Question
All Journals and General Ledger; Trial Balance The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were
All Journals and General Ledger; Trial Balance
The transactions completed by Revere Courier Company during December 2016, the first month of the fiscal year, were as follows:
Dec. 1. | Issued Check No. 610 for December rent, $4,500. | |
Dec. 2. | Issued Invoice No. 940 to Capps Co., $1,980. | |
Dec. 3. | Received check for $5,100 from Trimble Co. in payment of account. | |
Dec. 5. | Purchased a vehicle on account from Boston Transportation, $39,500. | |
Dec. 6. | Purchased office equipment on account from Austin Computer Co., $4,800. | |
Dec. 6. | Issued Invoice No. 941 to Dawar Co., $5,680. | |
Dec. 9. | Issued Check No. 611 for fuel expense, $800. | |
Dec. 10. | Received check from Sing Co. in payment of $4,850 invoice. | |
Dec. 10. | Issued Check No. 612 for $360 to Office To Go Inc. in payment of invoice. | |
Dec. 10. | Issued Invoice No. 942 to Joy Co., $2,140. | |
Dec. 11. | Issued Check No. 613 for $3,240 to Essential Supply Co. in payment of account. | |
Dec. 11. | Issued Check No. 614 for $650 to Porter Co. in payment of account. | |
Dec. 12. | Received check from Capps Co. in payment of $1,980 invoice of December 2. | |
Dec. 13. | Issued Check No. 615 to Boston Transportation in payment of $39,500 balance of December 5. | |
Dec. 16. | Issued Check No. 616 for $40,900 for cash purchase of a vehicle. | |
Dec. 16. | Cash fees earned for December 116, $21,700. | |
Dec. 17. | Issued Check No. 617 for miscellaneous administrative expense, $600. | |
Dec. 18. | Purchased maintenance supplies on account from Essential Supply Co., $1,750. | |
Dec. 19. | Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $325. | |
Dec. 20. | Issued Check No. 618 in payment of advertising expense, $1,990. | |
Dec. 20. | Used $3,600 maintenance supplies to repair delivery vehicles. | |
Dec. 23. | Purchased office supplies on account from Office To Go Inc., $440. | |
Dec. 24. | Issued Invoice No. 943 to Sing Co., $6,400. | |
Dec. 24. | Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,200. | |
Dec. 25. | Issued Invoice No. 944 to Dawar Co., $5,720. | |
Dec. 25. | Received check for $4,100 from Trimble Co. in payment of balance. | |
Dec. 26. | Issued Check No. 620 to Austin Computer Co. in payment of $4,800 invoice of December 6. | |
Dec. 30. | Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,900; office salaries, $7,600. | |
Dec. 31. | Cash fees earned for December 1731, $19,700. | |
Dec. 31. | Issued Check No. 622 in payment for office supplies, $310. |
Required:
1. The following accounts are setup in the general ledger as of December 1. Using the information below, enter the balances for each account.
11 | Cash | $160,900 | 32 | S. Holmes, Drawing | - | |
12 | Accounts Receivable | 14,050 | 41 | Fees Earned | - | |
14 | Maintenance Supplies | 10,850 | 51 | Driver Salaries Expense | - | |
15 | Office Supplies | 4,900 | 52 | Maintenance Supplies Exp. | - | |
16 | Office Equipment | 28,500 | 53 | Fuel Expense | - | |
17 | Accum. Depr.Office Equip. | 6,900 | 61 | Office Salaries Expense | - | |
18 | Vehicles | 95,900 | 62 | Rent Expense | - | |
19 | Accum. Depr.Vehicles | 14,700 | 63 | Advertising Expense | - | |
21 | Accounts Payable | 4,250 | 64 | Miscellaneous Administrative Expense | - | |
31 | S. Holmes, Capital | 289,250 |
2. Journalize the transactions for December 2016, using the required journal(s). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
3. Post the appropriate individual entries to the general ledger.
4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.
5. Prepare a trial balance.
Purchases journal
2a. Journalize the transactions for December 2016, using the purchases journal (with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
If no entry is required, type "No entry required" and leave the amount boxes blank.
If an amount box does not require an entry, leave it blank.
PURCHASES JOURNAL | PAGE 37 | |||||||
---|---|---|---|---|---|---|---|---|
Date | Account Credited | Post. Ref. | Accounts Payable Cr. | Maintenance Supplies Dr. | Office Supplies Dr. | Other Accounts Dr. | Post. Ref. | Amount |
2016 | ||||||||
(21) | (14) | (15) |
Cash receipts journal
2b. Journalize the transactions for December 2016, using the cash receipts journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
If an amount box does not require an entry, leave it blank.
