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Question 1 of 1 - /52 III View Policies Current Attempt in Progress Wildhorse Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Wildhorse are indicated in the working papers presented below. Also following are a series of transactions for Wildhorse Co, for the month of January. Credit sales terms are 2/10,n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number Account Title January 1 Opening Balance 101 Cash $34,500 112 Accounts Receivable 12.300 115 Notes Receivable 42.000 120 Inventory 18,500 126 Supplies 1,200 130 Prepaid Insurance 2.200 157 Equipment 6.900 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 36.500 301 Owner's Capital 79,500 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Customer January 1 Opening Balance R Beltre $1,300 B. Santos 7.200 S. Mahay 3,800 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $ 7,500 R. Moses 17.000 D. Salto 12,000 3 Jan Sell merchandise on account to B. Corpas $3,300.invoice no. 510, and to J. Revere $ 1.900, Invoice no 511. 5 Purchase merchandise from S. Gamel $6,000 and D. Posey $ 2.900, terms n/30 7 Receive checks from S. Mahay $ 3.800 and B. Santos $ 2.000 after discount period has lapsed. - /52 5 Question 1 of 1 3 Jan. Sell merchandise on account to B. Corpas $3,300, invoice no. 510, and to J. Revere $ 1.900, invoice no. 511. 5 Purchase merchandise from 5. Gamel $6,000 and D. Posey $ 2.900, terms n/30. 7 7 Recelve checks from S. Mahay $3,800 and B. Santos $2,000 after discount period has lapsed. $ 8 Pay freight on merchandise purchased $ 245. . 9 Send checks to S. Meek for $7.500 less 2% cash discount, and to D. Saito for $ 12,000 less 1% cash discount. 9 Issue credit of $ 300 to J. Revere for merchandise returned. $ . 10 Daily cash sales from January 1 to January 10 total $ 15,500. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $ 1.600 Invoice no. 512, and to S. Mahay $ 900, Invoice no. 513. 12 Pay rent of $ 1.200 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. 13 15 Withdraw $ 800 cash by M. Wildhorse for personal use. 15 Post all entries to the subsidiary ledgers 16 Purchase merchandise from D. Saito $ 14,000, terms 1/10,n/30: S. Meek $ 14,400, terms 2/10,n/30; and S. Gamel $ 1,300, terms n/30. 17 Pay $ 800 cash for office supplies. 18 20 Return $ 300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $ 20,100. Make one journal entry for these sales. . Issue $ 17,000 note, maturing in 90 days, to R. Moses in payment of balance due Receive payment in full from S. Mahay less cash discount. 21 21 22 Sell merchandise on account to B. Corpas $3,000, Invoice no. 514, and to R. Beltre $2,200, Invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 25 Send checks to D. Saito and S. Meek for full payment less cash discounts. Sell merchandise on account to B. Santos $ 3.200 Invoice no. 516, and to J. Revere $ 7,000, Invoice no $ , . , . 517 27 27 Purchase merchandise from D. Saito $ 14,100, terms 1/10,n/30; D. Posey $3,200, terms 1/30; and S. $ , ; , ; Gamel $ 5.700, terms n/30 $ , . Post all entries to the subsidiary ledgers. Pay $ 200 cash for office supplies. Daily cash sales from January 21 to January 31 total $ 22,200, Make one journal entry for these sales. Pay sales salaries $ 4.200 and office salaries $3,600. . 28 31 31 (1) Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement) (a1) Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Date Account Debited Invoice No. Account Receivable Dr. Sales Revenue Cr. Cost of Good Inventor Ref. 4 . . . . e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Question Part Score --/3.4 (a2) Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Date Inventory Dr. Accounts Payable Cr. Account Credited Terms Ref. . n/30 . n/30 1/10,n/30 2/10, 1/30 + n/30 + + 1/10, n/30 n/30 n 30 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer (a3) Record the January transactions in a cash receipts journal.(Post entries in the order presented in the problem statement. Select "Not Applicable in Account Credited column, if no customer is selected.) Cash Receipts Journal Date Account Credited Sales Discounts Dr. Cash Dr. Ref. . + . . e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Question Part Score 1346 (24) Record the January transactions in a cash payments journal.