Question

Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks received should be recorded in the cash receipts prelist prior to entry in the cash receipts journal Make sure to update the accounts receivables subledger if applicable November 10-BrawnyFinch Corp. purchased $46,213.00 worth of merchandise on account (invoice #527). Terms of the sale were 2/10 net 30 November 11- Thistlecadenza returned $12,014.00 worth of merchandise purchased on account. The credit memo number is 31 (CM 31) November 14-Omega Print Inc. purchased $32,304.00 worth of merchandise on account (invoice #528). Terms of the sale were 2/10 net 30 November 18- The company received a check (check number 787) from BrawnyFinch Corp in the amount of $45,288.74 for payment in full of Invoice #527 November 23 - Borrowed $75,000 from US Bank by issuing a five-year note payable with a stated annual interest rate of 5%. Check number 646 was received from the bank and deposited. November 24 Received a validated deposit receipt from the bank for $120,288.74 for the deposit of the checks from Brawny Finch Corp and US Bank. Verify that the total matches the amounts in the Cash Receipts Prelist. If correct, put your initials in the Ctrl Init column of the Cash Receipts Journal next to the Journal Entry November 27- Received check No. 3513 for $5,891.00 in the mail from Treefire Corp. for a cash sale. All goods ordered were shipped and the cash sale was processed and recorded. The invoice number of the sale is 529 November 30 The company received a legal notification from Payne and Fears, P.C., attorneys at law, that Omega Print Inc. had declared bankruptcy and will be unable to pay its outstanding debts to its suppliers. Write off the account as bad debt. 3. Use the SUM function in Excel to foot the totals for each column in the sales journal and cash receipts journal. Cross-foot the totals to verify that debits equal credits. If debits equal credit, put your initials beside the totals. 4. Post the column totals and the individual transactions in "Other" column of the Journals to the appropriate general ledger account and update each general ledger account balance. Place a posting reference check mark [X] under each column total in the journals and by each of the individual transactions in the "Other" column to show that the numbers have been posted. Place a reference in each general ledger account indicating which journal the entry was posted from i.e. "CR" for Cash Receipts, '"S" for Sales and "GJ" for General Journal) 5. Foot the balance in the accounts receivable subsidiary ledger and compare the total to the balance in the accounts receivable general ledger account. If the numbers match, put your initials in the general ledger control account to indicate that you have made the comparison.

Answer 1

	Cash Recept Journal
Date	Account Credited	PR	Explanation	Cash Dr	Sales Dis Dr	A/c Rec CR	Sales Cr	Other A/c Cr	COG Sold Dr Inventory Cr
10-Nov	BrawnyFinch Crop		INV 527				46213
11-Nov	Thistlecadenza		Memo 31			12014
14-Nov	OmegaPrint Inc		Inv 528				32304
18-Nov	BrawnyFinch Crop		Chek no.787	45288.74
23-Nov	Note Payable- US Bank		Chek no.646	75000
24-Nov	BrawnyFinch Crop and US Bank			120288.7
27-Nov	Treefire Corp		Chek no.3513	5891
	Total			246468.5	0	12014	78517	0	0	0

Sales Journal
Date	A/c Debited	Inv No	PR	A/C Rec Dr/ Sales CR	Sales Cr	Sales Returns	COG Sold Dr Inventory Cr
10-Nov	BrawnyFinch Crop	527		46213
11-Nov	Thistlecadenza	Memo31				12014
14-Nov	OmegaPrint Inc	528		32304
27-Nov	Treefire Corp	529			5891
	Total			78517	5891	12014	0	0	0

Journal Entries
Date	Particulars	Debit($)	Credit($)
10-Nov	Account Receivable-BrawnyFinch Crop	46213
	Sales		46213
	Sales Merchandise Terms 2/10, n/30 Inv . 527
11-Nov	Sales Returns	12014
	Accounts Receivable- Thistlecadenza		12014
	Sales Returns Credit Memo31
14-Nov	Account Receivable-OmegaPrint Inc	32304
	Sales		32304
	Sales Merchandise Terms 2/10, n/30 Inv . 528
18-Nov	Cash	45288.74
	Account Receivable-BrawnyFinch Crop		45288.74
	Received Check no 787
23-Nov	Cash	75000
	Note Payable- US Bank		75000
	Received Check no 646
24-Nov	Cash	120288.74
	Diposit Revenu		120288.74
	Diposit Receipt
27-Nov	Cash	5891
	Sales		5891
	Cash Sales Inv. No.529 Check no.3513
30-Nov	Bad Debt Expenses	32304
	Account Receivable-OmegaPrint Inc		32304
	Round off to Bad Debt

Account Receivable-BrawnyFinch Crop
Date	Debit ($)	Credit($)	Balance($)
10-Nov	46213		46213
18-Nov		45288.74	924.26

Accounts Receivable- Thistlecadenza
Date	Debit ($)	Credit($)	Balance($)
11-Nov		12014	-12014
			-12014

Account Receivable-OmegaPrint Inc
Date	Debit ($)	Credit($)	Balance($)
14-Nov	32304		32304
30-Nov		32304	0

Account Receivable
Date	Debit ($)	Credit($)	Balance($)
10-Nov	46213		46213
11-Nov		12014	34199
14-Nov	32304		66503
18-Nov		45288.74	21214.26
30-Nov		32304	-11089.7

Sales
Date	Debit ($)	Credit($)	Balance($)
10-Nov		46213	-46213
14-Nov		32304	-78517
27-Nov		5891	-84408

Sales Returns
Date	Debit ($)	Credit($)	Balance($)
11-Nov	12014		12014

Cash
Date	Debit ($)	Credit($)	Balance($)
18-Nov	45288.74		45288.74
23-Nov	75000		120288.7
24-Nov	120288.7		240577.5
27-Nov	5891		246468.5

Note Payable- US Bank
Date	Debit ($)	Credit($)	Balance($)
23-Nov		75000	-75000

Deposit Revenue
Date	Debit ($)	Credit($)	Balance($)
24-Nov		120288.7	-120289

Bad Debt Expenses
Date	Debit ($)	Credit($)	Balance($)
30-Nov	32304		32304