*Accounting Cycle Review 7-01 a1-12 Sunland 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 Sunland are indicated in the working papers. Presented below are a series of transactions for Sunland 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. Prepaidance A Derection-coup Owners Cape ha n receive subsidiary del w Beal Acc Peale from sua pasubaliary India) Med 17 000 3 Cargo 700 5 10 and 1.500 5 5 do 5.000 DP125000 7 hos SS000 eredhased 8 hadi 20 Send to c o ntato 10.000 less o Dalys from wwwt w o Make maltry for the sale a ndise on to Beve 1.200, 512, and to 8. M y 1900, invoice 518 Pwy 1400 www 13 Rec e nti rom a nd. Revere less con discours 15 W ww why M. Sandfor personal 15 w ww why M. Sand for personal 15 the world 16 semeshandim . 10 Mere Game 100. www Daly Cashram 11 1 00 Momentos Seme n t ara 2.700, 514, and to RS 52.100 15 Send checks to Sated S. Meskin tulpanesh courts Selmechandon to Santos 00 5 16, and to e n ter 517 hemendieromato 14100 terms 1/10, D. Posey 13.500, temo was and Game 85100, tems 27 o enten Powi wies to the wider ledige Pwy 6200 can for office supplies 31 D Daily sharom Juary 21 towary . 23,100 M j t try for these 3 1 Puyoles 00 and office ale 55.000 Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Record the January transactions in a single- column purchases journal. (Post entries in the order presented in the problem statement.) Alser Pe W30 VI Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Account Receivable Het Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cual Payment Journal Record the January transactions in a two- column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Cum Account Titles and Explanation (Issued credit for merchandise returned.) (Cost of merchandise returned.) (Received credit for returned goods.) (Payment of balance due.) Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) Jan Antecede Credit Pregalo Date pe Relat Accumulated Depresion a ment No. 150 Balance Nates Payable 900 Ref Debit Account Payable No 201 balance Credit esis Credit teplantin Retett Credit Sales Returns and Almances Dune Expansion Credit Balance Jan 9 LOS!! Sales Discos Ne, 414 Date pe Cast of Good Bond Ced Ne 729 Jan 12 Ascounts Recente Subsidiary Ledger R.Beltre Date Expo J. Revere Date Expansion 1 Mahey Date Expansion Date Expo S. Mark R. More Date Emplanon jante Se S. Gamel Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. Office supplies at January 31 total $900. Insurance coverage expires on October 31, 2020. Annual depreciation on the equipment is $1,500. Interest of $50 has accrued on the note payable. SUNLAND COMPANY Trial Balance A rmenia HR Balance Sheet Account Title Dr. Notes Receivable Supplies Prepaid insurance Equipment Acoum. Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Sales Revenue Sale Resume and Allowances Sales Discounts Coat of Good Sold Salories and wages Expense Supplies Expense Interest Esper Total Totals Prepare a multiple-step income statement. Prepare a owner's equity statement for January. (List items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation de coule (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Dm Account Titles and Explanation code (To close revenue account) (To close expense accounts) (To close net income) (To close drawings) Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) tance Net Date Credit Bane Delt 1380 35220 Page Ace Dee 1 Hy Nate Payable Ref Debt Credit Ace Peable Rel a tet 61.300 47,700 40,700 Ne 230 Bane Dell Credit Owner Battal 11 Oy 1 ley 31 Clowy Hoy Die En 31 Corry Sales Returns and Alice 31 Close . 31 Cold 48.340 Salaries and Expense Ret e tt Credit be 1 Corey Depreciation Expense Dute Exten 1 m 5 31 de 5 interest pense 31 de 5 insurance pe 5 5 Supplies De No 729 hey Prepare a post-closing trial balance. Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. AER Question A t ted *Accounting Cycle Review 7-01 a1-12 Sunland 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 Sunland are indicated in the working papers. Presented below are a series of transactions for Sunland 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. Prepaidance A Derection-coup Owners Cape ha n receive subsidiary del w Beal Acc Peale from sua pasubaliary India) Med 17 000 3 Cargo 700 5 10 and 1.500 5 5 do 5.000 DP125000 7 hos SS000 eredhased 8 hadi 20 Send to c o ntato 10.000 less o Dalys from wwwt w o Make maltry for the sale a ndise on to Beve 1.200, 512, and to 8. M y 1900, invoice 518 Pwy 1400 www 13 Rec e nti rom a nd. Revere less con discours 15 W ww why M. Sandfor personal 15 w ww why M. Sand for personal 15 the world 16 semeshandim . 10 Mere Game 100. www Daly Cashram 11 1 00 Momentos Seme n t ara 2.700, 514, and to RS 52.100 15 Send checks to Sated S. Meskin tulpanesh courts Selmechandon to Santos 00 5 16, and to e n ter 517 hemendieromato 14100 terms 1/10, D. Posey 13.500, temo was and Game 85100, tems 27 o enten Powi wies to the wider ledige Pwy 6200 can for office supplies 31 D Daily sharom Juary 21 towary . 23,100 M j t try for these 3 1 Puyoles 00 and office ale 55.000 Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Record the January transactions in a single- column purchases journal. (Post entries in the order presented in the problem statement.) Alser Pe W30 VI Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Account Receivable Het Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cual Payment Journal Record the January transactions in a two- column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Cum Account Titles and Explanation (Issued credit for merchandise returned.) (Cost of merchandise returned.) (Received credit for returned goods.) (Payment of balance due.) Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) Jan Antecede Credit Pregalo Date pe Relat Accumulated Depresion a ment No. 150 Balance Nates Payable 900 Ref Debit Account Payable No 201 balance Credit esis Credit teplantin Retett Credit Sales Returns and Almances Dune Expansion Credit Balance Jan 9 LOS!! Sales Discos Ne, 414 Date pe Cast of Good Bond Ced Ne 729 Jan 12 Ascounts Recente Subsidiary Ledger R.Beltre Date Expo J. Revere Date Expansion 1 Mahey Date Expansion Date Expo S. Mark R. More Date Emplanon jante Se S. Gamel Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. Office supplies at January 31 total $900. Insurance coverage expires on October 31, 2020. Annual depreciation on the equipment is $1,500. Interest of $50 has accrued on the note payable. SUNLAND COMPANY Trial Balance A rmenia HR Balance Sheet Account Title Dr. Notes Receivable Supplies Prepaid insurance Equipment Acoum. Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Sales Revenue Sale Resume and Allowances Sales Discounts Coat of Good Sold Salories and wages Expense Supplies Expense Interest Esper Total Totals Prepare a multiple-step income statement. Prepare a owner's equity statement for January. (List items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation de coule (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Dm Account Titles and Explanation code (To close revenue account) (To close expense accounts) (To close net income) (To close drawings) Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) tance Net Date Credit Bane Delt 1380 35220 Page Ace Dee 1 Hy Nate Payable Ref Debt Credit Ace Peable Rel a tet 61.300 47,700 40,700 Ne 230 Bane Dell Credit Owner Battal 11 Oy 1 ley 31 Clowy Hoy Die En 31 Corry Sales Returns and Alice 31 Close . 31 Cold 48.340 Salaries and Expense Ret e tt Credit be 1 Corey Depreciation Expense Dute Exten 1 m 5 31 de 5 interest pense 31 de 5 insurance pe 5 5 Supplies De No 729 hey Prepare a post-closing trial balance. Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. AER Question A t ted CALCULATOR PRINTER VERSION BACK NEXT Accounting Cycle Review 7-01 al-f2 Sunland 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 Sunland are indicated in the working papers. Presented below are a series of transactions for Sunland Co. for the month of January. Credit sales terms are 2/10, 1/30. The cost of a merchandise sold was 60 of the sales price GENERAL LEDGER Account Number Account Title 101 112 115 120 126 130 157 158 201 301 Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $34,250 13,300 41,000 15,000 1,000 1,500 7,350 1,600 35,500 76,300 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre B. Santos 7,500 S. Mahay 4,100 $1,700 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance Custome Opening Balance $0,500 R. Moses D. Saito 17,000 10.000 Jan. 3 8 9 10 11 12 13 15 15 16 17 18 20 21 21 22 22 23 25 27 27 28 Sell merchandise on account to B. Corps $3,700, invoice no. 510, and to). Revere $1,500, invoice no. 511. Purchase merchandise from 5. Gamel $5,000 and D. Posey $2,500, terms 1/30 Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount penod has lapsed. Pay freight on merchandise purchased $230. Send checks to S. Meek for $8,500 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount Issue credit of $300 to 1. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $15.500. Make one journal entry for these sales Sell merchandise on account to R. Beltre $1.200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw 5800 cash by M. Sunland for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, 30; and S. Gamal $1,500, terms ry 30. Pay $800 cash for office supplies. Return $400 of merchandise to S. Meek and receive credit Dolly cash sales from January 11 to January 20 total $20.100. Make one journal entry for these sales. Issue $17,000 note, maturing in 90 days, to R. Moses in payment of biance 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. Beltre $2,100, invoice no. 515. Post all entries to the subsidiary ledgers Send checks to D. Saito and S. Meek in ful payment less cash discounts Se merchandise on account to B. Santos $4,000, wice no. 516, and to 1. Revere $6,000, invoice no. 517. Purchase merchandise from D. Saito $14, 100, terms 1/10, 1/30; D. Posey $3,500, termen/30; and S. Gamel 55,100 term n/30 Postal entries to the subsidiary ledgers. Pay200 cash for officers 27 28 31 31 Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $23,100. Make one journal entry for these sales Pay sales salaries $4,400 and office salaries $3,000. Your answer is correct. Record the January transactions in a sales journal (Post entries in the order presented in the problem statement Sales Journal Date Account Receivable Dr. Cost of Good Sold Dr. Inventory C Account Debited Invoice Wes Revens Jan. B. Corpas - B. Santos Jan. 25 . Revere Record the January transactions in a two-column general journal. (Credit the order presented in the problem.) un titles are automatically indented w Date Account Titles and Explanation Credit Jan. 9 Sales Returns and Allowances 81 Accounts Receivable (Issued credit for merchandise returned.) Inventory Jan. 9 300 (Cost of merchandise returned.) Tan. 10 Accounts Payable 300 Accounts Receivable (Received credit for returned goods.) Jan. 21 Cash Cash 900 (Payment of balance due.) General Ledger Cash No. 101 Balance Explanation Ref. Debit Credit Jan. 1 Balance 34250 CRIT Accounts Receivable Date Explanation Ref. Debit Credit No. 112 Balance 13300 Jan. 1 Balance VT CRI G1T Notes Receivable Date Explanation No. 115 Balance Ref. Debit Credit Jan. 1 Balance Twenton Inventory Date Explanation No. 120 Balance Ref. Debit Credit Jan. 1 Balance D S11 Oddddddd D CP1T G1 18 Supplies Date Explanation No. 125 Balance Ref. Debit Credit v1T Jan. 1 Balance 31 CPI Premaid Taguan No. 125 Supplies Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Prepaid Insurance Date Explanation No. 130 Balance Ref. Debit Credit Jan. 1 Balance Equipment Date Explanation Ref. No. 157 Balance Debit Credit Jan. 1 Balance Accumulated Depreciation Equipment Date Explanation No. 158 Balance Ref. Debit Credit Jan. 1 Balance Jan. 1 Balance D O O Notes Payable Date Explanation No. 200 Balance Ref. Debit Credit Jan. 21 Jan. 21 G G1 C Accounts Payable Date Explanation No. 201 Balance