SOME COMPANY, INC. PAGE Jan GENERAL JOURNAL Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10,N30. POST GENERAL 15 Made a partial payment to Bottle Inc. for $1,500. REF ACCOUNT TITLE DATE DEBIT CREDIT 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount Purchases 8-Jan 2,000.00 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. Accounts Payable, Bottle, Inc. Purchased inventory on acccount Accounts Receivable, ABC Company 2,000.00 10 4,000.00 Sales 4,000.00 INSTRUCTIONS Sold inventory on account Using the transactions above, shown in the journal to the right, complete the following: |Accounts Payable, Bottle Inc. 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) 1,500.00 15 Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD Cash 1,500.00 so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM. Partial Payment on Account Accounts Receivable, JKL Company 20 THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2,000.00 Sales 2,000.00 Sold inventory on account 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) Cash Sales Discount Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided 20 3,920.00 80.00 for Bottle Inc. and Jarhead, Inc. SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & AP SUBSIDIARY LEDGER 4,000.00 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided 21 400.00 for ABC Company and JKL Company. Accounts Receivable, JKL Company Sales Returned by JKL Company 400.00 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts Supplies Accounts Payable, Jarhead, Inc. Purchased supplies to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts 500.00 25 500.00 on account ACCOUNT N. 1020 ACCOUNTS RECEIVABLE Balance Post Explanation Date Debit Credit Dr. Cr. Ref. SEE EXAMPLE A POST ENTRY DATE B-POST EXPLANATION OF TRANSACTION C -POST POSTING REFERENCE D-POST DEBIT OR CREDIT E - POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE ACCOUNTS PAYABLE ACCOUNT NO. 2000 Post Balance Credit Date Explanation Debit Cr. Ref. Dr. A/P NORMAL BALANCE IS CREDIT Jan 8 Purchase from Bottle Inc. 20 00 2 000 00 00 J1 AP Subsidiary Ledger AR Subsidiary Ledger General Ledger Control Accts Schedules Transactions NY Balance Post Credit Date Explanation Debit r. Dr Ref. JKL COMPANY Post Balance Date Explanation Debit Credit Ref. Dr . SEE EXAMPLE A - POST EN TRY DATE A C E B - POST EXPLANATION OF TRAN SACTION C POST POSTING REFERENCE D - POST DEBIT OR CREDIT E -POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE BOTTLE INC. Post Balance Date Credit Explanation Debit Dr Cr. Ref. 8 Purchased Inventory Jan 2 000 2 000 00 00 J1 A/P NORMAL BALANCE IS CREDIT JARHEAD INC. Balance Post Da Explanation Debit Credit Ref. Dr Cr SOME COMPANY, INC SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX JAN 30, XXXX ABC Company JKL Company Bottle Inc. Jarhead Inc. Total Total SOME COMPANY, INC. PAGE Jan GENERAL JOURNAL Transactions - Reported using Gross Method for Purchases & Sales (w/o discounts like you will use in Snap2IT Acctg) 8 Some Company Inc. purchased $2,000 in inventory from Bottle Inc. on account 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10,N30. POST GENERAL 15 Made a partial payment to Bottle Inc. for $1,500. REF ACCOUNT TITLE DATE DEBIT CREDIT 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. 20 Received full payment for Jan 10 sale to ABC less discount Purchases 8-Jan 2,000.00 21 JKL Company returned $200 of merchandise for a credit of $400. 25 Purchased $500 of supplies on credit Jarhead Inc. Accounts Payable, Bottle, Inc. Purchased inventory on acccount Accounts Receivable, ABC Company 2,000.00 10 4,000.00 Sales 4,000.00 INSTRUCTIONS Sold inventory on account Using the transactions above, shown in the journal to the right, complete the following: |Accounts Payable, Bottle Inc. 1. Refer to the General Journal (shown here on the right-hand side of this worksheet) 1,500.00 15 Notice we are using the Periodic Inventory system. Sales & Purchases are reported using GROSS METHOD Cash 1,500.00 so all purchases and sales are reported before discounts. Post transactions as shown - DO NOT CHANGE THEM. Partial Payment on Account Accounts Receivable, JKL Company 20 THE FIRST TRANSACTION HAS BEEN POSTED AS AN EXAMPLE HIGHLIGHTED IN YELLOW/RED YOU WILL ONLY BE POSTING ENTRIES TO CONTROL ACCOUNTS (A/P & A/R) AND TO SUBSIDIARY ACCOUNTS 2,000.00 Sales 2,000.00 Sold inventory on account 2. Post the appropriate entries to the accounts payable control ledger (use the individual transactions) Cash Sales Discount Accounts Receivable, ABC Company Received Payment less discount Sales Returns & Allowances and to the vendor subsidiary ledger. Note, use the Accounts Payable subsidiary ledgers provided 20 3,920.00 80.00 for Bottle Inc. and Jarhead, Inc. SEE EXAMPLE HIGHLIGHTED IN YELLOW/RED IN G/L CONTROL ACCTS & AP SUBSIDIARY LEDGER 4,000.00 3. Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and to the customer subsidiary ledger. Note, use the Accounts Receivable subsidiary ledgers provided 21 400.00 for ABC Company and JKL Company. Accounts Receivable, JKL Company Sales Returned by JKL Company 400.00 4. Prepare a Schedule for both the Accounts Receivable and the Accounts Payable Subsidiary Ledger Accounts Supplies Accounts Payable, Jarhead, Inc. Purchased supplies to prove that the balances in these subsidiary accounts tie to the total of the General Ledger Control Accounts 500.00 25 500.00 on account ACCOUNT N. 1020 ACCOUNTS RECEIVABLE Balance Post Explanation Date Debit Credit Dr. Cr. Ref. SEE EXAMPLE A POST ENTRY DATE B-POST EXPLANATION OF TRANSACTION C -POST POSTING REFERENCE D-POST DEBIT OR CREDIT E - POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE ACCOUNTS PAYABLE ACCOUNT NO. 2000 Post Balance Credit Date Explanation Debit Cr. Ref. Dr. A/P NORMAL BALANCE IS CREDIT Jan 8 Purchase from Bottle Inc. 20 00 2 000 00 00 J1 AP Subsidiary Ledger AR Subsidiary Ledger General Ledger Control Accts Schedules Transactions NY Balance Post Credit Date Explanation Debit r. Dr Ref. JKL COMPANY Post Balance Date Explanation Debit Credit Ref. Dr . SEE EXAMPLE A - POST EN TRY DATE A C E B - POST EXPLANATION OF TRAN SACTION C POST POSTING REFERENCE D - POST DEBIT OR CREDIT E -POST BALANCE: NOTE BALANCE IS RUNNING BALANCE NOTE: BALANCE IS DEBIT OR CREDIT, NOT BOTH TIP: BALANCE SHOULD BE ON "NORMAL BALANCE" SIDE BOTTLE INC. Post Balance Date Credit Explanation Debit Dr Cr. Ref. 8 Purchased Inventory Jan 2 000 2 000 00 00 J1 A/P NORMAL BALANCE IS CREDIT JARHEAD INC. Balance Post Da Explanation Debit Credit Ref. Dr Cr SOME COMPANY, INC SOME COMPANY, INC SCHEDULE OF ACCOUNTS RECEIVABLE SCHEDULE OF ACCOUNTS PAYABLE JAN 30, XXXX JAN 30, XXXX ABC Company JKL Company Bottle Inc. Jarhead Inc. Total Total