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28 Sep 2019

PLEASE FOLLOW THE INSTRUCTIONSâ

Assignment: Special Journals: Sales and Cash Receipts (12 Points)

Prepare a cash receipts journal based on the information given below and post it to the Accounts Receivable Subsidiary Ledger.

On Nov 17, Ms. Don & Co. received $1,450 from Gians Graze to apply on account. The source document for this transaction is Receipt 30.

Instructions:

1. Prepare a sales journal entry based on the information given above and post it to the Accounts Receivable General Ledger account and to the Accounts Receivable Subsidiary Ledger. (Use November 7 for this transaction date.) *This is the same entry that you made for the previous assignment. However, use the transaction date given (Nov. 7).

2. Enter the above transaction (Nov 17) into the Cash Receipts Journal and post it to the Accounts Receivable General Ledger account and to the Accounts Receivable Subsidiary Ledger.

3. Prepare a Schedule of Accounts Receivable and check to see that the total agrees with the Accounts Receivable ledger account.

Sales Journal

Date
Doc.

No.
Customer's Account Name
Post

Ref.
Sales Credit Sales Tax Payable Credit Accounts Receivable Debit**

Cash Receipt Journal

Date Doc. No. Account Name
Post

Ref.

Sales Credit
Sales Tax Payable Credit Account Receivable Credit Sales Discount Credit Cash in Bank Debit

Date Particulars
Post

ref.
Debit Credit Balance

Debit Credit

Ms. Don & Co.

Schedule of Accounts Receivable November 30, 20xx

Account Name Amount

Total Accounts Receivable $

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Prepare a cash receipts journal based on the information givenbelow and post it to the Accounts Receivable Subsidiary Ledger.

On Nov 17, Ms. Don & Co. received $1,450 from Gains Graze toapply on account. The source document for this transaction isReceipt 30. Instructions:

1. Prepare a sales journal entry based on the information givenabove and post it to the Accounts Receivable General Ledger accountand to the Accounts Receivable Subsidiary Ledger. (Use November 7for this transaction date.)

2. Enter the above transaction (Nov 17) into the Cash ReceiptsJournal and post it to the Accounts Receivable General Ledgeraccount and to the Accounts Receivable Subsidiary Ledger.

3. Prepare a Schedule of Accounts Receivable and check to seethat the total agrees with the Accounts Receivable ledgeraccount.

raspberrymammoth41

Transactions related to revenue and cash receipts completed byAspen Architects Co. during the period June 2â30, 2016, are asfollows:

June 2.		Issued Invoice No. 793 to Nickle Co., $7,330.
June 5.		Received cash from Mendez Co. for the balance owed on itsaccount.
June 6.		Issued Invoice No. 794 to Preston Co., $2,640.
June 13.		Issued Invoice No. 795 to Shilo Co., $3,930.
		Post revenue and collections to the accounts receivablesubsidiary ledger.
June 15.		Received cash from Preston Co. for the balance owed on June1.
June 16.		Issued Invoice No. 796 to Preston Co., $8,210. Post revenue and collections to the accounts receivablesubsidiary ledger.
June 19.		Received cash from Nickle Co. for the balance due on invoice ofJune 2.
June 20.		Received cash from Preston Co. for invoice of June 6.
June 22.		Issued Invoice No. 797 to Mendez Co., $10,820.
June 25.		Received $2,990 note receivable in partial settlement of thebalance due on the Shilo Co. account.
June 30.		Recorded cash fees earned, $18,460. Post revenue and collections to the accounts receivablesubsidiary ledger.

Required:

1. Insert the following balances in the generalledger as of June 1:

11	Cash	$16,240
12	Accounts Receivable	19,780
14	Notes Receivable	8,610
41	Fees Earned	-

After completing the recording of the transactions in thejournals in part 3, total each of the columns of the specialjournals, and post the individual entries and totals to the generalledger. Insert account balances after the last posting. Whenposting to the general ledger, post in chronological order.However, if there is more than one entry on the same date, be sureto post transactions from the revenue journal before postingtransactions from the cash receipts journal.

If an amount box does not require an entry, leave it blank.

GENERAL LEDGER
Date	Item	Post. Ref.	Debit	Credit	Balance Dr.	Balance Cr.

