Hello,
I am struggling to find where to place my transactions for Jo and Mo's Icy Delights Week 4.
Each transaction needs to be placed in a Journal (General, Cash Payments, Cash Receipts, Purchases, or Sales). After recording transactions in the proper journal, the transactions also need to be recorded into ledgers (General ledger, Accounts receivable subsidiary ledger, or Accounts Payable subsidiary ledger).
I have attached the check figures Week 4 to compare to end balances from Week 3.
Please help showing where my transactions need to be recorded and explanations. Thank you!
- Address each transaction in the order that the transactions are presented. Do not skip around.
- Read the transaction, entirely.
- Analyze the transaction (account, journal, etc.)
- Record the transaction/entry into the appropriate journal.
- Post entry into the General Ledger, where applicable.
- Post entry into the Subsidiary Ledger, where applicable.
- Move to the next transaction.
- After the final transaction, ensure that your numbers match the Check Figures (Instruction manual).
WEEK 4 TRANSACTIONS Sep-28 Sales on account to One Stop Shop $1,000, Inv. 7 Sep-28 Sales on account to the Java Hut for $250, Inv. 8 Sep-28 Sales on account to Stouder Hospital for $2,500, Inv. 9 Sep-30 Week 4 (Sept 26-30) cash sales were $7,348. Sep-30 Received payment on account from One Stop Shop, Inv. 7, for Sept 28 sale Sep-30 Sales on account to King High School for $500, Inv. 10 Sep-30 Accepted credit card for sales for the month amounted to $3,700. The credit card company charged 5% service charge. Credit card sales are tied to the cash register electronically and the sales and card charge are processed by the bank at the end of the month. Recognize the Sales, the receipt of Cash; and the payment of the Service Charge to the bank. Sep-30 At the end of an accounting period a count of the petty cash shows that the fund contains cash of $180 and expense vouchers for supplies of $45 and postage of $25. Recognize expenses and replenish the petty cash account. Sep-30 Spent $72 at Hawkins Service Station to fill up your delivery vehicles with gas. You charge it all to the account you maintain with Hawkins, Inv. 66. Sep-30 Received monthly utility bill for $900 COMPLETE ADJUSTING ENTRIES Prepare adjusting journal entries in the general journal based on the following informa on (all AJEs are dated September 30): 1. Inventory of the office supplies reveals that there is $2,750 worth of supplies left on hand. Starting Point Week 1 Check Figure Jo and Mo's Icy Delights Before Posting Spec Jrnls Week 2 Week 3 Week 4 Check Figure Check Figure Check Figure Journals General Cash Payments Cash Receipts Purchases Sales $132,180.00 $43,400.00 $6,585.00 $17,200.00 $1,850.00 $232,180.00 $232,180.00 $48,000.00 $59,350.00 $13,791.00 $22,111.00 $20,700.00 $29,950.00 $3,600.00 $4,700.00 $233,152.00 $59,420.00 $34,159.00 $29,950.00 $8,950.00 Inn DR CHART OF ACCOUNTS You have established the following chart of accounts for Jo and Mo's Icy Delights. Use These Account Titles For Your Journal Entries. Capital, Jo & Mo Oxley Drawing, Jo & Mo Oxley Income Summary Assets 100 101 103 104 110 111 121 122 130 132 133 134 136 Sales Sales Returns & Allowances Sales Discounts Purchases Purchase Returns & Allowances Purchase Discounts 138 140 142 144 146 148 Liabilities 200 210 211 212 213 214 215 220 221 222 223 224 Chart of Accounts Equity Cash 310 Petty Cash 311 Accounts Receivable Clearing Allowance for Doubtful Accounts 399 Merchandise Inventory Supplies Revenue Prepaid Insurance 401 Prepaid Advertising 402 Land 403 Building Accum. Depreciation-Building Purchases Store Equip. 501 Accum. Depreciation-Store Equip. 502 Vehicle 503 Accum. Depreciation-Vehicle Expenses Office Equip 610 Accum. Depreciation Office Equip. 