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>SJ
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| SALES |
JOURNAL
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| |
Page No.
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| 6 |
INVOICE |
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| POST |
ACCTS. REC.
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| DR. |
COST OF SALE DR. |
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| DATE |
| NO. |
| ACCOUNT
Save Time On Research and Writing
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| DEBIT |
ED
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| REF |
SALES
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| CR. |
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| INVENTORY |
CR.
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| 1 |
1
2 2
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| 3 |
3
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| 4 |
4
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| 5 |
5
6 6
CRJ
|
| CASH |
RECEIPTS JOURNAL
Page No. 4 |
POST
|
| OTHER |
|
| ACCOUNTS |
COST/SOLD DR. |
SALES CASH
DATE
| ACCOUNT
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| CREDIT |
ED
REF
ACCTS – CR. |
SALES – CR |
REC. – CR. |
INVENTORY CR.
DISC. – DR. |
DR.
1 1
2 2
3 3
4 4
5 5
6 6
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| 7 |
7
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| 8 |
8
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| 9 |
9
PJ
PURCHASES JOURNAL |
Page No.
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| 11 |
POST OTHER ACCOUNTS
STORE |
| MERCH. |
DATE ACCOUNT CREDITED REF
| (SUNDRY) |
| PAYABLE |
SUPPLIES |
INVENORY |
| ACCTS – DR. |
CR. DR. DR.
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
CPJ
CASH PAYMENTS JOURNAL |
Page No. |
8
CK. |
POST OTHER ACCOUNTS MERCH.
DATE NO. ACCOUNT DEBITED REF (SUNDRY) PAYABLE INVENTORY CASH
ACCTS – DR. DR. CR. CR.
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
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| 10 |
10
11 11
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| 12 |
12
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| 13 |
13
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| 14 |
14
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| 15 |
15
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| 16 |
16
Journal
| JOURNAL |
Page No. 53 |
POST
DATE
| DESCRIPTION |
REF DEBIT CREDIT
1 1
2
. |
2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
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| 17 |
17
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| 18 |
18
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| 19 |
19
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| 20 |
20
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| 21 |
21
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22
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| 23 |
23
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| 24 |
24
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| 25 |
25
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| 26 |
26
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| 27 |
27
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| 28 |
28
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| 29 |
29
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| 30 |
30
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| 31 |
31
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32
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33
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| 34 |
34
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35
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36
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37
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38
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| 39 |
39
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| 40 |
40
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| 41 |
41
JOURNAL
Page No. 54 |
POST
DATE DESCRIPTION REF DEBIT CREDIT
1 1
2 2
3 3
4 4
5 5
6 6
7 7
8 8
9 9
10 10
11 11
12 12
13 13
14 14
15 15
16 16
17 17
18 18
19 19
20 20
21 21
22 22
23 23
24 24
25 25
26 26
27 27
28 28
29 29
30 30
31 31
32 32
33 33
34 34
35 35
36 36
37 37
38 38
39 39
40 40
41 41
Inventory
Inventory Control Sheet |
900 watt microwave: |
|
| Purchases |
|
|
|
| Cost of Goods Sold |
(
| Sales |
)
INVENTORY
|
| Date |
|
|
|
|
|
|
|
| Units |
|
|
|
|
| cost per unit |
|
|
|
|
|
|
|
| Amount |
Units
|
| cost per unit |
Amount Units cost per unit Amount
|
| 11/30/12 |
4
$79 |
$316 |
1000 watt microwave: |
Purchases Cost of Goods Sold (Sales) INVENTORY
Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount
11/30/12 3
$119 |
$357 |
1200 watt microwave: |
Purchases Cost of Goods Sold (Sales) INVENTORY
Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount
11/30/12 7
$239 |
$1,673 |
Ending Inventory Value: |
AR-SUB
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER |
(CUSTOMERS) |
Customer Name: Albert Co. |
POST
RUNNING |
DATE
|
|
|
|
|
|
|
|
| TRANSACTION |
REF
| DEBIT |
| CREDIT |
BALANCE |
| 11/20/12 |
|
|
| SJ 5 |
| 3,388 |
3,388
Customer Name: Marie Co. |
POST
|
|
|
|
|
|
|
| RUNNING |
DATE TRANSACTION REF DEBIT CREDIT
|
|
|
|
|
|
|
| BALANCE |
11/20/12 SJ 5
| 598 |
598
Customer Name: Cameron Co. |
POST RUNNING
DATE TRANSACTION REF
|
|
|
|
|
|
| DEBIT |
|
|
|
|
|
|
| CREDIT |
BALANCE
11/15/12 |
SJ 5
| 796 |
796
Customer Name: McKenzie Co. |
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/27/12 |
SJ 5
| 1,396 |
1,396
Customer Name: Briana Co. |
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
AP-SUB
ACCOUNTS PAYABLE SUBSIDIARY LEDGER |
(VENDERS) |
| Vendor Name: |
Prince Co.
