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Instructions Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3, Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10.Sold merchandise on account to Bradford & Co., $24,000. The cost of the merchandise sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of merchandise sold was $54,000. Mar. 12, 14, Apr. 3, Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account. Use a compound journal entry with debits before credits.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. May 11. 13. July 12. Aug. 1. Received from Trina Gelhaus the amount due on her note of April 3 Oct. 5. Sold merchandise on account to Halloran Co., $13,500. The cost of the merchandise sold was $8,100. 15. Received from Halloran Co. the amount of the invoice of October 5 Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interest. Chart of Accounts Caldemever Co General Ledger ASSETS REVENUE 110 Cash 111 Petty Cash 121 Accounts Receivable-Bradford & Co 122 Accounts Receivable-Dry Creek Co 123 Accounts Receivable-Trina Gelhaus 124 Accounts Receivable-Halloran Co 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment 410 Sales 420 Sales Discounts 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 AdvertisingExpense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary Journal Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year when calculating interesit. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST, REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 10 12 13 14 15 16 17 18 19 19 20 21 22 2 25-26 27 28 29 30 1 2 3 4 Click to watch the Tell Me More Learning Objective 5 video and then answer the questions below. 1. Which inventory method results in the highest net income during periods of rising prices? a. LIFO b. Weighted average c. FIFO d. Specific identification 2. Which inventory method results in the highest net income during periods of falling prices? a. LIFO b. Weighted average c. FIFO d. Specific identification 1. Using the data below, determine the ending inventory amount assuming the weighted average method with a periodic inventory system Beginning inventory, 10 units Purchases, 20 units Total cost of units available for sale, $3,000 Ending inventory, 12 units a. $3,000 b. $100 c. $1,200 d. None of these choices are correct