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Portsmouth Computer Security uses the perpetual inventory system and makes all credit sales on terms of n/30. Portsmouth completed the following transactions during May :

Portsmouth

Computer Security uses the perpetual inventory system and makes all credit sales on terms of n/30.

Portsmouth

completed the following transactions during

May

:

LOADING...

(Click

the icon to view the transactions.)

Read the

requirements LOADING...

Enter the transactions in a sales journal (page 7), a cash receipts journal (page 5, omit Sales Discounts Forfeited column), a purchases journal (page 10), a cash payments journal (page 8), and a general journal (page 6), as appropriate.

2.

Total each column of the special journals. Show that total debits equal total credits in each special journal.

3.

The following four-column accounts in the subsidiary ledgers have been opened for you (with beginning balances as of

May

1, if any). Accounts receivable

ledgerlong dash

Abelli Co.,

$ 1 comma 600

;

Cantu Co.

,

$ 0

;

Sesnie Co.

,

$ 0

;

and

K.M. Forbes

,

$ 0

.

Accounts payable

ledgerlong dash

Cleary Co.,

$ 0

;

Marston comma Inc.

,

$ 0

;

Sciacca Inc.

,

$ 0

;

and

Yilmaz Inc.

,

$ 1 comma 100

.

4.

Post daily to the accounts receivable subsidiary ledger and to the accounts payable subsidiary ledger.

5.

The following four-column general ledger accounts have been opened for you using

Portsmouth

's

account numbers and balances as of

May

1,

2018

.

All accounts have normal balances.

Number

Account

Bal.

111

Cash

$15,300

112

Accounts Receivable

1,600

114

Merchandise Inventory

6,500

116

Office Supplies

900

117

Prepaid Insurance

0

151

Furniture

2,400

211

Accounts Payable

1,100

311

Okeson, Capital

21,450

411

Sales Revenue

7,900

419

Interest Revenue

600

511

Cost of Goods Sold

2,300

531

Salaries Expense

1,600

541

Utilities Expense

450

On

May

31, post to the general ledger.

6.

Prepare a trial balance as of

May

31,

2018

,

to verify the equality of the general ledger. Balance the total of the customer account ending balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger.

Requirements 1 and 2. Enter the transactions in a sales journal (page 7), a cash receipts journal (page 5), a purchases journal (page 10), a cash payments journal (page 8), and a general journal (page 6), as appropriate. Show how postings would be referenced in each journal by selecting the account numbers and posting marks in the appropriate places in the journals. Total each column of the special journals. Show that total debits equal total credits in each special journal. (Select "T." in place of a check mark to reflect posting to a subsidiary ledger. Enter an "X" if the column total is not posted. If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero.)

Begin with page 7 of the sales journal. Enter the transactions and total the journal.

Sales Journal

Page 7

Invoice

Customer

Post.

Accounts Receivable DR

Cost of Goods Sold DR

Date

No.

Account Debited

Ref.

Sales Revenue CR

Merchandise Inventory CR

2018

May

May

31

Totals

Show how total debits equal total credits.

Total debits

=

Total credits

Sales journal

=

Next complete page 5 of the cash receipts journal. Enter the transactions and total the journal. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Disc. = Discounts, Rec. = Receivable, Rev. = Revenue, Accts = Accounts, Inv. = Inventory)

Cash Receipts Journal

Page 5

Post.

Accounts

Sales

Other

Cost of Goods Sold DR

Date

Account Credited

Ref.

Cash DR

Rec. CR

Rev. CR

Accts CR

Merchandise Inv. CR

2018

May

May

31

Totals

Show how total debits equal total credits.

Total debits

=

Total credits

Cash receipts journal

=

Now complete page 10 of the purchases journal. Enter the transactions and total the journal. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies)

Purchases Journal

Page 10

Other Accounts DR

Vendor

Post.

Accounts

Merchandise

Office

Account

Post.

Date

Account Credited

Terms

Ref.

Payable CR

Inventory DR

Supp. DR

Title

Ref.

Amount

2018

May

May

31

Totals

Show how total debits equal total credits.

Total debits

=

Total credits

Purchases journal

=

Next complete page 8 of the cash payments journal. Enter the transactions and total the journal. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Round your answers to the nearest whole dollar.)

Cash Payments Journal

Page 8

Ck.

Post.

Other

Accounts

Merchandise

Date

No.

Account Debited

Ref.

Accounts DR

Payable DR

Inventory CR

Cash CR

May

May

31

Totals

Show how total debits equal total credits.

Total debits

=

Total credits

Cash payments journal

=

Finally complete the required entries to page 6 of the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Select "T." in place of a check mark to reflect posting to a subsidiary ledger.)

May

29: Returned damaged merchandise inventory to

Marston comma Inc.

,

issuing a debit memo for

$ 650

.

General Journal

Page 6

Date

Accounts and Explanation

Post. Ref.

Debit

Credit

May

29

Requirements 3 and 4. The following four-column accounts in the subsidiary ledgers have been opened for you (with beginning balances as of

May

1, if any): Accounts receivable

ledgerlong dash

Abelli Co.,

$ 1 comma 600

;

Cantu Co.

