PROACCT5.05

All Journals and General Ledger; Trial Balance The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Dec. 2. Dec. 3. Issued Check No. 610 for December rent, $4,200. Issued Invoice No. 940 to Clifford Co., $1,740 Received check for $4,800 from Ryan Co. in payment of account. Purchased a vehicle on account from Platinum Motors, $37,300. Purchased office equipment on account from Austin Computer Co., $4,500. Issued Invoice No. 941 to Ernesto Co., $3,870. Dec. 5. Dec. 6. Dec. 6. Dec. 9. Issued Check No. 611 for fuel expense, $600. Dec. 10. Dec. 10. Dec. 10. Dec. 11. Received check from Sing Co. in payment of $4,040 invoice. Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice. Issued Invoice No. 942 to Joy Co., $1,970. Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account. Issued Check No. 614 for $500 to Porter Co. in payment of account. Received check from Clifford Co. in payment of $1,740 invoice of December 2. Issued Check No. 515 to Platinum Motors in payment of $37,300 balance of December 5. Issued Check No. 616 for $39,800 for cash purchase of a vehicle. Dec. 11. Dec. 12. Dec. 13. Dec. 16. Dec. 16. Cash fees earned for December 1-16, $20,300. Dec. 23. Dec. 17. Issued Check No. 617 for miscellaneous administrative expense, $500. Dec. 18. Purchased maintenance supplies on account from Essential Supply Co., $1,750. Dec. 19. Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375. Dec. 20. Issued Check No. 618 in payment of advertising expense, $1,780. Dec. 20. Used $3,200 maintenance supplies to repair delivery vehicles. Purchased office supplies on account from Office To Go Inc., $400. Dec. 24. Issued Invoice No. 943 to Sing Co., $6,100. Dec. 24. Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000. Issued Invoice No. 944 to Ernesto Co., $5,530. Dec. 25. Received check for $4,100 from Ryan Co. in payment of balance. Dec. 26. Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6. Dec. 30. Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,900; office salaries, $7,100. Dec. 31. Cash fees earned for December 17-31, $18,900. Dec. 31. Issued Check No. 622 in payment for office supplies, $340. Required: Dec. 25. 1. The following accounts are setup in the general ledger as of December 1. Using the information below, enter the balances for each account. 1. The following accounts are setup in the general ledger as of December 1. Using the information below, enter the balances for each account. 11 Cash $161,680 32 S. Holmes, Drawing Fees Earned 12,940 41 12 Accounts Receivable 14 Maintenance Supplies 10,850 4,900 15 Office Supplies 16 Office Equipment 17 Accum. Depr.-Office Equip. 51 Driver Salaries Expense 52 Maintenance Supplies Exp. 53 Fuel Expense 61 Office Salaries Expense 28,500 6,900 18 Vehicles 95,900 19 Accum. Depr.-Vehicles 14,700 62 Rent Expense 63 Advertising Expense 64 Miscellaneous Administrative Expense 21 3,920 Accounts Payable S. Holmes, Capital 31 289,250 2a. Journalize the transactions for December, using the purchases journal (with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. If no entry is required, select "No entry required". If an amount box does not require an entry, leave it blank. PURCHASES JOURNAL PAGE 37 Office Post. Accounts Payable Other Accounts Post. Date Account Credited Maintenance Supplies Dr. Supplies Amount Ref. Dr. Ref. Cr. Dr. (21) (14) (15) 2b. Journalize the transactions for December, using the cash receipts journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL PAGE 31 Other Accounts Date Account Credited Post. Ref. Accounts Receivable Cr. Cash Dr. Cr. (v) (12) (11) 2c. Journalize the transactions for December, using the single-column revenue journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. REVENUE JOURNAL PAGE 35 Invoice Post. Accounts Rec. Dr. Date Account Debited No. Ref. Fees Earned Cr. III (12) (41) 2d. Journalize the transactions for December, using the cash payments journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. If an amount box does not require an entry, leave it blank. CASH PAYMENTS JOURNAL PAGE 34 Other Accounts Date Ck. No. Account Debited Post. Ref. Accounts Cash Cr. Payable Dr. Dr. III III (21) (11) 2e. Journalize the transactions for December, using the two-column general journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. If an amount box does not require an entry, leave it blank. JOURNAL PAGE 1 Date Description Post. Ref. Debit Credit 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. If an amount box does not require an entry, leave it blank. GENERAL LEDGER Balance Date Item Post. Ref. Debit Credit Dr. Cr. Account: Cash #11 Dec. 1 Balance Account: Accounts Receivable #12 Balance Dec. 1 III III II II III III II Account: Maintenance Supplies #14 Dec. 1 Balance II Account: Office Supplies #15 Dec. 1 Balance Account: Office Equipment #16 Dec. 1 Balance III III Account: Accumulated Depreciation Office Equipment #17 Dec. 1 Balance Account: Vehicles #18 Dec. 1 Balance Account: Accumulated Depreciation-Vehicles #19 Dec. 1 Balance Account: Accounts Payable #21 Dec. 1 Balance Account: S. Holmes, Capital #31 Dec. 1 Balance Account: S. Holmes, Drawing #32 II Account: Fees Earned #41 III Account: Driver Salaries Expense #51 Account: Maintenance Supplies Expense #52 Account: Fuel Expense #53 Account: Office Salaries Expense #61 Account: Rent Expense #62 Dec. 1 Account: Advertising Expense #63 Account: Miscellaneous Administrative Expense #64 5. Prepare a trial balance. If an amount box does not require an entry, leave it blank. REVERE COURIER COMPANY Unadjusted Trial Balance December 31 Debit Balances Credit Balances Cash Accounts Receivable Maintenance Supplies Office Supplies Office Equipment Accumulated Depreciation Office Equipment Vehicles Accumulated Depreciation-Vehicles Accounts Payable S. Holmes, Capital S. Holmes, Drawing Fees Earned Driver Salaries Expense Maintenance Supplies Expense Office Salaries Expense Fuel Expense Rent Expense Advertising Expense Miscellaneous Administrative Expense