Study Perfect Your Score Score Guide Analyzing a Journal

SECOND REVISED

b-te_11-study-249-252.qxd 11/1/07 3:55 AM Page 249

Study Guide 11

Perfect Score

Name Identifying Accounting Terms Analyzing a Journal and Ledgers Analyzing Posting and Subsidiary Ledgers Total

6 21 10 37

Your Score

Pts. Pts. Pts. Pts.

Part One—Identifying Accounting Terms Directions: Select the term in Column I that best fits each definition in Column II. Print the letter identifying your choice in the Answers column.

Column I

Answers

Column II

A. accounts payable ledger

1. A ledger that is summarized in a single general ledger account. (p. 298)

1.

F

B. accounts receivable ledger

2. A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account. (p. 298)

2.

A

C. controlling account

3. A subsidiary ledger containing only accounts for charge customers. (p. 298)

3.

B

D. schedule of accounts payable

4. An account in a general ledger that summarizes all accounts in a subsidiary ledger. (p. 298)

4.

C

E. schedule of accounts receivable

5. A listing of vendor accounts, account balances, and total amounts due all vendors. (p. 305)

5.

D

F. subsidiary ledger

6. A listing of customer accounts, account balances, and total amount due from all customers. (p. 313)

6.

E

COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING

Chapter 11 • 249

SECOND REVISED


Part Two—Analyzing a Journal and Ledgers Directions: Place a T for True or an F for False in the Answers column to show whether each of the following statements is true or false.

1. When using an accounts receivable ledger, the total amount due from all customers is summarized in a single general ledger account. (p. 298)

Answers 1. T

2. Accounts are arranged in alphabetical order within the subsidiary ledgers. (p. 299)

2.

T

3. A change in the balance of a vendor account also changes the balance of the controlling account, Accounts Payable. (p. 299)

3.

T

4. The total amount owed to all vendors is summarized in a single general ledger account, Accounts Payable. (p. 299)

4.

T

5. The number of entries that may be recorded on each ledger account form is limited to fifteen. (p. 300)

5.

F

6. The amount on each line of a purchases journal is posted as a credit to a vendor account in the accounts payable ledger. (p. 301)

6.

T

7. Posting frequently keeps each vendor account balance up to date. (p. 301)

7.

T

8. Entries in a general journal may affect account balances in an accounts payable ledger. (p. 303)

8.

T

9. A controlling account balance in a general ledger must equal the sum of all account balances in a subsidiary ledger. (p. 305)

9.

T

10. A schedule of accounts payable is prepared before all entries in a journal are posted. (p. 305)

10.

F

11. A change in the balance of a customer account does not affect the balance of the controlling account, Accounts Receivable. (p. 307)

11.

F

12. The form used in the accounts receivable ledger has a Debit Balance column. (p. 308)

12.

T

13. Each amount in a sales journal’s Accounts Receivable Debit column is posted as a credit to the customer account in the accounts receivable ledger. (p. 309)

13.

F

14. Each entry in the Accounts Receivable Credit column of the cash receipts journal is posted to the proper customer account in the accounts receivable ledger. (p. 310)

14.

T

15. The accounts receivable ledger is proved when the balance of Accounts Receivable in the general ledger is the same as the total of the schedule of accounts receivable. (p. 313)

15.

T

16. Each amount in the General columns of a cash payments journal is posted as a total at the end of the month. (p. 316)

16.

F

17. The monthly total of each special amount column in a cash payments journal is posted to a general ledger account. (p. 316)

17.

T

18. Transactions recorded in a general journal can affect both subsidiary ledger and general ledger accounts. (p. 318)

18.

T

19. A diagonal line in the Post. Ref. column allows the posting reference of two account numbers. (p. 318)

19.

T

20. Errors made in recording amounts in subsidiary ledgers always affect the general ledger controlling account. (p. 327)

20.

F

21. The steps for posting a journal entry to correct customer accounts are exactly the same as posting other transactions to subsidiary ledgers. (p. 328)

21.

F

250 • Working Papers TE

CENTURY 21 ACCOUNTING, 9TH EDITION

SECOND REVISED


Name

Date

Class

Part Three—Analyzing Posting and Subsidiary Ledgers Directions: For each item below, select the choice that best completes the statement. Print the letter identifying your choice in the Answers column.

1. When a debit is posted to the accounts payable ledger, the (A) debit amount is written in the Debit column of the account (B) cash account increases (C) controlling account is increased by the entry (D) all of the above. (p. 302)

Answers 1. A

2. When a credit is posted to the accounts payable ledger, the (A) source document number and page number of the journal are written in the Post. Ref. column of the account (B) previous balance is added to the new amount posted in the Credit column (C) credit amount is written in the Debit column of the account (D) word Balance is written in the Item column. (p. 303)

2.

B

3. The total of all customer account balances in the accounts receivable ledger equals (A) the balance in the accounts receivable controlling account (B) the balance in the accounts payable controlling account (C) the cash account (D) none of these. (p. 307)

3.

A

4. A form in the accounts receivable ledger has (A) a Debit Balance column (B) a Credit Balance column (C) both Debit Balance and Credit Balance columns (D) none of these. (p. 308)

4.

A

5. The separate amounts in the Accounts Receivable Debit column of a sales journal are (A) posted individually to the general ledger (B) posted individually to the accounts receivable ledger (C) not posted to the general ledger (D) none of these. (p. 309)

5.

B

6. When all lines have been used in a ledger account form, a new page is prepared with the account name, account number, and (A) page number (B) account balance (C) company name (D) none of these. (p. 315)

6.

B

7. Posting the special amount column totals in the cash payments journal is done (A) weekly (B) daily (C) after each transaction (D) none of these. (p. 316)

7.

D

8. The total amount of the purchases journal is posted to the general ledger (A) daily (B) weekly (C) at the end of the month (D) none of these. (p. 321)

8.

C

9. A check mark is placed in parentheses below the General Debit and General Credit column totals in the journal to indicate that the two column totals are (A) posted individually (B) posted only as part of the column total (C) not posted (D) none of these. (p. 324)

9.

C

10.

A

10. The journal that should be posted first is the (A) sales journal (B) purchases journal (C) general journal (D) cash payments journal. (p. 325)


Chapter 11 • 251

SECOND REVISED


Study Skills Handling Interruptions Sometimes you will sit down to study, and a family member will ask you an important question. Someone might ask you to run an errand. Occasionally a friend might call for assistance. It seems that interruptions occur quite regularly. There is no way to eliminate all interruptions, but you must learn to handle distractions if you are to complete all your work on schedule. Establish a Formal Schedule You can avoid many of the distractions you face daily if you establish regular study hours. You can post your study hours and keep your door closed while you are studying. Telephone Calls Some students simply do not answer the phone during study time. This may or may not be a good idea in a particular situation. There are certainly calls that you would welcome anytime, but most of them could be postponed without trouble. If your friends know that you have a regular study schedule, they should not be offended if you ask them to call before or after these hours. Getting Back to Work Perhaps the most important part of handling interruptions is getting back to work. When your study is interrupted, you must learn to control the length of time you lose. Most questions take only a moment to answer, but it is very easy to allow them to distract you for 10 or 15 minutes. If you must stop to run an errand, note the time that you leave and hurry back to study with a minimum of delay. Students are often quite surprised when they realize that they lose an hour or two when they run an errand that should take only 15 or 20 minutes. Looking for an Interruption Sometimes we may find it difficult to get interested in an assignment, and we almost seem to look for something to postpone our study. We make a phone call when the call could easily wait. We pick up a magazine or a newspaper and begin reading when we should not do so. If we find ourselves looking for a distraction, we must first realize that we are simply trying to postpone our work. Then we should force ourselves to get back to the subject immediately. The sooner we begin the work, the sooner we will finish. A Key to Success If you allow interruptions to interfere with your work on a regular basis, you will find that more and more interruptions occur. If you take steps to control interruptions, you will find that you will be distracted less. Handling interruptions is a key to accomplishing what you want to do in school.


CENTURY 21 ACCOUNTING, 9TH EDITION

Chapter 11 Purchases Returns and Allowances

28 Accounts Payable/Art and Things

Accounts Payable/Electro-Graphics Supply

1145

5130

2110 230 2110 DM37 210

M32

1130 110

2140

CM29 4130

DOC. POST. NO. REF.

1 2 5 00

2 5 4 4 00

3 12

5 2 00

DEBIT

1 2 5 00

2 5 4 4 00

5 5 12

CREDIT

7

6

5

4

3

2

1

7 7 6 00

(5120)

(1110)

1 2 8 48 18 7 0 4 16

Work Together 11-2, 11-3 Work Together 11-3 Work Together 11-1, 11-3 Work Together 11-1 Work Together 11-3

Work Together 11-3

(Note: The journals in this problem are needed to complete Work Together 11-3 and 11-4. The general journal is also needed to complete Work Together 11-2.)

7

6

5

26 Supplies—Office

Accounts Receivable/David Bishop

Sales Tax Payable

Oct. 12 Sales Returns and Allowances

ACCOUNT TITLE

(2110)

8 6 5 6 00

7 7 6 00

6 9 60

25

24

15

14

Work Together 11-4

Work Together 11-3 Work Together 11-1

Page 253

4

DATE

20 – –

11

(✔)

(✔)

PAGE

1 4 9 4 74

1 1 6 7 1 38

CREDIT

5 CASH CREDIT

15

PURCHASES DISCOUNT CREDIT

PAGE ACCOUNTS PAYABLE DEBIT

Work Together 11-4

4

15

(5110)(2110)

Work Together 11-1

3

14

3

7

11 8 1 8 40

1 4 0 3 20

1

Date

3

2

1

4.

31 Totals

6 9 60

DEBIT

GENERAL

2

240

PURCHASES DR. ACCTS. PAY. CR.

Name

25

24

291 230

20 Electro-Graphics Supply

POST. REF.

15

CK. NO.

290 1145

GENERAL JOURNAL

ACCOUNT TITLE


DATE

1

CASH PAYMENTS JOURNAL

14

3.

15

31 Total

89

PURCH. POST. NO. REF.

