COMPREHENSIVE PROBLEM omprehensive Problem for Chapter 7 apter Gene completing t
ID: 2589708 • Letter: C
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COMPREHENSIVE PROBLEM omprehensive Problem for Chapter 7 apter Gene completing the Accounting Cyele for a Merchandising E monthls Amberst uses the perpetual inventory system argiepaes i terms of n/30. The company completed the following taral Journals Amberst Nerworking Systems adjusts and closes its books and ll s 2 Issued check no. 683 to pay the salaries payable of $1,300 from cost of this merchandise inventory was 5210.eb, 700, Ambe ah Purchased merchandise inventory on credit terms of Ins, n Aug. 1 issued check no. 682 for August office rent of $1,300. account to R. T. Loeb, $700. A 2 Issued invoice no. 503 for sale merchandise inventory was $210. nv60 from 3 Goldner, Inc, $1,400 4 Received cash on account from Friend Company, $2,400 4 Sold merchandise inventory for cash, 5370 (cost, $111) 5 issued check no. 684 to purchase office supplies for cash, $730 7 issued invoice no. 504 for sale on account to K. D. Sanders, $2,1 $630) cost Issued check no. 685 to pay Filter Company $2,500 of the July 31. This payment occurred after the end of the discoun Issued check no. 686 to pay Goldner, Inc. the net amount 8 11 August 3. 12 Received cash from R. T. Loeb in full settlement of her account from August 2 16 Issued check no. 687 to pay salaries expense of $1,290. 19 Purchased merchandise inventory for cash, $850, issuing check no. 22 Purchased furniture on credit terms of 3/15, n/60 from Bradford tion, $510 Sold merchandise inventory on account to Friend Com no. 505 for $9,000 (cost, $2,700) 23 pany, issuing invcice 24 Received haif the July 31 amount receivable from K. D. Sanders. 26 Purchased office supplies on credit terms of 2/10, n/30 from Filter Company, $240 Returned damaged merchandise inventory to the company from whom Amherst made the cash purchase on August 19, receiving cash of $850 30 31 Purchased merchandise inventory on credit terms of 1/10, n/30 from 31 Issued check no. 689 to Lenny Moore, owner of the business, for personal withdrawal, $600. Requirements 1. Open these four column accounts with their account numbes n July 31 balacer in the various ledgers.Explanation / Answer
Journal entries Office rent account Dr. 1,300 To cash 1,300 Salary Payable account Dr. 1,300 To cash 1,300 R&T Loeb account Dr. 700 To Sales account 700 Purchase account Dr. 1,400 To Goldner 1,400 Cash account Dr. 2,400 To Friends Company 2,400 Cash account Dr. 370 To Sales account 370 Office supplies account Dr. 730 To cash 730 K.D. sanders account Dr. 2,100 To Sales account 2,100 Filter company account Dr. 2,500 To cash 2,500 Goldner Account Dr. 1,400 To cash 1,400 Cash account Dr. 700 To R&T Loeb account 700 Salaries expenses account Dr. 1,290 To cash 1,290 Purchase account Dr. 850 To cash 850 Furniture account Dr. 510 To Bradford corporation 510 Friend company account Dr. 9,000 To sales 9,000 Cash account Dr. 1,050 To KD Sanders 1,050 Office supplies account Dr. 240 To Filter company 240 Cash account Dr. 850 To purchase 850 Purchase account Dr. 8,000 To Seacrest Supply 8,000 Withdrawals account Dr. 600 To cash 600 Friend Company account To opening Balance 2400 By Cash 2,400 RT Loeb account To opening Balance 0 By Cash 700 To balance C/F 700 Parker Inc. To opening Balance 11300 By balance C/F 11300 KD sanders account To opening Balance 8790 By Cash 1,050 By balance C/F 7,740 Bradford corporation account To furniture 510 By opening Balance 0 By balance C/F 510 Filter cpompany To Cash 2,500 By opening Balance 12700 To office supplies 240 To balance C/F 9,960 Goldner Inc To Cash 1,400 By opening Balance 0 By balance C/F 1,400 Seacrest supply To purchases 8,000 By opening Balance 0 By balance C/F 8,000 Trial Balance Dr. Cr. Cash 4,420 Account Receivable 22,490 Merchandise inventory 41,300 office supplies 1,680 prepaid insurance 2,600 Furniture 37,000 accumulated depreciation 10,000 account payable 12,700 salaries payable 1,300 notes payable 25,000 Lenny moore, Capital 61,090 Lenny moore, withdrawal 600 110,090 110,090 Income Summary Sales 12,170 COGS 3,100 Salaries 2,590 rent 1,300 depreciation insurance supplies expenses 730 Net Profit 4,450 12,170 12,170
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