US Weygandt, Accounting Principles, 12e & Practice Assignment Gradebook ORION Do
ID: 2572907 • Letter: U
Question
US Weygandt, Accounting Principles, 12e & Practice Assignment Gradebook ORION Downleadable eTexthook Assignment MESSAGE Y I Problem 7-1A Kozma Company's chart of accounts includes the following selected accounts 101 Cash 112 Accounts Receivable 414 Sales Discounts 120 Inventory 301 Owner's Captal 401 Sales Revenue 50S Cost of Goods Sold On April 1, the accounts receivable ledger of Kozma Company showed the following balances: Morrow $1,550, Rose $1,230, Jennings Co. $2,880, and Dent $2,410. The April transactions involving the receipt of cash were as follaws Apr. 1 The owner, T. Kozma, invested additional cash in the business $7,120 4 Received deck for pay,ent of account from Dent less 2% cas, discount. 5 Received check for $880 in payment of invoice o 307 from Jennings Co 8 Made cash sales of merchandise totaling $7,220. The cost of the merchandise sold was $4,332 10 Recelved check for $595 in payment of invoice no. 309 from Merrow 11 Received cash netfund from a supplier for damaged merchandise $745 23 Received check for $1,180 in payment of invoice no. 310 from Jenrings Co. 29 Recelved check for payment of account from Rose (no cash discount allowed).Explanation / Answer
Cash Receipt Journal Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Account Receivable Cr. Sales Cr. Other accounts Cr. Cost of goods sold Dr. Inventory Cr. Apr-01 Capital account 7,120 7,120 Apr-04 Account Receivable 2,362 48.2 2,410 Apr-05 Account Receivable 307 880 880 Apr-08 Sales 7,220 7,220 4,332 Apr-10 Account Receivable 309 595 595 Apr-11 Damaged Maerchandise 745 745 Apr-23 Account Receivable 310 1,180 1,180 Apr-29 Account Receivable 1,230 1,230 Totals 21,332 48 6,295 7,220 7,865 4,332 General Ledger Accounts Receivable 112 Date Explanation Ref. Debit Credit Balance Apr-01 Balance 8,070 Apr-04 Cash received 2,410 5,660 Apr-05 Check Received 880 4,780 Apr-10 Check Received 595 4,185 Apr-23 Check Received 1,180 3,005 Apr-29 Check Received 1,230 1,775 Account Receivable Subsidiary Ledger Morrow Date Explanation Ref. Debit Credit Balance Apr-01 Balance 1,550 Apr-10 Cash received 595 955 Account Receivable Subsidiary Ledger Rose Date Explanation Ref. Debit Credit Balance Apr-01 Balance 1,230 Apr-29 Check Received 1,230 0 Account Receivable Subsidiary Ledger Jennings Date Explanation Ref. Debit Credit Balance Apr-01 Balance 2,880 Apr-05 Check Received 307 880 2,000 Apr-23 Check Received 310 1,180 820 Account Receivable Subsidiary Ledger Dent Date Explanation Ref. Debit Credit Balance Apr-01 Balance 2,410 Apr-04 Check Received 2,410 0 Account Receivable balance 1,775 Subsidiary Ledger Balance Morrow 955 Rose 0 Jennings 820 Dent 0 1,775
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