(Post entries in the order presented in the problem statement. Select "Not Applicable in Account Debited column. if no customer is selected.) Cash Payments Journal Accour Date Other Accounts Dr. Account Debited Ref. 120 . . - 729 306 . . : 627 e Textbook and Media List of Accounts Attempts: 0 of 5 used Submit Answer Savelat --/3.46 Question Part Score Question 1 of 1 - /52 III View Policies Current Attempt in Progress Wildhorse Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Wildhorse are indicated in the working papers presented below. Also following are a series of transactions for Wildhorse Co, for the month of January. Credit sales terms are 2/10,n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number Account Title January 1 Opening Balance 101 Cash $34,500 112 Accounts Receivable 12.300 115 Notes Receivable 42.000 120 Inventory 18,500 126 Supplies 1,200 130 Prepaid Insurance 2.200 157 Equipment 6.900 158 Accumulated Depreciation-Equip. 1,600 201 Accounts Payable 36.500 301 Owner's Capital 79,500 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Customer January 1 Opening Balance R Beltre $1,300 B. Santos 7.200 S. Mahay 3,800 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance S. Meek $ 7,500 R. Moses 17.000 D. Salto 12,000 3 Jan Sell merchandise on account to B. Corpas $3,300.invoice no. 510, and to J. Revere $ 1.900, Invoice no 511. 5 Purchase merchandise from S. Gamel $6,000 and D. Posey $ 2.900, terms n/30 7 Receive checks from S. Mahay $ 3.800 and B. Santos $ 2.000 after discount period has lapsed. - /52 5 Question 1 of 1 3 Jan. Sell merchandise on account to B. Corpas $3,300, invoice no. 510, and to J. Revere $ 1.900, invoice no. 511. 5 Purchase merchandise from 5. Gamel $6,000 and D. Posey $ 2.900, terms n/30. 7 7 Recelve checks from S. Mahay $3,800 and B. Santos $2,000 after discount period has lapsed. $ 8 Pay freight on merchandise purchased $ 245. . 9 Send checks to S. Meek for $7.500 less 2% cash discount, and to D. Saito for $ 12,000 less 1% cash discount. 9 Issue credit of $ 300 to J. Revere for merchandise returned. $ . 10 Daily cash sales from January 1 to January 10 total $ 15,500. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $ 1.600 Invoice no. 512, and to S. Mahay $ 900, Invoice no. 513. 12 Pay rent of $ 1.200 for January Receive payment in full from B. Corpas and J. Revere less cash discounts. 13 15 Withdraw $ 800 cash by M. Wildhorse for personal use. 15 Post all entries to the subsidiary ledgers 16 Purchase merchandise from D. Saito $ 14,000, terms 1/10,n/30: S. Meek $ 14,400, terms 2/10,n/30; and S. Gamel $ 1,300, terms n/30. 17 Pay $ 800 cash for office supplies. 18 20 Return $ 300 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $ 20,100. Make one journal entry for these sales. . Issue $ 17,000 note, maturing in 90 days, to R. Moses in payment of balance due Receive payment in full from S. Mahay less cash discount. 21 21 22 Sell merchandise on account to B. Corpas $3,000, Invoice no. 514, and to R. Beltre $2,200, Invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 25 Send checks to D. Saito and S. Meek for full payment less cash discounts. Sell merchandise on account to B. Santos $ 3.200 Invoice no. 516, and to J. Revere $ 7,000, Invoice no $ , . , . 517 27 27 Purchase merchandise from D. Saito $ 14,100, terms 1/10,n/30; D. Posey $3,200, terms 1/30; and S. $ , ; , ; Gamel $ 5.700, terms n/30 $ , . Post all entries to the subsidiary ledgers. Pay $ 200 cash for office supplies. Daily cash sales from January 21 to January 31 total $ 22,200, Make one journal entry for these sales. Pay sales salaries $ 4.200 and office salaries $3,600. . 28 31 31 (1) Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement) (a1) Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal S1 Date Account Debited Invoice No. Account Receivable Dr. Sales Revenue Cr. Cost of Good Inventor Ref. 4 . . . . e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Question Part Score --/3.4 (a2) Record the January transactions in a single-column purchases journal. (Post entries in the order presented in the problem statement.) Purchases Journal P1 Date Inventory Dr. Accounts Payable Cr. Account Credited Terms Ref. . n/30 . n/30 1/10,n/30 2/10, 1/30 + n/30 + + 1/10, n/30 n/30 n 30 e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer (a3) Record the January transactions in a cash receipts journal.(Post entries in the order presented in the problem statement. Select "Not Applicable in Account Credited column, if no customer is selected.) Cash Receipts Journal Date Account Credited Sales Discounts Dr. Cash Dr. Ref. . + . . e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Question Part Score 1346 (24) Record the January transactions in a cash payments journal.(Post entries in the order presented in the problem statement. Select "Not Applicable in Account Debited column. if no customer is selected.) Cash Payments Journal Accour Date Other Accounts Dr. Account Debited Ref. 120 . . - 729 306 . . : 627 e Textbook and Media List of Accounts Attempts: 0 of 5 used Submit Answer Savelat --/3.46 Question Part Score
