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I really need help! Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the
I really need help!
Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Con which operates with monthly accounting periods. All of the company's accounting work is completed through the end of Apri ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and (terms for all its credit sales are 2/10, n/30 unless stated differently): 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: 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 Reg 1B Req 1C Req 1D Req 1E Enter the transactions in a sales journal. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. May 31 Totals $ 0 $ Reg 1 Req18 > 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. Reg 1A Reg 1B Req 1C Req 1D Req 1E Enter the transactions in a purchases journal. PURCHASES JOURNAL Office Date Account Date of Invoice Terms Accounts Payable Cr. Inventory Dr. Other Accounts Supplies May 31 Total $ 0 $ 0 $ 0 $ 0 Reg1A Reg 10 > 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 Reg 1B Req 1C Req ID Reg 1E Enter the transactions in a cash payments journal. (Enter the transactions in chronological order.) CASH PAYMENTS JOURNAL Date Ck.No. Payee Account Debited Cash Cr. inventory Other Accounts Dr. Accounts Payable Dr. May 31 Totals $ 0 $ 0 $ 0 $ 0 Journal entry worksheet 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. Note: Enter debits before credits. General Journal Debit Credit Date May 03 Record entry Clear entry View general journal Journal entry worksheet Step by Step Solution
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