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/26/12 |
|
|
| P 10 |
| 398 |
398
Vendor Name: Joseph Co. |
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/16/12 |
P 10
| 596 |
596
Vendor Name: Elisha Co. |
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/29/12 |
P 10
| 795 |
795
Vendor Name: Matt Co. |
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
11/28/12 |
P 10
| 1,497 |
1,497
Vendor Name:
POST RUNNING
DATE TRANSACTION REF DEBIT CREDIT BALANCE
SCH-SUB
Schedule of
|
| Accounts Receivable |
Total Accounts Receivable |
Schedule of
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Total Accounts Payable |
B-S Ledger
| GENERAL LEDGER |
| Balance Sheet |
Accounts
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110 |
POST
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REF DEBIT CREDIT DEBIT CREDIT
Accounts Receivable ACCOUNT NO.
112 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Allowance for Doubtful Accounts |
ACCOUNT NO.
113 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Merchandise Inventory |
ACCOUNT NO.
115 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Prepaid Insurance |
ACCOUNT NO.
116 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Store Supplies |
ACCOUNT NO.
117 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Store Equipment |
ACCOUNT NO.
123 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Accumulated Depreciation-Store Equipment |
ACCOUNT NO.
124 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Accounts Payable ACCOUNT NO.
210 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Salaries Payable |
ACCOUNT NO.
211 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Interest Payable |
ACCOUNT NO.
218 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Note Payable |
ACCOUNT NO.
220 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Randiddle, Capital |
ACCOUNT NO.
310 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Randiddle, Withdrawals |
ACCOUNT NO.
311 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Income |
Summary
ACCOUNT NO.
312 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
I-S Ledger
GENERAL LEDGER
Income
| Statement |
Accounts
Sales ACCOUNT NO.
410 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Sales Returns and Allowances |
ACCOUNT NO.
411 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Sales Discounts |
ACCOUNT NO.
412 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Cost of Goods Sold ACCOUNT NO.
510 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Sales Salaries Expense |
ACCOUNT NO.
520 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Advertising Expense |
ACCOUNT NO.
521 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Depreciation Expense |
ACCOUNT NO.
522 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Store Supplies Expense |
ACCOUNT NO.
523 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Miscellaneous Selling Expense |
ACCOUNT NO.
529 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Office Salaries Expense |
ACCOUNT NO.
530 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Rent Expense |
ACCOUNT NO.
531 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Insurance Expense |
ACCOUNT NO.
532 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Bad Debt Expense |
ACCOUNT NO.
533 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
Miscellaneous Administrative Expense |
ACCOUNT NO.
539 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
| Interest Expense |
ACCOUNT NO.
550 |
POST BALANCE
DATE ITEM REF DEBIT CREDIT DEBIT CREDIT
WkSheet
Worksheet |
Unadjusted |
Adjusted |
Income
Equity Statement |
Account Title |
| Trial Balance |
Adjustments |
Trial Balance Statement
and Balance Sheet |
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Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr.
