The Golf Doctor, a retail distributor of golf equipment and apparel, uses specia

Question

The Golf Doctor, a retail distributor of golf equipment and apparel, uses special journals and subsidiary ledgers to record its business transactions. The business's accounts receivable and accounts payable subsidiary ledgers and the general ledger are included in the accounting stationery accompa- nying this textbook. The current balances have been recorded in the ac- counts. A partial chart of accounts for The Golf Doctor follows. 101 Cash in Bank 405 Sales Discounts 410 Sales Returns and Allowances 501 Purchases 505 Purchases Discounts 510 Purchases Returns and Allowances 605 Bank Card Fees Expense 620 Miscellaneous Expense 650 Rent Expense le 110 Supplies 120 Computer Equipment 130 Office Equipment 205 Accounts Payable 210 Sales Tax Payable 401 Sales structions: (1) Record the May transactions in the sales journal (page 15). cash re- ceipts journal (page 18). purchases journal (page 11). cash payments journal (page 19). and general journai (page 9) 2) Post the individual amounts from the five journals to t (3) Post the individual amounts from the General columns (4) Foot. prove, total. and rule the special journals. ceivable and accounts payable subsidiary ledgers on adaily basis ceipts, purchases, cash payments, and general journals on daily basis. (5) Post the column totals of the special journals to the general ledger ac- counts. Use the following order for posting: sales, cash receipts. pur- cash payments. Transactions: May Issued Check 350 to Mega Byte Corp. for $1.400.00 in payment of 1 Received a check for $670.00 from Dora Dunn in payment of her 2 Received a $312.00 check from Gayle Linwood in payment of her 3 Sent Check 351 for $212.66 to Pro Golf Apparel in payment of 4 Received a check from Dan Gable for $416.00 in payment of his Invoice MB131 account. Receipt 450 account of $318.00, less a discount of $6.00, Receipt 451 Invoice PGA05 for S2 17.00 less a 2% discount of $4.34. account of $424.00 less an $8.00 discount, Receipt 452. 5 Issued Credit Memo 50 for $212.00 to Lance Muir for the return of $200.00 in merchandise purchased on account, plus $12.00 sales ta. 8 Purchased $1,600.00 in merchandise on account from Pro Golf 9 Sold merchandise on account to Dora Dunn, $800.00 plus $48.00 10 Sold $500.00 in merchandise on account to Lance Muir, sales tax 12 Received a check for $50.00 from the sale of an old calculator for 13 Purchased $2.500.00 in merchandise on account from Top-Flight 15 Sold merchandise on account to Gayle Linwood. $750.00 plus sales Apparel, Invoice PGA15. dated May 7, terms 210, n/30 sales tax, Sales Slip 330. $30.00, Sales Slip 331 cash, Receipt 453. Distributors, Invoice TF40. dated May 12, terms 3 10. n 30 taxes of $45.00. Sales Slip 332

Explanation / Answer

SALES JOURNAL Date Account Invoice Accounts Sales Cr Sales Tax Debited Number Receivable Dr Payable Cr May.9 Dora Dunn 330 848 800 48 May.10 Lance Muir 331 530 500 30 May.15 Gayle Linwood 332 795 750 45 2173 2050 123 Cash Receipts Journal Date Account Cash Dr Sales Accounts Sales Cr Other Cost of goods Credited Discount Dr Receivable Cr Account Cr sold Dr Inventory Cr May.1 Dora Dunn 670 670 May.2 Gayle Linwood 312 6 318 May.4 Dan Gabbe 416 8 424 May.12 Misc.Sales 50 50 1448 14 1412 0 50 0 Accounts Receivable Date Debit Credit Balance May.15 2173 1624 549 549 Accounts Receivable Schedule Dora Dunn 178 Dan Gabbe -424 Lance Auir 318 Gayle Linwood 477 Total 549 Accounts Receivable - Subsidiary Ledger Dora Dunn Date Debit Credit Balance Beg.Bal. 0 0 May.1 670 -670 May.9 848 178 Dan Gabbe Date Debit Credit Balance Beg.Bal. 0 0 May.4 424 -424 -424 -424 Lance Muir Date Debit Credit Balance 0 May.5 212 -212 May.10 530 318 Gayle Linwood Date Debit Credit Balance May.2 318 -318 May.15 795 477 PURCHASE JOURNAL Date Account Date of Terms Accounts Inventory Office Other Invoice Payable Cr Dr Supplies Dr Accounts Dr May.8 Pro Golf Apparel May.7 2/10,n/30 1600 1600 May.13 Top Flight Distributors May.12 3/10,n/30 2500 2500 4100 4100 0 0 Cash Disbursement Journal Journal Date Ck No. Payee Account Cash Cr Inventory Other Accounts Debited Cr Accounts Dr Payable Dr May.1 350 Mega Byte Mega Byte 1400 1400 May.3 351 Pro Golf Apparel Pro Golf Apparel 212.66 4.34 217 1612.66 4.34 0 1617 Accounts payable Date Debit Credit Balance May.15 1617 4100 2483 2483 Accounts Payable Schedule Mega Byte -1400 Pro Golf Apparel 1383 Top Flight Distr. 2500 Total 2483 Accounts Payable Subsidiary Ledger Mega Byte Date Debit Credit Balance Beg.Bal. 0 May.1 1400 -1400 -1400 -1400 Pro Golf Apparel Date Debit Credit Balance Beg.Bal. 0 May.3 217 -217 May.8 1600 1383 1383 Top Flight Distributors Date Debit Credit Balance May.13 2500 2500 2500 2500 2500 General Journal Date Account Debit Credit May.5 Inventory 200 Sales Tax Payable 12 Accounts Receivable 212 (Credit memo issued to Lance Muir) Cash Inventory Date Debit Credit Balance Date Debit Credit Balance Beg.Bal. 0 May.5 200 200 May.1 1400 -1400 May.8 1600 1800 May.1 670 -730 May.13 2500 4300 May.2 312 -418 4300 May.3 212.66 -630.66 May.4 416 -214.66 Purchase Discount May.12 50 -164.66 Date Debit Credit Balance Totals 1448 1612.66 -164.66 May.3 4.34 4.34 4.34 Sales Discount Date Debit Credit Balance Sales Tax Payable May.2 6 6 Date Debit Credit Balance May.4 8 14 May.5 12 0 -12 May.9 48 36 May.10 30 66 May.15 45 111 Sales Date Debit Credit Balance Office Equipment May.9 800 800 Date Debit Credit Balance May.10 500 1300 May.12 50 -50 May.15 750 2050

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.