CALCULATOR PRINTER VERSION BACK NEXTS Accounting Cycle Review 7-01 a1-12 Cullumber 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 Cullumber are indicated in the working papers. Presented below are a series of transactions for Cullumber 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: Account Title January 1 Opening Balance 101 Cash By $37,000 112 Accounts Receivable 13,200 115 Notes Receivable 38,000 120 Inventory 19,500 126 Supplies 1,800 130 Prepaid Insurance 2,500 157 Equipment 6,450 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 34,500 301 Owner's Capital $2,350 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Customer January 1 Opening Balance R. Betre Santos 5. Mahay Schedule of Accounts Payable (from accounts payable subsidiary ledger) Customer 5. Meck R. Moses D. Sano Jan 3 $1,500 7,600 4,100 January 1 Opening Balance $7,500 18,000 9,000 Sell merchandise on account to B. Corpas $3,600, invoice no. 510, and to 3. Revere $2,000, invoice no. 511 Depreciation-Equip. 1,600 201 Accounts Payable 34,500 301 Owner's Capital 82,350 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer R. Beltre B. Santos S. Mahay Opening Balance $1,500 7,600 4,100 Schedule of Accounts Payable (from accounts payable subsidiary ledger) Customer S. Meek R. Moses D. Salto January 1 Opening Balance $7,500 18,000 9,000 Jan. 3 5 7 8 Pay freight on merchandise purchased $240. 9 9 10. 11 12 Sell merchandise on account to B. Corpas $3,600, invoice no. 510, and to 3. Revere $2,000, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $2,200, terms n/30. Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount period has lapsed. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $9,000 less 1% cash discount. Issue credit of $300 to 3. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $14,000. 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 $1,800 for January. 13 Receive payment in full from B. Corpas and 2. Revere less cash discounts. 15 Withdraw 5800 cash by M. Cullumber for personal use MacBook Pro D. Saito 18,000 9,000 Jan. 3 5 7 668 Pay freight on merchandise purchased $240. Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount period has lapsed. Sell merchandise on account to B. Corpas $3,600, invoice no. 510, and to J. Revere $2,000, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $2,200, terms n/30. 9 9 10 Daily cash sales from January 1 to January 10 total $14,000. Make one journal entry for these sales. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $9,000 less 1% cash discount. Issue credit of $300 to 3. Revere for merchandise returned. 11 12 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,800 for January. 13 15 15 16 17 18 20 Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Cullumber for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Salto $16,000, terms 1/10, n/30; S. Meek $15,000, terms 2/10, n/30; and S. Gamel $1,500, terms n/30. Pay $400 cash for office supplies. Return $200 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $18,600. Make one journal entry for these sales. 21 Issue $18,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 22 22 23 25 27 27 28 Pay $200 cash for office supplies. 31 Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,400, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Salto and S. Meek in full payment Ibis cash discounts. Sell merchandise on account to B. Santos $3,600, Invoice no. 516, and to J. Revere $6,500, invoice no. 517. Purchase merchandise from D. Salto $14,900, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiary ledgers. Daily cash sales from January 21 to January 31 total $23,100. Make one journal entry for these sales. 