1 Cash 1
2 Accounts Receivable 2
3
Allow for Doubtful Accts |
3
4 Merchandise Inventory 4
5 Prepaid Insurance 5
6 Store Supplies 6
7 Store Equipment 7
8
Accm. Deprec-Store Eq. |
8
9 Accounts Payable 9
10 Salaries Payable 10
11 Interest Payable 11
12
Note Payable (Due 2017) |
12
13 Randiddle, Capital 13
14 Randiddle, Withdrawals 14
15 Sales 15
16
Sales Returns & Allow. |
16
17 Sales Discounts 17
18 Cost of Goods Sold 18
19
Sales Salaries Exp. |
19
20
Advertising Exp. |
20
21
Depreciation Exp. |
21
22
Store Supplies Exp. |
22
23
Misc. Selling Exp. |
23
24
Office Salaries Exp. |
24
25
Rent Exp. |
25
27
Insurance Exp. |
27
26
Bad Debt Exp. |
26
28
Misc. Administrative Exp. |
28
29 Interest Expense 29
30 30
27 27
28 28
29 29
Income Stmt
Stmt Equity
Statement of Owner’s Equity |
Bal Sheet
Post Trial
Post-Closing Trial Balance |
ACCOUNT TITLE |
DEBIT CREDIT
Foundationsof Accounting I
Accounting Project
Written by: Karen Pitsch
Special thanks to Donna Larner
Randiddle Co. is a merchandising business. Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows:
110
Cash
$ 74,370
112
Accounts Receivable
6,178
113
Allowance for Doubtful Accounts
650
115
Merchandise Inventory
2,346
116
Prepaid Insurance
5,750
117
Store Supplies
2,850
123
Store Equipment
100,800
124
Accumulated Depreciation-Store Equipment
31,060
210
Accounts Payable
3,286
211
Salaries Payable
0
218
Interest Payable
0
220
Note Payable (Due 2017)
30,000
($6,000 to be paid in 2013)
310
Randiddle, Capital (January 1, 2012)
46,288
311
Randiddle, Withdrawals
60,000
312
Income Summary
0
410
Sales
296,130
411
Sales Returns and Allowances
10,020
412
Sales Discounts
7,200
510
Cost of Goods Sold
30,250
520
Sales Salaries Expense
34,400
521
Advertising Expense
18,000
522
Depreciation Expense
0
523
Store Supplies Expense
0
529
Miscellaneous Selling Expense
2,800
530
Office Salaries Expense
25,500
531
Rent Expense
24,200
532
Insurance Expense
0
533
Bad Debt Expense
0
539
Miscellaneous Administrative Expense
1,650
550
Interest Expense
1,100
Randiddle Co. uses the perpetual inventory system and the Last-in, First-out costing method. Transportation-in and purchase discounts should be added to the Inventory Control Sheet, but since this will complicate the computation of the Last-in, First-out costing method, please ignore this step in the process. They also use the Allowance Method for bad debt.
The Accounts Receivable and Accounts Payable Subsidiary Ledgers along with the Inventory Control Sheet should be updated as each transaction affects them (daily).
Randiddle Co. sells three types of microwave ovens.
The sale prices of each are:
900 watt microwave: $199
1000 watt microwave: $299
1200 watt microwave: $499
During December, the last month of the accounting year, the following transactions were completed:
Dec.
1. Issued check number 2632 for the December rent, $2,200.
2. Sold two 1200 watt microwaves for cash.
4. Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10,
n/30, FOB shipping point, $596.
5. Issued check number 2633 to pay the transportation charges on purchase of
December 4, $89. (NOTE: Debit Merchandise Inventory. Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)
6. Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point.
8. Issued check number 2634 for refund of cash on sales made for cash, $150.
(Customer was going to return goods until an allowance was arranged.)
10. Purchased store supplies on account from Prince Co., terms n/30, $310.
10. Issued check to Matt Co. number 2635 for the full amount due, less discount
allowed. (Round discount to nearest dollar.)
11. Paid Prince Co. full amount due, check number 2636.
12. Issued credit memo for one 1000 watt microwave returned on sale of
December 6. (NOTE: Assume the returned microwave was from the 11/30 inventory)
13. Issued check number 2637 for advertising expense for last half of December, $3,000.
14. Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar).
