All Journals and The primary ledger, when used in conjunction with subsidiary le
ID: 2547201 • Letter: A
Question
All Journals and The primary ledger, when used in conjunction with subsidiary ledgers, that contains all of the balance sheet and income statement accounts.General Ledger; Trial Balance
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 The journal in which all items purchased on account are recorded.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
General Ledger AM Express Company Cash A/c Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar Balance $ 65,200.00 1-Mar Rent $ 2,450.00 $ 62,750.00 6-Mar Acounts Receivable $ 7,950.00 $ 70,700.00 9-Mar Fuel Expenses $ 820.00 $ 69,880.00 10-Mar Accounts Receivable $ 10,000.00 $ 79,880.00 10-Mar Accounts Payable $ 450.00 $ 79,430.00 10-Mar Accounts Payable $ 1,890.00 $ 77,540.00 11-Mar Accounts Payable $ 415.00 $ 77,125.00 12-Mar Accounts Receivable $ 7,000.00 $ 84,125.00 13-Mar Accounts Payable $ 26,900.00 $ 57,225.00 16-Mar Vehicle $ 28,500.00 $ 28,725.00 16-Mar Fees Earned $ 26,800.00 $ 55,525.00 17-Mar Misc Expenses $ 4,680.00 $ 50,845.00 18-Mar Rent Revenue $ 900.00 $ 51,745.00 20-Mar Advertisement $ 8,590.00 $ 43,155.00 25-Mar Accounts Receivable $ 14,000.00 $ 57,155.00 26-Mar Accounts Payable $ 1,570.00 $ 55,585.00 27-Mar Drawings $ 4,000.00 $ 51,585.00 30-Mar Driver Salaries $ 33,300.00 $ 18,285.00 31-Mar Fees Earned $ 29,400.00 $ 47,685.00 31-Mar Office Salaries $ 21,200.00 $ 26,485.00 31-Mar Office Supplies $ 600.00 $ 25,885.00 Total $ 96,050.00 $ 135,365.00 Accounts receivable Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar Balance $ 31,950.00 5-Mar $ 7,000.00 $ 38,950.00 6-Mar $ 7,950.00 $ 31,000.00 7-Mar $ 9,840.00 $ 40,840.00 10-Mar $ 10,000.00 $ 30,840.00 11-Mar $ 7,200.00 $ 38,040.00 12-Mar $ 7,000.00 $ 31,040.00 24-Mar $ 9,200.00 $ 40,240.00 25-Mar $ 14,000.00 $ 26,240.00 25-Mar $ 6,300.00 $ 32,540.00 $ 33,240.00 $ 38,950.00 Maintenance Supplies Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar Balance $ 7,240.00 18-Mar $ 2,430.00 $ 9,670.00 19-Mar $ 2,640.00 $ 12,310.00 20-Mar $ 4,400.00 $ 7,910.00 Office Supplies Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar Balance $ 3,690.00 19-Mar $ 1,500.00 $ 5,190.00 21-Mar $ 990.00 $ 6,180.00 31-Mar $ 600.00 $ 6,780.00 Office Equipment Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar Balance $ 17,300.00 3-Mar $ 1,570.00 $ 18,870.00 Vehicle Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar Balance $ 62,400.00 2-Mar $ 26,900.00 $ 89,300.00 16-Mar $ 28,500.00 $ 117,800.00 Fuel expenses Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar Balance 9-Mar $ 820.00 $ 820.00 Accounts Payable Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar $ 2,755.00 2-Mar $ 26,900.00 $ 29,655.00 3-Mar $ 1,570.00 $ 31,225.00 10-Mar $ 450.00 $ 30,775.00 10-Mar $ 1,890.00 $ 28,885.00 11-Mar $ 415.00 $ 28,470.00 13-Mar $ 26,900.00 $ 1,570.00 18-Mar $ 2,430.00 $ 4,000.00 21-Mar $ 990.00 $ 4,990.00 26-Mar $ 1,570.00 $ 3,420.00 Accumulated Depreciation-Office Equipment Balance Date Item Ref No. Debit Credit Debit Credit 31-Mar $ 4,250.00 Accumulated Depreciation-Vehicle Balance Date Item Ref No. Debit Credit Debit Credit 31-Mar $ 17,800.00 S.Holmes Capital Balance Date Item Ref No. Debit Credit Debit Credit 31-Dec $ 162,975.00 S.Holmes Drawings Balance Date Item Ref No. Debit Credit Debit Credit 27-Mar $ 4,000.00 $ 4,000.00 Fees Earned Balance Date Item Ref No. Debit Credit Debit Credit 16-Mar $ 26,800.00 $ 26,800.00 31-Mar $ 38,950.00 $ 65,750.00 31-Mar $ 29,400.00 $ 95,150.00 Driver salary Exenses Balance Date Item Ref No. Debit Credit Debit Credit 30-Mar $ 33,300.00 $ 33,300.00 Office Salaries Balance Date Item Ref No. Debit Credit Debit Credit 31-Mar $ 21,200.00 $ 21,200.00 Maintenance supplies Expenses Balance Date Item Ref No. Debit Credit Debit Credit 20-Mar $ 4,400.00 $ 4,400.00 Rent Expenses Balance Date Item Ref No. Debit Credit Debit Credit 1-Mar $ 2,450.00 $ 2,450.00 Advertisement Expenses Balance Date Item Ref No. Debit Credit Debit Credit 20-Mar $ 8,590.00 $ 8,590.00 Miscellaneous Administrative Expenses Balance Date Item Ref No. Debit Credit Debit Credit 17-Mar $ 4,680.00 $ 4,680.00 AM Express Company Purchase Journal Date Amount Credited Post Ref. Accounts Payable (Cr) Maintenance Supplies(Dr) Office supplies (Dr) Other Accounts (Dr) Post Ref. Amount 2-Mar Mclntyre Sales Co. $ 26,900.00 $ 26,900.00 3-Mar Office Mate Inc. $ 1,570.00 $ 1,570.00 18-Mar Bastille Co. $ 2,430.00 $ 2,430.00 19-Mar Maste Supply co. $ 4,140.00 $ 2,640.00 $ 1,500.00 21-Mar Office City $ 990.00 $ 990.00 31-Mar $ 36,030.00 $ 5,070.00 $ 2,490.00 $ 28,470.00
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.