ANSWER ALL THE PARTS. NEED DETAILED EXPLANATIONS roblem 7- The general ledger of

Question

ANSWER ALL THE PARTS. NEED DETAILED EXPLANATIONS

roblem 7- The general ledger of Cannin Distributors includes the following selected accounts, along Using the sales, cash receipts, and general journals (with the with their account numbers: Cas.... Accounts Receivable.... Inventory. 18 perpetual inventory system Sales Revenue. 41 12 13 Sales Discounts.42 debit to Cash, $142,872 15 Sales Returns and Allowances. 43 16 1. Cash receipts journal: Total upplie. Cost of Goods Sol.51 Chapter 7 Accounting Information Systems 425

Explanation / Answer

SALES JOURNAL

DATE

ENTRIES

ACCOUNT NUMBERS

DEBIT

AMOUNT IN $

CREDIT AMOUNT IN $

02.07

Accounts Receivable

12

2800

     To Sales Revenue

41

2800

(Fortin Inc)

09.07

Accounts Receivable

12

29280

     To Sales Revenue

41

29280

(A.L. Price)

11.07

Accounts Receivable

12

20416

     To Sales Revenue

41

20416

(Sloan Forge Ltd.)

15.07

Accounts Receivable

12

14600

     To Sales Revenue

41

14600

(Wilkie & Blinn)

20.07

Accounts Receivable

12

2516

   To Sales Revenue

41

2516

(Sloan Forge Ltd.)

25.07

Accounts Receivable

12

6080

     To Sales Revenue

41

6080

(Olsen Inc.)

29.07

Accounts Receivable

12

968

     To Sales Revenue

41

968

(R.O. Bankston Inc.)

TOTAL

76660

76660

CASH RECEIPT JOURNAL

DATE

ENTRIES

ACCOUNT NUMBERS

DEBIT

AMOUNT IN $

CREDIT AMOUNT IN $

04.07

Cash

11

3400

     To Sales Revenue

41

3400

07.07

Cash

11

7560

     To Sales Revenue

41

7560

10.07

Cash

11

50000

     To Land

18

50000

12.07

Cash

11

2744

     To Accounts Receivable

12

2744

(Fortin Inc.)

14.07

Cash

11

8424

     To Sales Revenue

41

8424

21.07

Cash

11

3960

     To Sales Revenue

41

3960

22.07

Cash

11

8000

    To Accounts Receivable

41

8000

(A.L. Price)

25.07

Cash

11

14308

    To Accounts Receivable

41

14308

(Wilkie and Blinn)

27.07

Cash

11

10500

     To Notes Receivable

15

10500

28.07

Cash

11

15096

     To Sales Revenue

41

15096

31.07

Cash

11

18880

    To Accounts Receivable

12

18880

(A.L. Price)

TOTAL

142872

142872

GENERAL JOURNAL

DATE

ENTRIES

ACCOUNT NUMBERS

DEBIT

AMOUNT IN $

CREDIT AMOUNT IN $

02.07

Cost of Goods sold

51

1600

     To Inventory

13

1600

(Fortin Inc)

04.07

Cost of Goods sold

51

3400

     To Supplies

16

3400

07.07

Cost of Goods sold

51

6560

     To Inventory

13

6560

09.07

Cost of Goods sold

51

20440

     To Inventory

13

20440

(A.L. Price)

11.07

Cost of Goods sold

51

14080

     To Inventory

13

14080

(Sloan Forge Ltd.)

12.07

Sales Discount

42

56

     To Accounts Receivable

12

56

(Fortin Inc.)

14.07

Cost of Goods sold

51

6120

     To Inventory

13

6120

15.07

Cost of Goods sold

51

9040

     To Inventory

13

9040

(Wilkie & Blinn)

18.07

Sales Returns and Allowances

43

2400

     To Accounts Receivable

12

2400

(A.L. Price)

18.07

Inventory

13

1760

     To Cost of Goods sold

51

1760

(Sales Return from A.L. Price)

20.07

Cost of Goods sold

51

1800

     To Inventory

13

1800

(Sloan Forge Ltd.)

21.07

Cost of Goods sold

51

2760

     To Inventory

13

2760

25.07

Cost of Goods sold

51

4200

     To Inventory

13

4200

(Olsen Inc.)

25.07

Sales Discount

42

292

    To Accounts Receivable

12

292

(Wilkie and Blinn)

28.07

Cost of Goods sold

51

9840

     To Inventory

13

9840

29.07

Cost of Goods sold

51

680

     To Inventory

13

680

(R.O. Bankston Inc.)

30.07

Sales Returns and Allowances

43

160

     To Accounts Receivable

12

160

(Olsen Inc.)

30.07

Inventory

13

100

     To Cost of Goods sold

51

100

(Sales Return from Olsen Inc.)

TOTAL

85288

85288

Posting will be done by debiting the account which has been debited in the journals in its respective account and crediting the account which is credited in the journals.

DATE

ENTRIES

ACCOUNT NUMBERS

DEBIT

AMOUNT IN $

CREDIT AMOUNT IN $

02.07

Accounts Receivable

12

2800

     To Sales Revenue

41

2800

(Fortin Inc)

09.07

Accounts Receivable

12

29280

     To Sales Revenue

41

29280

(A.L. Price)

11.07

Accounts Receivable

12

20416

     To Sales Revenue

41

20416

(Sloan Forge Ltd.)

15.07

Accounts Receivable

12

14600

     To Sales Revenue

41

14600

(Wilkie & Blinn)

20.07

Accounts Receivable

12

2516

   To Sales Revenue

41

2516

(Sloan Forge Ltd.)

25.07

Accounts Receivable

12

6080

     To Sales Revenue

41

6080

(Olsen Inc.)

29.07

Accounts Receivable

12

968

     To Sales Revenue

41

968

(R.O. Bankston Inc.)

TOTAL

76660

76660

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