31 Pay sales salaries $4,500 and office salaries $3,800. Your answer is correct. CALCULA Your answer is partially correct. Try again. Record the January transactions in a cash receipts journal. (Post entries in the order presented in the problem statement.) CALCULATOR PRINTER VERSION Cash Receipts Journal CR1 Date Cash Sales Discounts Account Credited Ref. Dr. Dr. Account Receivable Cr. Sales Revenue Cr. Other Accounts Cr. Cost of Good Sold Dr. Inventory Cr. Y Jan. 7 S. Mahay 4100 4100 Jan. 7 B. Santos 2000 2000 Q Jan. 10 t 14000 14000) 8400) E Jan. 13 B. Corpas 3600 Jan, 13 1. Revere 4 Jan. 20 : 18600 18600 11160 Jan. 21 S. Mahay Jan. 31 LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) Cash Payments Journal MacBook Pro Hello Did CP1 Your answer is partially correct. Try again. Record the January transactions in a cash payments journal. (Post entries in the order presented in the problem statement.) CALCULATOR Cash Payments Journal CP1 Date Account Debited Ref. Other Accounts Accounts Payable Dr. Supplies Inventory Cash Dr. Dr. Cr. Cr. D Jan. 8 E Inventory : 120 Jan. 9 S. Meek 4 V Jan. 9 D. Saito V 000 Jan. 12 Rent Expense 729 Jan. 15 Owner's Drawings 306 Jan. 17 ) Jan 23 D. Saito Jan. 23 1 5. Meek Jan 28 t Jan. 31 3 Salaries and Wages Expense 627 1000 LINK TO TEXT LINK TO TEXT MacBook Pro PRIN ments LINK TO TEXT LINK TO TEXT PLUS CALCULATOR PRINTER VERSION SACE Your answer is partially correct. Try again. 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 journam entries in the order presented in the problem.) Date Account Titles and Explanation Jan. 9 9 Jan. 9 Jan, 18 D Sales Returns and Allowances Accounts Receivable (Issued credit for merchandise returned.) 4 Inventory 17 Cost of Goods Sold (Cost of merchandise returned.) Accounts Payable Inventory (Received credit for returned goods.) Jan. 21 Accounts Payable Notes Payable (Payment of balance due.) LINK TO TEXT LINK TO TEXT Debit Credit 300 300 200 200 18000 18000 13 Accounts Payable Your answer is partially correct. Try again. Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) MacBook Pro Your answer is partially correct. Try again. Post the journals to the general ledger. (Post entries in the order of Journal entry presented in the previous parts.) General Ledger Cash No. 101 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 37000 31 31 Accounts Receivable CR1 CP1 No. 112 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 31 S1 31 CR1 x- 9 G1 Notes Receivable No. 115 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Inventory No. 120 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance 19500 9 Notes Receivable Date G1 No. 115 Explanation Ref. Debit Credit Balance Jan. 1 Balance > Inventory No. 120 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance Jan 15 CP1 Sales Revenue No, 401 Date Explanation Ref. Debit Credit Balance Jan. 31 S1 31 Sales Returns and Allowances Date Fynlanation CR1 No. 412 Ref Dobit 31 CR1 Sales Returns and Allowances Date Explanation Jan. 9 No. 412 Ref. Debit Credit Balance G1 Sales Discounts No. 414 Date Explanation Ref. Debit Credit Balance Jan. 31 CR1 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance x Jan. 31 ST S1 31 9 Salaries and Wages Expense CR1 G1 Ref. Debit CP1 Date Explanation Jan. 31 Rent Expense Date Explanation Ref. Jan. 12 CP1 x= S Credit x No. 627 Balance No. 729 Debit Credit Balance Date Explanation Ref. Debit Credit Jan. 1 Balance 11 22 J. Revere S1 S1 Date Explanation Ref. Debit Jan. 3 S1 6 113 13 25 G1 CR1 $1 x B. Santos Date Explanation Ref. Jan. 1 Balance 7 25 S. Mahey CR1 x 51 Debit Balance Balance Balance 0000000001 0000000000 Date Explanation Ref. Debit Credit Balance 11 S1 21 21 CR1 B. Corpas Date Explanation Ref. Debit Credit Balance Jan. 3 S1 13 13 CR1 22 22 $1 Accounts Payable Subsidiary Ledger D. Posey Date Explanation Ref. Debit Jan. 5 P1 27 P1 S. Meek Date Explanation Ref. Jan. 1 Balance 9 16 Credit Balance Balance Credit 000000 0000 Debit 000000 CP1 P1 18 G1 Date Explanation Ref. Debit Credit Balance Jan. 1 Balance v 18000 21 G1 18000 dy D. Saito Date Explanation Ref. Debit Credit Balance Jan. 1 Balance v 9000 9 CP1 9000 16 P1 23 CP1 27 P1 S. Gamel Date Explanation Ref. Debit Credit Balance 3 Jan. 5 P1 16 P1 27 22 PL LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again