19. Issued check number 2638 to buy five 900 watt microwaves, $495.
19. Issued check number 2639 for $596 to Joseph Co. on account.
20. Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point.
20. To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, $120 (NOTE: Cameron Co. will be reimbursing us for this shipping cost).
21. Received $1,396 cash from McKenzie Co. on account, no discount.
21. Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, $747, shipping $78 (NOTE: Debit Merchandise Inventory $825, but only put $747 in the Inventory Control Sheet).
24. Received notification that Marie Co. has been granted bankruptcy with no
amount of recovery. We are to write-off her amount due. (Note: See page
365 for entry required.)
26. Issued a debit memo for return of $249 because of damage to one 1200 watt
microwave purchased on December 21, receiving credit from the seller.
27. Issued check number 2641 for sales salaries of $2,050 and office
salaries of $1,400.
28. Purchased store equipment on account from Joseph Co., terms n/30, FOB
destination, $1,200.
29. Issued check number 2642 for store supplies, $70.
29. Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30,
FOB shipping point, for $1,113 on account, shipping $107.
30. Sold eight 1000 watt microwaves on account to Briana Co., invoice number
893, terms 2/10, n/30, FOB shipping point.
30. Received cash from sale of December 20, less discount, plus transportation
paid on December 20. (Round calculations to the nearest dollar.)
31. Issued check number 2643 for purchase of December 21, less return
of December 25 and discount. (Round discount to the nearest dollar.)
31. Issued a debit memo for $200 of the purchase returned from
December 28.
Instructions:
1. Enter the balances of each of the accounts in the appropriate balance column of the General Ledger (B-S and I-S Ledger). Write Balance in the item section, and place a (x) in the Post Reference column.
2. Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal as illustrated in chapter 7. Also post to the Accounts Receivable and Accounts Payable Subsidiary ledgers and Inventory Control Sheet as needed.
3. Total each column on the special journals and prove the journals.
4. Post the totals of the account named columns and individually post the “Other Accounts” columns as well to the General Ledger.
5. Prepare the Schedule of Accounts Receivable and the Schedule of Accounts Payable (their total amount must equal the amount in their controlling general ledger account).
6. Prepare the unadjusted trial balance on the worksheet.
7. Complete the worksheet for the year ended December 31, 2012, using the following adjustment data:
a. Merchandise inventory on December 31
$1,090
b. Insurance expired during the year
2,250
c. Store supplies on hand on December 31
850
d. Depreciation for the current year needs to be calculated. The business uses
the Straight-line method, the store equipment has a useful life of 10 years
with no salvage value. (NOTE: the purchase and return will not be included
as the dates of the transactions were after the 15th of the month).
e. Accrued salaries on December 31:
Sales salaries
$1,075
Office salaries
540
$1,615
f. The note payable terms are at 8%, payment is not being made until Jan. 3, 2013. Interest must be recognized for one month.
g. Calculate the Bad Debt adjustment amount; net realizable value of Accounts Receivable is determined to be $6,313.
8. Prepare a multiple-step income statement, a statement of owner’s equity, and a
classified balance sheet in good form. (Recommend review of “Current Liabilities” on page 149.)
9. Journalize and post the adjusting entries.
10. Journalize and post the closing entries. Indicate closed accounts by inserting a zero
in both balance columns opposite the closing entry.
11. Prepare a post-closing trial balance.
ACCOUNTING PROJECT
Name:
Item
Possible
Score
Sales Journal
1
0
Cash Receipts Journal
9
Purchases Journal
10
Cash Payments Journal
13
General Journal (Transactions)
10
General Journal (Adjustments)
14
General Journal (Closings)
8
Inventory Control Sheet
10
Schedule of Accounts Receivable
6
Schedule of Accounts Payable
6
General Ledger
10
Worksheet
6
Income Statement
12
Statement of Owner’s Equity
6
Balance Sheet
16
Post-Closing Trial Balance
4
Total Score
150
Comments:
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