Account: Cash # 11
2016
June 1	Balance	â


Account: Accounts Receivable # 12
2016
June 1	Balance	â



Account: Notes Receivable # 14
2016
June 1	Balance	â

Account: Fees Earned # 41
2016

2. Insert the following balances in theaccounts receivable subsidiary ledger as of June 1:

Mendez Co.	$11,370
Nickle Co.	-
Preston Co.	8,410
Shilo Co.	-

After completing the recording of the transactions in thejournals in part 3, post to the accounts receivable subsidiaryledger in chronological order, and insert the balances at thepoints indicated in the narrative of transactions. Determine thebalance in the customer's account before recording a cash receipt.If an amount box does not require an entry, leave it blank.

ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Date	Item	Post. Ref.	Debit	Credit	Balance
Account: Mendez Co.
2016
June 1	Balance	â


Account: Nickle Co.
2016


Account: Preston Co.
2016
June 1	Balance	â




Account: Shilo Co.
2016

3. Prepare a single-column revenue journal (p.40) and a cash receipts journal (p. 36). Use the following columnheadings for the cash receipts journal: Fees Earned Cr., AccountsReceivable Cr., and Cash Dr. The Fees Earned column is used torecord cash fees.

4. Using the two special journals and thetwo-column general journal (p. 1), journalize the transactions inchronological order for June. Post to the accounts receivablesubsidiary ledger (in part 2), and insert the balances at thepoints indicated in the narrative of transactions. Determine thebalance in the customer's account before recording a cashreceipt.

5. Total each of the columns of the specialjournals, and post the individual entries and totals to the generalledger (in part 1). Insert account balances after the lastposting.

If an amount box does not require an entry, leave it blank.

REVENUE JOURNAL				PAGE 40
Date	Invoice No.	Account Debited	Post. Ref.	Accounts Rec. Dr. Fees Earned Cr.
2016
			â
			â
			â
			â
			â

CASH RECEIPTS JOURNAL					PAGE 36
Date	Account Credited	Post. Ref.	Fees Earned Cr.	Accts. Rec. Cr.	Cash Dr.
2016
		â
		â
		â
		â
		â

JOURNAL				PAGE 1
Date	Description	Post Ref.	Debit	Credit
2016

6. What is the sum of the customerbalances?
$

Does the sum of the customer balances agree with the accountsreceivable controlling account in the general ledger?

7. Would an automated system omit postings to acontrolling account as performed in step 5 for AccountsReceivable?

yellowcaribou307

Purchases and Cash Payments Journals; Accounts Payable Subsidiary and General Ledgers

AquaFresh Water Testing Service was established on April 16. AquaFresh uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in streams, lakes, and ponds. Transactions related to purchases and cash payments during the remainder of April are as follows:

April 16.		Issued Check No. 1 in payment of rent for the remainder of April, $3,500.
April 16.		Purchased field supplies on account from Hydro Supply Co., $5,340.
April 16.		Purchased field equipment on account from Pure Equipment Co., $21,450.
April 17.		Purchased office supplies on account from Best Office Supply Co., $510.
April 19.		Issued Check No. 2 in payment of field supplies, $3,340, and office supplies, $400.
		Post the journals to the accounts payable subsidiary ledger.
April 23.		Purchased office supplies on account from Best Office Supply Co., $660.
April 23.		Issued Check No. 3 to purchase land, $140,000.
April 24.		Issued Check No. 4 to Hydro Supply Co. in payment of April 16 invoice, $5,340.
April 26.		Issued Check No. 5 to Pure Equipment Co. in payment of April 16 invoice, $21,450.
		Post the journals to the accounts payable subsidiary ledger.
April 30.		Acquired land in exchange for field equipment having a cost of $12,000.
April 30.		Purchased field supplies on account from Hydro Supply Co., $7,650.
April 30.		Issued Check No. 6 to Best Office Supply Co. in payment of April 17 invoice, $510.
April 30.		Purchased the following from Pure Equipment Co. on account: field supplies, $1,340, and field equipment, $4,700.
April 30.		Issued Check No. 7 in payment of salaries, $29,400.
		Post the journals to the accounts payable subsidiary ledger.

