Search SEARCH

Accounting ACC 225 Week 9 Appendix C?

Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the company’s accounting work is completed through the end of April and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events (terms for all its credit sales are 210, n30 unless stated differently): May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space and the balance to Rent Expense—Office Space.) 2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100). 2 Issued a $175 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,725. 3 Received a $798 credit memorandum from Peyton Products for the return of merchandise purchased on April 29. 4 Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store sup- plies, $574; and office supplies, $83. Invoice dated May 4, terms n10 EOM. s r a l / m o c o . e h n h m Problem 7-7B A Special journals, subsidiary ledgers, trial balance—periodic C4 P2 P3 Check Trial balance totals, $224,540 PROBLEM SET C SERIAL PROBLEM Success Systems COMPREHENSIVE PROBLEM— PERPETUAL Colo Company x e cel mhhe.com/larson Larson−Wild−Chiappetta: Fundamental Accounting Principles, Seventeenth Edition 7. Accounting Information Systems Text © The McGraw−Hill Companies, 2004 302 Chapter 7 Accounting Information Systems Check (2) Unadjusted trial balance totals, $545,020; Adjustments column totals, $2,407 (3) Net income, $31,647; Total assets, $385,791 5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2 return and the discount. 8 Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased on April 29 less the May 3 return and a 2% discount. 9 Sold store supplies to the merchant next door at their cost of $350 cash. 10 Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May 10, terms n10 EOM. 11 Received payment from Hensel Company for the May 2 sale less the discount. 11 Purchased $8,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 210, n30. 12 Received an $854 credit memorandum from Gear Supply Co. for the return of defective of- fice equipment received on May 10. 15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees. 15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.) 15 Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. (Such items are posted daily but are posted only twice each month because they are few in number.) 16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is $1,890). 17 Purchased $13,650 of merchandise from Fink Corp., invoice dated May 14, terms 210, n60. 19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount. 22 Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms 210, n60. 23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount. 24 Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store sup- plies, $630; and office supplies, $280. Invoice dated May 24, terms n10 EOM. 25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 210, n30. 26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230). 26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283. 29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash from the business for personal use. 30 Received payment from Lee Services for the May 22 sale less the discount. 30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office salaries, $3,150. Cashed the check and paid the employees. 31 Cash sales for the last half of the month are $66,052 (cost is $42,500). 31 Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings. Required 1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash dis- bursements jour

Asked By: - 11/15/2011
Best Answer - Chosen by Asker
These notes will help you to understand what you need to do: http://www.cliffsnotes.com/study_guide/The-Work-Sheet.topicArticleId-21081,articleId-21025.html
Answered By: Sandy - 11/15/2011
Additional Answers (0)
Sponsored results
Over 483 Local Jobs Now Hiring In Your Area. $18-$87/Hr - Apply Today!
Jobs.Quick-com
Click. Search. Apply. Free!
www.JobDiagnosis.com
Jobs hiring near your local area. Part-time, Full-time, Work at home.
www.HiringLocally.com
Earn residual on products and services customers uses daily at home.
www.5linx.net/L657968

Other Career Questions

What is your current job? Why did you choose this job? What do you enjoy about your job? What do you dislike about your job? What would be your perfect job? Would you rather have this j...
3 answers - Asked By: drop pants not bombs!.♥ - 3/2/2010
Where are the jobs? Is productivity and globalization creating a permanent “recession” of jobs? My main issue is I am doing a paper for school and have no idea where to begin. I was hoping suggestions...
4 answers - Asked By: bayebd24【ツ】 - 11/21/2007
Hi ok im 19 and about to start college to do an acess course into a university. Ive been browsing through all the courses and im tottaly stuck! I thought politics but im scared ill end up with some r...
1 answers - Asked By: roseparkerly - 1/26/2009

Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.

Popular Articles

Best-Paying Work-from-Home Jobs Article Rating
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook Article Rating
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
For Employers: Post Jobs | Search Resumes | Advertise
About Monster | Work for Monster | Advertise with Us | AdChoices | Partner with Us | Investor Relations | Social Media
Terms of Use | Privacy Center | Accessibility Center | Help | Security | Contact Us | Sitemap | Mobile
©2014 Monster - All Rights Reserved U.S. Patents No. 5,832,497; 7,599,930 B1; 7,827,125 and 7,836,060 MWW - Looking for Monster Cable? - V: 2014.1.40.24-209
eTrustLogo