Nothing Special   »   [go: up one dir, main page]
Scribd Logo
Upload

Welcome to Scribd!

  • 41 views

    Chapter 7 Problems

    Uploaded by

    Louiss Dejesus
    The document contains 3 accounting problems involving journal entries, posting transactions to subsidiary ledgers, and preparing a schedule of accounts payable. Problem 1 involves reconciling a control total to subsidiary ledger balances. Problem 2 provides transactions to record sales on account and cash receipts. Problem 3 provides transactions to record purchases and cash payments, requiring posting to journals, subsidiary ledgers, and T-accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Chapter 7 Problems

    Uploaded by

    Louiss Dejesus
    41 views5 pages
    The document contains 3 accounting problems involving journal entries, posting transactions to subsidiary ledgers, and preparing a schedule of accounts payable. Problem 1 involves reconciling a control total to subsidiary ledger balances. Problem 2 provides transactions to record sales on account and cash receipts. Problem 3 provides transactions to record purchases and cash payments, requiring posting to journals, subsidiary ledgers, and T-accounts.

    Original Description:

    Original Title

    CHAPTER 7 PROBLEMS

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains 3 accounting problems involving journal entries, posting transactions to subsidiary ledgers, and preparing a schedule of accounts payable. Problem 1 involves reconciling a control total to subsidiary ledger balances. Problem 2 provides transactions to record sales on account and cash receipts. Problem 3 provides transactions to record purchases and cash payments, requiring posting to journals, subsidiary ledgers, and T-accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    41 views5 pages

    Chapter 7 Problems

    Uploaded by

    Louiss Dejesus
    The document contains 3 accounting problems involving journal entries, posting transactions to subsidiary ledgers, and preparing a schedule of accounts payable. Problem 1 involves reconciling a control total to subsidiary ledger balances. Problem 2 provides transactions to record sales on account and cash receipts. Problem 3 provides transactions to record purchases and cash payments, requiring posting to journals, subsidiary ledgers, and T-accounts.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    CHAPTER 7 PROBLEMS

    Student Name:

    PB1. June 30, Isner Inc.’s bookkeeper is preparing to close the books for the month. The accounts receivable
    control total shows a balance of $550, but the accounts receivable subsidiary ledger shows total account
    balances of $850. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?

    Solution:
    PB2. Piedmont Inc. has the following transactions for the month of July.
    Jul. 1 Sold merchandise for $4,000 to Pinetop Inc. (account number PT152) and offered
    terms of 1/10, n/30, on July 1, invoice # 1101
    Jul. 5 Sold merchandise to Sherwood Inc. (account number SH 224), Invoice # 1102 for
    $2,450 cash on July 5
    Jul. 9 Sold merchandise, invoice #1103, to Cardinal Inc. (account number CA 118) for
    $5,000, and offered terms of 3/10, n/30
    Jul. 9 Received payment from Pinetop Inc.
    Jul. 22 Received payment from Cardinal Inc. after expiration of the discount period
    Jul. 30 Received a refund check in the amount of $120 from the insurance company (credit
    Insurance Expense, account number 504)
    A. Record the transactions for Piedmont Inc. in the proper special journal, and post them to the
    subsidiary ledger and general ledger account.
    Solution

    SALES JOURNAL Page 79


    DR Accts. DR COGS
    Invoice Receivable CR Merchandise
    Date Account No. Ref. CR Sales Inventory

    CASH RECEIPTS JOURNAL Page 102


    Sales Accounts
    Discounts Receivable,
    DR Sales, or
    Invoice Other
    Date Account No. Ref. Cash DR Accounts CR
    ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
    Account: #:
    Transaction Balance
    Date Item PR Debit Credit Debit

    ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER


    Account: #:
    Transaction Balance
    Date Item PR Debit Credit Debit

    ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER


    Account: #:
    Transaction Balance
    Date Item PR Debit Credit Debit

    GENERAL LEDGER
    Account Title: Account #:
    Transaction Balance
    Date Item PR Debit Credit Debit Credit
    PB3. LO 7.4 Use the journals and ledgers that follow. Total and rule (draw a line under the column of
    numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger
    accounts. Then prepare a schedule of Accounts Payable.

    Solution
    PURCHASES JOURNAL Page 36
    Purchase Merchandise Accounts
    Order Inventory Payable
    Date Account No. Ref. DR CR

    CASH DISBURSEMENTS JOURNAL Page 102


    Accounts
    Purchase
    Check Payable (or Cash
    Date Account Ref. Discounts
    No. other account) CR
    CR
    DR
    ACCOUNTS PAYABLE SUBSIDIARY LEDGER
    Account: #:
    Transaction Balance
    Date Item PR Debit Credit Credit

    ACCOUNTS PAYABLE SUBSIDIARY LEDGER


    Account: #:
    Transaction Balance
    Date Item PR Debit Credit Credit

    Cash Accounts Payable Notes Payable

    Purchases Purchase Discounts Rent Expense

    Interest Expense

    Company XYZ
    Schedule of Accounts Payable
    April 30, 2020

    You might also like