Question To avoid duplication of account names and the use of improper account names, the company has provided the following list of accounts used to record its transactions as extracted from its chart of accounts: Capital Cash Supplies Right Way Manufacturers J Manufacturers P&S Auto CT Ltd Service Revenue Discount Allowed Rent Expense Wages Expense Supplies Expense Fixtures Auto Care Loan NBC Discount Received Electricity Expense Drawings Requirements: Create a name for the owner of the company and give the business a name that reflects the operations of the organization. Record the transactions stated above in the general journal. Post the transactions to the general ledger and balance off each account Extract a trial balance on August 31st. Prepare an Income Statement for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that date

For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan

Journalize the entries for the following transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.) Mar. 1 Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. 10 Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. 12 17 31 Sold merchandise to customers who used MasterCard and VISA, $1,950,000. The cost of the merchandise sold was $1,250,000. Sold merchandise to customers who used American Express, $330,000. The cost of the merchandise sold was $230,000. Paid $81,500 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American…

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