Problem

Special JournalsDuring September 2016, Interior Designs Specialty Shop, a retail store, ha...

Special Journals

During September 2016, Interior Designs Specialty Shop, a retail store, had the transactions listed on pages 320–321. The general ledger accounts used to record these transactions are provided on page 320.

INSTRUCTIONS

1. Open the general ledger accounts and enter the balances as of September 1, 2016.
2. Record the transactions in a sales journal, a cash receipts journal, a purchases journal, a cash payments journal, and a general journal. Use page 12 as the page number for each of the special journals and page 32 as the page number for the general journal.
3. Post the entries from the general journal to the proper general ledger accounts.
4. Post the entries from the Other Accounts Credit section of the cash receipts journal to the proper general ledger accounts.
5. Post the entries from the Other Accounts Debit section of the cash payments journal to the proper general ledger accounts.
6. Total, prove, and rule the special journals as of September 30.
7. Post the column totals from the special journals to the proper general ledger accounts.
8. Set up an accounts receivable ledger for Interior Designs Specialty Shop. Open an account for each of the customers listed below, and enter the balances as of September 1. All of these customers have terms of n/30.
9. Post the individual entries from the sales journal, cash receipts journal, and the general journal to the accounts receivable subsidiary ledger.
10. Prepare a schedule of accounts receivable for September 30, 2016.
11. Check the total of the schedule of accounts receivable against the balance of the Accounts Receivable account in the general ledger. The two amounts should be the same.
12. Set up an accounts payable subsidiary ledger for Interior Designs Specialty Shop. Open an account for each of the creditors listed above, and enter the balances as of September 1, 2016.
13. Post the individual entries from the purchases journal, the cash payments journal, and the general journal to the accounts payable subsidiary ledger.
14. Prepare a schedule of accounts payable for September 1, 2016.
15. Check the total of the schedule of accounts payable against the balance of the Accounts Payable account in the general ledger. The two amounts should be the same.