10

2:25 PM

14

3

19 Regal Designs

ACCOUNT CREDITED

PAGE

11-1

7

DATE

PURCHASES JOURNAL

11/2/07

1

2.

Posting to an accounts payable ledger

BTE_Ch11-253-304.qxd

SECOND REVISED

Class

WORK TOGETHER, p. 306

Posting to General and Subsidiary Ledgers • 253


11/2/07

2:25 PM

Page 254

SECOND REVISED

11-1 WORK TOGETHER (concluded) 1., 2., 3., 4. VENDOR

ACCOUNTS PAYABLE LEDGER

Art and Things

DATE

VENDOR NO. POST. REF.

ITEM

20 – –

G11

POST. REF.

ITEM

20 – –

7 4 8 00

DEBIT

✔ CP15

1 8 1 4 00 8 2 8 00

9 8 6 00


ITEM

20 – –

DEBIT

CP15

26

7 7 6 00 ———

7 7 6 00 2 5 4 4 00

G11

Regal Designs

DATE

2 5 4 4 00


ITEM

20 – –

DEBIT

CREDIT

✔

Oct. 1 Balance 19

P10

230

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 20

220

CREDIT BALANCE

CREDIT

Electro-Graphics Supply

DATE

VENDOR

1 2 5 00

VENDOR NO.

Oct. 1 Balance 13

VENDOR

8 7 3 00

Can Do Graphics

DATE

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 28

VENDOR

DEBIT

210

240

CREDIT BALANCE

8 7 7 00 1 4 0 3 20

2 2 8 0 20

5.

Graphics, Inc. Schedule of Accounts Payable October 31, 20 – – Art and Things

7 4 8 00

Can Do Graphics

9 8 6 00

Electro-Graphics Supply

2 5 4 4 00

Regal Designs

2 2 8 0 20

Total Accounts Payable

6 5 5 8 20



Chapter 11 5130

Purchases Returns and Allowances

7

1 1 0 00

7 8 9 00

1 1 0 00

7 8 9 00

7

6

5

4

On Your Own 11-3

On Your Own 11-1, 11-3

4 8 9 00

(1110)

4 2 5 22 7 3 3 2 2 04 (5120)

On Your Own 11-2, 11-3 On Your Own 11-3

On Your Own 11-3

(2110)

(Note: The journals in this problem are needed to complete On Your Own 11-3 and 11-4. The general journal is also needed to complete On Your Own 11-2.)

Accounts Payable/Miller Supply

29 Accounts Payable/Franklin Mfg. Corp.

5

6

1150 2110 230 2110 220

M125

3

2

4 20

2140 1130 110

1

6 4 20

CREDIT

6 0 00

DEBIT

16

CM91 4130

DOC. POST. NO. REF.

PAGE

(✔)

1 6 4 8 25 3 3 2 3 7 26

4 8 9 00

1 2 4 20

CASH CREDIT

5

20

24

23

19

18

On Your Own 11-4

On Your Own 11-3 On Your Own 11-1

Date

27 Supplies—Store

Accounts Receivable/Mary Burgin

Sales Tax Payable

Sept. 15 Sales Returns and Allowances

20 – –

(✔)

4 2 1 5 8 25

CREDIT


ACCOUNTS PAYABLE DEBIT

PAGE

Page 255

4

3

2

1

4.

ACCOUNT TITLE

30 Totals

23

DATE

648 230

22 Miller Supply

19

1 2 4 20

DEBIT

GENERAL

On Your Own 11-4

4

(5110)(2110)

On Your Own 11-1

3

23

4 8 5 7 5 25

3

11

1

22

2 4 8 5 00


9

Name

24

647 1150

POST. REF.

21 Supplies—Store

GENERAL JOURNAL

ACCOUNT TITLE

CK. NO.

1

2

458 240



18

3.

23

ACCOUNT CREDITED

PAGE

2:25 PM

DATE

30 Total

22

3

14 Swann Industries

11

DATE

PURCHASES JOURNAL

11/2/07

1

2.



SECOND REVISED

Class

11-1 ON YOUR OWN, p. 306



11/2/07

2:25 PM

Page 256

SECOND REVISED

11-1 ON YOUR OWN (concluded) 1., 2., 3., 4. VENDOR


Best Supply Co.

DATE


ITEM

20 – –

POST. REF.

ITEM

DEBIT

✔ G16

1 2 4 8 25 1 1 0 00

1 1 3 8 25


ITEM

20 – –

DEBIT

CP20

27

4 8 9 00 ———

4 8 9 00 7 8 9 00

G16

Swann Industries

DATE

7 8 9 00


ITEM

20 – –

DEBIT

CREDIT

✔

Sept. 1 Balance 14

P9

230

CREDIT BALANCE

CREDIT

✔

Sept. 1 Balance 22

220

CREDIT BALANCE

CREDIT

Miller Supply

DATE

3 4 8 2 00

VENDOR NO.

20 – –

VENDOR

3 4 8 2 00

P9

Sept. 1 Balance 29

VENDOR

———

Franklin Mfg. Corp.

DATE

CREDIT BALANCE

CREDIT

✔

Sept. 1 Balance 3

VENDOR

DEBIT

210

240

CREDIT BALANCE

1 2 4 8 00 2 4 8 5 00

3 7 3 3 00

5.

Amatera, Inc. Schedule of Accounts Payable September 30, 20 – – Best Supply Co.

3 4 8 2 00

Franklin Mfg. Corp.

1 1 3 8 25

Miller Supply

7 8 9 00

Swann Industries

3 7 3 3 00


9 1 4 2 25



Chapter 11

31 Totals

POST. REF.

84 140

SALE NO.

SALES JOURNAL

SALES TAX PAYABLE CREDIT

6 9 6 0 00 (4110)

7 3 7 7 60 (1130)

3

10

(2140)

4 1 7 60

3 2 64

14

13

12

5

(2140)


PAGE

(4110)

5 4 4 00

SALES CREDIT

ACCOUNTS RECEIVABLE DEBIT

5 7 6 64

2

(1130)

PAGE 7

2 5 4 40

CASH DEBIT

12

(4120)

(1110)

3 1 40 25 7 4 7 80

SALES DISCOUNT DEBIT

Work Together 11-4

6 3 6 0 00 18 3 2 0 00 1 0 9 9 20

2 5 4 40

1

CREDIT

SALES CREDIT

ACCOUNTS RECEIVABLE CREDIT

6

19

18

17

3

9

1

Work Together 11-4

Page 257

Date

(Note: The journals in this problem are also needed to complete Work Together 11-4.)

14

13

12

ACCOUNT DEBITED

20 Brandee Sparks

DATE

31 Totals

R104 130

DEBIT

GENERAL

5

Name

5

2.

19

18

17

21 Alfredo Lopez

ACCOUNT TITLE

POST. REF.

4

3

2:25 PM

3

9

DATE

DOC. NO.

2

11-2

1

CASH RECEIPTS JOURNAL

11/2/07

1

3.

Posting to an accounts receivable ledger


SECOND REVISED

Class




11-2

11/2/07

2:25 PM

Page 258

SECOND REVISED

WORK TOGETHER (concluded)

1., 2., 3., 4. CUSTOMER

ACCOUNTS RECEIVABLE LEDGER

David Bishop

DATE

CUSTOMER NO. POST. REF.

ITEM

20 – –

3 4 8 75

2 3 8 50

G11

5 5 12

1 8 3 38

Maria Farrell


ITEM

20 – –

DATE

2 8 6 20


ITEM

DEBIT

S10

2 5 4 40 1 2 7 2 00

1 5 2 6 40 2 5 4 40

CR12

21 Brandee Sparks

DATE

1 2 7 2 00


ITEM

20 – –

DEBIT

✔

Oct. 1 Balance 20

130

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 12

120

DEBIT BALANCE

CREDIT

Alfredo Lopez

20 – –

CUSTOMER

DEBIT

✔

Oct. 1 Balance

CUSTOMER

5 8 7 25

CR12

12

DATE

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 10

CUSTOMER

DEBIT

110

S10

CREDIT

140

DEBIT BALANCE

2 1 2 00 5 7 6 64

7 8 8 64

5.

Graphics, Inc. Schedule of Accounts Receivable October 31, 20 – – David Bishop

1 8 3 38

Maria Farrell

2 8 6 20

Alfredo Lopez

1 2 7 2 00

Brandee Sparks Total Accounts Receivable


7 8 8 64 2 5 3 0 22


Chapter 11

(2140)

2 1 5 8 00

(4120)

(1110)

27

26

3

21

1

On Your Own 11-4

Page 259

Date

(Note: The journals used in this problem are also used to complete On Your Own 11-4.)

30

(4110)

7 CASH DEBIT

18

2 2 3 00 80 6 6 7 75


PAGE

30

(1130)

29 4 8 4 25 48 1 5 8 25 3 2 4 8 25

2 1 5 8 00


6

On Your Own 11-4

29

CREDIT

SALES CREDIT


5

19

18

29

DEBIT

GENERAL

4

3

(2140)

17

8

28

30 Totals

R302 120

POST. REF.

2

(4110)

1 9 7 0 36

9 6 20

28

27

26

3

ACCOUNT TITLE

19 Harris Evans

DATE

DOC. NO.

(1130)

CASH RECEIPTS JOURNAL 1

1 3 7 4 30

30 1 1 8 36 28 1 4 8 00

1 4 7 0 50

SALES CREDIT

3 SALES TAX PAYABLE CREDIT

9

Name

21

1

3.

19

POST. REF.

354 140

SALE NO.


PAGE

2:25 PM

18

30 Totals

17

ACCOUNT DEBITED

2

1

11-2

21 Davis Sullivan

DATE

SALES JOURNAL

11/2/07

8

2.

Posting to an accounts receivable ledger


SECOND REVISED

Class

ON YOUR OWN, p. 314



11/2/07

2:25 PM

Page 260

SECOND REVISED

11-2 ON YOUR OWN (concluded) 1., 2., 3., 4. CUSTOMER


Mary Burgin

DATE


ITEM

20 – –

15

2 5 2 00

1 2 9 6 00

G16

6 4 20

1 2 3 1 80

POST. REF.

