Accounting Homework is attached in a Excel file.

2

>Given P

0 7

-01

1

.

and posted all

follow (terms for all its credit sales are

, n/

):

No.

,600)

16

2/10, n/30

17

Dec. 16

Received credit memo on returned merch. KK’s Supply Company

40

0

KK’s Supply Company

1

n/10 EOM

Hanna Seppa

Dec. 15

2/10, n/30

24

Funk Company Dec. 15

Bo Brown Dec. 15

trial

Crossland Company

50

30

31

31

31

sales for last half of month (cost $

,200)

Given Data P07-01:

You have just taken over the accounting for Choi Enterprises, whose annual accounting period ends December

3

The company’s previous accountant journalized its transactions through December

1

5

items that required posting as individual amounts (see the journals and ledgers). The company’s

transactions beginning on December Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper

1

6

2/

10

30

CHOI ENTERPRISES

Required:

Inv.

No.

Check

Date

Description

Name

or Date

Terms

Amount

1. Record the transactions in the

Dec.

16

Merchandise sold on account (cost $

4

Hanna Seppa

9

$ 7,700

journal.

17

Received credit memo on returned merch.

Funk Company

Dec.

15

1,0

40

2. Verify that amounts which should

Purchased office supplies

KK’s Supply Company

n/10 EOM

615

be posted as individual amounts

1

8

Dec. 17

to the general ledger accounts

20

Issued credit memo on returned merch.

Bo Brown

Dec. 15

50

have been posted, including

21

Purchased store equipment

Dec. 2

6,700

posting to the customer and

22

Received payment less discount

Dec.

12

creditor accounts. (Such items

23

Paid invoice less discount

Crossland Company

623

are immediately posted.) Foot

24

Sold merchandise on credit (cost $600)

Shilo Jones

917

1,200

and crossfoot the journals and

Paid inv. less discount and return

624

make the month-end postings.

25

Received payment less discount and return

3. Prepare a December

31

26

Purchased merchandise and invoice

Dec. 25

2/10, n/60

8,100

balance and prove the accuracy

29

Sold office supplies for cash at cost

of the subsidiary ledgers by

Issued check to owner for personal use

Ken Choi

625

2,500

preparing schedules of both

Check issued for sales salaries

Jamie Inman

626

2,020

accounts receivable and accounts

Issued check for electric bill

Access Electric Company

627

710

payable.

Cash

11

29,600

Forms P07-01

CHOI ENTERPRISES

Journal

Inv.

Date

No. No.

Credit

3

12 Hanna Seppa

4

15 Bo Brown

5

16 Hanna Seppa 916 6
24 Shilo Jones 917 7
31

0 0

CHOI ENTERPRISES

Trans.

Inventory

Accounts

Date Account

Terms No. Credit Debit Debit Debit

Dec. 2 Funk Company

2/10, n/60 2

3,200

5

n/10 EOM 3

1,300

15 Funk Company

2/10, n/60 4

3,990

15 Crossland Company 12/15 2/10, n/60 5

2,650

17 KK’s Supply Co.

n/10 EOM 6

21

n/10 EOM 7

26 Crossland Company

2/10, n/60 8

31 Totals

0 0 0 0

CHOI ENTERPRISES

Sales Accounts Other

Trans. Cash

Sales Accounts Debit

Date

No. Debit Debit Credit Credit Credit

Dec. 2 Shilo Jones

3

15 Sales

4

38,830

15 Marge Craig

5

22 Hanna Seppa

6

25 Bo Brown

7

29

8

31 Sales Cash sales 9

31 Totals

0 0 0 0 0 0

CHOI ENTERPRISES

Other

Check Account Trans. Cash Inventory Accts.

Date No.

Debited No. Credit Credit Debit Debit

Dec. 2

4

2,250

6

Fireside Company 5

12

Funk Company Funk Company 6

3,200

15

Jamie Inman

7 2,020 2,020

23 623

Crossland Co. 8

24 624 Funk Company Funk Company 9
30 625 Ken Choi

10

31 626 Jamie Inman Sales Salaries Exp. 11
31 627

12

31 Totals

0 0 0 0
CHOI ENTERPRISES

Trans.
Date Description No. Debit Credit

-Fireside Company

2

Inventory 460

9

3 850

-Marge Craig

850 «- Correct!

17

4

Inventory

0

5

Office Supplies 0
20 Sales Returns and Allowances 6

0

CHOI ENTERPRISES

Cash

Trans.

Date

Debit Credit

Balance

31

0

Accounts Receivable Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance 4,200

850

20

31

31 CRJ 0

Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance

Dec. 4 460

Dec. 17
Dec. 31 CDJ
Dec. 31

Dec. 31 SJ
Dec. 31 CRJ 0
Office Supplies Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance

29

31

0

Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance

«- Correct!

Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance

0

Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance

«- Correct!

Accounts Payable Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance

Dec. 4

460 3,800

17

18 GJ5
31 PJ

31 CDJ 0

Account No.

Trans.
Date Item no. Debit Credit Balance

Nov. 30 Balance

«- Correct!

Account No.

Trans.
Date Item no. Debit Credit Balance

0

Sales Account No.

Trans.
Date Item no. Debit Credit Balance
Dec. 31 SJ
31 CRJ 0

Sales Returns and Allowances Account No.

Trans.
Date Item no. Debit Credit Balance

Dec. 9 GJ3 850 850
20 GJ6 0

Account No.

Trans.
Date Item no. Debit Credit Balance
Dec. 31 CRJ 0

Account No.

