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Question 1 Jeter Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the

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Question 1 Jeter 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 ledger for Jeter are indicated in the working papers. Presented below are a series of transactions for Jeter 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 January 1 Number Account Title Opening Balance 101 Cash $37,000 112 Accounts Receivable 13,200 115 Notes Receivable 38,000 120 Inventory 19,500 126 Supplies 1,800 130 Prepaid Insurance 2,500 157 Equipment 6,450 158 Accumulated DepreciationEquip. 1,600 201 Accounts Payable 34,500 301 Owner's Capital 82,350 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance i-D-D'huuA:_:nn Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) January 1 Customer Opening Balance R. Beltre $1,500 B. Santos 7,600 5. Mahay 4,100 Schedule of Accounts Payable (from accounts payable subsidiary ledger) January 1 Customer Opening Balance 5. Meek $7,500 R. Moses 18,000 D. Saito 9,000 Jan. Sell merchandise on account to B. Corpas $3,600, invoice no. 510, and to J. Revere $2,000, invoice no. 511. Purchase merchandise from S. Gamel $6,000 and D. Posey $2,200, terms n/30. Receive checks from S. Mahay $4,100 and B. Santos $2,000 after discount period has lapsed. Pay freight on merchandise purchased $240. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $9,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. wwmumm 10 11 12 13 15 15 16 17 18 20 21 21 22 22 23 25 27 27 Pay freight on merchandise purchased $240. Send checks to S. Meek for $7,500 less 2% cash discount, and to D. Saito for $9,000 less 1% cash discount. Issue credit of $300 to J. Revere for merchandise returned. Daily cash sales from January 1 to January 10 total $14,000. Make one journal entry for these sales. Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,800 for January. Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Jeter for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $16,000, terms 1/10, n/30; S. Meek $15,000, terms 2/10, n/30; and S. Gamel $1,500, terms n/30. Pay $400 cash for office supplies. Return $200 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $18,600. Make one journal entry for these sales. Issue $18,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,400, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Salto and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,600, invoice no. 516, and to J. Revere $6,500, invoice no. 517. Purchase merchandise from D. Saito $14,900, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,700, terms n/30. Post all entries to the subsidiarv ledaers. 11 12 13 15 15 16 17 18 20 21 21 22 22 23 25 27 27 28 31 31 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. Pay rent of $1,800 for January. Receive payment in full from B. Corpas and J. Revere less cash discounts. Withdraw $800 cash by M. Jeter for personal use. Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $16,000, terms 1/10, n/30; S. Meek $15,000, terms 2/10, n/30; and S. Gamel $1,500, terms n/30. Pay $400 cash for office supplies. Return $200 of merchandise to S. Meek and receive credit. Daily cash sales from January 11 to January 20 total $18,600. Make one journal entry for these sales. Issue $18,000 note, maturing in 90 days, to R. Moses in payment of balance due. Receive payment in full from S. Mahay less cash discount. Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,400, invoice no. 515. Post all entries to the subsidiary ledgers. Send checks to D. Saito and S. Meek in full payment less cash discounts. Sell merchandise on account to B. Santos $3,600, invoice no. 516, and to J. Revere $6,500, invoice no. 517. Purchase merchandise from D. Saito $14,900, terms 1/10, n/30; D. Posey $3,300, terms n/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 $23,100. Make one journal entry for these sales. Pay sales salaries $4,500 and office salaries $3,800. Record the January transactions in a sales journal. (Post entries in the order presented in the problem statement.) Sales Journal 51 Date Account Receivable Dr. Cost of Good Sold Dr. Account Debited Invoice No. Ref. Sales Revenue Cr. Inventory Cr. \\/ \\/ \\/ \\/ \\/ \\/ \\/ c c c \\/ SHOW LIST OF ACCOUNTS

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