ITEM

DEBIT

S9

2 1 5 8 00 1 5 7 8 50

CR18

19

3 7 3 6 50 2 1 5 8 00

Patrick Mussina

DATE

POST. REF.

20 – –

DEBIT

CREDIT

✔

Sept. 1 Balance

DEBIT BALANCE


ITEM

20 – –

DEBIT

✔

Sept. 1 Balance 21

S9

130

1 1 4 2 00

Davis Sullivan

DATE

1 5 7 8 50

CUSTOMER NO.

ITEM

120

DEBIT BALANCE

CREDIT

✔

Sept. 1 Balance 13

CUSTOMER

CR18

CUSTOMER NO.

20 – –

CUSTOMER

1 5 4 8 00

Harris Evans

DATE

DEBIT BALANCE

CREDIT

✔

Sept. 1 Balance 6

CUSTOMER

DEBIT

110

CREDIT

140

DEBIT BALANCE

5 6 4 00 1 4 7 0 50

2 0 3 4 50

5.

Amatera, Inc. Schedule of Accounts Receivable September 30, 20 – – Mary Burgin

1 2 3 1 80

Harris Evans

1 5 7 8 50

Patrick Mussina

1 1 4 2 00

Davis Sullivan

2 0 3 4 50

Total Accounts Receivable

5 9 8 6 80




11/2/07

2:25 PM

Page 261

SECOND REVISED

Name

Date

11-3 and 11-4

Class

WORK TOGETHER, pp. 319, 326

Posting to a general ledger Posting special journals to a general ledger 1., 2., 3., 4., 5. ACCOUNT

GENERAL LEDGER

Cash

DATE

ACCOUNT NO.

ITEM

20 – –

ITEM

POST. REF.

18 7 0 4 16 20 2 7 9 22

31

CR12

CREDIT DEBIT

7 3 7 7 60

8 6 6 2 33 6 3 6 0 00 2 3 0 2 33

POST. REF.

26

CREDIT DEBIT

CREDIT

3 8 2 4 00

CP15

6 9 60

3 8 9 3 60

G11

2 5 4 4 00

6 4 3 7 60

Accounts Payable ITEM

Work Together 11-3

ACCOUNT NO.

POST. REF.

CREDIT DEBIT

31

P10

CREDIT

2 5 1 7 80

G11 G11

2110

BALANCE DEBIT

✔

28

1145

BALANCE DEBIT

✔

Oct. 1 Balance 19

Oct. 1 Balance 26

Work Together 11-4

5 5 12 1 2 8 4 73

ACCOUNT NO.

20 – –

DATE

CREDIT

1 3 3 9 85

Supplies—Office ITEM

1130

BALANCE DEBIT

G11 S10

DATE

Work Together 11-4

ACCOUNT NO.

31

31

38 9 8 3 38

✔

Oct. 1 Balance 12

CREDIT

13 2 3 5 58

Accounts Receivable

20 – –

20 – –

DEBIT

CP15

DATE

ACCOUNT

CREDIT

CR12 25 7 4 7 80

31

ACCOUNT

BALANCE DEBIT

✔

Oct. 1 Balance 31

ACCOUNT

POST. REF.

1110

2 5 4 4 00 1 2 5 00

4 9 3 6 80 11 8 1 8 40

CP15 8 6 5 6 00

5 0 6 1 80 16 7 5 5 20 8 0 9 9 20

Work Together 11-3 Work Together 11-4

(Note: The general ledger accounts used in this problem are needed to complete Work Together 11-4.) Chapter 11



11/2/07

2:25 PM

Page 262

SECOND REVISED

11-3 and 11-4 WORK TOGETHER (continued)

ACCOUNT

Sales Tax Payable

DATE

ITEM

20 – –

ACCOUNT NO.

POST. REF.

G11

31

S10

31

CR12

ACCOUNT

DEBIT

ITEM

3 12

1 4 0 6 88 4 1 7 60

1 8 2 4 48

1 0 9 9 20

2 9 2 3 68

POST. REF.

31

DEBIT

233 3 3 5 00 6 9 6 0 00

240 2 9 5 00

CR12

18 3 2 0 00

258 6 1 5 00

CR12

DEBIT

20 – –

Oct. 1 Balance 12


CREDIT

2 1 9 8 00 3 1 40

Work Together 11-4

2 2 2 9 40

ACCOUNT NO.

POST. REF.

4130

BALANCE DEBIT

CREDIT DEBIT

✔ G11

4120

CREDIT

Sales Returns and Allowances ITEM

Work Together 11-4

BALANCE DEBIT

✔

Oct. 1 Balance 31

DATE

CREDIT

ACCOUNT NO.

20 – –

4110

S10

POST. REF.

Work Together 11-4

CREDIT

Sales Discount ITEM

Work Together 11-3

BALANCE DEBIT

✔

Oct. 1 Balance 31

DATE

CREDIT

1 4 1 0 00

ACCOUNT NO.

20 – –

ACCOUNT

CREDIT

Sales

DATE

ACCOUNT

BALANCE DEBIT

✔

Oct. 1 Balance 12

2140

CREDIT

9 0 3 00 5 2 00

9 5 5 00

Work Together 11-3



11/2/07

2:25 PM

Page 263

SECOND REVISED

Name

Date

Class

11-3 and 11-4 WORK TOGETHER (concluded)

ACCOUNT

Purchases

DATE

ACCOUNT NO.

ITEM

20 – –

DEBIT

ITEM

ACCOUNT NO.

POST. REF.

CREDIT DEBIT

Oct. 1 Balance 28

CREDIT

1 2 5 8 85

CP15

ITEM

1 2 8 48

1 3 8 7 33

ACCOUNT NO.

POST. REF.

5120

BALANCE DEBIT


DATE

Work Together 11-4

118 3 7 8 00

✔

Oct. 1 Balance 31

CREDIT

106 5 5 9 60

P10 11 8 1 8 40

20 – –

20 – –

CREDIT

Purchases Discount

DATE

ACCOUNT

BALANCE DEBIT

✔

Oct. 1 Balance 31

ACCOUNT

POST. REF.

5110

Work Together 11-4

5130

BALANCE DEBIT

CREDIT DEBIT

✔ G11

Chapter 11

CREDIT

1 9 0 1 35 1 2 5 00

2 0 2 6 35

Work Together 11-3



11/2/07

2:25 PM

Page 264

SECOND REVISED

11-3 and 11-4 ON YOUR OWN, pp. 319, 326 Posting to a general ledger Posting special journals to a general ledger 1., 2., 3., 4., 5. ACCOUNT

GENERAL LEDGER

Cash

DATE

ACCOUNT NO.

ITEM

20 – –

DEBIT

93 1 5 5 85

20 – –

ACCOUNT NO.

POST. REF.

CREDIT DEBIT

41 1 6 5 16

Supplies—Store

ACCOUNT NO.

ITEM

20 – –

POST. REF.

27

CREDIT DEBIT

20 – –

Sept. 1 Balance 27

CP20

1 2 4 20

3 2 8 2 20

G16

7 8 9 00

4 0 7 1 20

On Your Own 11-3

ACCOUNT NO.

POST. REF.

CREDIT DEBIT

30

P9

CREDIT

21 4 8 2 20

G16 G16

2110

BALANCE DEBIT

✔

29 30

CREDIT

3 1 5 8 00


1150

BALANCE DEBIT

✔

Sept. 1 Balance 21

DATE

On Your Own 11-4

29 4 8 4 25 11 6 8 0 91

CR18

DATE

On Your Own 11-3

6 4 20 11 0 4 6 80

S9 30 1 1 8 36

30

CREDIT

11 1 1 1 00

G16

30

1130

BALANCE DEBIT

✔

Sept. 1 Balance 15

On Your Own 11-4

73 3 2 2 04 19 8 3 3 81

Accounts Receivable ITEM

CREDIT

12 4 8 8 10

CP20

DATE

ACCOUNT

CREDIT

CR18 80 6 6 7 75

30

ACCOUNT

BALANCE DEBIT

✔

Sept. 1 Balance 30

ACCOUNT

POST. REF.

1110

7 8 9 00 1 1 0 00

22 1 6 1 20 48 5 7 5 25

CP20 33 2 3 7 26

22 2 7 1 20 70 7 3 6 45 37 4 9 9 19

On Your Own 11-3 On Your Own 11-4

(Note: The general ledger accounts used in this problem are needed to complete On Your Own 11-4.) 264 • Working Papers TE



11/2/07

2:25 PM

Page 265

SECOND REVISED

Name

Date

Class

11-3 and 11-4 ON YOUR OWN (continued)

ACCOUNT

Sales Tax Payable

DATE

ITEM

20 – –

POST. REF.

2140

BALANCE DEBIT

CREDIT DEBIT

CREDIT

✔

Sept. 1 Balance 15

5 2 1 8 61 4 20

G16

5 2 1 4 41

30

S9

1 9 7 0 36

7 1 8 4 77

30

CR18

3 2 4 8 25

10 4 3 3 02

ACCOUNT

Sales

DATE

ACCOUNT NO.

ITEM

20 – –

30

ACCOUNT

20 – –

DEBIT

28 1 4 8 00

436 8 9 0 25

CR18

48 1 5 8 25

485 0 4 8 50

CR18

Sept. 1 Balance 15

ITEM

4120

CREDIT DEBIT

CREDIT

2 1 9 8 00 2 2 3 00

On Your Own 11-4

2 4 2 1 00

ACCOUNT NO.

POST. REF.

On Your Own 11-4

BALANCE DEBIT

Sales Returns and Allowances

DATE

CREDIT

408 7 4 2 25

✔

Sept. 1 Balance 30

4110

S9

POST. REF.

On Your Own 11-4

CREDIT

ACCOUNT NO.

ITEM

On Your Own 11-3

BALANCE DEBIT

Sales Discount

DATE

ACCOUNT

POST. REF.

✔

Sept. 1 Balance 30

20 – –

ACCOUNT NO.

4130

BALANCE DEBIT

DEBIT

✔ G16

Chapter 11

CREDIT CREDIT

5 1 2 3 00 6 0 00

5 1 8 3 00

On Your Own 11-3



11/2/07

2:26 PM

Page 266

SECOND REVISED

11-3 and 11-4 ON YOUR OWN (concluded)

ACCOUNT

Purchases

DATE

ACCOUNT NO.