Ref. Ref. Debit Credit Jan. 1 Balance 31 Jan. 21 Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit Jan. 1 Balance 21 Owner's Capital Date Explanation Ref. Debit No. 301 Balance Credit Jan. 1 Balance Owner's Drawings Date Explanation Ref. Debit No. 306 Balance Credit Jan 15 CP1 Sales Revenue Date Explanation Ref. Debit No, 401 Balance Credit Jan. 31 CRIT 31 Sales Returns and Allowances Date Explanation No. 412 Balance Ref. Debit Credit Jan. 9 No. 414 Sales Discounts Date Explanation Ref. Debit Credit Balance Jan. 31 CR1 CRI Cost of Goods Sold Date Explanation No. 505 Balance Ref. Debit Credit Jan. 31 No. 627 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance Jan. 31 Rent Expense Date No. 729 Balance Explanation Debit Credit Ref. CP1 Jan. 12 L Accounts Receivable Subsidiary Ledger R. Beltre Date Explanation Debit Credit Balance Jan. 1 Balance 11 11 22 J. Revere Date Explanation Debit Credit Balance Jan. 3 25 si I B. Santos Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 33 S. Mahey Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 21 B. Corpas Date Explanation Ref. Debit Credit Balance Jan. 3 CRIT Accounts Payable Subsidiary Ledger D. Posey Date Explanation Ref. Debit Credit Balance Jan. 5 P1 Accounts Payable Subsidiary Ledger D. Posey Date Explanation Ref. Debit Credit Balance 2 Jan. 5 27 S. Meek Date Explanation Debit Credit Balance Jan. 1 Balance R. Moses Date Explanation Ref. Debit Credit Balance Jan. 1 Balance D. Saito Date Explanation Debit Credit Balance Jan. 1 Balance P1T S. Gamel Date Explanation Ref. Debit Credit Balance Jan. 5 P11 LINK TO TEXT *Accounting Cycle Review 7-01 a1-12 Sunland 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 Sunland are indicated in the working papers. Presented below are a series of transactions for Sunland 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. Prepaidance A Derection-coup Owners Cape ha n receive subsidiary del w Beal Acc Peale from sua pasubaliary India) Med 17 000 3 Cargo 700 5 10 and 1.500 5 5 do 5.000 DP125000 7 hos SS000 eredhased 8 hadi 20 Send to c o ntato 10.000 less o Dalys from wwwt w o Make maltry for the sale a ndise on to Beve 1.200, 512, and to 8. M y 1900, invoice 518 Pwy 1400 www 13 Rec e nti rom a nd. Revere less con discours 15 W ww why M. Sandfor personal 15 w ww why M. Sand for personal 15 the world 16 semeshandim . 10 Mere Game 100. www Daly Cashram 11 1 00 Momentos Seme n t ara 2.700, 514, and to RS 52.100 15 Send checks to Sated S. Meskin tulpanesh courts Selmechandon to Santos 00 5 16, and to e n ter 517 hemendieromato 14100 terms 1/10, D. Posey 13.500, temo was and Game 85100, tems 27 o enten Powi wies to the wider ledige Pwy 6200 can for office supplies 31 D Daily sharom Juary 21 towary . 23,100 M j t try for these 3 1 Puyoles 00 and office ale 55.000 Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Record the January transactions in a single- column purchases journal. (Post entries in the order presented in the problem statement.) Alser Pe W30 VI Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Account Receivable Het Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cual Payment Journal Record the January transactions in a two- column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Cum Account Titles and Explanation (Issued credit for merchandise returned.) (Cost of merchandise returned.) (Received credit for returned goods.) (Payment of balance due.) Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) Jan Antecede Credit Pregalo Date pe Relat Accumulated Depresion a ment No. 150 Balance Nates Payable 900 Ref Debit Account Payable No 201 balance Credit esis Credit teplantin Retett Credit Sales Returns and Almances Dune Expansion Credit Balance Jan 9 LOS!! Sales Discos Ne, 414 Date pe Cast of Good Bond Ced Ne 729 Jan 12 Ascounts Recente Subsidiary Ledger R.Beltre Date Expo J. Revere Date Expansion 1 Mahey Date Expansion Date Expo S. Mark R. More Date Emplanon jante Se S. Gamel Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. Office supplies at January 31 total $900. Insurance coverage expires on October 31, 2020. Annual depreciation on the equipment is $1,500. Interest of $50 has accrued on the note payable. SUNLAND COMPANY Trial Balance A rmenia HR Balance Sheet Account Title Dr. Notes Receivable Supplies Prepaid insurance Equipment Acoum. Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Sales Revenue Sale Resume and Allowances Sales Discounts Coat of Good Sold Salories and wages Expense Supplies Expense Interest Esper Total Totals Prepare a multiple-step income statement. Prepare a owner's equity statement for January. (List items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation de coule (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Dm Account Titles and Explanation code (To close revenue account) (To close expense accounts) (To close net income) (To close drawings) Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) tance Net Date Credit Bane Delt 1380 35220 Page Ace Dee 1 Hy Nate Payable Ref Debt Credit Ace Peable Rel a tet 61.300 47,700 40,700 Ne 230 Bane Dell Credit Owner Battal 11 Oy 1 ley 31 Clowy Hoy Die En 31 Corry Sales Returns and Alice 31 Close . 31 Cold 48.340 Salaries and Expense Ret e tt Credit be 1 Corey Depreciation Expense Dute Exten 1 m 5 31 de 5 interest pense 31 de 5 insurance pe 5 5 Supplies De No 729 hey Prepare a post-closing trial balance. Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. AER Question A t ted *Accounting Cycle Review 7-01 a1-12 Sunland 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 Sunland are indicated in the working papers. Presented below are a series of transactions for Sunland 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. Prepaidance A Derection-coup Owners Cape ha n receive subsidiary del w Beal Acc Peale from sua pasubaliary India) Med 17 000 3 Cargo 700 5 10 and 1.500 5 5 do 5.000 DP125000 7 hos SS000 eredhased 8 hadi 20 Send to c o ntato 10.000 less o Dalys from wwwt w o Make maltry for the sale a ndise on to Beve 1.200, 512, and to 8. M y 1900, invoice 518 Pwy 1400 www 13 Rec e nti rom a nd. Revere less con discours 15 W ww why M. Sandfor personal 15 w ww why M. Sand for personal 15 the world 16 semeshandim . 10 Mere Game 100. www Daly Cashram 11 1 00 Momentos Seme n t ara 2.700, 514, and to RS 52.100 15 Send checks to Sated S. Meskin tulpanesh courts Selmechandon to Santos 00 5 16, and to e n ter 517 hemendieromato 14100 terms 1/10, D. Posey 13.500, temo was and Game 85100, tems 27 o enten Powi wies to the wider ledige Pwy 6200 can for office supplies 31 D Daily sharom Juary 21 towary . 23,100 M j t try for these 3 1 Puyoles 00 and office ale 55.000 Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Record the January transactions in a single- column purchases journal. (Post entries in the order presented in the problem statement.) Alser Pe W30 VI Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) Account Receivable Het Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cual Payment Journal Record the January transactions in a two- column general journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Cum Account Titles and Explanation (Issued credit for merchandise returned.) (Cost of merchandise returned.) (Received credit for returned goods.) (Payment of balance due.) Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) Jan Antecede Credit Pregalo Date pe Relat Accumulated Depresion a ment No. 150 Balance Nates Payable 900 Ref Debit Account Payable No 201 balance Credit esis Credit teplantin Retett Credit Sales Returns and Almances Dune Expansion Credit Balance Jan 9 LOS!! Sales Discos Ne, 414 Date pe Cast of Good Bond Ced Ne 729 Jan 12 Ascounts Recente Subsidiary Ledger R.Beltre Date Expo J. Revere Date Expansion 1 Mahey Date Expansion Date Expo S. Mark R. More Date Emplanon jante Se S. Gamel Prepare a trial balance at January 31, 2020, in the trial balance columns of the worksheet. Complete the worksheet using the following additional information. Office