The transactions completed by AM Express Company during March, the first month o

Question

The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows:

Required:

1. The following accounts are setup in the general ledger as of March 1. Using the information below, enter the balances for each account.

2. Journalize the transactions for March using the required journal(s). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

2a. Journalize the transactions for March using the purchases journal (with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If no entry is required, type "No entry required" and leave the amount boxes blank.

If an amount box does not require an entry, leave it blank.

2b. Journalize the transactions for March using the cash receipts journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If an amount box does not require an entry, leave it blank.

2c. Journalize the transactions for March using the single-column revenue journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

2d. Journalize the transactions for March using the cash payments journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If an amount box does not require an entry, leave it blank.

2e. Journalize the transactions for March using the two-column general journal. Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

If an amount box does not require an entry, leave it blank.

3. Post the appropriate individual entries to the general ledger.

4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.

If an amount box does not require an entry, leave it blank.

5. Prepare a trial balance.

If an amount box does not require an entry, leave it blank.

Mar. 1. Issued Check No. 205 for March rent, $2,450. 2. Purchased a vehicle on account from McIntyre Sales Co., $26,900. 3. Purchased office equipment on account from Office Mate Inc., $1,570. 5. Issued Invoice No. 91 to Ellis Co., $7,000. 6. Received check for $7,950 from Chavez Co. in payment of invoice. 7. Issued Invoice No. 92 to Trent Co., $9,840. 9. Issued Check No. 206 for fuel expense, $820. 10. Received check for $10,000 from Sajeev Co. in payment of invoice. 10. Issued Check No. 207 to Office City in payment of $450 invoice. 10. Issued Check No. 208 to Bastille Co. in payment of $1,890 invoice. 11. Issued Invoice No. 93 to Jarvis Co., $7,200. 11. Issued Check No. 209 to Porter Co. in payment of $415 invoice. 12. Received check for $7,000 from Ellis Co. in payment of March 5 invoice. 13. Issued Check No. 210 to McIntyre Sales Co. in payment of $26,900 invoice of March 2. 16. Cash fees earned for March 1–16, $26,800. 16. Issued Check No. 211 for purchase of a vehicle, $28,500. 17. Issued Check No. 212 for miscellaneous administrative expense, $4,680. 18. Purchased maintenance supplies on account from Bastille Co., $2,430. 18. Received check for rent revenue on office space, $900. 19. Purchased the following on account from Master Supply Co.: maintenance supplies, $2,640, and office supplies, $1,500. 20. Issued Check No. 213 in payment of advertising expense, $8,590. 20. Used maintenance supplies with a cost of $4,400 to repair vehicles. 21. Purchased office supplies on account from Office City, $990. 24. Issued Invoice No. 94 to Sajeev Co., $9,200. 25. Received check for $14,000 from Chavez Co. in payment of invoice. 25. Issued Invoice No. 95 to Trent Co., $6,300. 26. Issued Check No. 214 to Office Mate Inc. in payment of $1,570 invoice of March 3. 27. Issued Check No. 215 to J. Wu as a personal withdrawal, $4,000. 30. Issued Check No. 216 in payment of driver salaries, $33,300. 31. Issued Check No. 217 in payment of office salaries, $21,200. 31. Issued Check No. 218 for office supplies, $600. 31. Cash fees earned for March 17–31, $29,400.

Explanation / Answer

SOLUTION:- JOURNAL ENTRIES IN THE BOOKS OF AM EXPRESS COMPANY :-

RENT A/C

TO BANK

BEING RENT PAID VIDE CHEQUE NO 205

VEHICLE A/C

TO MCINTYRE SALES CO.

BEING VEHICLE PURCHASED ON CREDIT FROM MCINTYRE AND CO.

OFFICE EQUIPMENT A/C

TO OFFICE MATE INC.

BEING OFFICE EQUIPMENT PURCHASED ON CREDIT

ELLIS CO. A/C

TO SALES

BEING SALES MADE TO ELLIS AND CO.

7000

BANK A/C

TO CHAVEZ AND CO.

BEING CHEQUE RECEIVED FROM DEBTOR

TRENT CO.

TO SALES

BEING SALES MADE TO TRENT AND CO.

FUEL EXPENSES A/C

TO BANK

BEING CHEQUE PAID FOR FUEL EXPENSES

BANK A/C

TONSANJEEV AND CO.

OFFICE CITY A/C

TO BANK

BASTILLE AND CO.