Required:

1. Journalize the transactions (in chronological order as presented in the data) for April. Use a purchases journal and a cash payments journal, and a two-column general journal. Use debit columns for Field Supplies, Office Supplies, and Other Accounts in the purchases journal. Refer to the following partial chart of accounts:

11	Cash	19	Land
14	Field Supplies	21	Accounts Payable
15	Office Supplies	61	Salary Expense
17	Field Equipment	71	Rent Expense

At the points indicated in the narrative of transactions, post to the following accounts in chronological order in the accounts payable subsidiary ledger:

Best Office Supply Co.

Hydro Supply Co.

Pure Equipment Co.

For those boxes in which no entry is required, leave the box blank. If no other account is needed in the "Other Accounts Dr." column select "No Entry Required".

PURCHASES JOURNAL								PAGE 1
Date	Account Credited	Post. Ref.	Accounts Payable Cr.	Field Supplies Dr.	Office Supplies Dr.	Other Accounts Dr.	Post. Ref.	Amount
April 16	Hydro Supply Co.	?				No Entry Required
April 16	Pure Equipment Co.	?				Field Equipment
April 17	Best Office Supply Co.	?				No Entry Required
April 23	Best Office Supply Co.	?				No Entry Required
April 30	Hydro Supply Co.	?				No Entry Required
April 30	Pure Equipment Co.	?				Field Equipment
April 30

CASH PAYMENTS JOURNAL						PAGE 1
Date	Ck. No.	Account Debited	Post. Ref.	Other Accounts Dr.	Accounts Payable Dr.	Cash Cr.
April 16		Rent Expense
April 19		Field Supplies
		Office Supplies
April 23		Land
April 24		Hydro Supply Co.	?
April 26		Pure Equipment Co.	?
April 30		Best Office Supply Co.	?
April 30		Salary Expense
April 30		Total

JOURNAL				PAGE 1
Date	Description	Post. Ref.	Debit	Credit
April 30	Land
	Field Equipment

2. Post the individual entries in chronological order (Other Accounts columns of the purchases journal and the cash payments journal and both columns of the general journal) to the appropriate general ledger accounts. Post to the subsidiary ledger in chronological order. When posting to the general ledger, post in chronological order. However, if there is more than one entry on the same date, post transactions from the purchases journal first, then the cash payments journal before posting from the general journal.

3. Total each of the columns of the purchases journal and the cash payments journal, and post the appropriate totals to the general ledger.

For those boxes in which no entry is required, leave the box blank.

ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Date	Item	Post. Ref.	Debit	Credit	Balance
Account: Best Office Supply Co.
April 17
April 23
April 30
Account: Hydro Supply Co.
April 16
April 24
April 30
Account: Pure Equipment Co.
April 16
April 26
April 30

Post transactions in chronological order. However, if there is more that one transaction on the same date, post from the purchases journal first, then from the cash payments journal before posting from the general journal. (Because the problem does not include transactions related to cash receipts, the cash account in the ledger will have a credit balance.)

GENERAL LEDGER
					Balance
Date	Item	Post. Ref.	Debit	Credit	Dr.	Cr.
Account: Cash #11
April 30
Account: Field Supplies #14
April 19
April 30
Account: Office Supplies #15
April 19
April 30
Account: Field Equipment #17
April 16
April 30
April 30
Account: Land #19
April 23
April 30
Account: Accounts Payable #21
April 30
April 30
Account: Salary Expense #61
April 30
Account: Rent Expense #71
April 16

4. Prepare a schedule of the accounts payable creditor balances.

AQUAFRESH WATER TESTING SERVICE Accounts Payable Creditor Balances April 30
Best Office Supply Co.	$
Hydro Supply Co.
Pure Equipment Co.
Total accounts payable	$

5. All are reasons why AquaFresh might consider using a subsidiary ledger for the field equipment EXCEPT:

To secure lower pricing on equipment purchases

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			Sales Journal
Date	Doc. No.	Customer's Account Name	Post Ref.	Sales Credit	Sales Tax Payable Credit	Accounts Receivable Debit

				Cash Receipt Journal
Date	Doc. No.	Account Name	Post Ref.	Sales Credit	Sales Tax Payable Credit	Account Receivable Credit	Sales Discount Credit	Cash in Bank Debit

	Ms. Don & Co. Schedule of Accounts Receivable November 30, 20xx
Account Name	Amount


Total Accounts Receivable		$