supplies at January 31 total $900. Insurance coverage expires on October 31, 2020. Annual depreciation on the equipment is $1,500. Interest of $50 has accrued on the note payable. SUNLAND COMPANY Trial Balance A rmenia HR Balance Sheet Account Title Dr. Notes Receivable Supplies Prepaid insurance Equipment Acoum. Depreciation Equipment Notes Payable Accounts Payable Owner's Capital Sales Revenue Sale Resume and Allowances Sales Discounts Coat of Good Sold Salories and wages Expense Supplies Expense Interest Esper Total Totals Prepare a multiple-step income statement. Prepare a owner's equity statement for January. (List items that increase owner's equity first.) Prepare a classified balance sheet at the end of January. (List Current Assets in order of liquidity.) Prepare adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation de coule (To adjust supplies) (To adjust insurance expense) (To adjust depreciation expense) (To adjust interest expense) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Dm Account Titles and Explanation code (To close revenue account) (To close expense accounts) (To close net income) (To close drawings) Post adjusting and closing entries. (Post entries in the order of Journal entry presented in the previous parts.) tance Net Date Credit Bane Delt 1380 35220 Page Ace Dee 1 Hy Nate Payable Ref Debt Credit Ace Peable Rel a tet 61.300 47,700 40,700 Ne 230 Bane Dell Credit Owner Battal 11 Oy 1 ley 31 Clowy Hoy Die En 31 Corry Sales Returns and Alice 31 Close . 31 Cold 48.340 Salaries and Expense Ret e tt Credit be 1 Corey Depreciation Expense Dute Exten 1 m 5 31 de 5 interest pense 31 de 5 insurance pe 5 5 Supplies De No 729 hey Prepare a post-closing trial balance. Determine whether the subsidiary ledgers agree with the control accounts in the general ledger. AER Question A t ted CALCULATOR PRINTER VERSION BACK NEXT Accounting Cycle Review 7-01 al-f2 Sunland 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 Sunland are indicated in the working papers. Presented below are a series of transactions for Sunland Co. for the month of January. Credit sales terms are 2/10, 1/30. The cost of a merchandise sold was 60 of the sales price GENERAL LEDGER Account Number Account Title 101 112 115 120 126 130 157 158 201 301 Accounts Receivable Notes Receivable Inventory Supplies Prepaid Insurance Equipment Accumulated Depreciation-Equip. Accounts Payable Owner's Capital January 1 Opening Balance $34,250 13,300 41,000 15,000 1,000 1,500 7,350 1,600 35,500 76,300 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre B. Santos 7,500 S. Mahay 4,100 $1,700 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance Custome Opening Balance $0,500 R. Moses D. Saito 17,000 10.000 Jan. 3 8 9 10 11 12 13 15 15 16 17 18 20 21 21 22 22 23 25 27 27 28 Sell merchandise on account to B. Corps $3,700, invoice no. 510, and to). Revere $1,500, invoice no. 511. Purchase merchandise from 5. Gamel $5,000 and D. Posey $2,500, terms 1/30 Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount penod has lapsed. Pay freight on merchandise purchased $230. Send checks to S. Meek for $8,500 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount Issue credit of $300 to 1. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $15.500. Make one journal entry for these sales Sell merchandise on account to R. Beltre $1.200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,400 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw 5800 cash by M. Sunland for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $15,000, terms 1/10, n/30; S. Meek $14,600, terms 2/10, 30; and S. Gamal $1,500, terms ry 30. Pay $800 cash for office supplies. Return $400 of merchandise to S. Meek and receive credit Dolly cash sales from January 11 to January 20 total $20.100. Make one journal entry for these sales. Issue $17,000 note, maturing in 90 days, to R. Moses in payment of biance 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. Beltre $2,100, invoice no. 