COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Question
Chapter 8, Problem 1PB
1.
To determine
Prepare the general ledger account showing the account balances on the given date.
2.
To determine
3.
To determine
Record the general journal in the appropriate general ledger account.
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Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts journal and a general journal. Indicate in which journals the following transactions are most likely to be recorded.
Purchased inventories on credit
Sales of inventory on credit
Received payment of a customer’s account
Payment of monthly rent by cheque
End of period closing entries
Week 7
Below is information about Lisa Ltd’s cash position for the month of June 2019.
The general ledger Cash at Bank account had a balance of $21,200 on 31 May.
The cash receipts journal showed total cash receipts of $292,704 for June.
The cash payments journal showed total cash payments of $265,074 for June.
The June bank statement reported a bank balance of $41,184 on 30 June.
Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410.
Cash receipts of $10,090 for 30 June were not included in the June bank statement.
Included on the bank…
You are to enter up the sales, purchases and the returns inwards and returns outwards journals/day books from the following details, then the total of the journals are then to be transferred to the relevant accounts in the general ledger.
2018
May
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Credit sales: T Thompson £56; L Rodriquez £148; K Barton £145
Credit purchases: P Potter £144; H Harris £25; B Spencer £76
Credit sales: K Kelly £89; N Mendes £78; N Lee £257
Credit Purchases: B Perkins £24; H Harris £58; H Miles £123
Goods returned by us to: P Potter £12; B Spencer £22
Goods returned to us by: T Thompson £5; K Barton £11;K Kelly £14
Credit purchases: H Harris £54; B Perkins £65: L Nixon £75.
Goods returned by us to B Spencer £14
Credit sales: K Mohammed £57; K Kelly £65; O Green £112
Goods returned to us by N Mendes £24
Credit sales: N Lee £55
You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. Balance all accounts.
2009
July 1 Credit purchases form: K Hill $380; M Norman $500; N Senior $106.
3 Credit sales to: E Rigby $510; E Phillips $246; F Thompson $356.
5 Credit purchases from: R Morton $200; J Cook $180; D Edwards $410; C Davies $66.
8 Credit sales to: A Green $307; H George $250; J Ferguson $185.
12 Returns outwards to: M Norman $30; N Senior $16.
14 Return inwards from: E Phillips $18; F Thompson $22.
20 Credit sales to: E Phillips $188; F Powell $310; E Lee $420.
24 Credit purchases from: C Ferguson $550; K Ennevor $900.
31 Return inwards from: E Phillips $27; E Rigby $30.
31 Return outwards to: J Cook $13; C Davies $11.
Chapter 8 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 8 - What is the name of the account used to record...Ch. 8 - What does FOB shipping point mean?Ch. 8 - Prob. 1.3SRQCh. 8 - Prob. 1.4SRECh. 8 - Prob. 1.5SRECh. 8 - Prob. 1.6SRACh. 8 - Prob. 2.1SRQCh. 8 - Prob. 2.2SRQCh. 8 - The total of the schedule of accounts payable...Ch. 8 - In the accounts payable ledger, a suppliers...
Ch. 8 - Prob. 2.5SRECh. 8 - Prob. 2.6SRACh. 8 - What is the name of the account used to record...Ch. 8 - What type of account is Purchases Returns and...Ch. 8 - Prob. 3CSRCh. 8 - Prob. 4CSRCh. 8 - Prob. 5CSRCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - What type of accounts are kept in the accounts...Ch. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Why is using the Purchases Returns and Allowances...Ch. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 17DQCh. 8 - Prob. 18DQCh. 8 - Identify the normal balance of the following...Ch. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Record the following transactions of J. Min...Ch. 8 - Record the following transactions of Allen Inc.:Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Record the following transactions of Fashion Park...Ch. 8 - On April 1, Moloney Meat Distributors sold...Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Annettes Photo Shop is a retail store that sells...Ch. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - NewTech Medical Devices is a medical devices...Ch. 8 - Prob. 5PACh. 8 - Bowden Company (buyer) and Song, Inc. (seller),...Ch. 8 - The following transactions took place at Fine...Ch. 8 - Prob. 1PBCh. 8 - Taras Card and Novelty Shop is a retail card,...Ch. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - Belladonna Company (buyer) and Sachi, Inc....Ch. 8 - The following transactions took place at The...Ch. 8 - William Evans began Evans Distributors, a sporting...Ch. 8 - Prob. 2CTPCh. 8 - Prob. 1MFCh. 8 - Prob. 2MFCh. 8 - Prob. 3MFCh. 8 - Prob. 4MFCh. 8 - Prob. 5MFCh. 8 - Prob. 6MFCh. 8 - Prob. 1ED
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