TO BANK

JARVIS CO

TO SALES

PORTER AND CO.

TO BANK

BANK A/C

TO ELLIS AND CO.

MCINTYRE SALES A/C

TO BANK

CASH A/C

TO FEES EARNED

VEHICLE A/C

TO CREDITORS

ADMINISTRATIVE EXPENSES A/C

TO BANK

MAINTENANCE SUPPPLIES A/C

TO BASTILLE AND CO.

BANK A/C

TO RENT REVENUE ON OFFICE SPACE

MAINTENANCE AND OFFICE SUPPLIES A/C

TO MASTERVSUPPLY AND CO.

ADVERTISING EXPENSES A/C

TO BANK

REPAIRING EXPENSES A/C

TO MAINTENANCE SUPPLIES

OFFICE SUPPLIES A/C

TO OFFICE CITY

SANJEEV CO

TO SALES

BANK A/C

TO CHAVEZ AND CO.

TRENT CO

TO SALES

OFFICE MATE INC

TO BANK

DRAWINGS A/C

TO BANK

DRIVER SALARIES A/C

TO BANK

OFFICE SALARIES A/C

TO BANK

OFFICE SUPPLIES A/C

TO BANK

CASH A/C

TO FEE EARNED

DATE PARTICULARS DEBIT CREDIT MAR 1

RENT A/C

TO BANK

BEING RENT PAID VIDE CHEQUE NO 205

2450 2450 MAR 2

VEHICLE A/C

TO MCINTYRE SALES CO.

BEING VEHICLE PURCHASED ON CREDIT FROM MCINTYRE AND CO.

26900 26900 MAR 3

OFFICE EQUIPMENT A/C

TO OFFICE MATE INC.

BEING OFFICE EQUIPMENT PURCHASED ON CREDIT

1570 1570 MAR 5

ELLIS CO. A/C

TO SALES

BEING SALES MADE TO ELLIS AND CO.

7000

7000

MAR 6

BANK A/C

TO CHAVEZ AND CO.

BEING CHEQUE RECEIVED FROM DEBTOR

7950 7950 MAR 7

TRENT CO.

TO SALES

BEING SALES MADE TO TRENT AND CO.

9840 9840 MAR9

FUEL EXPENSES A/C

TO BANK

BEING CHEQUE PAID FOR FUEL EXPENSES

820 820 MAR 10

BANK A/C

TONSANJEEV AND CO.

10000 10000 MAR 10

OFFICE CITY A/C

TO BANK

450 450 MAR 10

BASTILLE AND CO.

TO BANK

1890 1890 MAR 11

JARVIS CO

TO SALES

7200 7200 MAR 11

PORTER AND CO.

TO BANK

415 415 MAR 12

BANK A/C

TO ELLIS AND CO.

7000 7000 MARV 13

MCINTYRE SALES A/C

TO BANK

26900 26900 MAR 16

CASH A/C

TO FEES EARNED

26800 26800 MAR 16

VEHICLE A/C

TO CREDITORS

28500 28500 MAR 17

ADMINISTRATIVE EXPENSES A/C

TO BANK

4680 4680 MAR 18

MAINTENANCE SUPPPLIES A/C

TO BASTILLE AND CO.

2430 2430 MAR 18

BANK A/C

TO RENT REVENUE ON OFFICE SPACE

900 900 MAR 19

MAINTENANCE AND OFFICE SUPPLIES A/C

TO MASTERVSUPPLY AND CO.

1500 1500 MAR 20

ADVERTISING EXPENSES A/C

TO BANK

8590 8590 MAR 20

REPAIRING EXPENSES A/C

TO MAINTENANCE SUPPLIES

4400 4400 MAR 21

OFFICE SUPPLIES A/C

TO OFFICE CITY

990 990 MAR 24

SANJEEV CO

TO SALES

9200 9200 MAR 25

BANK A/C

TO CHAVEZ AND CO.

14000 14000 MAR 25

TRENT CO

TO SALES

6300 6300 MAR 26

OFFICE MATE INC

TO BANK

1570 1570 MAR 27

DRAWINGS A/C

TO BANK

4000 4000 MAR 30

DRIVER SALARIES A/C

TO BANK

33300 33300 MAR 31

OFFICE SALARIES A/C

TO BANK

21200 21200 MAR 31

OFFICE SUPPLIES A/C

TO BANK

600 600 MAR 31

CASH A/C

TO FEE EARNED

29400 29400

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