Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
The following were selected from among the transactions completed by Caldemayer Co. during the current year. Caldemeyer soils and instats home and business security systems
The following were selected from among the transactions completed by Caldemayer Co. during the current year. Caldemeyer soils and instats home and business security systems Jan 3 Feb. 10 13 Mar. 12 14 Apr 3 May 11 Loaned $18.000 cash to Trina Gelhaus, receiving a 90-day, 8% note Sold merchandise on account to Bradford & Co. $24,000. The cost of the goods sold was $14.400 Sold merchandise on account to Dry Creek Co. $60,000. The cost of goods sold was $84.000 Accepted a 60 day, 7% note for $24.000 from Bradford & Co. on account Accepted a 60 day, 9 note for $60,000 from Dry Creek Co. on account Received the interest due trom Trina Gelhaus and a new 120-day, note as a renewal of the foon of January 3. (Record both the debit and the credit to the notes receivable account Received from Bradford & Co the amount due on the note of March 12 Dry Creek Co. dishonored to note duted March 14 Received from Diy Creek Co the amount owed on the dishonorednote, plus interest to 60 days at 12% computed on the maturty value of the note Received from Trina Gehaus the amount due on her note of April Sold merchandise on account terms 2/10, 1/30.0 Halloran Co. $13,500. Record the sale net of the 2% scount. The cost of goods sold was $8,100 Received from Halloran Co the amount of the invoice of October 5, 2count 13 July 12 Aug 1 Octs 15 CHART OF ACCOUNTS Caldemeyer Co General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 111 Petty Cash 121 Accounts Receivable-Bradford & Co. 122 Accounts Receivable-Dry Creek Co. 123 Accounts Receivable-Trina Gelhaus 124 Accounts Receivable-Halloran Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 10 181 Land 532 Depreciation Expense-Office Equipment Th 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 638 Bad Debt Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Joumalze the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account boies. Assume a 360-day year. Assume this is a year in which February has 28 days All transactions on this page must be entered (except for post refts) before you will receive Check My Work feedback INGE 10 JOURNAL Score: 50/448 ACCOUNTING EQUATION DESCRIPTION POSTS DESIT CREDIT ASSETS LIABLITIES TOUITY DIE Lan 5 Notes Receivable 1 18.000.00 1 2 Cash 15.000.00 1 Feb. 10 Accounts Receivable-Bradford & Co 24,000.00 1 Sales 24,000.00 T Feb. 10 cost of merchandis Merchandise inventory Feb 15 cost of
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fa560e1f3c_016668fa560893c6.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fa5617fdcf_017668fa561219c1.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fa56225538_017668fa561bb0d8.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fa562bccd4_018668fa562643d0.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started