ACC 111 Project 1A On August 1, 2016, Stephanie Ram, a sole proprietor, started

Question

ACC 111 Project 1A On August 1, 2016, Stephanie Ram, a sole proprietor, started a new business, Ram Wholesale Company. The company sells refrigerators (merchandi various retail stores and uses the periodic inventory system. At the end of August, the company's Post-Closing Trial Balance showed the following ace and balances Ram Wholesale Company Post-Closing Trial Balance August 31, 2016 Account Titles DebitCredit Cash Accounts Receivable Merchandise Inventory, 9/30/15 Store Supplies Office Supplies Land Delivery Truck Accumulated Depreciation, Delivery Truck Accounts Payable Unearned Sales Revenue Notes Payable (Due 2040) Stephanie Ram, Capital $152,900 17,000 53,900 3,800 3,000 38,000 90,000 800 20,600 1,800 60,000 275,400 Totals $358,600 $358,600 Subsidiary Ledgers balances during the month of August Customers with Outstanding Balances

Explanation / Answer

Ram Wholesale Company General journal for September 2016 Date Account title Debit Credit Sep.1 Cash 87700 Office supplies 1900 Stephaine Ram 89600 Sep.2 Petty cash 5000 Cash 5000 Sep.3 Prepaid insurance 3000 Cash 3000 Sep.6 Purchases 163400 Accounts payable 163400 Sep.8 Freight in 2130 Cash 2130 Sep.9 Accounts payable 8200 Purchase returns and allowances 8200 Sep.10 Accounts Receivable 32800 Sales Revenue 32800 Sep.12 Cash 61700 Notes Payable 61700 Sep.13 Sales Returns and allowances 4900 Accounts Receivable 4900 Sep.14 Salaries and wages expense 17200 Cash 17200 Sep.15 Office supplies 6300 Accounts payable 6300 Sep.17 Delivery truck 69000 Cash 69000 Sep.20 Cash 11931 Sales discounts 369 Accounts Receivable 12300 Sep.21 Cash 39200 Unearned revenue 39200 Sep.22 Accounts payable 5600 Cash 5488 Purchase discounts 112 Sep.23 Stephhaine Ram - Drawings 4400 Cash 4400 Sep.24 Cash 206000 Sales Revenue 206000 Sep.25 Accounts payable 91000 Cash 87360 Purchase discounts 3640 Sep.26 Utilities expense 8500 Cash 8500 Sep.27 Fork lift 31300 Cash 31300 Sep.28 Salaries and wages expense 17200 Cash 17200 Sep.29 Postage 440 Repair supplies expense 850 Cash short and over 210 Cash 1500 Sep.30 Rent expense 13500 Cash 13500 Stephanie Ram - Capital Stephanie Ram - Drawings Cash Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Aug.31 Bal. 275400 Sep.23 4400 4400 Aug.31 Bal. 152900 Sep.1 89600 365000 4400 Sep.1 87700 240600 365000 Sep.30 4400 Sep.2 5000 235600 Sep.30 365000 Sep.3 3800 231800 Sep.6 2130 229670 Sep.12 61700 291370 Accounts Receivable Merchandise Inventory Sep.14 17200 274170 Date Debit Credit Balance Date Debit Credit Balance Sep.17 69000 205170 Aug.31 Bal. 17000 Aug.31 Bal. 53900 Sep.20 11931 217101 Sep.10 32800 49800 53900 Sep.21 39200 256301 Sep.13 4900 44900 53900 Sep.22 5488 250813 Sep.20 20900 24000 53900 Sep.23 4400 246413 24000 53900 Sep.24 206000 452413 Sep.30 24000 Sep.30 53900 Sep.25 87360 365053 Sep.26 8500 356553 Sep.27 31300 325253 Office supplies Land Sep.28 17200 308053 Date Debit Credit Balance Date Debit Credit Balance Sep.29 1500 306553 Aug.31 Bal. 3000 Aug.31 Bal. 38000 Sep.30 13500 293053 Sep.1 1900 4900 38000 4900 38000 Stores supplies 4900 38000 Date Debit Credit Balance Aug.31 Bal. 3800 Sep.15 6300 10100 Accumulated depreciation delivery truck Accounts Payable Date Debit Credit Balance Date Debit Credit Balance Delivery truck Aug.31 Bal. 800 Aug.31 Bal. 20600 Date Debit Credit Balance 800 Sep.6 163400 184000 Aug.31 Bal. 90000 800 Sep.9 8200 175800 Sep.17 69000 159000 800 Sep.15 6300 182100 159000 Sep.22 5600 176500 Sep.25 91000 85500 Unearned revenue Date Debit Credit Balance Notes payable Petty cash fund Aug.31 Bal. 1800 Date Debit Credit Balance Date Debit Credit Balance Sep.21 39200 41000 Aug.31 Bal. 60000 Sep.2 5000 5000 41000 Sep.12 61700 121700 Sep.29 1500 3500 41000 121700 Sep.29 1500 5000 121700 Prepaid insurance Date Debit Credit Balance Sales Revenue Salaries and wages expense Sep.3 3800 3800 Date Debit Credit Balance Date Debit Credit Balance 3800 Sep.10 32800 32800 Sep.14 17200 17200 3800 Sep.24 206000 238800 Sep.28 17200 34400 3800 238800 34400 238800 34400 Sales discounts 238800 Date Debit Credit Balance Sep.20 369 369 Purchases Purchase returns and allowances 369 Date Debit Credit Balance Date Debit Credit Balance 369 Sep.6 163400 163400 Sep.9 8200 8200 369 163400 8200 163400 8200 Purchase discounts 163400 8200 Date Debit Credit Balance Sep.22 112 112 Sep.25 3640 3752 Utility expense Fork lift 3752 Date Debit Credit Balance Date Debit Credit Balance 3752 Sep.26 8500 8500 Sep.27 31300 31300 8500 31300 Postage Date Debit Credit Balance Sep.29 440 440 Repair supplies Cash short and over Date Debit Credit Balance Date Debit Credit Balance Sep.29 850 850 Sep.29 210 210 Rent expense Date Debit Credit Balance Sep.30 13500 13500 Freight In Sales returns and allowances Date Debit Credit Balance Date Debit Credit Balance Sep.8 2130 2130 Sep.13 4900 4900 Customer accounts Jose Mendes Date Debit Credit Balance Aug.31 Bal. 10500 Sep.10 5000 15500 Sep.20 2900 12600 12600 12600 Nicholas Jay Date Debit Credit Balance Aug.31 Bal. 6500 Sep.10 4200 10700 Sep.20 4000 6700 6700 Amy Thomas Date Debit Credit Balance Sep.10 9500 9500 Sep.20 5400 4100 4100 4100 4100 Dora Franklin Date Debit Credit Balance Sep.10 14100 14100 Sep.13 4900 9200 Sep.20 8600 600 600 600

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