Back This window shows your responses and what was marked correct and incorrect from your previous a 1 63.26/100 points awarded Scored Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company. which operates with monthly accounting periods. All of the company's accounting work is completed through the end of April, and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 2/10, n/30 unless stated differently): May. 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent for $3,710. Charge $2,968 to Rent Expense- Selling Space, and charge $742 to Rent Expense-Office Space. (Use two lines to record the transaction.) 2 (a) Sold merchandise on credit to Hensei Company, Invoice No. 8785, for $6,100 (cost is $4,100). 2 (b) Issued an allowance (price reduction) of $175 to Knox Co. for merchandise sold on April 28. The total selling price (gross) was $4,725. 3 4 5 8 9 10 Issued a refund of $798 to Peyton Products for the return of merchandise purchased on April 29. Colo's accounts payable was reduced by that amount. Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies, $574; and office supplies, $83. Invoice dated May 4, terms n/10 EOM. Received payment from Knox Co. for the balance from the April 28 ($4,550) sale less the May 2 return and the $91 discount. Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and the $126 discount. Sold store supplies (noninventory) to the merchant next door at their cost of $350 cash. Purchased $4,074 of office equipment on credit from Gear Supply Co., terms n/10 EOM. 11 (a) Received payment from Hensel Company for the May 2 sale less the discount of $122. 11 (b) Purchased $8,800 of merchandise from Garcia, Inc., terms 2/10, n/30. 12 Received a $854 price reduction from Gear Supply Co. for the return of office equipment received on May 10. Colo debited accounts payable by that amount. 15 (a) Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. 15 (b) Cash sales for the first half of the month are $59,220 (cost is $38,200). These cash sales are recorded in the cash receipts journal on May 15. 15 (c) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. 16 17 19 23 24 22222222222 25 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is $1,890). Purchased $13,650 of merchandise from Fink Corp., terms 2/10, n/60. Issued Check No. 3413 to Garcia, Inc., in payment of its May 11 purchase less the discount of $176. Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 2/10, n/60, Issued Check No. 3414 to Fink Corp. in payment of its May 17 purchase less the discount of $273. Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies, $630; and office supplies, $280. Terms n/10 EOM. Purchased $3,080 of merchandise from Peyton Products, terms 2/10, n/30. 26 (a) Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230). 26 (b) Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283. 29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash from the business for personal use. 30 (a) Received payment from Lee Services for the May 22 sale less the discount of $137. 30 (b) Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. 31 (a) Cash sales for the last half of the month are $66,052 (cost is $42,500). These cash sales are recorded in the cash receipts journal on May 31. 31 (b) Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings. Assume a perpetual inventory system. Required: points awarded Scored Assume a perpetual inventory system. Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Reg 1D Req 1E Enter the transactions in a sales journal. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cost of Goods Sold Dr. Cr. Inventory Cr. May 02 Hensel Company 8785 S 6,100 S 4,100 May 16 Hensel Company 8786 3,990 1,890 May 22 Lee services 8787 G 6,850 4,990 May 26 Crane Corp. 8788 G 14,210 8,230 May 31 Totals S 31,150 S 19.210 Search accounts. Fast and crossfoot the journals and make the month-end postings. 53.26/100 points awarded Scored Assume a perpetual inventory system. Required: 1-a. Enter the transactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Req 1E Enter the transactions in a purchases journal. PURCHASES JOURNAL Accounts Office Date of Date Account Terms Invoice Payable Cr. Inventory Dr. Supplies Dr. Other Accounts Dr. May 04 Store supplies/Gear Supply 5/4 n/10, EOM May 10 Office equipment/Gear Supply 5/10 n/10, EOM $ 37,729 4,074 $ 37,072 $ 83 $ 574 4,074 May 11 Garcia, Inc. 5/11 2/10, n/30 3 8,800 8,800 May 17 Fink Corp 5/17 2/10, n/60 13.650 13,650 May 24 Store supplies/Gear Supply 5/24 n/10, EOM 9,030 8,120 280 630 May 25 Peyton products 5/25 2/10, n/30 3,080 3,080 May 31 Totals $ 76,363 $ 70,722 $ 363 5,278 Q Search 19 ceipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Req 1E Enter the transactions in a cash receipts journal. CASH RECEIPTS JOURNAL Cost of Sales Cash Date Account Credited Dr. Discount Dr. Accounts Receivable Cr. Other Goods Sales Accts. Sold Dr. Cr. Cr. Inventory Cr. May 05 Knox, Inc. $ 4,459 $ 91 $ 4,550 May 09 Store supplies/Gear Supply 350 350 May 11 Hensel Company 9 5,978 122 6,100 May 15 Sales 59,220 59,220 38,200 May 30 Lee services 6,713 137 6,850 May 31 Sales 66,052 66,052 42,500 $ May 31 Totals $ 350 142,772 550 Search warded red 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Req 1E Enter the transactions in a cash payments journal. (Enter the transactions in chronological order.) C CASH PAYMENTS JOURNAL Date Ck.No. Payee Account Debited Cash Cr. Inventory Other Accounts Accounts Cr. Payable Dr. Dr. May 01 3410 S&P Mgmt. Co. Rent exp-Selling space Rent exp.