Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter B, Problem 26AP
Using all journals, posting, and balancing the ledgers
Tulsa Computer Security uses the perpetual inventory system and makes all credit sales on terms of n/30. Tulsa completed the following transactions during May:
Requirements
- 1. Open four-column general ledger accounts using Tulsa’s account numbers and balances as of May 1, 2018, that follow. All accounts have normal balances.
- 2. Open four-column accounts in the subsidiary ledgers with beginning balances as of May 1, if any.
Accounts receivable subsidiary ledger—Balakrishnan Co., $1,700; Berkner Co., $0; M. O. Small, $0; and K. D. King, $0. Accounts payable subsidiary ledger—Henderson Co., $0; Magyar, Inc., $0; Silva Distributing, $0; and White Co., $900. - 3. Enter the transactions in a sales journal (page 7), a cash receipts journal (page 5, omit Sales Discounts Forfeited column), a purchases journal (page 10), a cash payments journal (page 8), and a general journal (page 6), as appropriate.
- 4. Post daily to the accounts receivable subsidiary ledger and to the accounts payable subsidiary ledger.
- 5. Total each column of the special journals. Show that total debits equal total credits in each special journal. On May 31, post to the general ledger.
- 6. Prepare a
trial balance as of May 31, 2018, to verify the equality of the general ledger. Balance the total of the customer account ending balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger.
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Students have asked these similar questions
Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
SALES JOURNAL
Page: 79
Date
Account
InvoiceNo.
Ref.
DR Accts.ReceivableCR Sales
DR COGSCR MerchandiseInventory
2019
Feb. 4
Evert Company
17433
E123
2,000.00
Feb. 8
King Inc.
17434
K331
775.30
Feb. 14
Martina Inc.
17435
M132
2,301.99
Feb. 16
Shriver Company
17436
S101
700.00
Total
fill in the blank 1
CASH RECEIPTS JOURNAL
Page: 102
Date
Account
InvoiceNo.
Ref.
CashDR
SalesDiscountsDR
AccountsReceivable,Sales, or OtherAccounts CR
2019
Feb. 1
Cash Sales
475.00
475.00
Feb. 5
Payment from Evert Co.
17433
1,960.00
40.00
2,000.00
Feb. 15
Bank loan
230
1,500.00
1,500.00
Feb. 21
Payment from…
determine the correct amount of the end-of-month posting the sales journal to the
Account Receivable control account. Amount of the end-of-month posting from the sales
journal to the Account Receivable $
Pharoah Products uses both special journals and a general journal. Pharoah also posts customers accounts in the accounts receivable
subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below.
Estes
Bal. 290
215
195
Truong
Bal.
300
300
Gehrke
Bal. 215
215
340
Weiser
Bal. 170
170
150
Carla Vista Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Carla Vistas’ ledger showed Cash of $9,000 and Common Stock of $9,000.
Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. (Post entries in the order of journal entries posted in part (a). Round answers to 0 decimal places, e.g. 5,275.)
Prepare an income statement through gross profit for the month of May 2022. (Round answers to 0 decimal places, e.g. 5,275.)
Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1,440.) (Round answers to 1 decimal place, e.g.…
Chapter B Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. B - Match the benefit of an effective accounting...Ch. B - Prob. 2TICh. B - Prob. 3TICh. B - Prob. 4TICh. B - Prob. 5TICh. B - Prob. 6TICh. B - Prob. 7TICh. B - Prob. 8TICh. B - Prob. 1QCCh. B - Prob. 2QC
Ch. B - Prob. 3QCCh. B - Prob. 4QCCh. B - Prob. 5QCCh. B - Prob. 6QCCh. B - Prob. 7QCCh. B - When using a manual accounting information system,...Ch. B - Prob. 9QCCh. B - Prob. 1RQCh. B - Prob. 2RQCh. B - Prob. 3RQCh. B - Prob. 4RQCh. B - What is the purpose of a subsidiary ledger?Ch. B - Prob. 6RQCh. B - List the four special journals often used in a...Ch. B - Explain the posting process of the sales journal.Ch. B - Prob. 9RQCh. B - What are the columns that are typically used in...Ch. B - Explain the posting process of the cash payments...Ch. B - When is the general journal used in a manual...Ch. B - Prob. 13RQCh. B - Prob. 14RQCh. B - Prob. 15RQCh. B - How is QuickBooks organized?Ch. B - How would a business record a sale of services on...Ch. B - How would a business record a bill received in...Ch. B - Prob. 1SECh. B - Prob. 2SECh. B - Identifying special journals Use the following...Ch. B - Prob. 4SECh. B - Prob. 5SECh. B - Prob. 6SECh. B - Prob. 7SECh. B - Prob. 8SECh. B - Prob. 9SECh. B - Prob. 10SECh. B - Prob. 11SECh. B - Prob. 12SECh. B - Prob. 13SECh. B - Prob. 14ECh. B - Prob. 15ECh. B - Prob. 16ECh. B - Prob. 17ECh. B - Identifying transactions in the accounts...Ch. B - Prob. 19ECh. B - Prob. 20ECh. B - Prob. 21ECh. B - Prob. 22ECh. B - Prob. 23ECh. B - Prob. 24APCh. B - Prob. 25APCh. B - Using all journals, posting, and balancing the...Ch. B - Prob. 27BPCh. B - Using the purchases, cash payments, and general...Ch. B - Using all journals, posting, and balancing the...Ch. B - Prob. 30PCh. B - Prob. 31PCh. B - Prob. 1COMPCh. B - Prob. 1TIATCCh. B - Prob. 1DCCh. B - Prob. 1FCCh. B - Prob. 1CA
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