ITEM

20 – –

Sept. 1 Balance 30

ACCOUNT

BALANCE DEBIT

CREDIT DEBIT

ITEM

20 – –

212 1 8 4 66

P9 48 5 7 5 25

260 7 5 9 91

POST. REF.

CREDIT DEBIT

20 – –

Sept. 1 Balance 29


CREDIT

3 4 7 8 25 4 2 5 22

CP20

ITEM

3 9 0 3 47

ACCOUNT NO.

POST. REF.

On Your Own 11-4

5130

BALANCE DEBIT

CREDIT DEBIT

✔ G16

5120

BALANCE DEBIT


DATE

On Your Own 11-4

ACCOUNT NO.

✔

Sept. 1 Balance 30

CREDIT

✔

Purchases Discount

DATE

ACCOUNT

POST. REF.

5110

CREDIT

3 2 7 6 00 1 1 0 00

3 3 8 6 00

On Your Own 11-3



11/2/07

2:26 PM

Page 267

SECOND REVISED

Name

Date

11-5

Class


Journalizing and posting correcting entries affecting customer accounts 1. GENERAL JOURNAL DATE

DOC. NO.

ACCOUNT TITLE

3 Howell Clinic

6

PAGE

M57 160

Howsley Dance Studio

7

POST. REF.

DEBIT

6 CREDIT

4 1 4 99

170

6

4 1 4 99

7

8

8

9

9

2.

ACCOUNTS RECEIVABLE LEDGER CUSTOMER

Howell Clinic

DATE


ITEM

20 – –

June 3

CUSTOMER

G6

DEBIT

DEBIT BALANCE

CREDIT

4 1 4 99

4 1 4 99

Howsley Dance Studio

DATE


ITEM

20 – –

DEBIT

CREDIT

✔

June 1 Balance 3

G6

Chapter 11

160

170

DEBIT BALANCE

4 1 4 99 4 1 4 99

———



11-5

11/2/07

2:26 PM

Page 268

SECOND REVISED

ON YOUR OWN, p. 329

Journalizing and posting correcting entries affecting customer accounts 1. GENERAL JOURNAL DATE

DOC. NO.

ACCOUNT TITLE

4 Kellogg Co.

5

PAGE

M76 150

Keller Corp.

6

POST. REF.

DEBIT

7 CREDIT

7 1 5 98

140

5

7 1 5 98

6

7

7

8

8

9

9

10

10

2.


Keller Corp.

DATE

CUSTOMER NO.

ITEM

20 – –

DEBIT

7 1 5 98 7 1 5 98

G7

Kellogg Co.

DATE 20 – –

July 4


DEBIT BALANCE

CREDIT

✔

July 1 Balance 4

CUSTOMER

POST. REF.

———

CUSTOMER NO.

ITEM

POST. REF.

G7

140

DEBIT

7 1 5 98

CREDIT

150

DEBIT BALANCE

7 1 5 98



11/2/07

2:26 PM

Page 269

SECOND REVISED

Name

Date

11-1

Class

APPLICATION PROBLEM, p. 331

Posting to an accounts payable ledger 2. PURCHASES JOURNAL DATE

PAGE PURCH. POST. NO. REF.

ACCOUNT CREDITED

20 – –

10


Oct. 4 Nutrition Center 20 Cornucopia, Inc.

78

230

2 0 1 6 00

1

79

210

4 5 8 4 00

2

3

25 Sports Nutrition

80

250

5 4 0 0 00

3

4

30 Healthy Foods

81

220

3 3 9 6 00

4

1 2

1., 2.


VENDOR

Cornucopia, Inc.

DATE


ITEM

20 – –

CP10

20

P10

25

G10

3 0 9 0 00 ———

3 0 9 0 00 4 5 8 4 00 1 2 4 00

4 5 8 4 00 4 4 6 0 00

Healthy Foods

DATE

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 3

VENDOR

DEBIT


ITEM

20 – –

DEBIT

CREDIT

✔

Oct. 1 Balance 6

CP10

30

P10

Chapter 11

210

220

CREDIT BALANCE

5 0 6 4 00 ———

5 0 6 4 00 3 3 9 6 00

3 3 9 6 00



11-1

VENDOR

11/2/07

2:26 PM

Page 270

APPLICATION PROBLEM (continued)

Nutrition Center

DATE

VENDOR NO.

ITEM

20 – –

Oct. 4 28

VENDOR

POST. REF.

DEBIT

CP10

VENDOR NO.

20 – –

Oct. 9

POST. REF.

DEBIT

Sports Nutrition

20 – –

Oct. 1 Balance 15 25


9 6 00

VENDOR NO.

ITEM

POST. REF.

DEBIT

CREDIT

✔ CP10 P10

240

CREDIT BALANCE

CREDIT

9 6 00

G10

DATE

2 0 1 6 00 ———

2 0 1 6 00

Office Center ITEM

230

CREDIT BALANCE

CREDIT

2 0 1 6 00

P10

DATE

VENDOR

SECOND REVISED

250

CREDIT BALANCE

4 5 1 2 00 ———

4 5 1 2 00 5 4 0 0 00

5 4 0 0 00


DATE

Chapter 11 DOC. NO.

POST. REF.

DEBIT

10

1 2 4 00

4

3

2

6

1 2 4 00

9 6 00

1

6

210

240

9 6 00

5


DM36

M26

CREDIT

5

4

25 Accounts Payable/Cornucopia, Inc.

3

ACCOUNT TITLE

Accounts Payable/Office Center

Oct. 9 Supplies—Office

20 – –

DATE

PAGE

8

Name

2

1

8

GENERAL JOURNAL

4

3

2

1

7

2 0 1 6 00

4 5 1 2 00

4 9 6 2 72

3 0 2 8 20

7

1 0 1 28

6 1 80

6

2 0 1 6 00

4 5 1 2 00

5 0 6 4 00

3 0 9 0 00

5 CASH CREDIT

6

187 230

28 Nutrition Center

4

CREDIT



10

5

186 250

15 Sports Nutrition

3

DEBIT

GENERAL

PAGE

5

185 220

184 210

6 Healthy Foods

ACCOUNT TITLE

POST. REF.

4

3

2:26 PM

2

Oct. 3 Cornucopia, Inc.

20 – –

CK. NO.

2

11-1 1 z

1


11/2/07

1

2.


BTE_Ch11-253-304.qxd Page 271

SECOND REVISED

Date Class




11-1 1 z

11/2/07

2:26 PM

Page 272

SECOND REVISED

APPLICATION PROBLEM (concluded)

3.

Healthy Nutrition Schedule of Accounts Payable October 31, 20 – – Cornucopia, Inc.

4 4 6 0 00

Healthy Foods

3 3 9 6 00

Office Center Sports Nutrition Total Accounts Payable


9 6 00 5 4 0 0 00 1 3 3 5 2 00



11/2/07

2:26 PM

Page 273

SECOND REVISED

Name

Date

11-2

Class


Posting to an accounts receivable ledger 2. SALES JOURNAL DATE

SALE NO.

ACCOUNT DEBITED

20 – –

1 2

Oct. 6 Southwest Community Club 9 Children’s Center

PAGE

POST. REF.

10

1

2

3


SALES CREDIT


69 140

3 0 0 1 92

2 8 3 2 00

1 6 9 92

1

70 110

1 7 5 5 36

1 6 5 6 00

9 9 36

2

3

12 Eastman Sports Arena

71 120

1 1 1 9 36

1 0 5 6 00

6 3 36

3

4

25 Maple Tree Club

72 130

2 5 4 4 00

2 4 0 0 00

1 4 4 00

4

1., 2.


CUSTOMER

Children’s Center

DATE


ITEM

20 – –

S10

POST. REF.

ITEM

DEBIT

S10

2 2 2 0 00 1 1 1 9 36

3 3 3 9 36 2 2 2 0 00

CR10

Maple Tree Club

DATE

1 1 1 9 36


ITEM

20 – –

DEBIT

3 5 2 8 00 3 5 2 8 00

CR10

25

S10

29

G10

——— 2 5 4 4 00

2 5 4 4 00 1 2 7 20

Southwest Community Club

2 4 1 6 80


ITEM

20 – –

Oct. 6

S10

Chapter 11

130

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 24

120

DEBIT BALANCE

CREDIT

✔

14

DATE

1 7 5 5 36

1 7 5 5 36

CUSTOMER NO.

20 – –

CUSTOMER

4 4 1 6 00

Eastman Sports Arena

Oct. 1 Balance 12

CUSTOMER

4 4 1 6 00

CR10

9

DATE

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 5

CUSTOMER

DEBIT

110

DEBIT

3 0 0 1 92

CREDIT

140

DEBIT BALANCE

3 0 0 1 92



11-2

11/2/07

2:26 PM

Page 274

SECOND REVISED


2. GENERAL JOURNAL DATE

ACCOUNT TITLE

20 – –

1 2 3

Oct. 29 Sales Returns and Allowances

PAGE DOC. NO.

POST. REF.

CM6

Sales Tax Payable Accounts Receivable/Maple Tree Club

130

DEBIT

10 CREDIT

1 2 0 00

1

7 20

2

1 2 7 20

3

4

4

5

5

6

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

20

20

21

21

22

22

23

23

24

24

25

25

26

26

27

27

28

28

29

29

30

30

31

31

32

32

33

33



9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

7

7

8

6

6

8

5

3

5

3 5 2 8 00

3 5 2 8 00

R172 130

24 Maple Tree Club

2

4

2 2 2 0 00

2 2 2 0 00

1

4

3

7 CASH DEBIT

R171 120


10

2:26 PM

2


PAGE

4 4 1 6 00

CREDIT

SALES CREDIT


6

4 4 1 6 00

DEBIT

GENERAL

5

R170 110

ACCOUNT TITLE

POST. REF.

4

3

Oct. 5 Children’s Center 14 Eastman Sports Arena

20 – –

DATE

DOC. NO.

2

11-2

1


11/2/07

1

2.


SECOND REVISED

Name Date

Chapter 11

Class




11-2

11/2/07

2:26 PM

Page 276

SECOND REVISED


3.

