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Please complete a general journal using the information below. Assume it is Mondny. May I, the first besiness day of the month, and you have
Please complete a general journal using the information below.
Assume it is Mondny. May I, the first besiness day of the month, and you have just heen hired as the accountant for Coln Company. which operates with monthly acrounting periods. All of the company's accounting work is completed through the end af April, and its ledzers show April 30 balances. During your first moth on the job, the cumpa-y experiences the followiry transuctions and events fterms for all its credit iaks are 2/10, n/30 urkess stated dillerently?. 1 Is5ued Check No. 3410 to SkP Management Co, in payment of the May rent for $3,710. Charge $2.968 to Rent ExpenseSelling Space, and charge $742 tn Rent Expense-0efice Space. (Use two lines to record the rransaction.) 2 Sold merchandise on credit to Hensel Compang. Imoice No. 8785, for 56,100)( cost i5 \$4,100). 2 Issikd an alloaance (pricx redoxtion) of \$175 to Kntok Co. for merchandise sold on Apcil 28. The tocal siLing priee (gross) wis 34,725. 3 Issukd a fefund of 3798 co l'cytoe Products for the feturn of merchandise purchascd on Apcil 29. Colo's Accounts Paysbbe was reduced by that amount. 4 Purchasod the follouing on credit from Gear Supply Co.: merchandese, \$37,072: store supplies, \$574; and ofliee supplies. \$83. Lmoice deted May 4. terms bive. 5 Received payment fram Knox Co. for the balance from the April 28 (\$4,550) sale less the May 2 return and the $91 discount. 8. Is5ued Check No, 3411 to Peston Products to ay for the 57,098 of menchandise purchassd on Aprii 39 less the May 3 rerurn and the $126 discnunt. 9 Sold store supvies (nonimentory) to the basines5 nest door at their cost of $350 cash. Hwe. Enter "Store Supplies" only in the Account Crodited column. 10 Purchased \$4,074 of office equipment on credit from Gear Sapply Co., terms a/30. 11 Received payment from Hensel Company for the May 2 szle less the discount of $122. 1) Purchased $8,800 of merchandise from Garcia, Inc. terms 2/10,n/30 12 Received an \$bs4 price reduction Iroen Gear Supply Co. for the retuin of aftloe equipment receivbd on May IG. Colo deaited Accounts Payable by that amount. 15 lssikd Clxck No. 3412. paysbl to Payroll. in payment of sales salarics, \$5.320. and ottice slarics. \$3,150. 15 Cash sales for the first half of the month are $59,220 (cost is $18,2001). These cash sales are racorded in the cash receipts juurnal on May 15. 15 Poat to the customer and croditor accounts. Also poot indinidnal items that are not incinded in column toonls at the end of the month to the zeneral ledper accounts 16. Sold merchandise on credit to Heasel Compary. Inwoice No. 8786, for $3,990 (cost is $1,890 ). 17 Purchassd $13,650 of merchandise from Fink Corp.. terms 2/ 10, n/60. 19 Lssacd Check No. 3413 to Garcia. Lnc., in pazment of its May 11 parchase less the discount of $176. 22 Sold merchandise to Loe Services. Lnvoice No. 8787, for $6,850 (cost is $4,990 ). terms 2/10, a60. 23 Issued Check No. 3414 to Fink Corp. in pazment of its May 17 purchase less the discount af $273. 24 Purchased the following an credit from Gear Supply Co: merchandise, $8,120 - stare supplies, \$630; and affice supplies, \$280. Terms n/30. 25 Purchasad 53,080 of merchandise from Peyton Products, terms 2/10, n/30. 26 Sold merchandise on credit to Crare Corp., Invoice No. 8788, for $14.210 (cost is $8,230 ). 26 [ssmed Check No. 3415 to Pereunial Power in payment of the May electric bill. 51,283. 29 The owner of Colo Company, Jenny Colo, used Check N0. 3416 to withdraw $7,000 cash from the business for personal use. 30 Received payment from Lee Services for the May 22 sale less the discount of $137. 30 Lssucd Chock No. 3417, payable to Payroll, in payment of sales salaries, $5.320, and offlce salaries, \$3,150. 31 Cash sales for the last hall of the month are $66,052 (cost is $42,500 ). These cash sales are recorded in the cast receipts jourbal on May 31. 31 Post to the customer and creditor accounts. Also post individual items that are not included in column tocals at the end of the month to the general ledger accounts. Foot and crossfont the journals and make the monthend postings
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