,

$ 0

;

Sesnie Co.

,

$ 0

;

and

K.M. Forbes

,

$ 0

.

Accounts payable

ledgerlong dash

Cleary Co.,

$ 0

;

Marston comma Inc.

,

$ 0

;

Sciacca Inc.

,

$ 0

;

and

Yilmaz Inc.

,

$ 1 comma 100

.

Post daily to the accounts receivable subsidiary ledger and to the accounts payable subsidiary ledger.

Begin with the accounts receivable subsidiary ledger. Post the beginning balances and the daily transactions for

Abelli Co.

and

Cantu Co.

,

then for

Sesnie Co.

and

K.M. Forbes

.

Review the

sales journalLOADING...

,

cash receipts journalLOADING...

,

purchases journalLOADING...

,

cash payments journalLOADING...

,

and

general journalLOADING...

.

(For accounts with a $0 balance, make sure to enter "0" in the appropriate cells. Enter the transactions in chronological order in the next available row. If a box is not used in the ledger leave the box empty; do not select any information and do not enter a zero. Abbreviations used: CR = Cash Receipts Journal, CP = Cash Payments Journal, J. = General Journal, P = Purchases Journal, S = Sales Journal)

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER

Abelli Co.

Cantu Co.

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Sesnie Co.

K.M. Forbes

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Now complete the accounts payable subsidiary ledger. Post the beginning balances for

Cleary Co.

,

$ 0

,

and

Marston comma Inc.

,

$ 0

,

and the daily transactions. Then post the beginning balances for

Sciacca Inc.

,

$ 0

,

and

Yilmaz Inc.

,

$ 1 comma 100

and post the daily transactions. Review the

sales journalLOADING...

,

cash receipts journalLOADING...

,

purchases journalLOADING...

,

cash payments journalLOADING...

,

and

general journalLOADING...

.

(For accounts with a $0 balance, make sure to enter "0" in the appropriate cells. Enter the transactions in chronological order. If a box is not used in the ledger leave the box empty; do not select any information and do not enter a zero. Abbreviations used: CR = Cash Receipts Journal, CP = Cash Payments Journal, J. = General Journal, P = Purchases Journal, S = Sales Journal)

ACCOUNTS PAYABLE SUBSIDIARY LEDGER

Cleary Co.

Marston, Inc.

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Sciacca Inc.

Yilmaz Inc.

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Requirement 5. The following four-column general ledger accounts have been opened for you using

Portsmouth

's

account numbers and

balances LOADING...

as of

May

1,

2018

.

On

May

31, post to the general ledger.

Begin by posting the beginning balances, the transactions entered in the "other accounts" columns of the special journals, and the transactions in the general journal in chronological

order.

Next post the column totals for the sales journal, the cash receipts journal, the purchases journal and the cash payments in that

order.

(For accounts with a $0 balance, make sure to enter "0" in the appropriate cells. Enter the transactions in chronological order. If a box is not used in the ledger leave the box empty; do not select any information and do not enter a zero. Abbreviations used: CR = Cash Receipts Journal, CP = Cash Payments Journal, J. = General Journal, P = Purchases Journal, S = Sales Journal.)

GENERAL LEDGER

Cash

No. 111

Accounts Receivable

No. 112

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Merchandise Inventory

No. 114

Office Supplies

No. 116

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Prepaid Insurance

No. 117

Furniture

No. 151

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Accounts Payable

No. 211

Okeson, Capital

No. 311

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Sales Revenue

No. 411

Interest Revenue

No. 419

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Cost of Goods Sold

No. 511

Salaries Expense

No. 531

Balance

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

Balance

May

May

Utilities Expense

No. 541

Balance

Date

Post. Ref.

Debit

Credit

Debit

Credit

Balance

May

Requirement 6. Prepare a trial balance as of

May

31,

2018

to verify the equality of the general

ledger.

Balance the total of the customer balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger.

Begin by preparing the trial balance. Review the

general ledgerLOADING...

and do not include accounts with a $0

balance.

Portsmouth Computer Security

Trial Balance

May 31, 2018

Balance

Account Title

Debit

Credit

Total

Balance the total of the customer balances in the

accounts receivable subsidiary ledgerLOADING...

against Accounts Receivable in the general ledger. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell.)

GENERAL LEDGER

Accounts Receivable

balance

SUBSIDIARY LEDGER: CUSTOMER ACCOUNTS RECEIVABLE

Customer

Balance

Abelli Co.

Cantu Co.

K.M. Forbes

Sesnie Co.

Total Accounts Receivable

Balance the total of the vendor balances in the

accounts payable subsidiary ledgerLOADING...

and Accounts Payable in the general ledger. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell.)

GENERAL LEDGER

Accounts Payable

balance

SUBSIDIARY LEDGER: ACCOUNTS PAYABLE

Vendor

Balance

Cleary Co.

Marston, Inc.

Sciacca Inc.

Yilmaz Inc.

Total Accounts Payable

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