Abby Ellen opened Abby's Toy House. Please prepare for four special journals and general journal.
PRINCIPLES OF ACCOUNTING II TERM PROJECT Professor, Nelson Galindo Student: Abbey Ellen opened Abby's Toy House . As her newly hired accountant, your task are to: 1. Journalize the transactions for the month of March. 2. Record to subsidiary ledgers and post to the general ledger as appropriate. 3. Total and rule the journals. 4. Prepare a schedule of accounts receivable and a schedule of accounts payable. (Check Figures: Total of Schedule of accounts receivable $7, 600 Total of schedule of accounts payable $9,000) The following is the partial chart of accounts fro Abby's Toy House: Abby's Toy House Chart of Accounts Assets Revenue 110 Cash 410 Toy Sales 112 Accounts Receivable 412 Sales Returns and Allowances 114 Prepaid Rent 414 Sales Discounts 121 Delivery Truck Cost of Goods Liabilities 510 Toy Purchases 210 Accounts Payable 512 Purchases Returns and Allowances Owner's Equity 514 Purchases Discount 310 A. Ellen, Capital Expense 610 Salaries Expense 612 Cleaning Expense 200X Mar. Abbey Ellen invested $8,000 in the toy store. Paid three months' rent in advance, check no. 1, $3,000. Purchased merchandise from Earl Miller Company on account, $4,000, invoice no. 410, dated March 2, terms 2/10, n/30. 3 Sold merchandise to Bill Burton on account, $1,000, invoice no. 1, terms 2/10, n/30. 6 Sold merchandise to Jim Rex on account, $700, invoice no. 2, terms 2/10, n/30. Purchased merchandise from Earl Miller Co. on account, $1,200, invoice no. 415, dated March 9, terms 2/10, n/30. 9 Sold merchandise to Bill Burton on account, $600, invoice no. 3, terms 2/10, n/30. 9 Paid cleaning service, check no. 2, $300. 10 Jim Rex returned merchandise that cost $300 to Abby's Toy House. Abby issued credit memorandum no. 1 to Jim Rex for $300. 10 Purchased merchandise from Minnie Katz on account, $4,000, invoice no. 311, dated March 11, terms 1/15, n/60. 12 Paid Earl Miller co. invoice no. 410, dated March 2, check no. 3.13 Sold $1,300 of toy merchandise for cash, 13 Paid salaried, $600, check no. 4, 14 Returned merchandise to Minnie Katz in the amount of $ 1,000. Abby's Toy How issued debit memorandum no. 1 to Minnie Katz. 15 Sold merchandise for $4,000 cash. 16 Received payment from Jim Rex, invoice no. 2 (less returned merchandise) less discount. 16 Bill Burton paid invoice no. 1. $16 Sold toy merchandise to Amy Rose on account, $4,000, invoice no. 4, terms 2/10, n/30. 20 Purchased delivery truck on account from Sam Katz Garage, $3,000, invoice no. 111, dated March 21 (no discount). 22 Sold to Bill Burton merchandise on account, $900, invoice no. 5, terms 2/10, n/30. 23 Paid Minnie Katz balance owed, check no. 5. 24 Sold toy merchandise on account to Amy Rose, $1,100, invoice no. 6, terms 2/10, n/30. 25 Purchased toy merchandise, $600, check no. 6. 26 Purchased toy merchandise from Woody Smith on account, $4,800, invoice no. 211, dated March 27, terms 2/10, n/30. 28 Bill Burton paid invoice no. 5, dated March 22. 28 Amy Rose paid invoice no. 6, dated March 24. 28 Abby invested an additional $5,000 in the business. 28 Purchased merchandise from Earl Miller Co., $1,400, invoice no. 436, dated March 29, terms 2/10, n/30. 30 Paid Earl Miller Co., invoice no. 436, check no. 7. Sold merchandise to Bonnie Flow Company on account, $3,000, invoice no. 7, terms 2/10, n/30
