CHALLENGE PROBLEM 11:6 Setumaling the counterproving and ruling a journal May IN Shilince and Make Money, porwanown Always Green, a low and garden von Instruction 1 furnaliste blowing to complesed during May of the current year bunal in the Working Pa Salesforo in Compute and the om och sole Source doch are abbreviated as followed chosen loc 3; con registeret Transactions 1. Podcash for $1,500.00. C224 2. Cynthia Lincoln, porme window cash be personel vw, 5720.00 CO 2. Mike McGowy porn drew cash for personal use, $720.00. 3. Pod cash for 515600 C227 Puchowed merchandis en coure from Accord Lown Supplies, $2.730.00 4 Podoh on account Garden World, 51.632.00, covering P482 4 Sold merchandise on account to Colee Buckner, 1,356.00, plus le $52 5. Bought oblio plies for con, $74.40 C229. Poid cosh for some merchandise $198.00. C230 5. Recorded cash and crede cord soles 37,020,00, plus voles tox. TS. 7. Charles Chuong bought merchandiw on account, $430.00, plus soles tox 558 8. Felipe Gonzo poid cash on his account, $2,170 80, covering 553. RIOS 9. Bought allice supplies on account from Office Mart. 581.60 M41 10. Purchased merchandise forcosh, $216.00. C231 10. Leonard Houston poid 51,216 24 on his account, covering 554 R107 11. Poid cosh on conto Magic lown and Garden 51,638.00, covering P49. C232 12 Mike McGinty, parme widow merchandise for personal use with a cost of $452.00 12. Cash and credit card roles for the week were $3,216.00, plus soles loc. T12 15. Cynthia Lincoh, porne, widow $720.00 cash for personal use. C233. 15. Mike McGinty, partner withdrew $720.00 cosh for personal use. C234 16 Purchased merchandise on account from Lown Doctor 5990.00. PS1 17. Poid 5235 20 cosh for some merchandise. C235 17. Bought ore supplies on account from McKinney Supply $110.40 M43 18 Pold cash on account to Olio Mart581.60, covering M41. C236. 19. Conh and credit card oes for the week were $2.920,00, plos soles tox. Tl9 21. Pod 552 80 cash for office supplies C237 21. Shailo Mocy paid $771.12 cash on her account, covering 555.R108. 22. Nicole Omon bought merchandise on account for $390.00 plus soles tox. 559 2. Prepore poge 19 of the journal for forwarding Tool the amount columns Prove the equally and credits, and record the tools to be carried forward on line 32. Rule the column toch 3 Record the totale brought forward on line 1 of page 20 of the journal. Prove the quality credits again 4. Journalize the following transactions on poge 20 of the journal Transactions: May 23 Purchowed merchandise on account from Lown Scopes, Inc., 91,488.00 P52. 25 Poid 5102.00 cash for advertising C238 26. Cash and credit card soles for the week were $1,216.00, plus soles tox. 126. 28. Jottery Reogon poid 51,57464 on his account, covering $56. R109. 270 CHAPTER 11 ming Sales and Cash Recipes Fe $ May 29. Derek Sims bought merchandise on account for $174.00, plus soles tox 560. 30. Paid cash to replenish the petty cash hund, $360 40 office supplies, $74, 40; more supplies, $85.00; advertising, $105.00, miscellaneous, 596.00. C239 30. Recorded cash and credit card sales, $768.00, plus soles tox. 130 5. Total page 20 of the journal. Prove the equality of debits and credits 6. Prove cash. The May 1 cash account balance in the general ledger was $7,314,50. On May 31 the balance on the next unused check stub was $22.434.10. 7. Rulo page 20 of the journal, INTERNET ACTIVITY Point your browser to http://accounting.swpco.com Choose first-Year Cowse, choose Activities, and complete the activity for Chapter 11 tied Communication The tendency for prices to increase over time is referred to as inflation Increasing price reduce what an individual or company can purchase with the same ount of money. Instructions. The Eollowing table represents the prices for selected consumer goods in 1990. Copy the table and add a column for the current year and a col- u for the percent of change. Une the newspaper and Identity current prices for the products listed Determine the percentage change in the price of each item. It an item decreased in price, can you explain the reason for the decrease? COMPARISON OF PRICES FOR SELECTED CONSUMER ITEMS Item 1990 Price 19-inch color television $149.00 Cassette tape 13.50 Milk (gallon) 1.99 Ground beef (pound) 1.69 Eggs, medium (dozen) .99 Raisin bran 1.99 Film, 24 exposures 3.88 Theater ticket 6.50 Motor oil (quart) Refrigerator (19.1 cu. ft.) 790.00 .84 CHALLENGE PROBLEM 11:6 Setumaling the counterproving and ruling a journal May IN Shilince and Make Money, porwanown Always Green, a low and garden von Instruction 1 furnaliste blowing to complesed during May of the current year bunal in the Working Pa Salesforo in Compute and the om och sole Source doch are abbreviated as followed chosen loc 3; con registeret Transactions 1. Podcash for $1,500.00. C224 2. Cynthia Lincoln, porme window cash be personel vw, 5720.00 CO 2. Mike McGowy porn drew cash for personal use, $720.00. 