plus a freight charge of $110 from Booker, Inc., Invoice 1368, dated September 23, net payable in 45 days. 27 Had cash sales of $4,200 plus sales tax of $336 during the period September 2227. 28 Issued Check 1408 for $2,420 to Wells Products, a creditor, in payment of Invoice 8984 dated August 30. 29 Sold a cabinet on credit to Mesia Davis for $900 plus sales tax of $72, Sales Slip 1853. 30 Had cash sales of $1,700 plus sales tax of $136 for September 29-30; there was a cash overage of $10. 30 Issued Check 1409 for $6,260 to pay the monthly salaries of the employees. Required: 1. Open the general ledger accounts and enter the balances as of September 1, 20X1. 2. Record the transactions in a sales journal, a cash receipts journal, a purchases journal, a cash payments journal, and a general journal. 3. Post the entries from the general journal to the proper general ledger accounts. 4. Post the entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts. 5. Post the entries from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts. 6. Post the column totals from the special journals to the proper general ledger accounts. 7. Set up an accounts receivable ledger for Interior Designs Specialty Shop. Open an account for each of the customers listed below and enter the balances as of September 1. All of these customers have terms of n/30. Credit Customers Balance Name 9/01/X1 Rachel Carter Mesia Davis $ 1,270 Robert Kent 1,400 Pam Lawrence David Prater 910 Henry Tolliver Jason Williams 2,210 8. Post the individual entries from the sales journal, the cash receipts journal, and the general journal to the accounts receivable subsidiary ledger. Screenshot Account No. 205 Credit Balance Sales Tax Payable Date Debit Account No. 231 Credit Balance Accounts Payable Date Debit Sept. 01, 20X1 Sept. 01, 20X1 8,990 (8,990) Account No. 301 Credit Balance Account No. 401 Credit Balance Debit Sergio Cortez, Capital Date Debit Sept. 01, 20X1 Sales Date Sept. 01, 20X1 12,300 12,300 Account No. 451 Purchases Sales Returns and Allowances Date Debit Account No. 501 Credit Balance Date Debit Credit Balance Account No. 503 Freight-In Date Debit Account No. 502 Credit Balance Purchases Returns and Allowances Date Debit Credit Balance Purchases Discounts Date Debit Account No. 504 Credit Balance Cash Short or Over Date Debit Account No. 611 Credit Balance Screenshot Complete this question by entering your answers in the tabs below. General Sales Cash Purcha... Cash General Acct Rec Sched... Acct Pay Sched... Ledgers Journal Receipts Journal Payme.. Journal Ledgers of Acct Ledgers of Acct Open the general ledger accounts and enter the balances as of September 1, 20x1. Account No. 101 Credit Balance Notes Receivable Date Debit Account No. 109 Credit Balance Debit Cash Date Sept. 01, 20X1 Sept. 05, 20X1 Sept. 01, 20X1 12,300 12,300 910 13,210 Account No. 111 Credit Balance Supplies Date Debit Account No. 121 Credit Balance Accounts Receivable Date Debit Sept. 01, 20X1 Sept. 01, 20X1 Sep 01, 20X1 910 (910) Account No. 131 Credit Balance Notes Payable Date Debit Account No. 201 Credit Balance Inventory Date Debit Sept. 01, 20X1 Sept. 01, 35,240 20X1 (35,240) Accounts Payable Account No. 205 Sales Tax Pavable Account No. 231 at Account No. 301 Credit Balance Sergio Cortez, Capital Date Debit Sept. 01, 20X1 Debit Sales Date Sept. 01, 20X1 Account No. 401 Credit Balance ence 12,300 12,300 Account No. 451 Purchases Account No. 501 Sales Returns and Allowances Date Debit Credit Balance Date Debit Credit Balance Freight-in Date Debit Account No. 502 Credit Balance Purchases Returns and Allowances Date Debit Account No. 503 Credit Balance Purchases Discounts Date Debit Account No. 504 Credit Balance Cash Short or Over Date Debit Account No. 611 Credit Balance Rent Expense Date Debit Account No. 614 Credit Balance Salaries Expense Date Debit Account No. 617 Credit Balance Utilities Expense Date Debit Account No. 619 Credit Balance General Ledgers Sales Journal > Screenshot P Complete this question by entering your answers in the tabs below. General Sales Cash Purcha... Cash General Acct Rec Sched... Acct Pay