unting Information Systems h P7-18 Kentucky Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales 112 Accounts Receivable 414 Sales Discounts 120 Merchandise Inventory 505 Cost of Goods Sold 301 Ken Tucky, Capital On June 1 the accounts receivable ledger of Kentucky Company showed the following balances: Moose & Son $3,500, Chris Co. $2,800, Cornell Bros. $2,400, and Marx Co. $2,000. The June trans- actions involving the receipt of cash were as follows. June 1 The owner, Ken Tucky, invested additional cash in the business $12,000. 3 Received check in full from Marx Co. less 2% cash discount. 6 Received check in full from Chris Co. less 2% cash discount, 7 Made cash sales of merchandise totaling $8,700. The cost of the merchandise sold was $5,000. 9 Received check in full from Moose & Son less 2% cash discount. 11 Received cash refund from a supplier for damaged merchandise $450. 15 Made cash sales of merchandise focaling $6,500. The cost of the merchandise sold was 54,000 20 Received check in full from Cornell Bros. $2,400. Instructions 538 350 (a) Journalize the transactions above in a six-column cash receipts ournal with columns for Cash Dr Sales Discounts Di, Accounts Receivable Cr.. Sales Cr, Other Accounts Crand Cost of Goods Sold Dr / Merchandise Inventory Cr Foot and crossfoot the journal () Insert the beginning balances in the Accounts Receivable control and bsidiary accounts no post the lune transactions to these accounts (c) Prove the agreement of the control account and subsidiary count balances unting Information Systems h P7-18 Kentucky Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales 112 Accounts Receivable 414 Sales Discounts 120 Merchandise Inventory 505 Cost of Goods Sold 301 Ken Tucky, Capital On June 1 the accounts receivable ledger of Kentucky Company showed the following balances: Moose & Son $3,500, Chris Co. $2,800, Cornell Bros. $2,400, and Marx Co. $2,000. The June trans- actions involving the receipt of cash were as follows. June 1 The owner, Ken Tucky, invested additional cash in the business $12,000. 3 Received check in full from Marx Co. less 2% cash discount. 6 Received check in full from Chris Co. less 2% cash discount, 7 Made cash sales of merchandise totaling $8,700. The cost of the merchandise sold was $5,000. 9 Received check in full from Moose & Son less 2% cash discount. 11 Received cash refund from a supplier for damaged merchandise $450. 15 Made cash sales of merchandise focaling $6,500. The cost of the merchandise sold was 54,000 20 Received check in full from Cornell Bros. $2,400. Instructions 538 350 (a) Journalize the transactions above in a six-column cash receipts ournal with columns for Cash Dr Sales Discounts Di, Accounts Receivable Cr.. Sales Cr, Other Accounts Crand Cost of Goods Sold Dr / Merchandise Inventory Cr Foot and crossfoot the journal () Insert the beginning balances in the Accounts Receivable control and bsidiary accounts no post the lune transactions to these accounts (c) Prove the agreement of the control account and subsidiary count balances
