Accounting 101 Fall 2019. Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions occurred in August: Aug. 1 EU ww 15 Purchased merchandise from Able Co. for $6,000, terms 2/10, 1/30. Received check from Fox Co. (full balance outstanding) for July sale (less the 2% discount). Sent check No.757 for $4.900 to Able Co. in full payment of outstanding balance from the prior month. Sold merchandise on credit to Coe Co. for $5,000, terms 2/10, n/30, Invoice No. 245. Cost of the goods sold is $2,500. Purchased merchandise from Baker Co. for $6,000, terms 1/15, 1/30. Purchased office supplies on credit from Echo Co. for $500, terms n/30. Returned merchandise costing $300 to Able Co. from August 1 purchase. Paid Able Co. for the August 1 purchase, (less discount) Check No. 758. Received cash payment from Coe Co. for August 4 sale (less discount). Paid August rent of $1,000, Check No. 759. Sold merchandise on credit to Fox Co. for $5,000, terms 2/10, 1/30, Invoice No. 246. Cost of the goods sold is $2,600. Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 247. Cost of the goods sold is $2,200. Received $2,400 cash for the $2.000 note receivable from Fox Corp. (included $400 Interest). Sold merchandise on credit to Thomas Co for $6,000, terms 2/10, n/30, Invoice No. 248. Cost of the goods sold was $3,400. Made cash payment in full to Baker Co. for the August 5 purchase, Check No 760. Sold merchandise on credit to Fox Co. for $4,000, terms 2/10,n/30, Invoice No. 249. Cost of the goods sold was $2.400. Sold merchandise on credit to Thomas Co. for $4,000, terms 2/10, n/30, Invoice No. 250. Cost of the goods sold is $2,200. Received full payment less discount from Fox Co. for Aug. 15 sale. Recorded cash sales for the month $7,500. The cost of the goods sold was $3,000. Paid Telephone Bill for August of $400, Check No. 761. Paid Salaries of $500 each to 3 employees Checks 762, 763, 764. Issued Check # 765 for $5,300 ($5,000 note payable and $300 interest expense) 30 Record the above transactions in the appropriate special journals below. Post to ledgers and prepare the trial balances. GENERAL JOURNAL Date Account Title PR Debit | Credit Aug-09 Able co. 300 Purchase return 300 Date Account Terms Invoice Date PURCHASES JOURNAL Account Inventory Payable Debit Credit 6000 6000 Office Supplies Debit Other Accounts Debit Aug-01 Aug-05 Aug-08 Able co. Aug-01 1/30 Baker Co. Aug-05 n/30 Echo Co. Aug-08 n/30 6000 6000 500 500 Date Check Payee CASH DISBURSEMENTS JOURNAL Account Cash Merchandise Debited Credit Inventory Credit Able co. 4900 Other Accounts Debit Accounts Payable Debit 4900 757 Able co. Able co. Able co. 5700 300 6000 Rent 1000 1000 758 759 760 761 762 6000 Aug-3 Aug-11 Aug-15 Aug-20 Aug-29 Aug-29 Aug-29 Aug-29 Aug-30 6000 400 400 500 500 Baker Co. Baker Co. Telephone Bill Salary for emp 1 Salary for emp 2 Salary for emp3 Note payable 763 500 500 764 500 500 5300 765 300 5000 Invoice Number SALES JOURNAL PR Account Recevable -Debit Sales Credit 5000 Cost of Good Sold Debit Inventory Credit 2500 245 246 5000 4000 Date Account Debited Aug-04 Coe co. Aug-15 Fox co. Aug-18 Coe co. Aug-19 Thomas co. Aug-20 Fox co. Aug-22 Thomas co. Aug-28 cash 247 248 2600 2200 3400 2400 6000 4000 249 250 4000 2200 250 7500 3000 Date Explanation Account Credited CASH RECIEPTS JOURNAL