Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Requirements #1 thru #6 Summit Computer Security uses the perpetuat inventory system and makes all credit sales on torms of n/30: Summit completed the following
Requirements #1 thru #6
Summit Computer Security uses the perpetuat inventory system and makes all credit sales on torms of n/30: Summit completed the following transoctions during May (1. (Click the icon to view the transactions.) Read the reguirements. Requirements 1 and 2. Enter the transactions in a sales journal (page 7), a cash receipts journal (page 5 , omit Sales Discounits Forfeited column), a purchases joumal (page 10), a cash payments journal (page 8), and a general joumal (poge 6 ), as appropriate. Total eoch column of the special joumals, shew that total debits equal total credits in each special journal. Begin with page 7 of the sales journal. Enter the transactoons and total the joumal, (if a box is not used in the joumal leave the box amply, do net select ary information and do not enter a zoro.) 1. Enter the transactions in a saks joumal (page 7), a cash receigts joumal (page 5 , omit Sales Discounts Forfeited column), a purchases journal (grage 10) a cash payments joumal (pago 8), and a general journol (poge 5), as appropriate 2. Total each column of the special joumais. Show that total debits equal total credits in each special journal 3. The following fouf-column accounts in the subskdiary ledgers have been opened for you (with beginning bolances as of Mary 1 , if ary). Aboount receivable subsidiary ledger-Abe: Co., \$1,200; Caito Co., 50, P. V. Zandi, 50, and L. B. Knoding. 50. Accounts payable subsidiary indger-Global Co., S0; Manco, Inc., 50 ; Saari Distributing. $0, and Yount Co, 51,100 . 4. Post daly to the accounts receivable subsidiary lodger and to the accounts payable subsidiary ledger. 5. The folowing four-column general ledger accounts have been opened for you using Summi's account numbers and balances as of May 1 , 2024 . All Requirements 4. Pest daly to the accouss receivable subsidiary ledger arid to the icoouits payable subsidiary ledger 5. The following four-column general ledger accounts have been opened for you using Surimils account numbers and balances as of May 1 , 2024, Aul accounts have nombal balances Qn mayy 17 post no mu generan legger. Accounts Payable in the gentral ledpet. May22May24May25May28May29May29May30May31May31Issuedcheckno.535topayforinsurancecoverage,debitingPrepaidInsurancefor$1,500.Soldofficesuppliestoanemployeeforcashof$60,whichwasSummitscost.Receivedbillandissuedcheckno.536topayutilities,$325.Purchasedmerchandiseinventoryoncredittermsof2/10,n/30fromManco,Inc.,$500.ReturneddamagedmerchandiseinventorytoManco,Inc.,issuingadebitmemofor$500.SoldmerchandiseinventoryonaccounttoCaitoCo.,issuinginvoiceno.917for$2,800(cost,$600).Issuedcheckno.537topayManco,Inc.infullforMay13purchase.ReceivedcashinfullfromL.B.KaedingoncreditsaleofMay18.Issuedcheckno.538topaymonthlysalariesof$1,550. Summit Computer Security uses the perpetuat inventory system and makes all credit sales on torms of n/30: Summit completed the following transoctions during May (1. (Click the icon to view the transactions.) Read the reguirements. Requirements 1 and 2. Enter the transactions in a sales journal (page 7), a cash receipts journal (page 5 , omit Sales Discounits Forfeited column), a purchases joumal (page 10), a cash payments journal (page 8), and a general joumal (poge 6 ), as appropriate. Total eoch column of the special joumals, shew that total debits equal total credits in each special journal. Begin with page 7 of the sales journal. Enter the transactoons and total the joumal, (if a box is not used in the joumal leave the box amply, do net select ary information and do not enter a zoro.) 1. Enter the transactions in a saks joumal (page 7), a cash receigts joumal (page 5 , omit Sales Discounts Forfeited column), a purchases journal (grage 10) a cash payments joumal (pago 8), and a general journol (poge 5), as appropriate 2. Total each column of the special joumais. Show that total debits equal total credits in each special journal 3. The following fouf-column accounts in the subskdiary ledgers have been opened for you (with beginning bolances as of Mary 1 , if ary). Aboount receivable subsidiary ledger-Abe: Co., \$1,200; Caito Co., 50, P. V. Zandi, 50, and L. B. Knoding. 50. Accounts payable subsidiary indger-Global Co., S0; Manco, Inc., 50 ; Saari Distributing. $0, and Yount Co, 51,100 . 4. Post daly to the accounts receivable subsidiary lodger and to the accounts payable subsidiary ledger. 5. The folowing four-column general ledger accounts have been opened for you using Summi's account numbers and balances as of May 1 , 2024 . All Requirements 4. Pest daly to the accouss receivable subsidiary ledger arid to the icoouits payable subsidiary ledger 5. The following four-column general ledger accounts have been opened for you using Surimils account numbers and balances as of May 1 , 2024, Aul accounts have nombal balances Qn mayy 17 post no mu generan legger. Accounts Payable in the gentral ledpet. May22May24May25May28May29May29May30May31May31Issuedcheckno.535topayforinsurancecoverage,debitingPrepaidInsurancefor$1,500.Soldofficesuppliestoanemployeeforcashof$60,whichwasSummitscost.Receivedbillandissuedcheckno.536topayutilities,$325.Purchasedmerchandiseinventoryoncredittermsof2/10,n/30fromManco,Inc.,$500.ReturneddamagedmerchandiseinventorytoManco,Inc.,issuingadebitmemofor$500.SoldmerchandiseinventoryonaccounttoCaitoCo.,issuinginvoiceno.917for$2,800(cost,$600).Issuedcheckno.537topayManco,Inc.infullforMay13purchase.ReceivedcashinfullfromL.B.KaedingoncreditsaleofMay18.Issuedcheckno.538topaymonthlysalariesof$1,550 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started