Question
Required: 1. Balance or reconcile the accounts receivable subsidiary ledger and accounts receivable in the general ledger. Do the same for the accounts payabel subsidiary
Required:
1. Balance or reconcile the accounts receivable subsidiary ledger and accounts receivable in the general ledger. Do the same for the accounts payabel subsidiary ledger and accounts payable in the general ledger.
General Journal PAGE 6 | |||||
DATE | ACCOUNT TITLES AND EXPLANATIONS | POST. REF. | DEBIT | CREDIT | |
(balancing the ledgers)
General Ledger
Accounts Receivable Debit Balance
McMillan Distributors:
Schedule of Accounts Receivable
July 31
Balance
General Ledger
Accounts Payable Credit Balance: $23628.94
McMillan Distributors:
Schedule of Accounts Payable
July 31
Balance
Accounts Receivable Subsidiary Ledger
ACCOUNT BELL LTD. | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 9 | Bell Ltd | 6 | 33300 | 33300 | |
July | 19 | Bell Ltd | 13 | 32967 | 32967 | |
July | 19 | Bell Ltd Discount | 13 | 333 | 333 | |
July | 29 | Bell Ltd | 21 | 2976 | 2976 | |
68610 |
ACCOUNT M.O. BROWN | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 15 | M.O.Brown (credit sale) | 11 | 3990 | 3990 | |
July | 15 | M.O.Brown (Sold to) | 11 | 1440 | 1440 | |
2550 |
ACCOUNT ISHIKAWA INC. | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 2 | Ishikawa Inc (credit sale) | 1 | 24600 | 24600 | |
July | 10 | Ishikawa Inc (discount) | 8 | 246 | 246 | |
July | 10 | Ishikawa Inc | 8 | 24354 | -24354 | |
July | 18 | Ishikawa Inc (credit sale) | 13 | 2142 | -2142 | |
-1650 |
Accounts Payable Subsidiary Ledger
ACCOUNT BURGESS DISTRIBUTING LTD. | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 15 | Burgess Distribution Ltd (Purchases) | 15 | $12,282 | -$12,282 | |
ACCOUNT NAKKACH CORP. | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 3 | Nakkach Corp (purchase of inventory) | 2 | $14,802 | -$14,802 | |
July | 13 | Nakkach Corp (Discount) | 9 | $444.06 | $444.06 | |
July | 22 | Nakkach Corp (Furniture Purchase) | 16 | $3870 | -$3870 |
ACCOUNT MANLEY, INC. | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 13 | Manley Inc (Purchase of supplies) | 10 | $8646 | -$8646 | |
July | 28 | Manley Inc | 19 | $805 | -$805 | |
July | 29 | Manley Inc (Return) | 20 | $4050 | $4050 | |
General Ledger
ACCOUNT CASH ACCOUNT NO. 111 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 5 | Sale of inventory in cash (914) | 2 | 2880 | 2880 | |
July | 5 | Purchase of Furniture (532) | 4 | 13110 | -13,110 | |
July | 10 | Purchase of Inventory (533) | 7 | 6858 | -6858 | |
July | 13 | Paid to Nakkach Corp (533) | 9 | 14358 | -14358 | |
July | 19 | Bell Ltd | 14 | 32967 | 32967 | |
July | 25 | Payment for Utilities (536) | 18 | 6718 | -6718 | |
July | 30 | Manley Inc | 22 | 2646 | -2646 | |
July | 31 | Ishikawa Inc | 23 | 2142 | -2142 | |
July | 31 | Salary Expenses | 24 | 14082 | -14082 | |
Transfer to balance sheet as asset | 24,066.94 | 24,067 |
ACCOUNT ACCOUNTS RECEIVABLE ACCOUNT NO. 112 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 2 | Ishikawa Inc (913) | 1 | 24,600 | 24,600 | |
July | 9 | Bell Ltd (914) | 6 | 33,300 | 33,300 | |
July | 10 | Ishikawa Inc (913) | 8 | 24,354 | -24,354 | |
July | 10 | Ishikawa Inc (Discount) (913) | 8 | 246 | -246 | |
July | 15 | M.O. Brown (915) | 11 | 3990 | 3990 | |
July | 18 | Credit sale to Ishikawa Inc (916) | 13 | 2142 | 2142 | |
July | 19 | Bell Ltd (914) | 14 | 32967 | -32,967 | |
July | 19 | Bell Ltd (Discount) | 13 | 333 | -333 | |
July | 29 | Bell Ltd (917) | 21 | 2976 | 2976 | |
July | 31 | Ishikawa Inc | 23 | 2142 | -2142 | |
Transfer to balance sheet as asset | 6966 | 6966 | ||||
ACCOUNT SUPPLIES ACCOUNT NO. 116 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 13 | Purchase of Supplies Manlet Inc | 10 | 8646 | 8646 | |
July | 24 | Sales of Supplies | 18 | 324 | -324 | |
8322 | -8322 |