Cash Sales | Accounts Debit Discount Debit Credit Sales Credit Rec. Other Account Credit Cost of Goods Sold Debit Inventory Credit 2500 2% discount 4900 100 5000 UUU Aug-13 Aug-18 Aug-25 Coeco. Foxco. Fox co. 2400 5000 2400 5000 2% discount 4900 100 5000 2600 CASH 100 PR Date XX Debit XXL Balance Forwarded Credit XXL Balance 27,000 L ACCOUNTS RECEIVABLE PR Debit Balance Forwarded XX 200 Credit Date XX XX Balance 2,000 MERCHANDISE INVENTORY PR Debit Date 135 Credit XX Balance Forwarded XX Balance 30,000 140 OFFICE SUPPLIES Debit Date PR Credit Balance Date XX NOTE RECEIVABLE 150 PR Debit L XXL Balance Forwarded Credit Credit XXL Balance 2.000 Date ACCOUNTS PAYABLE 300 | PR Debit XX Credit XX XX Balance Forwarded Balance 5,000 350 Date XX NOTES PAYABLE PR Debit XX Credit XX Balance Forwarded Balance 10,000 400 Date XX OWNERS EQUITY PR1 Debit XX Credit XX Balance Forwarded Balance 46,000 SALES 500 Debit Date PR | Credit1 Balance Date INTEREST REVENUE 510 PR Debit I Credit Balance SALARIES EXPENSE 600 PR Debit Date Credit Balance RENT EXPENSE 602 PR Debit Date Credit Balance INTEREST EXPENSE 604 PR Debit Date Credit Balance TELEPHONE EXPENSE PRI Debit 605 Credit Date Balance COST OF GOODS SOLD 625 PR Debit Credit Date Balance 655 SALES DISCOUNTS PR PR Debit Date Credit Balance TRIAL BALANCE SUBSIDIARY LEDGERS ACCOUNTS PAYABLE Date XX Subsidiary Account Payable PR Debit XX -- Able Company Credit XX Balance Balance Balance 5,000 Subsidiary Account Payable Baker Company Explantation PR Debit Credit Date Balance Subsidiary Account Payable - Echo PR Debit Date Credit Balance Schedule of Accounts Receivable Schedule of Accounts Payable Accounting 101 Fall 2019. Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions occurred in August: Aug. 1 EU ww 15 Purchased merchandise from Able Co. for $6,000, terms 2/10, 1/30. Received check from Fox Co. (full balance outstanding) for July sale (less the 2% discount). Sent check No.757 for $4.900 to Able Co. in full payment of outstanding balance from the prior month. Sold merchandise on credit to Coe Co. for $5,000, terms 2/10, n/30, Invoice No. 245. Cost of the goods sold is $2,500. Purchased merchandise from Baker Co. for $6,000, terms 1/15, 1/30. Purchased office supplies on credit from Echo Co. for $500, terms n/30. Returned merchandise costing $300 to Able Co. from August 1 purchase. Paid Able Co. for the August 1 purchase, (less discount) Check No. 758. Received cash payment from Coe Co. for August 4 sale (less discount). Paid August rent of $1,000, Check No. 759. Sold merchandise on credit to Fox Co. for $5,000, terms 2/10, 1/30, Invoice No. 246. Cost of the goods sold is $2,600. Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 247. Cost of the goods sold is $2,200. Received $2,400 cash for the $2.000 note receivable from Fox Corp. (included $400 Interest). Sold merchandise on credit to Thomas Co for $6,000, terms 2/10, n/30, Invoice No. 248. Cost of the goods sold was $3,400. Made cash payment in full to Baker Co. for the August 5 purchase, Check No 760. Sold merchandise on credit to Fox Co. for $4,000, terms 2/10,n/30, Invoice No. 249. Cost of the goods sold was $2.400. Sold merchandise on credit to Thomas Co. for $4,000, terms 2/10, n/30, Invoice No. 250. Cost of the goods sold is $2,200. Received full