HW Q3

* 7 - Homework Chapter 7 Question 3 of 5 -/5.6 E View Policies Current Attempt in Progress The chart of accounts of Wildhorse Company includes the following selected accounts. 112 Accounts Receivable 401 Sales Revenue 120 Inventory 412 Sales Returns and Allowances 126 Supplies 505 Cost of Goods Sold 157 Equipment 610 Advertising Expense 201 Accounts Payable In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price, July 1 Purchased merchandise from Eby Company $7.700, 2 Received freight bill from Show Shipping on Eby purchase $420, 7 - Homework: Chapter 7 Question 3 of 5 -/5.6 III July 1 Purchased merchandise from Eby Company 57,700. 2 Received freight bill from Shaw Shipping on Eby purchase $420, 3 Made sales to Fort Company $2,000 and to Hefner Bros. $2.250. 5 5 Purchased merchandise from Getz Company $3.140. OD Received credit on merchandise returned to Getz Company $300. 13 15 16 Purchased store supplies from Dayne Supply $750. Purchased merchandise from Eby Company $3,520 and from Bosco Company $4,390. Made sales to Aybar Company $3,780 and to Hefner Bros. $2,000. Received bill for advertising from Welton Advertisements $650, Sales were made to Fort Company $420 and to Duncan Company 52.710. 18 21 22 Granted allowance to Fort Company for merchandise damaged in shipment $30. 24 Purchased merchandise from Getz Company $2.930. 26 Purchased equipment from Dayne Supply $950 28 Received frolohihilomw.Shinning Gas 20 7. Homework: Chapter 7 Question 3 of 5 > -/5.6 III 28 Received freight bill from Shaw Shipping on Getz purchase of July 24, 5390. Sales were made to Aybar Company $5.250. 30 (a) Journalize the transactions above in a purchases journal a sales journal and a general journal. (Record entries in the order displayed in the problem statement) Purchases Journal Ref. Account Credited (Debited) Accounts Payable Cr. Inventory Dr. Date 7700 Eby Company eek /Homework Question 3 of 5 -/5.6 in the problem statement) Purchases Journal Date Account Credited (Debited) Ref. Accounts Payable Cr. Inventory Dr. Eby Company 7700 V 126/ C Ely Company Shaw Shipping Get Company Dayne Supply Supplies) Welton Advertisements Advertising Experts Fort Company Hefner Bros Aybar Company Duncan Compor Bosco Company One suo gimano 6107 Question 3 of 5 -/5.6 Purchases Journal P1 d (Debited) Ref. Accounts Payable Cr. Inventory Dr. Other Accounts Dr. 7700 v V 126/ > C 610/ Question 3 of 5 -/5.6 > 126/ V V > > > 610/ v 1577 V V (201) (120) Question 3 of 5 -/5.6 126/ V > 610/ 157/ V (201) (120) (X) Week 7 - Homework. Chapter 7 Question 3 of 5 ./5.6 Sales Journal Accounts Receivable Dr. Sales Revenue Cr. Cost of Goods Sold i Inventory Cr. Date Account Debited Ref. v >> > > Week 7 - Homework: Chapter 7 Question 3 of 5 -/5.6 UI V V V V V (112)(401) (505)(120) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order le K 7 Homework: Chapter / Question 3 of 5 -/5.6 (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts eek 7 - Homework: Chapter 7 Question 3 of 5 -/5.6 E Post to both the general and subsidiary ledger accounts. Assume that all accounts have zero beginning balances.). (Post entries in the order of entries presented in the previous part.) General Ledger Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Si G1 Inventory No. 120 Date Explanation Rel. Debit Credit Balance P1 G1 SI Question 3 of 5 -/5.6 III S1 Supplies No. 126 Date Explanation Ref. Debit Credit Balance V PI Equipment No. 157 Date Explanation Ref. Debit Credit Balance P1 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance Pi GI Sales Revenue No. 401 Question 3 of 5 - /5.6 Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance S1 No. 412 Sales Returns and Allowances Date Explanation Ref. Debit Credit Balance GI No. 505 Cost of Goods Sold Date Explanation Ref. Debit Credit Balance 51 Advertising Expense No. 610 Date Explanation Ref. Debit Credit Balance pi Question 3 of 5 -/5.6 E Advertising Expense No. 610 Date Explanation Ref. Debit Credit Balance P1 Accounts Receivable Subsidiary Ledger Hefner Bros. Date Explanation Ref. Debit Credit Balance S1 51 Fort Company Date Explanation Ref. Debit Credit Balance Question 3 of 5 - /5.6 III Fort Company Date Explanation Ref. Debit Credit Balance SI S1 G1 Aybar Company Date Explanation Ref. Debit Credit Balance S1 SI Duncan Company Date Explanation Rel. Debit Credit Balance S1 Question 3 of 5 - /5.6 111 Getz Company Date Explanation Rel. Debit Credit Balance Pi G1 Pi Welton Advertisements Date Explanation Ref. Debit Credit Balance P1 Bosco Company Date Explanation Ref. Debit Credit Balance pi 7 - Homework: Chapter 7 Question 3 of 5 > - /5.6 E (c) Prove the agreement of the control and subsidiary accounts $ Accounts receivable balance Subsidiary account balances $ Fort Company Hefner Bros Get: Company Wetton Advertisements Dame Supply Aybar Company Boro Company Eby Company Shaw Shipping Duncan Cox ek 7 Homework: Chapter 7 Question 3 of 5 -/5.6 III v v Total $ Accounts payable balance $ Subsidiary account balances 3 Question 3 of 5 -/5.6 iii Subsidiary account balances Getz Company Fort Company Bosco Company Duncan Company Eby Company Weiton Advertisements Dayne Supply Aybar Company Show Shipping Hefner Bros $ Total e Textbook and Media