P7-1B
Feig Company's chart of accounts includes the following selected accounts.
Homework Answers
| Date | Transaction | Cash Dr | Sales discount Dr | Accounts receivable Cr | Sales Revenue Cr. | Other accounts Cr. | Cost of goods sold Dr / Inventory Cr | Total |
| June.1 | Opening balance | $ 10,700 | $ 10,700 | |||||
| June.1 | Bringing additional cash | $ 12,000 | $ 12,000 | $ 24,000 | ||||
| June.3 | Received from Daniels Co. | $ 1,960 | $ 40 | $ (2,000) | $ - | |||
| June.6 | Received from Einhorn Co. | $ 2,744 | $ 56 | $ (2,800) | $ - | |||
| June.7 | Cash Sales & CGS | $ 8,700 | $ 8,700 | $ 5,000 | $ 22,400 | |||
| June.9 | Received from K Wapis & Son | $ 3,430 | $ 70 | $ (3,500) | $ - | |||
| June.11 | Cash refund received for damaged merchandise | $ 450 | $ 450 | $ 900 | ||||
| June.15 | Cash Sales & CGS | $ 6,500 | $ 6,500 | $ 4,000 | $ 17,000 | |||
| June.20 | Received from Randall Bros | $ 2,400 | $ (2,400) | $ - | ||||
| Total | $ 38,184 | $ 166 | $ - | $ 15,200 | $ 12,450 | $ 9,000 | $ 75,000 | |
| Accounts receivabe Control account | |||
| Beg.bal. | $ 10,700 | ||
| Daniels Co. | $ 2,000 | June.3 | |
| Einhorn Co. | $ 2,800 | June.6 | |
| K Wapis &Son | $ 3,500 | June.9 | |
| Randall Bros. | $ 2,400 | June.20 | |
| End. Bal. | $ - | ||
| K Wapis &Son | |||
| Beg.bal. | $ 3,500 | ||
| Cash | $ 3,430 | June.9 | |
| Sales discount | $ 70 | June.9 | |
| End. Bal. | $ - | ||
| Einhorn Co. | |||
| Beg.bal. | $ 2,800 | ||
| Cash | $ 2,744 | June.6 | |
| Sales discount | $ 56 | June.6 | |
| End. Bal. | $ - | ||
| Randall Bros. | |||
| Beg.bal. | $ 2,400 | ||
| Cash | $ 2,400 | June.20 | |
| End. Bal. | $ - | ||
| Daniels Co. | |||
| Beg.bal. | $ 2,000 | ||
| Cash | $ 1,960 | June.3 | |
| Sales discount | $ 40 | June.3 | |
| End. Bal. | $ - | ||
| Control account balance | 0 | |
| Subsidy account balances | ||
| Daniels Co. | 0 | |
| Einhorn Co. | 0 | |
| K Wapis &Son | 0 | |
| Randall Bros. | 0 | |
| Total | 0 | |
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