accounting

*Accounting Cycle Review 7-01 a1-f2 Crane Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Crane are indicated in the working papers. Presented below are a series of transactions for Crane Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number 101 112 115 January 1 Opening Balance 532250 12.500 39.000 120 126 Account Title Cash Accounts Receivable Nons Receivable Inventory Supplies Prepaid insurance Equipment Accumulated Depreciation Equip Accounts Payable Owner's Capital 15,000 1,500 130 157 158 201 301 6.900 1600 37 000 70.350 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Bilance 8. Santos S Mahay $1,600 7.800 3.100 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Bilance S. Meek R. Moses D. Saito 89000 16.000 12.000 Jana 5 7 a 9 9 10 11 12 19 15 15 16 17 18 Sell merchandise on account to B Corpas $3,000, Invoice no. 510, and to J Revere $1,600, invoice no 511. Puchose merchandise from S. Gamal $6,000 and D. Posay $2,800, forma /20. Receive checks from 5. Mahay $3,100 and B. Santos $2.000 after discount period has lapsed. Pay freight on merchandise purchased $245 Send checks to S Meck for $9,000 lesa 2 cash discount and 10 D. Saito for 12,000 ks 11 cash discount Issue credit of $300 to J. Revere for merchandise retumed Daly cash sales from January 10 January 10 total $15.000. Make one journal entry for these sales Sell merchandise on account to R Beltre $1,200, nie no. 512, and to S. Mahay $900.imvoice no 513. Pay rent of $1,400 for January Receive payment in full from B. Corpas and J. Revere las cash discounts Withdraw $800 cash by M. Crane for personal use. Post all entries to the subsidiary ledgers Purchase merchandise from D. Salto $15,000,terms 1/10, 1/30, S. Mock $14600, terma 2/10, n/30, and S. Gamal 81.500,terman/30. Pay $700 cash for office supplies Retum $300 of merchandise to S. Mesk and receive credit Daly cash sales from January 11 to January 20 total 20,600. Make one journal entry for these sales. Issue $10,000 note, maturing in 90 days, to R. Moses n payment of balance due Receive payment in full from S. Mahay less cash discount Sell merchandise on account to B Corpas $2,700, invoice no. 514 and to R. Baltre $2,200, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D Sato and Meck in full payment les cash discounts Sell merchandise on account to B Santos $3,200, Invoice no. 516, and to J. Revere $6,800, invoice no. 517 Purchase merchandise from D. Salto $14,500,terms 1/10.30: D. Posey $3,300, termen/39 and S. Gamel $5.200, termen/30 Postal entries to the subsidiary ledgers Pay $200 cash for office supplies Daly cash sales from January 21 to January 31 total 821,000. Make one journal entry for these sales. Paysales salaries 34400 and office salaries $3,200. 21 22 22 27 29 31 Record the January transactions in a sales joumal (Post entries in the order presented in the problem statement) Sales Journal 51 Account Receivable Dr. Cost of Good Sold Dr. Account Debited Invoice No. Ref. Sales Revener Inventory an Corps 10 73000 11800 Tan Revere 311 Tieco 900 pan 11 Beltre 512 11200 Pan 11 Mahay 313 7900 1540 Jan 22 Corpas 514 12700 1620 Pan 22 Beltre S1E 22:00 Jan 25 Santos 310 73200 1920 an 25 Revere T600 1080 21000 T12900 Your answer la correct Record the January transaction in a single-column purchases journal. (Por entries in the order presented in the problem statement) Purchases Journal P1 Inventory Dr. Account Credited Terms Ref. Accounts Payable an Gamel 1/30 0000 D. Por 2800 Pan. 16 Saito 1/10,n30 15000 Jan 16 Meek 2/10, 1/30 T14000 pan 16 Game 1/30 1500 Pan 25 D. Saito 1/10, 1/30 14500 Jan 27 Posey 1/30 3300 pan23 Game 11/30 5200 tan 702900 Your answer la partially correct. Try again. Record the January transactions in a cash receipts journal. Poat entries in the order presented in the problem statement.) Cash Receipts Journal CK1 Date Cash Dr. Sales Discounts Dr. Sales Revenue Cr. Other Accounts Cr. Account Credited Rut Cost of Good Sold Dr. Inventory Cr. Jan Mahay 73100 Account Receivable cz 3100 2000 Man Santos 72000 pan 10 Floor 116000 plan 15 B. Corpas POO Pan 18 J. Reverd 1000 1.000 Pan 20 10.0.0. pan 21 Mahay 000 Pan 31 I Record the January transactions in a cash payments joumal. (Post entries in the order presented in the problem statement) Cash Payments Journal CP1 Date Other Accounts Dr. Accounts Payable Account Debited Supplies Dr. Inventory Cr Cash C Ref. 120 3 0 1000! licidi 905 ppp I DO NO "Il. ll. OOOO lllllll|||| llo 627 Your answer is incorrect. Try again Record the January transactions in a two-column general journal. (Cradle account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit (Issued credit for merchandise returned.) (Cost of merchandise returned.) (Received credit for returned goods.) 8 8 (Payment of balance due.)