Healthy Nutrition Schedule of Accounts Receivable October 31, 20 – – Children’s Center

1 7 5 5 36

Eastman Sports Arena

1 1 1 9 36

Maple Tree Club

2 4 1 6 80

Southwest Community Club

3 0 0 1 92


8 2 9 3 44



POST. REF.

Chapter 11 POST. REF.

DEBIT

14 15 16 17 18

14

15

16

17

18

11

13

1 2 5 00

10

13

1 2 5 00

CREDIT

12

2110 240

M31 1150

DOC. NO.

11

(2110)

(✔)

PAGE

14 6 8 2 00

12

Accounts Payable/Office Center


ACCOUNT TITLE

CREDIT

6 0 6 1 00

1 6 1 5 20

1 4 4 0 00

1 2 0 0 00

DEBIT

(5120)

(1110)

23

22

21

1 5 4 25 20 5 8 8 75

2

1

10

1 4 4 0 00

1 2 0 0 00

CASH CREDIT

5

11

1 6 1 5 20



PAGE

Name

11

10

23

DATE

30 Totals

21

GENERAL JOURNAL

211 2120

15 Sales Tax Payable

10

22

203 1170

202 6160

CK. NO.

2 Prepaid Insurance

ACCOUNT TITLE

4

3

2:26 PM

2

Nov. 1 Rent Expense

20 – –

DATE

GENERAL

2

11-3

1


11/2/07

1

2.

Posting to a general ledger


SECOND REVISED

Date Class




11-3

11/2/07

2:26 PM

Page 278

SECOND REVISED


(Note: The ledger accounts used in this problem are also used in Application Problem 11-4.) 1., 2.

GENERAL LEDGER

ACCOUNT

Cash

DATE

ACCOUNT NO.

ITEM

20 – –

DEBIT

20 – –

20 5 8 8 75 31 4 1 5 49

ACCOUNT NO.

POST. REF.

S11

30

CREDIT DEBIT

17 6 8 2 92

11-4

8 4 2 0 64 9 2 6 2 28

11-4

9 2 6 2 28

Supplies—Office

ACCOUNT NO.

ITEM

20 – –

POST. REF.

G11

CREDIT DEBIT

20 – –

Nov. 1 Balance 2


CREDIT

4 4 1 6 00 1 2 5 00

4 5 4 1 00

Prepaid Insurance ITEM

ACCOUNT NO.

POST. REF.

1150

BALANCE DEBIT

✔

Nov. 1 Balance 28

DATE

CREDIT

8 4 2 0 64

CR11

DATE

1130

BALANCE DEBIT

✔

Nov. 1 Balance 30

11-4

52 0 0 4 24

Accounts Receivable ITEM

CREDIT

21 9 6 0 00

CP11

DATE

ACCOUNT

CREDIT

CR11 30 0 4 4 24

30

ACCOUNT

BALANCE DEBIT

✔

Nov. 1 Balance 30

ACCOUNT

POST. REF.

1110

1170

BALANCE DEBIT

CREDIT DEBIT

✔

CREDIT

1 8 7 0 00

CP11 1 4 4 0 00

3 3 1 0 00



11/2/07

2:26 PM

Page 279

SECOND REVISED

Name

Date

11-3 ACCOUNT

APPLICATION PROBLEM (continued) Accounts Payable

DATE

ITEM

20 – –

30

POST. REF.

ITEM

20 – –

CREDIT

15 3 9 6 00

G11

1 2 5 00

15 5 2 1 00

P11

16 1 6 5 80

31 6 8 6 80

POST. REF.

CP11 S11

30

CR11

CREDIT DEBIT

20 – –

1 6 1 5 20 1 6 1 5 20 5 2 4 28

5 2 4 28

11-4

1 2 3 1 20

1 7 5 5 48

11-4

POST. REF.

30

CREDIT DEBIT

Nov. 1 Balance 30

CREDIT

206 9 0 4 00

S11

8 7 3 8 00

215 6 4 2 00

11-4

CR11

20 5 2 0 00

236 1 6 2 00

11-4

Sales Discount

ACCOUNT NO.

ITEM

4110

BALANCE DEBIT

✔

Nov. 1 Balance 30

DATE

CREDIT

ACCOUNT NO.

ITEM

2120

BALANCE DEBIT

Sales

DATE

11-4

17 0 0 4 80

ACCOUNT NO.

30

ACCOUNT

DEBIT

✔

Nov. 1 Balance 15

ACCOUNT

CREDIT

Sales Tax Payable

DATE

2110

BALANCE DEBIT

CP11 14 6 8 2 00

30

20 – –

ACCOUNT NO.

✔

Nov. 1 Balance 28

ACCOUNT

Class

POST. REF.

BALANCE DEBIT

CREDIT DEBIT

✔ CR11

4120

CREDIT

2 0 5 1 23 1 2 7 60

Chapter 11

2 1 7 8 83

11-4



11-3

ACCOUNT

11/2/07

2:26 PM

Purchases

ACCOUNT NO.

ITEM

20 – –

POST. REF.

P11

CREDIT DEBIT

ITEM

20 – –

16 1 6 5 80

ACCOUNT NO.

POST. REF.

CREDIT DEBIT

Nov. 1 Balance 1


CREDIT

1 8 4 5 22

CP11

1 5 4 25

1 9 9 9 47

ACCOUNT NO.

ITEM

POST. REF.

6160

BALANCE DEBIT

CREDIT DEBIT

✔ CP11

5120

BALANCE DEBIT

Rent Expense

20 – –

11-4

131 9 6 5 80

✔

Nov. 1 Balance 30

DATE

CREDIT

115 8 0 0 00

Purchases Discount

DATE

5110

BALANCE DEBIT

✔

Nov. 1 Balance 30

ACCOUNT

SECOND REVISED


DATE

ACCOUNT

Page 280

CREDIT

12 0 0 0 00 1 2 0 0 00

13 2 0 0 00


Chapter 11

20

DEBIT

GENERAL CREDIT

2

13

7 CASH DEBIT

11

(4110)

(2120)

(1110)

(4120)


PAGE

(1130)


6

1 2 7 60 30 0 4 4 24

SALES CREDIT


5

8 4 2 0 64 20 5 2 0 00 1 2 3 1 20

4

3

(5110)(2110) 14

16 1 6 5 80


11

12

20

19

1

Date

30 Totals

ACCOUNT TITLE

DOC. POST. NO. REF.

1



PAGE

(2120)

11

Name

19

DATE

30 Total

ACCOUNT CREDITED

(4110)

(1130)

5 2 4 28

Page 281

1

14

13

DATE

PURCHASES JOURNAL

8 7 3 8 00

9 2 6 2 28


3

11

2:26 PM

12

30 Totals

ACCOUNT DEBITED

SALES CREDIT


PAGE

11/2/07

11

DATE

POST. REF.

2

1

11-4

SALE NO.

SALES JOURNAL

Posting special journal column totals to a general ledger


SECOND REVISED

Class




11-5

11/2/07

2:26 PM

Page 282

SECOND REVISED

APPLICATION PROBLEM, pp. 332, 333

Journalizing and posting correcting entries affecting customer accounts 1., 2. GENERAL JOURNAL DATE

ACCOUNT TITLE

20 – –

1

July 14 Mark Ford

PAGE DOC. NO.

POST. REF.

M37 145

2

Andrew Forde

150

3

15 Sandy Patterson

M38 190

Daniel Patrick

185

4

DEBIT

6 CREDIT

2 5 3 32

1

2 5 3 32 3 8 4 50

2 3

3 8 4 50

4

5

5

6

6

7

7

8

8




11/2/07

2:26 PM

Page 283

SECOND REVISED

Name

Date

11-5

Class


2.


Mark Ford

DATE


ITEM

20 – –

G6

POST. REF.

ITEM

20 – –

3 5 1 52

DEBIT

S12

1 2 8 00 2 5 3 32

G6

3 8 1 32 2 5 3 32

Daniel Patrick

DATE

POST. REF.

ITEM

DEBIT

S12

6 0 00 3 8 4 50

G6

15

4 4 4 50 3 8 4 50

Sandy Patterson

6 0 00


ITEM

20 – –

DEBIT

✔

July 1 Balance 15

G6

Chapter 11

185

DEBIT BALANCE

CREDIT

✔

July 1 Balance 8

DATE

1 2 8 00

CUSTOMER NO.

20 – –

150

DEBIT BALANCE

CREDIT

✔

14

CUSTOMER

2 5 3 32

CUSTOMER NO.

July 1 Balance 5

CUSTOMER

9 8 20

Andrew Forde

DATE

DEBIT BALANCE

CREDIT

✔

July 1 Balance 14

CUSTOMER

DEBIT

145

CREDIT

190

DEBIT BALANCE

1 2 5 00 3 8 4 50

5 0 9 50



11-6

11/2/07

2:26 PM

Page 284

SECOND REVISED

MASTERY PROBLEM, p. 333

Posting to general and subsidiary ledgers 1., 2. SALES JOURNAL DATE 20 – –

1 2

ACCOUNT DEBITED

Oct. 4 Jerome Lewis 12 Douglas Rieves

SALE NO.

PAGE

POST. REF.

10

1

2

3


SALES CREDIT


658 130

2 2 7 6 88

2 1 4 8 00

1 2 8 88

1

659 140

3 7 3 12

3 5 2 00

2 1 12

2

3

15 Amy Carson

660 110

2 0 6 4 88

1 9 4 8 00

1 1 6 88

3

4

23 John Frazier

661 120

1 5 6 3 50

1 4 7 5 00

8 8 50

4

5

31 Totals

6 2 7 8 38

5 9 2 3 00

3 5 5 38

5

6

(1130)

(4110)

(2120)

6

7

7

8

8

9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18




11/2/07

2:26 PM

Page 285

SECOND REVISED

Name

Date

11-6

Class

MASTERY PROBLEM (continued)

1., 2. PURCHASES JOURNAL DATE

ACCOUNT CREDITED

20 – –

1 2

Oct. 5 Harman Supply 18 Mixon Industries


10


345 220

5 2 1 5 34

1

346 230

6 2 5 1 38

2

3

22 Alford Salvage

347 210

8 1 2 5 45

3

4

25 Reliable Auto

348 240

4 2 1 5 88

4

5

28 Harman Supply

349 220

3 6 4 8 80

5

6

30 Mixon Industries

350 230

2 5 1 5 84

6

7

31 Total

29 9 7 2 69

7

(5110)(2110)

8

8 9

9

10

10

11

11

12

12

13

13

14

14

15

15

16

16

17

17

18

18

19

19

20

20

21

21

22

22

23

23

24

24

25

25

Chapter 11



11-6

11/2/07

2:26 PM

Page 286

SECOND REVISED



ACCOUNT TITLE

PAGE DOC. NO.