ACCOUNT PREPAID INSURANCE ACCOUNT NO. 117 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 22 | Prepaid Insurance | 17 | 6000 | 6000 | |
6000 | -6000 |
Req. 1 and 4 (continued) P7-6A
ACCOUNT INVENTORY ACCOUNT NO. 118 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 2 | Credit Sale to Ishikawa Inc (913) | 1 | 10,800 | 10800 | |
July | 3 | Purchase of Inventory from Nakkach Corp | 2 | 14,802 | 14802 | |
July | 5 | Sold Inventory for Cash (915) | 3 | 2880 | 2880 | |
July | 9 | Credit sale to Bell Ltd. (914) | 6 | 13,860 | 12860 | |
July | 10 | Purchase of inventory (533) | 7 | 6858 | 6858 | |
July | 15 | Sold to M.O. Brown (915) | 11 | 1440 | 1440 | |
July | 18 | Credit Sale to Ishikawa Inc (916) | 13 | 762 | 762 | |
July | 20 | Purchases Burgess Distributing Ltd | 15 | 12,282 | 12282 | |
July | 28 | Purchase of Inventory | 19 | 8050 | 8050 | |
July | 29 | Return of Inventory | 20 | 4050 | 4050 | |
July | 29 | Sale of Inventory Bell Ltd. (917) | 21 | 1320 | 1320 | |
Transfer to balance sheet as asset | 9520 | 9520 |
ACCOUNT FURNITURE ACCOUNT NO. 151 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 5 | Purchase of Furniture (532) | 4 | 13,110 | 13,110 | |
July | 22 | Purchase of Furniture Nakkach Corp | 16 | 3870 | 3870 | |
Transfer to balance sheet as asset | 16,980 | -16,980 |
ACCOUNT ACCOUNTS PAYABLE ACCOUNT NO. 211 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 3 | Nakkach Corp (914) | 2 | $14,802 | $14,802 | |
July | 13 | Nakkach Corp (914) | 9 | $14,357.94 | -$14,358 | |
July | 13 | Nakkach Corp (Discount Recevied) (914) | 9 | $444.06 | -$444 | |
July | 13 | Manley Inc | 10 | $8646 | $8648 | |
July | 20 | Burgess Distribution Ltd | 15 | $12,282 | $12282 | |
July | 22 | Purchase of furniture Nakkach Corp | 16 | 3870 | $3870 | |
July | 28 | Manley Inc | 19 | $805 | $8050 | |
July | 29 | Manley Inc (Return) | 20 | $4050 | -$4050 | |
July | 30 | Manley Inc | 22 | $2646 | -$2646 | |
Transfer to balance sheet as liability | $26,152 | $26,152 |
ACCOUNT SALES REVENUE ACCOUNT NO. 411 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 2 | Credit Sales (913) | 1 | $24,600 | $24,600 | |
July | 5 | Case Sales | 3 | $6462 | $6462 | |
July | 9 | Credit Sales to Bell Ltd (914) | 6 | $33,300 | $33,300 | |
July | 15 | Credit sale to M.O.Brown (915) | 12 | $3990 | $3990 | |
July | 18 | Credit sale to Ishikawa Inc (916) | 13 | $2142 | $2142 | |
July | 22 | Sale of supplies | 17 | $324 | $324 | |
July | 29 | Sale of inventory | 21 | $2976 | $2976 | |
$73794 | -$73794 |
Req. 1 and 4 (continued) P7-6A
ACCOUNT SALES DISCOUNTS ACCOUNT NO. 412 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 10 | Ishikawa Inc (913) | 8 | $246 | $246 | |
July | 19 | Bell Ltd (Discount) | 14 | $333 | $333 | |
Debit to profit loss account | $579 | $579 |
ACCOUNT SALES RETURNS AND ALLOWANCES ACCOUNT NO. 413 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 29 | Manley Inc (Returns) | 20 | $4050 | $4050 | |
ACCOUNT INTEREST REVENUE ACCOUNT NO. 419 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 8 | Collected interest revenue | 5 | $6650 | $6650 | |
Credit to profit loss account | $6650 | -$6650 |
ACCOUNT COST OF GOODS SOLD ACCOUNT NO. 511 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | 3 | Credit Purchase from Nakkach Corp | 2 | $14,802 | $14,802 | |
July | 10 | Purchase of inventory | 7 | $6858 | $6858 | |
July | 13 | Disocunt received from Nakkach Corp | 9 | $444,06 | -$444 | |
July | 20 | Purchase of inventory from Burgess Distributing Ltd. | 15 | $12,282 | $12,282 | |
July | 28 | Purchase of inventory Manley Inc | 19 | $8050 | $8050 | |
July | 29 | Purchase Return of inventory Manley Inc | 20 | $4050 | -$4050 | |
$37,498 | -$38,498 |
ACCOUNT SALARIES EXPENSE ACCOUNT NO. 531 | ||||||
DATE | ITEM | JRNL. REF. | DEBIT | CREDIT | BALANCE | |
July | Salary Expenses | 24 | $14,082 | 14,082 | ||
Debit to profit loss account | $14,082 | -$14,082 |
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