Please try to keep the same format!
Recording of the given journal entries in the different ledgers are shown as follows:-
1) Sales journal is shown as follows:- (Amounts in $)
Sales Journal | |||||
Date | Account Debited | Invoice No. | Ref. | Accounts Receivable Dr. Sales Revenue Cr. | Cost of goods sold Dr. Inventory Cr. |
Jan 4 | Wheeler | 371 | 5,000 | 3,000 (5,000*60%) | |
Jan 9 | Linton Corp. | 372 | 5,000 | 3,000 (5,000*60%) | |
Jan 17 | Delaney Co. | 373 | 1,000 | 600 (1,000*60%) | |
Jan 31 | Wheeler | 374 | 9,000 | 5,400 (9,000*60%) | |
Total | 20,000 | 12,000 |
2) Single column purchases journal is shown as follows:- (Amounts in $)
Purchases Journal | |||
Date | Account Credited | Ref. | Inventory Dr. Accounts Payable Cr. |
Jan 3 | Gallagher Co. | 9,000 | |
Jan 8 | Phegley Co. | 4,000 | |
Jan 11 | Cora Co. | 3,500 | |
Jan 23 | Gallagher Co. | 7,000 | |
Jan 24 | Atchison Corp. | 4,500 | |
Total | 28,000 |
3) Cash receipts journal is shown as follows:- (Amounts in $)
Cash Receipt Journal | ||||||||
Date | Account Credited | Ref. | Cash Dr. | Sales Discount Dr. | Accounts Receivable Cr. | Sales Revenue Cr. | Other Accounts Cr. | Cost of goods sold Dr. Inventory Cr. |
Jan 6 | 3,000 | 3,000 | 1,800 (60%*3,000) | |||||
Jan 13 | 5,000 | 5,000 | 3,000 (60%*5,000) | |||||
Jan 15 | Linton Corp. | 4,950 (5,000-50) | 50 (5,000*1%) | 5,000 | ||||
Jan 17 | Wheeler | 5,000 | 5,000 | |||||
Jan 20 | 2,500 | 2,500 | 1,500 (60%*2,500) | |||||
Jan 27 | 4,000 | 4,000 | 2,400 (60%*4,000) | |||||
Jan 30 | Delaney Corp | 1,000 | 1,000 | |||||
Total | 25,450 | 50 | 11,000 | 14,500 | 8,700 |
4) Cash payments journal is shown as follows:- (Amounts in $)
Cash Payments Journal | ||||||
Date | Account Debited | Ref. | Other Accounts Dr. | Accounts Payable Dr. | Inventory Cr. | Cash Cr. |
Jan 4 | Supplies | 126 | 60 | 60 | ||
Jan 13 | Gallagher Co. | 9,000 | 180 (9,000*2%) | 8,820 (9,000-180) | ||
Jan 15 | Salaries and Wages expense | 726 | 13,000 | 13,000 | ||
Jan 20 | Phegley Co. | 4,000 | 80 (4,000*2%) | 3,920 (4,000-80) | ||
Jan 31 | Salaries and Wages expense | 726 | 12,000 | 12,000 | ||
Total | 25,060 | 13,000 | 260 | 37,800 |
5) The entries which are not recorded under all of the above journals will be recorded in general journal (i.e Sales return entries etc).
The General Journal is shown as follows:- (Amounts in $)
Date | Account Titles and Explanations | Debit | Credit |
Jan 5 | Accounts Payable-Gallagher Co. | 200 | |
Inventory | 200 | ||
(To record the purchase returns) | |||
Jan 19 | Equipment | 5,000 | |
Accounts Payable | 5,000 | ||
(To record the purchase of Equipment) |
Please try to keep the same format! Problem 7-04A Selected accounts from the chart of accounts...
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