POST. REF.

DEBIT

M77

120

8 2 5 00

20 – –

1 2

Oct. 3 John Frazier

110

Amy Carson

10 CREDIT 1

8 2 5 00

2 3

5 6 7 8 9 10 11

24 Accounts Payable/Alford Salvage

DM97

CM151

Sales Tax Payable

Accounts Payable/Mixon Industries

12

M78

4

1 5 0 00

5

4130

3 0 0 00

6

2120

1 8 00

7

1130 130

Accounts Receivable/Jerome Lewis 28 Supplies—Store

1 5 0 00

5130

Purchases Returns and Allowances 25 Sales Returns and Allowances

2110 210

1160 2110 230

3 1 8 00

8

2 7 5 00

9

2 7 5 00

10 11 12



R625 120 TS32 ✔ R626 140 TS33 ✔ R627 110 TS34 ✔

12 John Frazier

17 ✔

19 Douglas Rieves

24 ✔

26 Amy Carson

31 ✔

31 Totals

4

5

6

7

8

9

10

5 2 5 8 00

5 7 4 8 00

3 6 8 06

4 0 2 36

3 8 4 65

Chapter 11

14

11

14

(1110)

13

(4120)

13

(2120)

10

9

8

7

6

12

(4110)

5 6 2 6 06

4 1 1 84 5 1 83 34 7 8 3 77

8 41

6 1 5 0 36

1 6 9 4 34

5

4

4 3 42 2 1 2 7 43 5 8 7 9 65

3

2

6 4 2 4 28

5 6 1 5 36

1

12

(1130)

5 1 3 9 89 27 7 5 3 00 1 9 4 2 71

4 2 0 25

1 6 9 4 34

5 4 9 5 00

4 2 0 28

3 6 7 36

8 5 4 45

7 CASH DEBIT


14


PAGE 6

5

2:26 PM

11

TS31 ✔

10 ✔ 2 1 7 0 85

8 5 4 45 6 0 0 4 00

———

CREDIT

SALES CREDIT


5 2 4 8 00

———

DEBIT

4

3

TS30 ✔

R624 130

3

2

Oct. 1 Jerome Lewis 3 ✔

20 – –

GENERAL

2

11/2/07

1

ACCOUNT TITLE

DOC. POST. NO. REF.

1


11-6

DATE

1., 2.


SECOND REVISED

Name Date Class



785 230 790 220 787 240 788 220 789 6110 786 6140 791 1160 792 230 793 1150

8 Mixon Industries

11 Harman Supply

12 Reliable Auto

13 Harman Supply

14 Advertising Expense

20 Miscellaneous Expense

24 Supplies—Store

27 Mixon Industries


4

5

6

7

8

9

10

11

12


15

14

1 2 5 03

(✔)

7 2 6 2 92

4 2 5 17 (2110)

20 1 0 6 21

(5120)

(1110)

2 6 9 48 27 0 9 9 65

4 2 5 17

6 1 2 6 35

3 5 2 25

3 5 2 25 6 2 5 1 38

2 3 4 25

2 3 4 25

5 2 1 5 34 2 5 0 0 00

5 2 1 5 34

3 4 4 5 03

7 0 31

3 5 1 5 34

2 1 1 5 28 1 4 1 7 25

4 3 17

2 1 5 8 45

1 5 1 7 48

1 4 1 7 25

3 0 97

1 5 4 8 45

7 5 1 25

3 0 0 0 00

2 5 0 0 00

———

CREDIT

5 CASH CREDIT


13


PAGE 4

3

15

14

13

12

11

10

9

8

7

6

5

4

3

2

1

2:26 PM

31 Totals

784 210

7 Alford Salvage

3

7 5 1 25

3 0 0 0 00

DEBIT

GENERAL

2

11/2/07

13

783 6190

782 6160

4 Utilities Expense

Oct. 2 Rent Expense

POST. REF.

2

1

20 – –

ACCOUNT TITLE

CK. NO.

1


11-6

DATE

1., 2.


SECOND REVISED




11/2/07

2:26 PM

Page 289

SECOND REVISED

Name

Date

11-6

Class


1., 2.

GENERAL LEDGER

ACCOUNT

Cash

DATE

ACCOUNT NO.

ITEM

20 – –

ITEM

27 0 9 9 65 28 1 0 4 37

ACCOUNT NO.

POST. REF.

S10

31

CR14

CREDIT DEBIT

3 1 8 00 4 8 2 1 89 6 2 7 8 38

11 1 0 0 27 5 1 3 9 89 5 9 6 0 38

ACCOUNT NO.

ITEM

20 – –

POST. REF.

CP13

CREDIT DEBIT

4 2 5 17

2 9 3 9 37

ACCOUNT NO.

20 – –

POST. REF.

24

CREDIT DEBIT

Oct. 1 Balance 24

CREDIT

2 5 1 4 00

G10

2 7 5 00

2 7 8 9 00

CP13

3 5 2 25

3 1 4 1 25


ACCOUNT NO.

POST. REF.

2110

BALANCE DEBIT

CREDIT DEBIT

✔ G10

1160

BALANCE DEBIT

✔

Oct. 1 Balance 28

DATE

CREDIT

2 5 1 4 20

Supplies—Store ITEM

1150

BALANCE DEBIT

✔

Oct. 1 Balance 30

DATE

CREDIT

5 1 3 9 89

Supplies—Office

DATE

1130

BALANCE DEBIT

G10

31

20 – –

55 2 0 4 02

✔

Oct. 1 Balance 25

CREDIT

20 4 2 0 25

Accounts Receivable

20 – –

ACCOUNT

DEBIT

CP13

DATE

ACCOUNT

CREDIT

CR14 34 7 8 3 77

31

ACCOUNT

BALANCE DEBIT

✔

Oct. 1 Balance 31

ACCOUNT

POST. REF.

1110

CREDIT

8 6 3 9 49 1 5 0 00

8 4 8 9 49

28

G10

2 7 5 00

8 7 6 4 49

31

P10

29 9 7 2 69

38 7 3 7 18

31

CP13 20 1 0 6 21 Chapter 11

18 6 3 0 97



11-6

ACCOUNT

11/2/07

2:26 PM

Page 290

SECOND REVISED


Sales Tax Payable

DATE

ITEM

20 – –

ACCOUNT NO.

POST. REF.

G10

31

S10

31

CR14

ACCOUNT

DEBIT

ITEM

8 2 4 25 1 8 00

8 0 6 25 3 5 5 38

1 1 6 1 63

1 9 4 2 71

3 1 0 4 34

POST. REF.

31

CREDIT DEBIT

S10

5 9 2 3 00

220 6 3 8 25

CR14

27 7 5 3 00

248 3 9 1 25

ACCOUNT NO.

20 – –

POST. REF.

CR14

CREDIT DEBIT

20 – –

Oct. 1 Balance 25


CREDIT

5 0 1 35 5 1 83

5 5 3 18

Sales Returns and Allowances ITEM

ACCOUNT NO.

POST. REF.

4130

BALANCE DEBIT

CREDIT DEBIT

✔ G10

4120

BALANCE DEBIT

✔

Oct. 1 Balance 31

DATE

CREDIT

214 7 1 5 25

Sales Discount ITEM

4110

BALANCE DEBIT

✔

Oct. 1 Balance 31

DATE

CREDIT

ACCOUNT NO.

20 – –

ACCOUNT

CREDIT

Sales

DATE

ACCOUNT

BALANCE DEBIT

✔

Oct. 1 Balance 25

2120

CREDIT

1 5 9 3 50 3 0 0 00

1 8 9 3 50



11/2/07

2:26 PM

Page 291

SECOND REVISED

Name

11-6

ACCOUNT

Date


Purchases

DATE

ACCOUNT NO.

POST. REF.

ITEM

Oct. 1 Balance 31

POST. REF.

ITEM

170 6 5 7 03

CREDIT DEBIT

2 6 9 48

2 3 1 4 73

ACCOUNT NO.

POST. REF.

CREDIT DEBIT

1 5 0 00

2 6 2 7 00

Advertising Expense

Oct. 1 Balance 14

CREDIT

2 4 7 7 00

G10

ITEM

ACCOUNT NO.

POST. REF.

6110

BALANCE DEBIT

CREDIT DEBIT

✔

CREDIT

25 8 4 8 45

CP13 2 5 0 0 00

Chapter 11

5130

BALANCE DEBIT

✔

Oct. 1 Balance 24

DATE

CREDIT

2 0 4 5 25

CP13

ITEM

5120

BALANCE DEBIT

✔

20 – –

20 – –

140 6 8 4 34


DATE

CREDIT

ACCOUNT NO.

Oct. 1 Balance 31

ACCOUNT

DEBIT

P10 29 9 7 2 69

20 – –

ACCOUNT

CREDIT

Purchases Discount

DATE

5110

BALANCE DEBIT

✔

20 – –

ACCOUNT

Class

28 3 4 8 45



11-6

ACCOUNT

11/2/07

2:26 PM

Miscellaneous Expense ITEM

20 – –

ACCOUNT NO.

POST. REF.

CP13

CREDIT DEBIT

2 3 4 25

1 8 1 8 25

ACCOUNT NO.

ITEM

20 – –

POST. REF.

CREDIT DEBIT

33 0 0 0 00

Utilities Expense

20 – –

Oct. 1 Balance 4


CREDIT

30 0 0 0 00

CP13 3 0 0 0 00

ACCOUNT NO.

ITEM

POST. REF.

