Mastery Problem: Accounting Systems Chloe's Cleaning Services Chart of Accounts ! Tasks > Chart of Accounts CHART OF ACCOUNTS Chloe's Cleaning Services General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 14 Supplies EXPENSES 51 Wages Expense 18 Equipment 19 Accumulated Depreciation-Equipment 52 Repairs Expense 53 Supplies Expense 54 Depreciation Expense-Equipment LIABILITIES 21 Accounts Payable 55 Insurance Expense 22 Wages Payable 56 Utilities Expense 57 Advertising Expense EQUITY 59 Miscellaneous Expense 31 Chloe Sanderson, Capital 32 Chloe Sanderson, Drawing Chloe's Cleaning Services Chart of Accounts Tasks Trial Balance Tasks Shaded cells have feedback. Using what she remembers from business School, Chloe has prepared a list of accounting tasks for her business, and would like you to review it. Determine whether each item should be on a given list. If so, select "Correct." If not, select "Error," choosing the correct list for the item. On a Daily Basis Enter cash receipts in the Cash Receipts Journal Enter invoices in the Revenue Journal Correct: Should be entered on a daily basis Correct: Should be entered on a daily basis Error: Should be entered at the end of the month Post the total of the Cash Cr. column of the Cash Payments Journal to the cash general ledger account Cr. column Error: Should be entered at the end of the month Post the total of the Accounts Receivable Cr. column of the Cash Receipts Journal to the accounts receivable general ledger account Cr. column Post the total of the Accounts Receivable Dr. column of the Revenue Journal to the Error: Should be entered at the end of the month accounts receivable general ledger account Dr. column Points: 5/5 On a Regular Basis Post Revenue Journal to Accounts Receivable Subsidiary Ledger customer accounts Correct: Should be entered on a regular basis Correct: Should be entered on a regular basis Post Purchases Journal to Accounts Payable Subsidiary Ledger creditor accounts Points: 2/2 At the End of the Month Enter cash payments in the Cash Payments Journal Error: Should be entered on a daily basis Correct: Should be entered at the end of the month Post the total of the Cash Dr. column of the Cash Receipts Journal to the cash general ledger account Dr. column Enter purchases on account in the Purchases Journal Post the total of the Accounts Payable Cr. column of the Purchases Journal to the accounts payable general ledger Cr. column Error: Should be entered on a daily basis Correct: Should be entered at the end of the month Points: 4/4 Feedback Mastery Problem: Accounting Systems Chloe's Cleaning Services Chart of Accounts Tasks Trial Balance Chloe has done the accounting through August 16, the first sixteen days of business for her company. She has given you her trial balance as August 16, 2019, as follows. Chloe's Cleaning Services UNADJUSTED TRIAL BALANCE August 16, 2019 ACCOUNT TITLE DEBIT CREDIT 1 Cash 7,660.00 2 Accounts Receivable 4,625.00 3 Supplies 3,200.00 4 Equipment 7,500.00 5 Accounts Payable 3,350.00 6 Wages Payable 360.00 7 Chloe Sanderson, Capital 20,000.00 8 Fees Earned 5,500.00 3,600.00 9 Wages Expense 10 Insurance Expense 100.00 11 Supplies Expense 1,300.00 12 Repairs Expense 250.00 13 Advertising Expense 550.00 14 Utilities Expense 350.00 15 Miscellaneous Expense 75.00 16 Totals 29,210.00 29,210.00 Mastery Problem: Accounting Systems Chloe's Cleaning Services Chart of Accounts Tasks Subsidiary Ledger Balances Chloe has prepared the following table, showing the balances as of August 16 for her Accounts Receivable Subsidiary Ledger and Accounts Payable Subsidiary Ledger. Accounts Receivable Subsidiary Ledger Balances Customer Name Balance as of August 16 Central Medical Offices, Inc. $2,500 Functional Fitness Company 850 Omega Multiplex Theater 1,275 Accounts Payable Subsidiary Ledger Balances Vendor Name Balance as of August 16 Cleaning Supplies Warehouse $2,750 Sudsy's Laundry 600 Mastery Problem: Accounting Systems Chloe's Cleaning Services Chart of Accounts Tasks Transactions Shaded cells have feedback. You've received a list of the remaining August transactions from Chloe. Review the transactions, and then complete the table to give Chloe instructions on how to enter the transactions in her accounting system, using the following abbreviations. The transactions should be entered without considering end-of-month posting of totals, adjusting entries, or closing entries. Subsidiary Ledger/Special Journal Name Abbreviation for Table General Journal GJ Revenue Journal R Cash Receipts Journal CR Purchases Journal Cash Payments Journal CP General Ledger GL Accounts Receivable Subsidiary Ledger AR Accounts Payable Subsidiary Ledger AP Post to Month Date Amount Transaction Journalize Ledger AR Aug. 17 $1,500 Issued Invoice No. 405 to Functional Fitness Company R Aug. 19 $550 Paid Invoice No. 22 from Sudsy's Laundry CP AP Aug. 22 $1,700 Ordered supplies from Cleaning Supplies Warehouse and received P AP invoice Aug. 23 $2,000 CR AR Received payment on account from Central Medical Offices, Inc. Paid wages to employees Aug. 31 $3,600 GL Points: 10/10 Feedback Final Questions Shaded cells have feedback. X Now that the remaining August transactions have been entered, Chloe feels confident enough to complete the end-of-month totals and posting. Help Chloe finish her accounting for the month by computing the following amounts. Account Balance as of August 31, 2019 Cash Accounts Receivable Accounts Payable 4,500 Accounts Receivable Subsidiary Ledger for Central Medical Offices, Inc. 500 Accounts Receivable Subsidiary Ledger for Functional Fitness Company 1,275 Accounts Receivable Subsidiary Ledger for Omega Multiplex Theater Accounts Payable Subsidiary Ledger for Cleaning Supplies Warehouse 4,450 Accounts Payable Subsidiary Ledger for Sudsy's Laundry 50 Wages Expense Points: 5/9 Feedback