-Office space 3,710 742 May 08 3411 Peyton products Peyton products 6,174 126 6,300 May 15 3412 Payroll Sales salaries expense 3 5,320 Office salaries expense 8,470 3,150 May 19 3413 Garcia, Inc. Garcia, Inc. 8,624 176 8,800 May 23 3414 Fink Corp. Fink Corp. 13,377 273 13,650 May 26 3415 Perennial power Utilities expense G 1,283 1,283 May 29 3416 Jenny Colo May 30 3417 Payroll J. Colo, Withdrawals Sales salaries expense Office salaries expense 7,000 7,000 5,320 8,470 3,150 May 31 Totals $ 57,108 S 575 $ 25,965 $ 28,750 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect: no points deducted. Search 26/100 its awarded Scored isactions in a sales journal. 1-b. Enter the transactions in a purchases journal. 1-c. Enter the transactions in a cash receipts journal. 1-d. Enter the transactions in a cash payments journal. 1-e. Enter the transactions in a general journal. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Req 1E Enter the transactions in a general journal. No Date General Journal Debit Credit 1 May 02 Sales returns and allowance 4 175 Accounts receivable-Knox, Inc. 175 2 May 03 Accounts payable-Peyton products Inventory 798 798 3 May 12 Accounts payable-Gear Supply Co. Office equipment 854 854 Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C Req 3A Req 3B Req 3C Req 4A Req 4B1 Req 4B2 100 awarded Prepare and post adjusting and closing entries. No ored 1 Date May 31 General Journal Insurance expense Prepaid insurance Debit Credit 553 553 2 May 31 Store supplies expense Store supplies 00 472 472X 3 May 31 Office salaries expense Office supplies 744 G 744 4 May 31 Depreciation expense-Store equipment Accumulated depreciation-Store equipment 567 567 5 May 31 Depreciation expense-Office equipment Accumulated depreciation-Office equipment 00 329 329 6 May 31 156,772 Income summary G 156,772 7 May 31 Income summary 125,383 Rent expense, Selling space 2,968 Rent expense, Office space 742 Sales salaries expense 10,640 x 6,300 Cost of goods sold 1,283 Sales returns and allowances 100,260 Sales discounts 175 4 May 31 rded 5 May 31 Depreciation expense-Store equipment Accumulated depreciation-Store equipment Depreciation expense-Office equipment Accumulated depreciation-Office equipment 6 May 31 Income summary 7 May 31 Income summary Rent expense, Selling space Rent expense, Office space Sales salaries expense Cost of goods sold Sales returns and allowances Sales discounts Store supplies expense Office supplies expense Insurance expense Depreciation expense-Store equipment Depreciation expense-Office equipment 8 May 31 Income summary 9 May 31 Office supplies expense Office supplies 33 > > 567 567 329 329 156,772x 125,383 156,772 2,968 742 10,640 6,300 1,283 X 100,260x 175x 350X 472 X 744x 553 X 567x 329 31,389 x Req 2B > Search 1 Complete this question by entering your answers in the tabs below. 26/100 ts awarded Scored Req 2A Req 2B Req 2C Req 3A Req 3B Req 3C Req 4A Req 4B1 Req 4B2 Post all entries from reqs. 1a), 1b), 1c), 1d) and 1e) along with adjusting and closing entries from req. 2a). Date Apr 30 Date Apr. 30 Apr. 30 Date GENERAL LEDGER Cash Accounts Receivable Debit Credit Balance Date Debit Credit 50,247 Apr. 30 * * * Merchandise Inventory Debit Credit rom your previous at Balance 4,725 Office Supplies Balance Date Debit Credit Balance 220,080 Apr 30 430 * * Store Supplies Prepaid Insurance Debit Credit Balance Date Debit Credit 2,447 Apr. 301 0000 * * Q Search O Balance 3,318 3 6 100 awarded pred Apr. 30 Date Office Equipment Debit * This window shows your responses and what was marked correct and incorrect from your previ Accumulated Depreciation-Office Equipment Credit Balance Date Debit Credit 22,470 Apr. 30 Balance 9,898 Date Store Equipment Debit Accumulated Depreciation-Store Equipment Credit Balance Date Debit Credit Balance Apr. 30 38,920 Apr. 30 3 17,556 * Date Apr. 30 Date Date Accounts Payable Debit Jenny Colo, Capital Credit Balance Date Debit Credit 7,098 Apr 30 * * Jenny Colo, Withdrawals Debit * Credit Balance Date Sales Returns and Allowances Debit 00 Credit x 000 Sales Debit Credit Sales Discounts 0 Balance Date Debit Credit * * 3 * Q Search 9 00 Balance 308,085 * Balance Balance rded Date Date Date Sales Returns and Allowances Debit Cost of Goods Sold *** Debit Credit ses and what was marked rect and incorrect from your previo Sales Discounts Balance Date Debit Credit Depreciation Expense-Office Equipment Credit Balance Date Debit Credit ** * Depreciation Expense-Store Equipment Debit Credit * * Office Salaries Expense Balance Date Debit * Balance Balance Credit Balance * Sales Salaries Expense Insurance Expense Date Debit Credit Balance Date Debit Credit ** * * * * Date * Rent Expense, Office Space Rent Expense, Selling Space Debit Credit Balance Date Debit Credit * 0 * * 0 0 Q Search Balance Balance Office Supplies Expense Date Debit Credit Balance Date Store Supplies Expense Debit Credit Balance ed Utilities Expense Income Summary Date Debit Credit Balance Date Debit Credit ** Date Date ACCOUNTS RECEIVABLE LEDGER Date Crane Corp. *** Debit Hensel Company Credit Balance Date Debit * Balance Credit Balance Knox, Inc. Lee Services Debit Credit Balance Date Debit Credit ** * ACCOUNTS PAYABLE LEDGER Fink Corp. * * Debit Credit Balance Date * Q Search 00 Balance * Garcia, Inc. Debit Credit Balance * * o ed Date Knox, Inc. Debit Credit ACCOUNTS PAYABLE LEDGER Fink Corp. Date Debit Date Gear Supply Co. Debit Credit Credit * * Lee Services Balance Date Debit Credit Balance * * Garcia, Inc. Balance Date Debit Credit Balance Peyton Products Balance Date Debit Credit * "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect: no points deducted. Q Search PRE O Balance