6190

BALANCE DEBIT

CREDIT DEBIT

✔ CP13

6160

BALANCE DEBIT

✔

Oct. 1 Balance 2

DATE

CREDIT

1 5 8 4 00

Rent Expense

DATE

6140

BALANCE DEBIT

✔

Oct. 1 Balance 20

ACCOUNT

SECOND REVISED


DATE

ACCOUNT

Page 292

CREDIT

8 7 4 5 45 7 5 1 25

9 4 9 6 70



11/2/07

2:26 PM

Page 293

SECOND REVISED

Name

Date

Class

11-6 MASTERY PROBLEM (continued) 1., 3.


CUSTOMER

Amy Carson

DATE


ITEM

20 – –

DEBIT

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 15

S10

110

1 2 4 5 25 2 0 6 4 88

3 3 1 0 13

3

G10

8 2 5 00

2 4 8 5 13

26

CR14

4 2 0 25

2 0 6 4 88

CUSTOMER

John Frazier

DATE


ITEM

20 – –

DEBIT

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 23

120

1 3 4 5 85

S10

1 5 6 3 50

2 9 0 9 35

3

G10

8 2 5 00

3 7 3 4 35

12

CR14

CUSTOMER

2 1 7 0 85

Jerome Lewis

DATE

1 5 6 3 50


ITEM

20 – –

DEBIT

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 4

S10

130

8 5 4 45 2 2 7 6 88

3 1 3 1 33

25

G10

3 1 8 00

2 8 1 3 33

1

CR14

8 5 4 45

1 9 5 8 88

CUSTOMER

Douglas Rieves

DATE


ITEM

20 – –

DEBIT

CREDIT

✔

Oct. 1 Balance 12

S10

19

CR14

140

DEBIT BALANCE

1 6 9 4 34 3 7 3 12

2 0 6 7 46 1 6 9 4 34

3 7 3 12

Auto Restoration, Inc. Schedule of Accounts Receivable October 31, 20 – – Amy Carson

2 0 6 4 88

John Frazier

1 5 6 3 50

Jerome Lewis

1 9 5 8 88

Douglas Rieves

3 7 3 12


5 9 6 0 38

Chapter 11



11-6

11/2/07

2:26 PM

Page 294

SECOND REVISED

MASTERY PROBLEM (concluded)

1., 3.


VENDOR

Alford Salvage

DATE

VENDOR NO.

ITEM

20 – –

POST. REF.

DEBIT

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 22

210

1 5 4 8 45 8 1 2 5 45

P10

9 6 7 3 90

24

G10

1 5 0 00

9 5 2 3 90

7

CP13

1 5 4 8 45

7 9 7 5 45

VENDOR

Harman Supply

DATE

VENDOR NO.

ITEM

20 – –

POST. REF.

DEBIT

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 5

220

1 4 1 7 25

P10

5 2 1 5 34

28

P10

3 6 4 8 80 1 0 2 8 1 39

11

CP13

1 4 1 7 25

8 8 6 4 14

13

CP13

5 2 1 5 34

3 6 4 8 80

VENDOR

Mixon Industries

DATE

6 6 3 2 59

VENDOR NO.

ITEM

20 – –

POST. REF.

DEBIT

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 18

230

2 1 5 8 45

P10

6 2 5 1 38

30

P10

2 5 1 5 84 1 0 9 2 5 67

28

G10

2 7 5 00 1 1 2 0 0 67

8

CP13

2 1 5 8 45

9 0 4 2 22

27

CP13

6 2 5 1 38

2 7 9 0 84

VENDOR

Reliable Auto

DATE 20 – –

Oct. 1 Balance 25 12

8 4 0 9 83

VENDOR NO.

ITEM

POST. REF.

DEBIT

CREDIT

✔

CREDIT BALANCE

3 5 1 5 34 4 2 1 5 88

P10 CP13

240

3 5 1 5 34

7 7 3 1 22 4 2 1 5 88

Auto Restoration, Inc. Schedule of Accounts Payable October 31, 20 – – Alford Salvage

7 9 7 5 45

Harman Supply

3 6 4 8 80

Mixon Industries

2 7 9 0 84

Reliable Auto

4 2 1 5 88

Total Accounts Payable 294 • Working Papers TE

1 8 6 3 0 97 COPYRIGHT © SOUTH-WESTERN CENGAGE LEARNING


11/2/07

2:26 PM

Page 295

SECOND REVISED

Name

Date

11-7

Class

CHALLENGE PROBLEM, pp. 333, 334

Journalizing and posting business transactions 1., 2. SALES JOURNAL DATE

SALE NO.

ACCOUNT DEBITED

20 – –

PAGE

POST. REF.

11

1

2

3


SALES CREDIT


Oct. 11 Doris McCarley 24 Barry Fuller

49 140

3 3 0 48

3 0 6 00

2 4 48

1

50 130

1 4 2 0 20

1 3 1 5 00

1 0 5 20

2

3

28 Leona Silva

51 150

1 4 1 9 12

1 3 1 4 00

1 0 5 12

3

4

31 Totals

3 1 6 9 80

2 9 3 5 00

2 3 4 80

4

1 2

(1130)

5

(4110)

(2120)

5

1., 3. PURCHASES JOURNAL DATE


ACCOUNT CREDITED

20 – –

1

Oct. 3 Vista Golf Co.

11


71

250

1 9 5 0 00

1

2

25 Pro Golf Supply

72

240

1 5 4 2 00

2

3

28 Design Golf

73

210

2 7 9 0 00

3

4

31 Total

6 2 8 2 00

4

(5110)(2110)

5

5


DOC. NO.

ACCOUNT TITLE

20 – –

1 2 3 4

PAGE

Oct. 13 Supplies—Store

POST. REF.

M34 1160

DEBIT

30 David Bench

M35 110

Leona Silva

CREDIT

2 5 8 00

2110 230

Accounts Payable/Golf Source

11

1

2 5 8 00 1 4 1 9 12

3

1 4 1 9 12

150

5

2

4 5

2. Sales Journal Proof Col. No. 1 2 3

Debit Totals

Column Title Accounts Receivable Debit . . . Sales Credit . . . . . . . . . . . . . . . Sales Tax Payable Credit . . . . Totals . . . . . . . . . . . . . . . . . .

........... ...........

.......... ..........

Chapter 11

Credit Totals

$3,169.80 $3,169.80

$2,935.00 234.80 $3,169.80


R44 150 R45 110 TS34 ✔ TS35 ✔

24 Leona Silva

27 David Bench

28 ✔

31 ✔

31 Totals

5

6

7

8

9


11

1 2 3 4 5 6

Col. No.

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

........... ...........

$28,110.24 $28,110.24

-0-

Debit Totals

$28,110.24

-0$ 2,086.56 24,096.00 1,927.68

Credit Totals

(4110)

(2120)

(1110)

11

10

9

2 0 8 6 56 24 0 9 6 00 1 9 2 7 68 28 1 1 0 24 (1130)

8

7

6

5

4

3

2

1

1 3 4 40 1 8 1 4 40

1 6 8 0 00

4 4 4 48 6 0 0 0 48

9 7 2 00

4 3 0 08 5 8 0 6 08

4 6 4 64 6 2 7 2 64

4 5 4 08 6 1 3 0 08

8 2 9 44

9 7 2 00 5 5 5 6 00

6 CASH DEBIT

11

2 8 5 12

5 3 7 6 00

5 8 0 8 00

5 6 7 6 00


PAGE

2 8 5 12

8 2 9 44

SALES CREDIT


5

Page 296

. . . . Totals . . . . . . . . . . . . . . . . . . .

General Debit . . . . . . . . . . . . . General Credit . . . . . . . . . . . . Accounts Receivable Credit . . Sales Credit . . . . . . . . . . . . . Sales Tax Payable Credit . . . . Cash Debit . . . . . . . . . . . . . .

Column Title

CREDIT

4

3

2:26 PM

4. Cash Receipts Journal Proof

TS33 ✔

21 ✔

4

DEBIT

GENERAL

2

11/2/07

10

TS32 ✔

TS31 ✔

R43 120

14 ✔

Oct. 6 Viola Davis 7 ✔

ACCOUNT TITLE

POST. REF.

3

2

1

20 – –

DOC. NO.

1


11-7

DATE

1., 4., 6.


SECOND REVISED

CHALLENGE PROBLEM (continued)


268 6190 269 250 270 210 271 1150 1160

17 Utilities Expense

20 Vista Golf Co.

23 Design Golf


Supplies—Store

4

5

6

7

Chapter 11

6 4 32

4. Cash Payments Journal Proof

8,490.00

$10,254.00

Totals . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,764.00 $ 64.32 10,189.68 $10,254.00

-0-

Date

General Debit . . . . . . . . . . . . . . . . . . . . General Credit . . . . . . . . . . . . . . . . . . . . Accounts Payable Debit . . . . . . . . . . . Purchases Discount Credit . . . . . . . . . . Cash Credit . . . . . . . . . . . . . . . . . . . .

Credit Column Totals

12

Page 297

Column Title

Debit Column Totals

(1110)

14

(5120)

11

10

9

8

7

6

5

4

14

(2110)

(✔)

6 4 32 10 1 8 9 68

2 5 1 00

2 9 1 6 00

3 1 5 1 68

2 2 0 20

3

13

8 4 9 0 00

2 9 1 6 00

3 2 1 6 00

1 7 6 4 00

9 8 00

6 2 00

5 1 00

4 0 00

2 2 0 20

2 3 5 8 00

2

1

Name

13

12

31 Totals

6140

Miscellaneous Expense

10

11

6110

Advertising Expense

9

8

3

2 3 5 8 00

1 4 2 80

1 4 2 80

266 5110 267 220

1 1 5 0 00

CASH CREDIT

5

21

1 1 5 0 00

CREDIT



PAGE

265 6160

DEBIT

GENERAL

4

3

2:26 PM

7 Eagle Golf Equipment

2

Oct. 2 Rent Expense 4 Purchases

20 – –

POST. REF.

2

11/2/07

1

ACCOUNT TITLE

CK. NO.

1


11-7

DATE

1., 4., 7.