CASH RECEIPTS JOURNAL | PAGE 31 | ||||
---|---|---|---|---|---|
Date | Account Credited | Post. Ref. | Other Accounts Cr. | Accounts Receivable Cr. | Cash Dr. |
2016 | |||||
() | (12) | (11) |
Revenue journal
2c. Journalize the transactions for December 2016, using the single-column revenue journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
REVENUE JOURNAL | PAGE 35 | |||
---|---|---|---|---|
Date | Invoice No. | Account Debited | Post. Ref. | Accounts Rec. Dr. Fees Earned Cr. |
2016 | ||||
(12) (41) |
Cash payments journal
2d. Journalize the transactions for December 2016, using the cash payments journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
If an amount box does not require an entry, leave it blank.
CASH PAYMENTS JOURNAL | PAGE 34 | |||||
---|---|---|---|---|---|---|
Date | Ck. No. | Account Debited | Post. Ref. | Other Accounts Dr. | Accounts Payable Dr. | Cash Cr. |
2016 | ||||||
() | (21) | (11) |
General journal
2e. Journalize the transactions for December 2016, using the two-column general journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.
If an amount box does not require an entry, leave it blank.
JOURNAL | PAGE 1 | |||
---|---|---|---|---|
Date | Description | Post. Ref. | Debit | Credit |
2016 | ||||
General ledger
3. Post the appropriate individual entries to the general ledger.
4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.
If an amount box does not require an entry, leave it blank.
GENERAL LEDGER | ||||||
---|---|---|---|---|---|---|
Balance | ||||||
Date | Item | Post. Ref. | Debit | Credit | Dr. | Cr. |
Account: Cash #11 | ||||||
2016 | ||||||
Dec. 1 | Balance | |||||
Account: Accounts Receivable #12 | ||||||
2016 | ||||||
Dec. 1 | Balance | |||||
Account: Maintenance Supplies #14 | ||||||
2016 | ||||||
Dec. 1 | Balance | |||||
Account: Office Supplies #15 | ||||||
Dec. 1 | Balance | |||||
Account: Office Equipment #16 | ||||||
Dec. 1 | Balance | |||||
Account: Accumulated Depreciation - Office Equipment #17 | ||||||
Dec. 1 | Balance | |||||
Account: Vehicles #18 | ||||||
2016 | ||||||
Dec. 1 | Balance | |||||
Account: Accumulated Depreciation - Vehicles #19 | ||||||
Dec. 1 | Balance | |||||
Account: Accounts Payable #21 | ||||||
2016 | ||||||
Dec. 1 | Balance | |||||
Account: S. Holmes, Capital #31 | ||||||
Dec. 1 | Balance | |||||
Account: S. Holmes, Drawing #32 | ||||||
Account: Fees Earned #41 | ||||||
2016 | ||||||
Account: Driver Salaries Expense #51 | ||||||
2016 | ||||||
Account: Maintenance Supplies Expense #52 | ||||||
2016 | ||||||
Account: Fuel Expense #53 | ||||||
2016 | ||||||
Account: Office Salaries Expense #61 | ||||||
2016 | ||||||
Account: Rent Expense #62 | ||||||
2016 | ||||||
Dec. 1 | ||||||
Account: Advertising Expense #63 | ||||||
2016 | ||||||
Account: Miscellaneous Administrative Expense #64 | ||||||
2016 | ||||||
Trial balance
5. Prepare a trial balance.
If an amount box does not require an entry, leave it blank.
REVERE COURIER COMPANY Unadjusted Trial Balance December 31, 2016 | ||
---|---|---|
Debit Balances | Credit Balances | |
Cash | ||
Accounts Receivable | ||
Maintenance Supplies | ||
Office Supplies | ||
Office Equipment | ||
Accumulated Depreciation - Office Equipment | ||
Vehicles | ||
Accumulated Depreciation - Vehicles | ||
Accounts Payable | ||
S. Holmes, Capital | ||
S. Holmes, Drawing | ||
Fees Earned | ||
Driver Salaries Expense | ||
Office Salaries Expense | ||
Rent Expense | ||
Maintenance Supplies Expense | ||
Advertising Expense | ||
Fuel Expense | ||
Miscellaneous Administrative Expense | ||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started