please help me Problem 7-3B Special journals, subledgers-perpetual LO* Duncan In
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Problem 7-3B Special journals, subledgers-perpetual LO* Duncan Industries completed these transactions during July 2014. The terms of al cradlt sales ane 2/10, 4/30 July Purchased merchandise on credit from Beech Company, invoice dated 1 june 30, terms 2/10, n/30, $14,500. 3 issued cheque #300 to The Weekly Jaumol for advertising espese, s 1,075. 5 Sold merchandise on credit to Karen Harden, invoice #918, 535,000. Cost, $19,250. 6 Sold merchandise on credit to Paul Kane, invoice 8919, 516,000. Cost, 58,800 7 Purchased store supplies on credit from Blackwater Inc., $2,300. Inwoice dated July 7, terms n/10 EOM Received a 5300 credit memorandum from Blackwater Inc. for store supplies received on july 7 and returned for creda 8 stn Churchil 3as-473 9 Purchased store equipment on credit from Poppe's Supply, invoice dated luly 8, terms n/10 EOM, $72,500. 10 Issued cheque #301 to Beech Company in payment of its lune 30 iwokce 13 Sold merchandise on credit to 14 15 Received payment from Karen Harden for the jly 5 sale 15 Issued cheque #302, payable to Payroll, in payment of the sales salaries for the elly Crady, irvoice 1920, 517,200 Cost, 59,460 Sold merchandise on credit to Karen Harden, imoxe ?921, s.200, cost, uso. first half of the month, $60,400. For simplicity, we avame one deque sales are usualily recorded daily rom the cash register readingi. Howevr, they ane recorded only once in this probiem to reduce the repetitive trarsoctions. 15 Cash sales for the first halt of the month were $242.740. Co, $133,500. Cash Required Set up Accounts Payable Subledger accounts for Bech Company, Slackwater Inc. Poppe's Supply and Sprague Company 1. Set up Accounts Receivable Subledger accounts for Kelly Grodly, Karen Harden, and Pul Kane into the appropriate special journal, poszing to the 3. Journalize the transactions of Duncan Industries into the appropriate special joumal subledgers where required. Use page 3 for all journalsExplanation / Answer
SALES JOURNAL Date Sales slip no Customer Accounts Receivable Dr Sales Cr. Cost of goods Dr. Inventory Cr. July.5 918 Karen Harden 35000 19250 July.6 919 Paul Kane 16000 8800 July.13 920 Kelly Grody 17200 9460 July.14 821 Karen Harden 8200 4500 Total 76400 42010 PURCHASE JOURNAL Date Supplier Invoice Date Terms Inventory Debit Stores Supplies Debit Store Equipment Accounts Payable Credit July.1 Beech Company June 30 2/10, n/30 14500 14500 July.7 Blackwater Inc. July.7 n/10 2300 2300 July.9 Poppes' Supply July.8 n/10, EOM 72500 72500 Total 14500 2300 72500 89300 CASH RECEIPTS JOURNAL Date Account Credited Cash Dr Sales Discount Dr Acounts Receivable Cr Sales Cr Cost of goods Dr. Inventory Cr. July.15 Karen Harden 35000 35000 July.15 Sales 242740 242740 133500 Total 277740 0 35000 242740 133500 CASH PAYMENTS JOURNAL Date Account Debited Check no. Cash Cr Inventory Cr Accounts Payable Dr Other Dr July.3 Advertising Exp. 300 1075 1075 July.10 Beech Company 301 14210 290 14500 July.15 Sales Salaries 302 60400 60400 Total 75685 290 14500 61475 DUNCAN INDUSTRIES General journal for the month of July 2014 Date Account Title Debit Credit July.8 Accounts Payable 300 Stores Supplies 300 (Credit received from Blackwater Inc.) ACCOUNTS PAYABLE SUBSIDIARY LEDGER ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER BEECH COMPANY KELLY GRODY Date Debit Credit Balance Date Debit Credit Balance July.1 14500 14500 July.13 17200 17200 July.10 14500 0 17200 KAREN HARDEN BLACKWATER INC Date Debit Credit Balance Date Debit Credit Balance July.5 35000 35000 July.7 2300 2300 July.14 8200 43200 2300 July.15 35000 8200 8200 POPPE'S SUPPLY PAUL KANE Date Debit Credit Balance Date Debit Credit Balance July.9 72500 72500 July.6 16000 16000 72500 16000 SPRAGUE COMPANY Date Debit Credit Balance 0 0
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