SECOND REVISED

Class




11-7

11/2/07

2:26 PM

Page 298

SECOND REVISED


5. CASH PROOF Cash on hand at the beginning of the month . . . . Plus total cash received during the month . . . . . . Equals total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less total cash paid during the month . . . . . . . . . Equals cash balance on hand at end of the month

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

. . . . .

Checkbook balance on the next unused check stub . . . . . . . . . . .

$20,220.00 28,110.24 $48,330.24 10,189.68 $38,140.56 $38,140.56

8.

Custom Golf Land Schedule of Accounts Payable October 31, 20 – – Design Golf

2 7 9 0 00

Golf Source

2 5 8 00

Pro Golf Supply

2 6 7 9 60

Vista Golf Co.

1 9 5 0 00


7 6 7 7 60

Custom Golf Land Schedule of Accounts Receivable October 31, 20 – – David Bench

1 4 1 9 12

Barry Fuller

1 4 2 0 20

Doris McCarley

1 7 2 3 32


4 5 6 2 64




11/2/07

2:26 PM

Page 299

SECOND REVISED

Name

Date

11-7


1., 2., 3., 6., 7. ACCOUNT

GENERAL LEDGER

Cash

ACCOUNT NO.

DATE

ITEM

20 – –

ITEM

DEBIT

3 1 6 9 80

6 6 4 9 20 2 0 8 6 56 4 5 6 2 64

POST. REF.

CP21

CREDIT DEBIT

ITEM

20 – –

3 1 6 2 00 4 0 00

3 2 0 2 00

POST. REF.

31

CREDIT DEBIT

ITEM

20 – –

G11

2 5 8 00

2 8 5 0 00

CP21

5 1 00

2 9 0 1 00 ACCOUNT NO.

POST. REF.

31 31

CREDIT DEBIT

CREDIT

9 6 2 7 60

G11

2 5 8 00

9 8 8 5 60

P11

6 2 8 2 00

16 1 6 7 60 7 6 7 7 60

CP21 8 4 9 0 00 Sales Tax Payable ITEM

2110

BALANCE DEBIT

✔

Oct. 1 Balance 13

CREDIT

2 5 9 2 00

Accounts Payable

DATE

1160

BALANCE DEBIT

✔

Oct. 1 Balance 13

Oct. 1 Balance 31

CREDIT

ACCOUNT NO.

DATE

1150

BALANCE DEBIT

Supplies—Store

DATE

CREDIT

3 4 7 9 40

✔

Oct. 1 Balance 31

31

CREDIT

ACCOUNT NO.

ITEM

1130

BALANCE DEBIT

Supplies—Office

20 – –

20 – –

POST. REF.

CR11

DATE

ACCOUNT

10 1 8 9 68 38 1 4 0 56 ACCOUNT NO.

S11

31

ACCOUNT

48 3 3 0 24

✔

Oct. 1 Balance 31

CREDIT

20 2 2 0 00

Accounts Receivable

20 – –

ACCOUNT

CREDIT DEBIT

CP21

DATE

1110

BALANCE DEBIT

CR11 28 1 1 0 24

31

ACCOUNT

POST. REF.

✔

Oct. 1 Balance 31

ACCOUNT

Class

ACCOUNT NO.

POST. REF.

BALANCE DEBIT

CREDIT DEBIT

✔ S11 CR11

Chapter 11

2120

CREDIT

1 5 7 4 40 2 3 4 80

1 8 0 9 20

1 9 2 7 68

3 7 3 6 88



11-7

11/2/07

2:26 PM

Page 300

SECOND REVISED


ACCOUNT

Sales

DATE

ACCOUNT NO.

ITEM

20 – –

31

ITEM

S11

2 9 3 5 00

265 4 3 3 80

CR11

24 0 9 6 00

289 5 2 9 80

POST. REF.

CP21

31

P11

ITEM

CREDIT DEBIT

20 – –

135 0 0 0 00 1 4 2 80

135 1 4 2 80

6 2 8 2 00

141 4 2 4 80

CREDIT DEBIT

6 4 32

5 2 2 92

Advertising Expense

20 – –

ACCOUNT NO.

POST. REF.

CP21

CREDIT DEBIT

20 – –

Oct. 1 Balance 31


CREDIT

3 5 2 8 00 6 2 00

3 5 9 0 00

Miscellaneous Expense ITEM

ACCOUNT NO.

POST. REF.

6140

BALANCE DEBIT

CREDIT DEBIT

✔ CP21

6110

BALANCE DEBIT

✔

Oct. 1 Balance 31

DATE

CREDIT

4 5 8 60

CP21

ITEM

5120

BALANCE DEBIT

✔

Oct. 1 Balance 31

DATE

CREDIT

ACCOUNT NO.

POST. REF.

5110

BALANCE DEBIT

Purchases Discount

DATE

CREDIT

262 4 9 8 80

✔

Oct. 1 Balance 4

ACCOUNT

DEBIT

ACCOUNT NO.

20 – –

ACCOUNT

CREDIT

Purchases

DATE

ACCOUNT

BALANCE DEBIT

✔

Oct. 1 Balance 31

ACCOUNT

POST. REF.

4110

CREDIT

1 6 9 2 00 9 8 00

1 7 9 0 00



11/2/07

2:27 PM

Page 301

SECOND REVISED

Name

Date

11-7

Class


ACCOUNT

Rent Expense

DATE

ACCOUNT NO.

POST. REF.

ITEM

20 – –

ACCOUNT

BALANCE DEBIT

CREDIT DEBIT

✔

Oct. 1 Balance 2

CP21

CREDIT

10 3 5 0 00 1 1 5 0 00

11 5 0 0 00

Utilities Expense

DATE

ACCOUNT NO.

POST. REF.

ITEM

20 – –

CP21

1.

6190

BALANCE DEBIT

CREDIT DEBIT

✔

Oct. 1 Balance 17

6160

CREDIT

2 1 4 2 00 2 2 0 20

2 3 6 2 20


Design Golf

VENDOR

DATE


ITEM

20 – –

CP21

2 7 9 0 00 2 9 1 6 00


ITEM

20 – –

VENDOR

DEBIT

✔ CP21

2 3 5 8 00 2 3 5 8 00


ITEM

20 – –

Oct. 13

DEBIT

Pro Golf Supply

DATE

2 5 8 00


ITEM

DEBIT

CREDIT

✔

Oct. 1 Balance 25

P11

Chapter 11

230

CREDIT BALANCE

CREDIT

2 5 8 00

G11

20 – –

220

CREDIT BALANCE

CREDIT

Golf Source

DATE

5 7 0 6 00 2 7 9 0 00

Eagle Golf Equipment

Oct. 1 Balance 7

VENDOR

2 9 1 6 00

P11

23

DATE

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 28

VENDOR

DEBIT

210

240

CREDIT BALANCE

1 1 3 7 60 1 5 4 2 00

2 6 7 9 60



11-7

11/2/07

2:27 PM

Page 302

SECOND REVISED


1.

ACCOUNTS PAYABLE LEDGER VENDOR

Vista Golf Co.

DATE

VENDOR NO.

ITEM

20 – –

POST. REF.

DEBIT

CREDIT BALANCE

CREDIT

✔

Oct. 1 Balance 3

3 2 1 6 00 1 9 5 0 00

P11

20

CP21

250

3 2 1 6 00

5 1 6 6 00 1 9 5 0 00


David Bench

DATE

CUSTOMER NO.

ITEM

20 – –

G11

ITEM

POST. REF.

DEBIT

8 2 9 44 8 2 9 44

CR11

Barry Fuller

DATE

CUSTOMER NO.

ITEM

20 – –

POST. REF.

S11

Oct. 24

DEBIT

DATE

1 4 2 0 20

1 4 2 0 20

CUSTOMER NO.

ITEM

POST. REF.

DEBIT

S11

1 3 9 2 84 3 3 0 48

1 7 2 3 32

Leona Silva

DATE 20 – –

Oct. 1 Balance 28

CUSTOMER NO.

ITEM

POST. REF.

24

CR11

30

G11


DEBIT

CREDIT

✔ S11

140

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 11

130

DEBIT BALANCE

CREDIT

Doris McCarley

20 – –

120

DEBIT BALANCE

CREDIT

✔

Oct. 1 Balance 6

CUSTOMER

1 4 1 9 12

1 4 1 9 12

CUSTOMER NO.

20 – –

CUSTOMER

9 7 2 00

Viola Davis

DATE

DEBIT BALANCE

CREDIT

9 7 2 00

CR11

30

CUSTOMER

DEBIT

✔

Oct. 1 Balance 27

CUSTOMER

POST. REF.

110

150

DEBIT BALANCE

2 8 5 12 1 4 1 9 12

1 7 0 4 24 2 8 5 12

1 4 1 9 12

1 4 1 9 12



11/2/07

2:27 PM

Page 303

SECOND REVISED

Name

Date

11-7

Class

CHALLENGE PROBLEM (concluded)

9. Approaches to Collecting and Paying Sales Taxes

Normal procedure for recording a sale is as follows: Debit: Credit:

Cash or Accounts Receivable

$1,080.00

Sales

$1,000.00

Sales Tax Payable

80.00

This entry records the liability for the sales tax that has been collected and must be remitted to the state or other taxing district. Another procedure that may be used if authorized by the state or taxing district for which the taxes are being collected is as follows: At time of sale: Debit: Credit:

Cash or Accounts Receivable

$1,080.00

Sales

$1,080.00

Note that the entire amount is credited to Sales. This eliminates the need for maintaining the sales tax payable account and accounting for sales taxes collected separately. When sales taxes are due the state, the following procedure is followed: Total in Sales Account $1,080.00

1 plus Sales

1.08

Total in Sales Account $1,080.00

Tax Rate

Amount of

$1,000.00

Amount of

Sales

$1,000.00

Sales Sales Tax

Due

$80.00

At the time of payment of taxes, the following journal entry would be made: Debit: Credit:

Sales

$80.00

Cash

$80.00

Two precautions if this method is used: 1. It must be permitted by the state or taxing district for which the taxes are being collected. 2. The adjustment must be made before preparing financial statements to avoid misstating the amount of sales.

Chapter 11



11/2/07

2:27 PM

Page 304

SECOND REVISED

Study Perfect Your Score Score Guide Analyzing a Journal

Recommend Documents