3. Pod cash for 515600 C227 Puchowed merchandis en coure from Accord Lown Supplies, $2.730.00 4 Podoh on account Garden World, 51.632.00, covering P482 4 Sold merchandise on account to Colee Buckner, 1,356.00, plus le $52 5. Bought oblio plies for con, $74.40 C229. Poid cosh for some merchandise $198.00. C230 5. Recorded cash and crede cord soles 37,020,00, plus voles tox. TS. 7. Charles Chuong bought merchandiw on account, $430.00, plus soles tox 558 8. Felipe Gonzo poid cash on his account, $2,170 80, covering 553. RIOS 9. Bought allice supplies on account from Office Mart. 581.60 M41 10. Purchased merchandise forcosh, $216.00. C231 10. Leonard Houston poid 51,216 24 on his account, covering 554 R107 11. Poid cosh on conto Magic lown and Garden 51,638.00, covering P49. C232 12 Mike McGinty, parme widow merchandise for personal use with a cost of $452.00 12. Cash and credit card roles for the week were $3,216.00, plus soles loc. T12 15. Cynthia Lincoh, porne, widow $720.00 cash for personal use. C233. 15. Mike McGinty, partner withdrew $720.00 cosh for personal use. C234 16 Purchased merchandise on account from Lown Doctor 5990.00. PS1 17. Poid 5235 20 cosh for some merchandise. C235 17. Bought ore supplies on account from McKinney Supply $110.40 M43 18 Pold cash on account to Olio Mart581.60, covering M41. C236. 19. Conh and credit card oes for the week were $2.920,00, plos soles tox. Tl9 21. Pod 552 80 cash for office supplies C237 21. Shailo Mocy paid $771.12 cash on her account, covering 555.R108. 22. Nicole Omon bought merchandise on account for $390.00 plus soles tox. 559 2. Prepore poge 19 of the journal for forwarding Tool the amount columns Prove the equally and credits, and record the tools to be carried forward on line 32. Rule the column toch 3 Record the totale brought forward on line 1 of page 20 of the journal. Prove the quality credits again 4. Journalize the following transactions on poge 20 of the journal Transactions: May 23 Purchowed merchandise on account from Lown Scopes, Inc., 91,488.00 P52. 25 Poid 5102.00 cash for advertising C238 26. Cash and credit card soles for the week were $1,216.00, plus soles tox. 126. 28. Jottery Reogon poid 51,57464 on his account, covering $56. R109. 270 CHAPTER 11 ming Sales and Cash Recipes Fe $ May 29. Derek Sims bought merchandise on account for $174.00, plus soles tox 560. 30. Paid cash to replenish the petty cash hund, $360 40 office supplies, $74, 40; more supplies, $85.00; advertising, $105.00, miscellaneous, 596.00. C239 30. Recorded cash and credit card sales, $768.00, plus soles tox. 130 5. Total page 20 of the journal. Prove the equality of debits and credits 6. Prove cash. The May 1 cash account balance in the general ledger was $7,314,50. On May 31 the balance on the next unused check stub was $22.434.10. 7. Rulo page 20 of the journal, INTERNET ACTIVITY Point your browser to http://accounting.swpco.com Choose first-Year Cowse, choose Activities, and complete the activity for Chapter 11 tied Communication The tendency for prices to increase over time is referred to as inflation Increasing price reduce what an individual or company can purchase with the same ount of money. Instructions. The Eollowing table represents the prices for selected consumer goods in 1990. Copy the table and add a column for the current year and a col- u for the percent of change. Une the newspaper and Identity current prices for the products listed Determine the percentage change in the price of each item. It an item decreased in price, can you explain the reason for the decrease? COMPARISON OF PRICES FOR SELECTED CONSUMER ITEMS Item 1990 Price 19-inch color television $149.00 Cassette tape 13.50 Milk (gallon) 1.99 Ground beef (pound) 1.69 Eggs, medium (dozen) .99 Raisin bran 1.99 Film, 24 exposures 3.88 Theater ticket 6.50 Motor oil (quart) Refrigerator (19.1 cu. ft.) 790.00 .84