Question

urnalize and post sales returns in the Create Credit Memos/Refunds window. urnalize and post purchase returns in the 3. Go to the online 1. Journalize and post sales returns in the and post purchase returms in the Enter Bills window. 3. From the Accountant & Taxes, Journal. 4. Make the selections to 1-31, 2011 journal. 3. Print the sales journal cash receipts journal and purchase journal. menu bar, select Reports; 4. Print the vendor ledgers and the customer Journalizing and posting transactio Mastery Problem (Review of Chapters 9, 10, and 11):J 1 1-M.2 ted accounts payable accounts receivable, and general ledger accounts for Innovative Solutions are given in the Working Papers. Instructions: 1. Journalize the following transactions during December page 12 of a sales journal, page 12 of a purchases journal, page 12 of a cash receipts journal, and page 15 ofa cash payments journal. The company offers sales terms of 2/10 n/30. The following transactions when journalized: (a) transactions impacting the accounts receivable or accounts payable subsidiary ledgers, (b) transactions recorded in the general journal, and (c) cash payments entered in a general amount column of the cash payments journal. Source documents are abbreviated as follows: check, C: memorandum, M; purchase invoice, P:receipt, R; sales invoice, S;terminal summary, TS; debit memorandum, DM; credit memorandum, CM. of the current year. Use page 12 of a general journal, sales tax rate is 6%. Post the Transactions: Dec 1./Sold merchandise on account to Larry Simpson, $4,780.00, plus sales tax. $395. Paid cash to Perkins Properties for rent, $800.00. C518. The board of directors declared a dividend of $0.20per share; capital stock issued is 20,000 shares, M68 4. Received cash on account from Coastal County Schools, $814.80, less 2% sales discount. R289. 5, Paid cash to Ulman Paper for office supplies, $169.00.C519 6/ Paid cash on account to Jing Corporation for $2,618.00, less 2% discount. C520. 7, Purchased merchandise on account from Wilson Metals, S9,000 .00, less a 60% trade discount. P315. 8. Bought office supplies on account from Barger Office Supply, $148.00. M69. 340 Chanter 11 Accounting for Transactions Using a General Journal

Answer 1

Solution

General Journal
Date	Accounts Title	Doc No.	Posting Ref	Debit	Credit
3-Dec	Dividends	M68	3	$4,000.00
	to Dividends payable				$4,000.00
8-Dec	Office supplies	M69	8	$148.00
	Barge Office Supplies				$148.00
TOTAL				$4,148.00	$4,148.00

Sales Journal
Date	Accounts Title	Sale No	Posting Ref	Accounts Receivable Debit	Sales Credit	Sales tax Payable Credit
1-Dec	Larry Sympson	S395	1	$5,066.80
	Sales				$4,780.00
	Sales tax payable					$286.80
10-Dec	LaDonna Atkins	S396	10	$2,554.60
	Sales				$2,410.00
15-Dec	Coastal County Schools	S397	14	$3,448.00		$144.60
	Sales				$3,448.00
TOTAL				$11,069.40	$10,638.00	$431.40

Purchase Journal
Date	Accounts Title	Purchase No	Posting Ref	Purchase Dr	Accounts Payable Cr
7-Dec	Purchase	P315		$3,600.00
	Wilson Metals				$3,600.00
14-Dec	Purchase	P316	13	$4,818.00
	Quittman Manufacturing				$4,818.00
TOTAL				$8,418.00	$8,418.00

Cash Payments Journal
Date	Account Title	Payment No.	Posting Ref	Cash shortage	Dividends payable Dr	Electricity Exp	Advertisement Expense	Accounts payable Debit	Miscellaneous	Rent Debit	Office supplies	Cash Credit	Purchase discount Credit
2-Dec	Rent	C518	2							$800.00
	Cash											$800.00
5-Dec	Office supplies	C519	5								$169.00
	Cash											$169.00
6-Dec	Jing Corporation	C520	6					$2,618.00
	Cash											$2,565.64
	Purchase discount												$52.36
9-Dec	Miscellaneous expense	C521	9						$42.00
	Cash											$42.00
12-Dec	Advertisements	C522	10				$590.00
	Cash											$590.00
13-Dec	Electricity	C524	11			$347.00
	Cash											$347.00
28-Dec	Dividends Payable	C525	19		$4,000.00
	Cash											$4,000.00
30-Dec	Petty Cash Fund	C525	20
	Advertisements								$49.00
	Miscellaneous expense									$25.00
	Cash shortage			$2.00
	Cash											$76.00
TOTAL				$2.00	$4,000.00	$347.00	$590.00	$2,618.00	$91.00	$825.00	$169.00	$8,589.64	$52.36

Cash Receipts Journal
Date	Account Title	Receipt No.	Posting Ref	Cash Debit	Sales Discount Debit	Sales	Sales tax payable	Accounts Receivable Credit
4-Dec	Cash	R289	4	$814.80
	Sales Discount				$16.30
	Coastal County Schools							$798.50
17-Dec	Cash	TS49	16	$6,480.94
	Sales					$6,148.90
	Sales Tax Payable						$332.04
22-Dec	Cash	R290	18	$2,219.15
	Joseph Gregg				$2,219.15
TOTAL				$9,514.89	$2,235.45	$6,148.90	$332.04	$798.50

Sales Returns Journal
Date	Accounts Title	Sale No	Posting Ref	Sales Returns Dedit	Sales tax Payable Dedit	Accounts Receivable Crebit
16-Dec	Sales Return	CM21		$229.00
	Sales tax payable				$13.74
	Larry Sympson					$242.74
TOTAL				$229.00	$13.74	$242.74

Purchases Returns Journal
Date	Accounts Title	Sale No	Posting Ref	Accounts payable Dr	Purchase returns Cr
18-Dec	Jing Corporation	DM8		$540.00
	Purchase return				$540.00
TOTAL				$540.00	$540.00