Trans.
Date Item no. Debit Credit Balance
Dec. 31 CRJ

Dec. 31 SJ 0

Account No. 621

Trans.
Date Item no. Debit Credit Balance

Dec. 15

2,020 2,020

31

0

Rent Expense Account No.

Trans.
Date Item no. Debit Credit Balance

Dec. 2

2,250 2,250 «- Correct!

Utilities Expense Account No.

Trans.
Date Item no. Debit Credit Balance

Dec. 31

0

CHOI ENTERPRISES

Marge Craig

Trans.
Date Item no. Debit Credit Balance

Dec. 6

3,300 3,300

9 GJ3 850 2,450
15

0 «- Correct!

Hanna Seppa

Trans.
Date Item no. Debit Credit Balance

3,650 3,650

16

22

0

Shilo Jones

Trans.
Date Item no. Debit Credit Balance

4,200 4,200

Dec. 2

4,200 0

24

0

Bo Brown

Trans.
Date Item no. Debit Credit Balance

Dec. 15

3,100 3,100

20 GJ6

25

0

CHOI ENTERPRISES

Fireside Company

Trans.
Date Item no. Debit Credit Balance

4,260 4,260

GJ2 460 3,800

6

3,800 0 «- Correct!

KK’s Supply Company

Trans.
Date Item no. Debit Credit Balance

1,300 1,300

17 PJ6

18 GJ5

21 PJ7 0
Crossland Company

Trans.
Date Item no. Debit Credit Balance

Dec. 15

2,650 2,650

23

26

0

Funk Company

Trans.
Date Item no. Debit Credit Balance

Dec. 2

3,200 3,200

12

3,200 0

15

3,990 3,990

17 GJ4

24

0

CHOI ENTERPRISES

Debit Credit
Cash
Ken Choi, Capital
Ken Choi, Withdrawals
Sales

Totals
0 0
CHOI ENTERPRISES

December 31
Hanna Seppa
Shilo Jones

0
CHOI ENTERPRISES

December 31
KK’s Supply Company
Crossland Company

0

Problem 07-01

Student Name:

Class:

Sales

Cost of Goods

Trans.

A/R

Debit

Sold Debit

Account

Debited

Sales

Credit

Inventory

Dec. 6

Marge Craig

913

3,300

1,500

914

3,650

2,

850

915

3,100

1,800

Totals

Purchases Journal

Accounts

Office

Other

Date of

Payable

Supplies

Invoice

12/2

3,200

KK’s Supply Co.

12/3

1,300

12/15

3,990

2,650

12/16

Store Equip./KK’s Supply Co.

12/21

12/25

Cash Receipts Journal

COGS

Discount

Recv.

Account Cr.

Explanation

Inv. Credit

Invoice 11/23

4,116

84

4,200

Cash sales

38,830

19,800

Invoice 12/6

2,401

49

2,450

Invoice 12/12

Invoice 12/15

Office Supplies

Sold supplies

Cash Disbursements Journal

Accts.

Pay.

Payee

619

Omni Realty Co.

Rent Expense

2,250

620

Fireside Company

3,724

76

3,800

621

3,136

64

622

Sales Salaries Exp.

Crossland Co.

Ken Choi, Withdr.

Access Elec. Co.

Utilities Expense

General Journal

Dec. 4

Accounts Payable

460

«- Correct!

Sales Returns and Allowances

Accounts Receivable

Accounts Payable-Funk Company

18

Accounts Payable-KK’s Supply Co.

Accounts Receivable-Bo Brown

General Ledger

Account No.

101

Item

no.

Balance

Nov. 30

5,361

Dec. 31

CRJ

CDJ

106

Dec. 9

GJ3

3,350

GJ6

SJ

Merchandise Inventory

119

66,970

66,510

PJ

124

607

Dec. 18

GJ5

CR8

PJ6

Store Supplies

125

346

Store Equipment

165

42,129

Dec. 21

PJ7

Accumulated Depr. – Store Equipment

166

9,153

201

4,260

GJ2

GJ4

Ken Choi, Capital

308

106,200

Ken Choi, Withdrawals

318

Dec. 30

CD10

413

414

Sales Discounts

415

Cost of Goods Sold

502

Sales Salaries Expense

CD7

CD11

640

CD4

690

CD12

Accounts Receivable Ledger

SJ3

CR5

2,459

Dec. 12

SJ4

SJ6

CR6

Nov. 23

CR3

SJ7

SJ5

CR7

Accounts Payable Ledger

Nov. 28

Dec.4

CD5

Dec. 5

PJ3

PJ5

CD8

PJ8

PJ2

CD6

PJ4

CD9

Trial Balance

December 31

Accounts receivable

Merchandise inventory

Office supplies

Store supplies

Store equipment

Accumulated depreciation, store equipment

Accounts payable

Sales returns and allowances

Sales discounts

Cost of goods sold

Sales salaries expense

Rent expense

Utilities expense

Schedule of Accounts Receivable

Total accounts receivable

Schedule of Accounts Payable

Total accounts payable

Enter appropriate data in yellow cells. Your entries for “Totals” will be verified.
Enter appropriate data in yellow cells. Your entries for “Totals” will be verified.
Enter appropriate data in yellow cells. Your entries for “Totals” will be verified.
Enter appropriate data in yellow cells. Your Credit entries will be verified.
Enter appropriate data in yellow cells. Your ending balances will be verified.
Enter appropriate data in yellow cells. Your ending balances will be verified.
Enter appropriate data in yellow cells. Your entries for “Totals” will be verified.
Enter appropriate data in yellow cells. Your totals will be verified.