Reference no: EM132466002
General Ledger
Account No Account Title Opening Balance (Jan 1)
101 Cash $36,500
112 Accounts Receivable 13,800
115 Notes Receivable 37,000
120 Inventory 18,500
126 Supplies 1,800
130 Prepaid Insurance 1,500
157 Equipment 8,250
158 Accumulated Depreciation-Equip. 1,500
201 Accounts Payable 35,000
301 Owner's Capital 80,850
Schedule of Accounts Receivable
(from accounts receivable subsidiary ledger)
Customer January 1 Opening Balance
R. Beltre $1,600.
B.Santos 7,900.
S. Mahay 4,300
Schedule of Accounts Payable
(from accounts payable subsidiary ledger)
Customer January 1 Opening Balance
S. Meek $9,000
R. Moses 16,000
D. Saito 10,000
Question 1) What is the Cost of Goods Sold Inventory Cycle for this Sales Journal
Question 2) How do you put together the Cash Receipts and Cash Payments Journal
Date Account Debited InvoiceNo Ref Account ReceivbleDr(Sales Rev)
Cost of Goods Sold(Inventory)
Jan 3 B.Corpas 510 3400
Jan 3 J.Revere 511 1700
Jan 11 R. Beltere 512 1200
Jan 11 S.Mahay 513 900
Jan 22 B.Corpas 514 2500
Jan 22 R.Beltre 515 2000
Jan 25 B.Santos 516 3100
Jan 25 J.Revere 517 6800
Point 1: Jan.3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511.
Point 2: 5 .Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30.
Point 3: 7.Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed.
Point 4: 8. Pay freight on merchandise purchased $225
Point 5: 9 .Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount.
Point 6: 9 Issue credit of $300 to J. Revere for merchandise returned.
Point 7: 10.Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales.
Point 8: 11.Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513.
Point 9: 12.Pay rent of $1,000 for January.
Point 10: 13.Receive payment in full from B. Corpas and J. Revere less cash discounts.
Point 11: 15.Withdraw $800 cash by M. Cullumber for personal use.
Point 12: 15.Post all entries to the subsidiary ledgers.
Point 13: 16.Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30.
Point 14: 17.Pay $700 cash for office supplies.
Point 15: 18.Return $300 of merchandise to S. Meek and receive credit.
Point 16: 20.Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales.
Point 17: 21.Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due.
Point 18: 21.Receive payment in full from S. Mahay less cash discount.
Point 19: 22.Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515.
Point 20: 22.Post all entries to the subsidiary ledgers.
Point 21: 23.Send checks to D. Saito and S. Meek in full payment less cash discounts.
Point 22: 25Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517.
Point 23: 27.Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30.
Point 24: 27.Post all entries to the subsidiary ledgers.
Point 25: 28.Pay $200 cash for office supplies.
Point 26: 31.Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales.
Point 27: 31.Pay sales salaries $4,300 and office salaries $3,400.