Pad F 2:16 PM Accounting Principles 12E by Jerry Weygandt 1 CP7-2 (Periodic Inventory) McBride Company has the following opening account balances in its general and subsidiary ledgers on Januaryland uses the periodic inventory system. All accounts have normal debit and credit balances. GENERAL LEDGER January 1 Number Account Title opening Balance $33,750 10 112 Accounts Receivable 3,000 115 Notes Receivable 120 20,000 126 Supplies 130 2.000 157 6,450 158 Accumulated Depreciation-Equip. 20 Accounts Payable Owner's Capital 78,700 Schedule of Account s Receivable Schedule of Accounts Payable rom accounts receivable subsidiary ledger) (from accounts payablesubsidiary ledger January 1 January 1 opening opening Creditor Balance Customer Balance R. Kotsay $1,500 S. Otero 9,000 B. Boxberger 7,500 R. Rasmus 15.000 S, Andrus D. Baroni 4,000 In addition, the following transactions have not been joumalized for January 2017 Jan. 3 sell merchandise on account to B. Berg $3,600, invoice no. 510, and J.Lutz $1,800, nvoice no. 5 5 Purchase merchandise on account from S. Colt $5,000 and D. Kahn $2,700. 7 Receive checks for $4.000 from S. Andrus and $2,000 from B. Boxberger. 8 Pay freight on merchandise purchased 9 Send checks to S. Ouero for $9,000 and D. Baroni for $11.000. Issue credit of $300 to J. Lutz for merchandise retumed. 0 Cash sales from January o January 10 total $15,500. Make one joumal entry for these sales. 1 Sell merchandise on account to R. Kotsay for $2.900, invoice no. 512, and to S. Andrus $900, invoice no, 513 Post all entries to the subsidiary ledgers. 2 Pay rent of $1,000 for January. Receive payment in full from B. Berg and J. Lutz. Withdraw $800 cash by McBride for personal Purchase merchandise on account from D. Baroni for $12.000, from S. Otero for $13.900. and from S. Colt for $1,500. 7 Pay $400 cash for supplies. Return $200 of merchandise to S. Otero and receive credi Cash sales from January to January 20 total $17,500 Make one joumal entry for these sales. Rasmus in payment of balance due Issue $15,000 note to R Receive payment in full from S. Andrus. Post all entries to the subsidiary ledgers. 22 Sell merchandise on account to B. Berg for $3,700, invoice no. 514, and to R. Kotsay for $800, invoice no. 515 23 Send checks to D. Baroni and S. Otero in ful 25 Sell merchandise on or $3500, invoice no. 516, and to J. Lutz for 374 of 1295 $6,100, invoice no. 517. 94% Pad F 2:16 PM Accounting Principles 12E by Jerry Weygandt 1 CP7-2 (Periodic Inventory) McBride Company has the following opening account balances in its general and subsidiary ledgers on Januaryland uses the periodic inventory system. All accounts have normal debit and credit balances. GENERAL LEDGER January 1 Number Account Title opening Balance $33,750 10 112 Accounts Receivable 3,000 115 Notes Receivable 120 20,000 126 Supplies 130 2.000 157 6,450 158 Accumulated Depreciation-Equip. 20 Accounts Payable Owner's Capital 78,700 Schedule of Account s Receivable Schedule of Accounts Payable rom accounts receivable subsidiary ledger) (from accounts payablesubsidiary ledger January 1 January 1 opening opening Creditor Balance Customer Balance R. Kotsay $1,500 S. Otero 9,000 B. Boxberger 7,500 R. Rasmus 15.000 S, Andrus D. Baroni 4,000 In addition, the following transactions have not been joumalized for January 2017 Jan. 3 sell merchandise on account to B. Berg $3,600, invoice no. 510, and J.Lutz $1,800, nvoice no. 5 5 Purchase merchandise on account from S. Colt $5,000 and D. Kahn $2,700. 7 Receive checks for $4.000 from S. Andrus and $2,000 from B. Boxberger. 8 Pay freight on merchandise purchased 9 Send checks to S. Ouero for $9,000 and D. Baroni for $11.000. Issue credit of $300 to J. Lutz for merchandise retumed. 0 Cash sales from January o January 10 total $15,500. Make one joumal entry for these sales. 1 Sell merchandise on account to R. Kotsay for $2.900, invoice no. 512, and to S. Andrus $900, invoice no, 513 Post all entries to the subsidiary ledgers. 2 Pay rent of $1,000 for January. Receive payment in full from B. Berg and J. Lutz. Withdraw $800 cash by McBride for personal Purchase merchandise on account from D. Baroni for $12.000, from S. Otero for $13.900. and from S. Colt for $1,500. 7 Pay $400 cash for supplies. Return $200 of merchandise to S. Otero and receive credi Cash sales from January to January 20 total $17,500 Make one joumal entry for these sales. Rasmus in payment of balance due Issue $15,000 note to R Receive payment in full from S. Andrus. Post all entries to the subsidiary ledgers. 22 Sell merchandise on account to B. Berg for $3,700, invoice no. 514, and to R. Kotsay for $800, invoice no. 515 23 Send checks to D. Baroni and S. Otero in ful 25 Sell merchandise on or $3500, invoice no. 516, and to J. Lutz for 374 of 1295 $6,100, invoice no. 517. 94%