Sched... Ledgers Journal Receipts Journal Payme... Journal Ledgers of Acct Ledgers of Acct Record the transactions in a sales journal. Date Sales Slip No. SALES JOURNAL Accounts Customer's Receivable Name Debit Pam Lawrence Sales Tax Payable Credit Sales Credit Sept. 30, 20X1 Totals o $ 0 $ 0 General Sales Cash Purcha... Cash General Acct Rec Sched... Acct Pay Sched... Ledgers Journal Receipts Journal Payme... Journal Ledgers of Acct Ledgers of Acct Record the transactions in a cash receipts journal. (Negative amounts should be indicated with a minus sign.) Other Accounts Credit CASH RECEIPTS JOURNAL Accounts Sales Tax Sales Receivable Payable Credit Credit Credit Date Description Cash Debit Account Name Amount Sept. 30, 20X1 Totals $ 0 $ 0 $ 0 0 $ 0 Complete this question by entering your answers in the tabs below. General Sales Cash Purcha... Cash General Acct Rec Sched... Acct Pay Sched... Ledgers Journal Receipts Journal Payme... Journal Ledgers of Acct Ledgers of Acct Record the transactions in a sales journal. Date Sales Slip No. SALES JOURNAL Accounts Customer's Receivable Name Debit Pam Lawrence Sales Tax Payable Credit Sales Credit Sept. 30, 20X1 Totals o $ 0 $ 0 General Sales Cash Purcha... Cash General Acct Rec Sched Ledgers Journal Receipts Journal Payme... Journal Ledgers of Ac Record the transactions in a general journal. View transaction list Journal entry worksheet Record the purchase of store supplies, Invoice 4204 dated September 6, net amount due in 30 days. Note: Enter debits before credits. General Journal Debit Credit Date Sept. 8, 20X1 Record entry View general journal Clear entry Record the receipt of a 2-month, 10% note from Jason Williams to replace an open account. Note: Enter debits before credits. General Journal Debit Credit Date Sept. 11, 20X1 Record entry View general journal Clear entry Record the issuance of a 2-month, 12% note to McKnight Corp. to replace an open account. Note: Enter debits before credits. General Journal Debit Credit Date Sept. 17, 20X1 Record entry View general journal Clear entry Record the allowance granted for damaged lamps, Credit Memo 151, original sale made on Sales Slip 1852'on September 19. Note: Enter debits before credits. General Journal Debit Credit Date Sept. 23, 20X1 Record entry View general journal Clear entry Complete this question by entering your answers in the tabs below. General Sales Cash Purcha... Cash General Acct Rec Sched... Acct Pay Sched... Ledgers Journal Receipts Journal Payme... Journal Ledgers of Acct Ledgers of Acct Prepare a schedule of accounts receivable for September 30, 20X1. INTERIOR DESIGNS SPECIALTY SHOP Schedule of Accounts Receivable Sept. 30, 20X1 Rachel Carter Mesia Davis Robert Kent Pam Lawrence David Prater Henry Tolliver Jason Williams Total $ 0 General Sales Cash Purcha... Cash General Acct Rec Sched... Acct Pay Sched... Ledgers Journal Receipts Journal Payme... Journal Ledgers of Acct Ledgers of Acct Post the individual entries from the purchases journal, the cash payments journal, and the general journal to the accounts payable subsidiary ledger. Opening balances as of September 1 are listed below. Show less Booker, Inc. Terms n/45 McKnight Corporation Terms 1/10, n/30 Date Debit Credit Balance Date Debit Credit Balance Sept. 01, 20X1 4,510 Nelson Craft Products Date Debit Terms 2/10, n/30 Credit Balance Reed Millings Company Date Debit Terms 2/10, n/30 Credit Balance Rocker Company Date Debit Terms n/30 Credit Balance Sadler Floor Coverings Date Debit Sep 01, 20X1 Terms n/30 Credit Balance 2,060 Wells Products Date Debit Sep 01, 20X1 Terms n/30 Credit Balance 2,420 Complete this question by entering your answers in the tabs below. General Sales Cash Purcha... Cash General Acct Rec Sched... Acct Pay Sched... Ledgers Journal Receipts Journal Payme... Journal Ledgers of Acct Ledgers of Acct Prepare a schedule of accounts payable for September 30, 20X1. INTERIOR DESIGNS SPECIALTY SHOP Schedule of Accounts Payable Sept. 30, 20X1 Booker, Inc. McKnight Corporation Nelson Craft Products Reed Millings Company Rocker Company Sadler Floor Coverings Wells Products Total $ 0