payment less discount from Fox Co. for Aug. 15 sale. Recorded cash sales for the month $7,500. The cost of the goods sold was $3,000. Paid Telephone Bill for August of $400, Check No. 761. Paid Salaries of $500 each to 3 employees Checks 762, 763, 764. Issued Check # 765 for $5,300 ($5,000 note payable and $300 interest expense) 30 Record the above transactions in the appropriate special journals below. Post to ledgers and prepare the trial balances. GENERAL JOURNAL Date Account Title PR Debit | Credit Aug-09 Able co. 300 Purchase return 300 Date Account Terms Invoice Date PURCHASES JOURNAL Account Inventory Payable Debit Credit 6000 6000 Office Supplies Debit Other Accounts Debit Aug-01 Aug-05 Aug-08 Able co. Aug-01 1/30 Baker Co. Aug-05 n/30 Echo Co. Aug-08 n/30 6000 6000 500 500 Date Check Payee CASH DISBURSEMENTS JOURNAL Account Cash Merchandise Debited Credit Inventory Credit Able co. 4900 Other Accounts Debit Accounts Payable Debit 4900 757 Able co. Able co. Able co. 5700 300 6000 Rent 1000 1000 758 759 760 761 762 6000 Aug-3 Aug-11 Aug-15 Aug-20 Aug-29 Aug-29 Aug-29 Aug-29 Aug-30 6000 400 400 500 500 Baker Co. Baker Co. Telephone Bill Salary for emp 1 Salary for emp 2 Salary for emp3 Note payable 763 500 500 764 500 500 5300 765 300 5000 Invoice Number SALES JOURNAL PR Account Recevable -Debit Sales Credit 5000 Cost of Good Sold Debit Inventory Credit 2500 245 246 5000 4000 Date Account Debited Aug-04 Coe co. Aug-15 Fox co. Aug-18 Coe co. Aug-19 Thomas co. Aug-20 Fox co. Aug-22 Thomas co. Aug-28 cash 247 248 2600 2200 3400 2400 6000 4000 249 250 4000 2200 250 7500 3000 Date Explanation Account Credited CASH RECIEPTS JOURNAL Cash Sales | Accounts Debit Discount Debit Credit Sales Credit Rec. Other Account Credit Cost of Goods Sold Debit Inventory Credit 2500 2% discount 4900 100 5000 UUU Aug-13 Aug-18 Aug-25 Coeco. Foxco. Fox co. 2400 5000 2400 5000 2% discount 4900 100 5000 2600 CASH 100 PR Date XX Debit XXL Balance Forwarded Credit XXL Balance 27,000 L ACCOUNTS RECEIVABLE PR Debit Balance Forwarded XX 200 Credit Date XX XX Balance 2,000 MERCHANDISE INVENTORY PR Debit Date 135 Credit XX Balance Forwarded XX Balance 30,000 140 OFFICE SUPPLIES Debit Date PR Credit Balance Date XX NOTE RECEIVABLE 150 PR Debit L XXL Balance Forwarded Credit Credit XXL Balance 2.000 Date ACCOUNTS PAYABLE 300 | PR Debit XX Credit XX XX Balance Forwarded Balance 5,000 350 Date XX NOTES PAYABLE PR Debit XX Credit XX Balance Forwarded Balance 10,000 400 Date XX OWNERS EQUITY PR1 Debit XX Credit XX Balance Forwarded Balance 46,000 SALES 500 Debit Date PR | Credit1 Balance Date INTEREST REVENUE 510 PR Debit I Credit Balance SALARIES EXPENSE 600 PR Debit Date Credit Balance RENT EXPENSE 602 PR Debit Date Credit Balance INTEREST EXPENSE 604 PR Debit Date Credit Balance TELEPHONE EXPENSE PRI Debit 605 Credit Date Balance COST OF GOODS SOLD 625 PR Debit Credit Date Balance 655 SALES DISCOUNTS PR PR Debit Date Credit Balance TRIAL BALANCE SUBSIDIARY LEDGERS ACCOUNTS PAYABLE Date XX Subsidiary Account Payable PR Debit XX -- Able Company Credit XX Balance Balance Balance 5,000 Subsidiary Account Payable Baker Company Explantation PR Debit Credit Date Balance Subsidiary Account Payable - Echo PR Debit Date Credit Balance Schedule of Accounts Receivable Schedule of Accounts Payable