Following transactions have not been journalized for july

Assignment Help Accounting Basics
Reference no: EM131021824

Problem 7-5A

Selected accounts from the chart of accounts of Fornelli Co. are shown below.

101

 

Cash

 

306

 

Owner’s Drawings

112

 

Accounts Receivable

 

401

 

Sales Revenue

120

 

Inventory

 

414

 

Sales Discounts

126

 

Supplies

 

505

 

Cost of Goods Sold

131

 

Prepaid Rent

 

631

 

Supplies Expense

201

 

Accounts Payable

 

729

 

Rent Expense

301

 

Owner’s Capital

 



   

Presented below are the purchases and cash payments journals for Fornelli Co. for its first month of operations.

PURCHASES JOURNAL

     

P1

Date

Account Credited

Ref

Inventory Dr.
Accounts Payable Cr.

July 4

N. Alvarado

 

7,183

5

F. Rees

 

8,300

11

J. Gallup

 

6,484

13

C. Werly

 

14,800

20

M. Mangus

 

7,835

     

44,602

CASH PAYMENTS JOURNAL

           

CP1

Date

Account Debited

Ref

Other Accounts
Dr.

Accounts Payable
Dr.

Inventory
Cr.

Cash
Cr.

July 4

Supplies

 

698

   

698

10

F. Rees

   

8,300

83

8,217

11

Prepaid Rent

 

6,104

   

6,104

15

N. Alvarado

   

7,183

 

7,183

19

Owner’s Drawings

 

2,519

   

2,519

21

C. Werly

   

14,800

148

14,652

     

9,321

30,283

231

39,373

In addition, the following transactions have not been journalized for July. The cost of all merchandise sold was 65% of the sales price.        

July 1 The founder, N. Fornelli, invests $74,700 in cash.
6 Sell merchandise on account to Dow Co. $6,200 terms 1/10, n/30
7 Make cash sales totaling $7,500.
8 Sell merchandise on account to S. Goebel $5,200, terms 1/10, n/30.
10 Sell merchandise on account to W. Leiss $5,800, terms 1/10, n/30.
13 Receive payment in full from S. Goebel.
16 Receive payment in full from W. Leiss.
20 Receive payment in full from Dow Co.
21 Sell merchandise on account to H. Kenney $5,600, terms 1/10, n/30.
29 Returned damaged goods to N. Alvarado and received cash refund of $345.

Post the individual entries and totals to the general ledger.

Cash

     

No. 101

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CP1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Accounts Receivable

     

No. 112

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

S1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Inventory

     

No. 102

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

P1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CP1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

S1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Supplies

     

No. 127

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CP1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Prepaid Rent

     

No. 131

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CP1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Accounts Payable

     

No. 201

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

P1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CP1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Owner’s Capital

     

No. 301

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Owner’s Drawings

     

No. 306

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CP1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Sales Revenue

     

No. 401

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

S1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Sales Discounts

     

No. 414

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Cost of Goods Sold

     

No. 505

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

S1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif July 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

 

CR1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Prepare a trial balance at July 31, 2014.

FORNELLI CO.
Trial Balance
July 31, 2014

 

Debit

Credit

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

 

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Determine whether the subsidiary ledgers agree with the control accounts in the general ledger.

Accounts receivable balance

 

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

     

Subsidiary accounts balance

   

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif S. BeautyH. KenneyAbi Co.W. Pitts

 

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

     

Accounts payable balance

 

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

     

Subsidiary accounts balance

   

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif M. MangusN. FieldingJ. GallupF. ReesC. Werly

 

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif C. WerlyF. ReesM. MangusJ. GallupN. Fielding

 

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

   

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

The following adjustments at the end of July are necessary.

 (1)

 

A count of supplies indicates that $198 is still on hand.

(2)

 

Recognize rent expense for July, $465.

Prepare the necessary entries in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

1.

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

2.

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Post the entries to the general ledger.

Cash

     

No. 101

Date

Explanation

Ref

Debit

Credit

Balance

July 31

 

CR1

99,635

 

99,635

July 31

 

CP1

 

39,373

60,262

Accounts Receivable

     

No. 112

Date

Explanation

Ref

Debit

Credit

Balance

July 31

 

S1

22,800

 

22,800

July 31

 

CR1

 

17,200

5,600

Inventory

     

No. 120

Date

Explanation

Ref

Debit

Credit

Balance

July 31

 

P1

44,602

 

44,602

July 29

 

CR1

 

345

44,257

July 31

 

CP1

 

231

44,026

July 31

 

S1

 

14,820

29,206

July 31

 

CR1

 

4,875

24,331

Supplies

     

No. 127

Date

Explanation

Ref

Debit

Credit

Balance

July 4

 

CP1

698

 

698

https://edugen.wileyplus.com/edugen/art2/common/pixel.gifJuly 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

Adjusting Entry

G1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Prepaid Rent

     

No. 131

Date

Explanation

Ref

Debit

Credit

Balance

July 11

 

CP1

6,104

 

6,104

https://edugen.wileyplus.com/edugen/art2/common/pixel.gifJuly 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

Adjusting Entry

G1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Accounts Payable

     

No. 201

Date

Explanation

Ref

Debit

Credit

Balance

July 31

 

P1

 

44,602

44,602

July 31

 

CP1

30,283

 

14,319

Owner’s Capital

     

No. 301

Date

Explanation

Ref

Debit

Credit

Balance

July 1

 

CR1

 

74,700

74,700

Owner’s Drawings

     

No. 306

Date

Explanation

Ref

Debit

Credit

Balance

July 19

 

J1

2,519

 

2,519

Sales Revenue

     

No. 401

Date

Explanation

Ref

Debit

Credit

Balance

July 31

 

S1

 

22,800

22,800

July 31

 

CR1

 

7,500

30,300

Sales Discounts

     

No. 414

Date

Explanation

Ref

Debit

Credit

Balance

July 31

Balance

CR1

110

 

110

Cost of Goods Sold

     

No. 505

Date

Explanation

Ref

Debit

Credit

Balance

July 31

 

S1

14,820

 

14,820

July 31

 

CR1

4,875

 

19,695

Supplies Expense

     

No. 631

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gifJuly 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

Adjusting Entry

G1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Rent Expense

     

No. 729

Date

Explanation

Ref

Debit

Credit

Balance

https://edugen.wileyplus.com/edugen/art2/common/pixel.gifJuly 1July 4July 5July 6July 7July 8July 10July 11July 13July 15July 16July 19July 20July 21July 29July 31

Adjusting Entry

G1

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Prepare an adjusted trial balance at July 31, 2014.

FORNELLI CO.
Adjusted Trial Balance
July 31, 2014

 

Debit

Credit

https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

 

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

$https://edugen.wileyplus.com/edugen/art2/common/pixel.gif

Reference no: EM131021824

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