Accounting
27th Edition
ISBN: 9781337272094
Author: WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher: Cengage Learning,
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Textbook Question
Chapter 5, Problem 5.1BPR
Revenue journal;
Guardian Security Services was established on January 15 to provide security services. The services provided during the remainder of the month are as follows:
| Jan. 18. | Issued Invoice No. 1 to Murphy Co. for $490 on account. |
| 20. | Issued Invoice No. 2 to Qwik-Mart Co. for $340 on account. |
| 24. | Issued Invoice No. 3 to Hopkins Co. for $750 on account. |
| 27. | Issued Invoice No. 4 to Carson Co. for $680 on account. |
| 28. | Issued Invoice No. 5 to Amber Waves Co. for $120 on account. |
| 28. | Provided security services, $100, to Qwik-Mart Co. in exchange for supplies. |
| 30. | Issued Invoice No. 6 to Qwik-Mart Co. for $200 on account. |
| 31. | Issued Invoice No. 7 to Hopkins Co. for $295 on account. |
Instructions
1. Journalize the transactions for January, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: Amber Waves Co.; Carson Co.; Hopkins Co.; Murphy Co.; Qwik-Mart Co.
2 Post the revenue journal to the following accounts in the general ledger, inserting the account balances only after the last postings:
12 Accounts Receivable
14 Supplies
41 Fees Earned
3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at January 31?
b. What is the balance of the accounts receivable controlling account at January 31?
4. Assume Guardian Security Services began using a computerized accounting system to record the sales transactions on February 1. What are some of the benefits of the computerized system over the manual system?
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1
EJ-3 On September 1, the balance of the Accounts Receivable control account in
the general ledger of Stark Company was $10,960. The customers' subsidiary ledger
contained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, and
Dey $4,820. At the end of September, the various journals contained the following
information.
Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260.
Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380;
from Milo $1,800; from Zeyen $1,240.
General journal: An allowance is granted to Dey $185.
Instructions
(a) Set up control and subsidiary accounts and enter the beginning balances. Do not con-
struct the journals.
(b) Post the various journals. Post the items as individual items or as totals, whichever
would be the appropriate procedure. (No sales discounts given.)
(c) Prepare a schedule of accounts receivable and prove the agreement of the controlling
account with the subsidiary…
The following is information related to Blossom Company for its first month of operations.
Jan, 7-
15
23
Credit Sales
Austin Co.
Diaz Co.
Noble Co.
$11,800
7,300
11,100
Balance of
Accounts
Receivable
Jan. 17
24
Austin Co.
29
Cash Collections
Austin Co.
Diaz Co.
Noble Co.
$7,900
4,900
Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the
general ledger at the end of January.
11.100
Subsidary Ledger
Diaz Co,
$
Noble Co.
General Led
Voyager Electronic Services has three customers in its accounts receivable subsidiary ledger with beginning balances as follows:
Fred Yao Ming, $1,150.00
Kohl Townson, $850.00
Chandra Jahi, $1,075.00
Record the following transactions in a general journal. Then post to the accounts receivable account in the general ledger and to the customer accounts in the accounts
receivable subsidiary ledger.
On June 3, Kohl Townson paid $325.00 on account.
On June 10, Chandra Jahi purchased $475.00 on account.
On June 15, Fred Yao Ming paid $395.00 on account.
On June 16, Fred Yao Ming purchased $685.00 on account.
On June 23, Kohl Townson purchased $155.00 on account.
If an amount box does not require an entry, leave it blank.
Chapter 5 Solutions
Accounting
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Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Segment analysis McHale Company does business in...Ch. 5 - Segment analysis Back Country Life, Inc., does...Ch. 5 - Identify postings from revenue journal Using the...Ch. 5 - Accounts receivable ledger Based on the data...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify transactions in accounts receivable...Ch. 5 - Prepare journal entries in a revenue journal...Ch. 5 - Posting a revenue journal The revenue journal for...Ch. 5 - Accounts receivable subsidiary ledger The revenue...Ch. 5 - Revenue and cash receipts journals Transactions...Ch. 5 - Revenue and cash receipts journals Lasting Summer...Ch. 5 - Prob. 5.11EXCh. 5 - Prob. 5.12EXCh. 5 - Identify transactions in accounts payable...Ch. 5 - Prepare journal entries in a purchases journal...Ch. 5 - Posting a purchases journal The purchases journal...Ch. 5 - Accounts payable subsidiary ledger The cash...Ch. 5 - Purchases and cash payments journals Transactions...Ch. 5 - Purchases and cash payments journals Happy Tails...Ch. 5 - Error in accounts payable subsidiary ledger After...Ch. 5 - Prob. 5.20EXCh. 5 - Cash receipts journal The following cash receipts...Ch. 5 - Computerized accounting systems Most computerized...Ch. 5 - Prob. 5.23EXCh. 5 - Prob. 5.24EXCh. 5 - Segment revenue horizontal analysis Starbucks...Ch. 5 - Prob. 5.26EXCh. 5 - Segment revenue horizontal and vertical analyses...Ch. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable subsidiary account,...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable account, and accounts...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Communication Internet-based accounting software...Ch. 5 - Manual vs. computerized accounting systems The...Ch. 5 - Accounts receivable and accounts payable A...Ch. 5 - Design of accounting systems For the past few...
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