611 Furniture and Fixtures 701 Accum. Depreciation-Furn. & Fixtures 705 710 Accounts Payable 711 Social Security Tax Payable 712 Medicare Tax Payable 713 Employee Income Tax Payable 720 Federal Unemployment Tax Payable 725 State Unemployment Tax Payable 727 Wages Payable 729 Notes Payable 730 Loan Payable 731 Interest Payable 732 Utilities Payable 733 Unearned Revenue 810 Advertising Expense Delivery Expense Wages Expense Supplies Expense Postage Expense Uncollectible Accounts Expense Utilities Expense Payroll Tax Expense Insurance Expense Credit Card Fee Expense Repair Expense Depreciation Expense - Building Depreciation Expense - Store Equip. Depreciation Expense - Vehicle Depreciation Expense - Office Equip. Depreciation Expense - Furn. & Fixtures Interest Expense WEEK 4 TRANSACTIONS Sep-28 Sales on account to One Stop Shop $1,000, Inv. 7 Sep-28 Sales on account to the Java Hut for $250, Inv. 8 Sep-28 Sales on account to Stouder Hospital for $2,500, Inv. 9 Sep-30 Week 4 (Sept 26-30) cash sales were $7,348. Sep-30 Received payment on account from One Stop Shop, Inv. 7, for Sept 28 sale Sep-30 Sales on account to King High School for $500, Inv. 10 Sep-30 Accepted credit card for sales for the month amounted to $3,700. The credit card company charged 5% service charge. Credit card sales are tied to the cash register electronically and the sales and card charge are processed by the bank at the end of the month. Recognize the Sales, the receipt of Cash; and the payment of the Service Charge to the bank. Sep-30 At the end of an accounting period a count of the petty cash shows that the fund contains cash of $180 and expense vouchers for supplies of $45 and postage of $25. Recognize expenses and replenish the petty cash account. Sep-30 Spent $72 at Hawkins Service Station to fill up your delivery vehicles with gas. You charge it all to the account you maintain with Hawkins, Inv. 66. Sep-30 Received monthly utility bill for $900 COMPLETE ADJUSTING ENTRIES Prepare adjusting journal entries in the general journal based on the following informa on (all AJEs are dated September 30): 1. Inventory of the office supplies reveals that there is $2,750 worth of supplies left on hand. Starting Point Week 1 Check Figure Jo and Mo's Icy Delights Before Posting Spec Jrnls Week 2 Week 3 Week 4 Check Figure Check Figure Check Figure Journals General Cash Payments Cash Receipts Purchases Sales $132,180.00 $43,400.00 $6,585.00 $17,200.00 $1,850.00 $232,180.00 $232,180.00 $48,000.00 $59,350.00 $13,791.00 $22,111.00 $20,700.00 $29,950.00 $3,600.00 $4,700.00 $233,152.00 $59,420.00 $34,159.00 $29,950.00 $8,950.00 Inn DR CHART OF ACCOUNTS You have established the following chart of accounts for Jo and Mo's Icy Delights. Use These Account Titles For Your Journal Entries. Capital, Jo & Mo Oxley Drawing, Jo & Mo Oxley Income Summary Assets 100 101 103 104 110 111 121 122 130 132 133 134 136 Sales Sales Returns & Allowances Sales Discounts Purchases Purchase Returns & Allowances Purchase Discounts 138 140 142 144 146 148 Liabilities 200 210 211 212 213 214 215 220 221 222 223 224 Chart of Accounts Equity Cash 310 Petty Cash 311 Accounts Receivable Clearing Allowance for Doubtful Accounts 399 Merchandise Inventory Supplies Revenue Prepaid Insurance 401 Prepaid Advertising 402 Land 403 Building Accum. Depreciation-Building Purchases Store Equip. 501 Accum. Depreciation-Store Equip. 502 Vehicle 503 Accum. Depreciation-Vehicle Expenses Office Equip 610 Accum. Depreciation Office Equip. 611 Furniture and Fixtures 701 Accum. Depreciation-Furn. & Fixtures 705 710 Accounts Payable 711 Social Security Tax Payable 712 Medicare Tax Payable 713 Employee Income Tax Payable 720 Federal Unemployment Tax Payable 725 State Unemployment Tax Payable 727 Wages Payable 729 Notes Payable 730 Loan Payable 731 Interest Payable 732 Utilities Payable 733 Unearned Revenue 810 Advertising Expense Delivery Expense Wages Expense Supplies Expense Postage Expense Uncollectible Accounts Expense Utilities Expense Payroll Tax Expense Insurance Expense Credit Card Fee Expense Repair Expense Depreciation Expense - Building Depreciation Expense - Store Equip. Depreciation Expense - Vehicle Depreciation Expense - Office Equip. Depreciation Expense - Furn. & Fixtures Interest Expense