515. Post all entries to the subsidiary ledgers Send checks to D. Saito and S. Meek in ful payment less cash discounts Se merchandise on account to B. Santos $4,000, wice no. 516, and to 1. Revere $6,000, invoice no. 517. Purchase merchandise from D. Saito $14, 100, terms 1/10, 1/30; D. Posey $3,500, termen/30; and S. Gamel 55,100 term n/30 Postal entries to the subsidiary ledgers. Pay200 cash for officers 27 28 31 31 Post all entries to the subsidiary ledgers. Pay $200 cash for office supplies. Daily cash sales from January 21 to January 31 total $23,100. Make one journal entry for these sales Pay sales salaries $4,400 and office salaries $3,000. Your answer is correct. Record the January transactions in a sales journal (Post entries in the order presented in the problem statement Sales Journal Date Account Receivable Dr. Cost of Good Sold Dr. Inventory C Account Debited Invoice Wes Revens Jan. B. Corpas - B. Santos Jan. 25 . Revere Record the January transactions in a two-column general journal. (Credit the order presented in the problem.) un titles are automatically indented w Date Account Titles and Explanation Credit Jan. 9 Sales Returns and Allowances 81 Accounts Receivable (Issued credit for merchandise returned.) Inventory Jan. 9 300 (Cost of merchandise returned.) Tan. 10 Accounts Payable 300 Accounts Receivable (Received credit for returned goods.) Jan. 21 Cash Cash 900 (Payment of balance due.) General Ledger Cash No. 101 Balance Explanation Ref. Debit Credit Jan. 1 Balance 34250 CRIT Accounts Receivable Date Explanation Ref. Debit Credit No. 112 Balance 13300 Jan. 1 Balance VT CRI G1T Notes Receivable Date Explanation No. 115 Balance Ref. Debit Credit Jan. 1 Balance Twenton Inventory Date Explanation No. 120 Balance Ref. Debit Credit Jan. 1 Balance D S11 Oddddddd D CP1T G1 18 Supplies Date Explanation No. 125 Balance Ref. Debit Credit v1T Jan. 1 Balance 31 CPI Premaid Taguan No. 125 Supplies Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Prepaid Insurance Date Explanation No. 130 Balance Ref. Debit Credit Jan. 1 Balance Equipment Date Explanation Ref. No. 157 Balance Debit Credit Jan. 1 Balance Accumulated Depreciation Equipment Date Explanation No. 158 Balance Ref. Debit Credit Jan. 1 Balance Jan. 1 Balance D O O Notes Payable Date Explanation No. 200 Balance Ref. Debit Credit Jan. 21 Jan. 21 G G1 C Accounts Payable Date Explanation No. 201 Balance Ref. Ref. Debit Credit Jan. 1 Balance 31 Jan. 21 Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit Jan. 1 Balance 21 Owner's Capital Date Explanation Ref. Debit No. 301 Balance Credit Jan. 1 Balance Owner's Drawings Date Explanation Ref. Debit No. 306 Balance Credit Jan 15 CP1 Sales Revenue Date Explanation Ref. Debit No, 401 Balance Credit Jan. 31 CRIT 31 Sales Returns and Allowances Date Explanation No. 412 Balance Ref. Debit Credit Jan. 9 No. 414 Sales Discounts Date Explanation Ref. Debit Credit Balance Jan. 31 CR1 CRI Cost of Goods Sold Date Explanation No. 505 Balance Ref. Debit Credit Jan. 31 No. 627 Salaries and Wages Expense Date Explanation Ref. Debit Credit Balance Jan. 31 Rent Expense Date No. 729 Balance Explanation Debit Credit Ref. CP1 Jan. 12 L Accounts Receivable Subsidiary Ledger R. Beltre Date Explanation Debit Credit Balance Jan. 1 Balance 11 11 22 J. Revere Date Explanation Debit Credit Balance Jan. 3 25 si I B. Santos Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 33 S. Mahey Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 21 B. Corpas Date Explanation Ref. Debit Credit Balance Jan. 3 CRIT Accounts Payable Subsidiary Ledger D. Posey Date Explanation Ref. Debit Credit Balance Jan. 5 P1 Accounts Payable Subsidiary Ledger D. Posey Date Explanation Ref. Debit Credit Balance 2 Jan. 5 27 S. Meek Date Explanation Debit Credit Balance Jan. 1 Balance R. Moses Date Explanation Ref. Debit Credit Balance Jan. 1 Balance D. Saito Date Explanation Debit Credit Balance Jan. 1 Balance P1T S. Gamel Date Explanation Ref. Debit Credit Balance Jan. 5 P11 LINK TO TEXT