Reference no: EM132695647
Problem - Selected transactions of O'Malley Co. for the month of May are as follows:
a. May 1. Issued Check No. 1001 in payment of rent for May, $1,200.
b. May 2. Purchased office supplies on account from McMillan Co., $3,600.
c. May 4. Issued Check No. 1003 in payment of freight charges on the supplies purchased on May 2, $320.
d. May 8. Provided services on account to Waller Co., Invoice No. 51, $4,500.
e. May 9. Issued Check No. 1005 for office supplies purchased, $450.
f. May 10. Received cash for monthly rental of unused storage space, $120.
g. May 11. Purchased office equipment on account from Fender Office Products, $15,000.
h. May 12. Issued Check No. 1010 in payment of the supplies purchased from McMillan Co. on May 2, $3,600.
i. May 16. Provided services on account to Riese Co., Invoice No. 58, $8,000.
j. May 18. Received $4,500 from Waller Co. in payment of May 8 invoice.
k. May 20. Invested additional cash in the business, $10,000.
l. May 25. Provided services for cash, $15,900.
m. May 30. Issued Check No. 1040 for withdrawal of cash for personal use, $1,000.
n. May 30. Issued Check No. 1041 in payment of electricity and water invoices, $690.
o. May 30. Issued Check No. 1042 in payment of office and sales salaries for May, $15,800.
p. May 31. Journalized adjusting entries from the work sheet prepared for the fiscal year ended May 31.
O'Malley Co. maintains journals and subsidiary ledgers as follows:
|
Journals
|
Subsidiary Ledgers
|
|
Revenue
|
Accounts Receivable
|
|
Purchases
|
Accounts Payable
|
|
Cash Receipts
|
|
|
Cash Payments
|
|
|
General
|
|
Instructions -
1. Indicate the journal in which each of the preceding transactions, (a) through (p), would be recorded.
2. Indicate whether an account in the accounts receivable or accounts payable subsidiary ledgers would be affected for each of the preceding transactions.
3. Journalize transactions (b), (c), (d), (h), and (j) in the appropriate journals.