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Need Accounting Homework help, documents attached. Assignment 7.2 Handout 1. The general ledger of Barton Springs Glass Company includes the following selected accounts, along with
Need Accounting Homework help, documents attached.
Assignment 7.2 Handout 1. The general ledger of Barton Springs Glass Company includes the following selected accounts, along with their account numbers: All credit sales are on Barton Springs' standard terms of 2/10 n/30. Sales and cash receipts transactions in July were as follows: Requirements R1. Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column), a cash receipts journal, and a general journal. Barton Springs Glass Company records sales returns and allowances in the general journal. R2. Total each column of the sales journal and the cash receipts journal. Show that total debits equal total credits. R3. Show how postings would be made by writing the account numbers and check marks in the appropriate places in the journals. 1 2. The following cash receipts journal of Bernina Sewing Machines contains 5 entries. All 5 entries are for legitimate cash receipt transactions, but the journal has some errors from recording the transactions incorrectly. In fact, only 1 entry is correct, and each of the other 4 entries contains 1 error. Ignore posting references. Requirements R1. Identify the correct entry. R2. Identify the error in each of the other 4 entries. Cost of Goods Sold and Inventory are correct. R3. Prepare a corrected cash receipts journal using the following format. All column totals are correct in the cash receipts journal that follows. 2 3. The general ledger of Crystal Lake Golf Shop includes these accounts, along with their account numbers: Transactions in December that affected purchases and cash payments follow. Requirements R1. Crystal Lake Golf Shop records purchase returns in the general journal. Use the appropriate journal to record the transactions in a purchase journal, a cash payments journal (omit the Check No. column), and a general journal. R2. Total each column of the special journals. Show that total debits equal total credits in each special journal. R3. Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals. 3Step by Step Solution
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