Question
Special Journals Bedrock Company completed these transactions during February of the current year using a perpetual inventory system. Purchases are recorded as of the invoice
Special Journals
Bedrock Company completed these transactions during February of the current year using a perpetual inventory system. Purchases are recorded as of the invoice date to set the discount period.
Required: | You are to enter the February transactions in one of five journals. Post the following items ongoing:All transactions in the general journal All amounts in the other accounts columns Individual amounts affecting the accounts receivable subsidiary ledger Individual amounts affecting the accounts payable subsidiary ledger Prepare a trial balance from the general ledger balances Complete Financial Statements in good form Prepare a schedule of accounts receivable and accounts payable |
Date | Transaction from Source Document |
Feb. 2 | Sold merchandise on credit to Dale Dent, invoice No. 711, $800 (cost, $500). (Terms of all credit sales are 2/10, n/60) |
3 | Received merchandise and an invoice dated February 1 from Able Company, $17,500. Terms are 2/10, n/60. |
4 | Sold merchandise on credit to Gary Glen, Invoice No. 712, $1,250 (cost, $750). (Terms of all credit sales are 2/10, n/60) |
7 | Borrowed $5,000 by giving First National Bank a promissory note payable.
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9 | Purchased office equipment on credit from More Company, invoice dated February 6, terms n/10, EOM, $625. |
9 | Sent Able Company Check No. 414 in payment of its February 1 invoice less the discount. |
11 | Sold merchandise on credit to Carl Cole, Invoice No. 713, $1,650 (cost, $1,000). (Terms of all credit sales are 2/10, n/60) |
12 | Received payment from Dale Dent of the February 2 sale less the discount.
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14 | Received payment from Gary Glen of the February 4 sale less the discount.
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14 | Received merchandise and an invoice dated February 11, terms 2/10, n/60, from Old Company, $1,985. |
14 | Issued check No. 415, payable to Payroll, in payment of sales salaries for the first half of the month, $855. Cashed the check and paid the employees. |
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14 | Cash sales for the first half of the month, $18,460 (cost, $11,000)[1].
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16 | Purchased merchandise on credit from Best Company, $9,100; store supplies, $45; and office supplies, $30. Invoice dated February 12, terms n/10, EOM. |
17 | Received a credit memo from Old Company for unsatisfactory merchandise received on February 14th and returned for credit, $85. |
21 | Received payment from Carl Cole for the sale of February 11 less the discount.
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21 | Issued check No. 416 to Old Company in payment of its invoice of February 11 less the return and the discount. |
24 | Sold merchandise on credit to Carl Cole, Invoice No. 714, $835 (cost, $500).
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28 | Issued check No. 417, payable to Payroll, in payment of sales salaries for the second half of the month, $855. Cashed the check and paid the employees |
28 | Cash sales for the last half of the month, $20,215 (cost, $12,000).
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[1] Normally cash sales are recorded daily, these are representative to reduce the number of repetitive entries.
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