COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 8, Problem 5PB
1.
To determine
Prepare the general ledger accounts and the accounts payable ledger accounts.
2.
To determine
Record the general journal into the general ledger accounts and the accounts payable ledger accounts.
3.
To determine
Create a schedule of accounts payable and compare it with the accounts payable control account.
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On December 5, 2019, Super Circuit Store sold gift certificates totalling $12,000. By December 31, 2019, all but $2,125 worth of these certificates had been redeemed for merchandise. Outstanding certificates were then redeemed by January 15, 2020.
Required:
1.
Prepare journal entries on Super Circuit’s books to reflect the preceding transactions.
2.
How would the gift certificates be reported on Super Circuit’s balance sheet on December 31, 2019?
The cash payments and purchases journals for Bill's Landscaping Co. are shown below. The accounts payable control account has an April 1, 2019, balance of
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CASH PAYMENTS JOURNAL
Page 38
Other
Accounts
Ck.
Post.
Accounts
Payable
Cash
Date
No.
Account Debited
Ref.
Dr.
Dr.
Cr.
2019
Apr. 4
106 Augusta Sod Co.
107 Utilities Expense
6,986
6,986
Apr. 5
54
642
642
Apr. 15
108 Kimble Lumber Co.
3,644
3,644
2,872
13,502
Apr. 27
109 Schott's Fertilizer
2,872
Apr. 30
642
14,144
(V)
(21)
(11)
PURCHASES JOURNAL
Page 22
Landscaping
Supplies
Accounts
Other
Post.
Payable
Accounts
Post.
Date
Account Debited
Ref.
Cr.
Dr.
Dr.
Ref.
Amount
2019
Apr. 3
Kimble Lumber Co.
3,644
3,644
7,807
Apr. 5
Apr. 14
Cooke Equipment Co.
Equipment
18
7,807
Schott's Fertilizer
2,872
2,872
Apr. 24
Augusta Sod Co.
4,251
4,251
Apr. 29
Kimble Lumber Co.
9,091
9,091
Apr. 30
27,665
19,858
7,807
(21)
(14)
(V)
Prepare the accounts payable subsidiary ledger, and determine that…
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…
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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