Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Dearly disconnected

17/12/2020 Client: saad24vbs Deadline: 10 Days

Narrative and Instructions


Rockford Corporation is a wholesale plumbing sup- ply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of 10,000 shares of no-par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired as of Wednesday, December 26, 2018, to replace the controller, who has resigned. As controller, you are responsible for the corporation’s accounting records, preparation of the financial statements, safeguarding the corpo- rate assets, and providing management with finan- cial information to set prices and to monitor and control operations. You have an assistant who keeps the payroll records, the plant asset ledger, and the perpetual inventory. There is an inventory sub- sidiary ledger that is posted to daily for purchases and sales. This ledger is not included in this prac- tice set. The corporation secretary maintains the stockholder records, and the receptionist/secretary acts as the petty cashier.


Rockford Corporation closes its books annually on December 31 but prepares financial statements quarterly. Adjusting entries are posted to the gener- al ledger only at year-end; at the end of the first, second, and third quarter the adjustments are entered only on a ten-column work sheet, not in the general ledger. Therefore, the adjusting entries to be recorded on December 31 are annual adjust- ments that you must journalize and then post to the general ledger accounts before preparing the finan- cial statements.


Rockford Corporation maintains a perpetual inventory system and takes a physical count each year to adjust the inventory carrying amount. Purchases are recorded at the gross amount (discounts taken are recognized at the date of payment) of the supplier’s invoice, and the terms vary with each supplier. Sales on account are subject to terms of 2/10, n/30. Discounts are taken and granted only when the terms are met. The cost of all inventory sold in December was 80% of the


sales price. The corporation uses the following journals and ledgers:


JOURNALS


1. A sales journal (S)–to record sales of merchandise on account.


2. A purchases journal (P)–to record purchases of merchandise on account.


3. A cash receipts journal (CR)–to record all cash receipts.


4. A cash disbursements journal (CD)–to record all cash payments.


5. A general journal (J)–to record all transactions that cannot be recorded in the other journals.


LEDGERS


1. A general ledger. 2. An accounts receivable subsidiary ledger. 3. An accounts payable subsidiary ledger.


In recording sales transactions, each sale should be posted on the day of the sale directly to the customer’s account in the subsidiary ledger, using the invoice number as the posting reference number in the subsidiary account. Also, cash receipts from customers should be posted to the subsidiary ledger on the day they are received. The purchase order number should be used as the posting reference number in the subsidiary ledger for purchases on account from suppliers. Purchases from suppliers and payments to them should be posted daily. All other individual posting may be made weekly or at the month-end. Account numbers should be used as posting reference numbers in the journals.


Officers and office personnel are salaried employ- ees and are paid monthly on the last day of each month. The delivery truck drivers and warehouse employees are hourly wage employees and are paid biweekly. Each biweekly pay period ends Friday. On the following Monday your assistant, who maintains


ROCKFORD CORPORATION


A PRACTICE SET TO ACCOMPANY Intermediate Accounting, by Kieso, Weygandt, and Warfield


PERPETUAL INVENTORY


77


the payroll records, provides you with a payroll summary from which you prepare general journal entries to record the biweekly payroll and the employer’s taxes on the payroll. The biweekly employees’ paychecks are distributed on the follow- ing day (Tuesday).


The general ledger chart of accounts is shown below:


CHART OF ACCOUNTS


Account Accounts Number


Cash 101 Petty Cash 105 Accounts Receivable 112 Allowance for Doubtful Accounts 113 Notes Receivable 115 Interest Receivable 118 Inventory 120 Supplies 126 Prepaid Insurance 130 Prepaid Rent 131 Other Assets 135 Land 140 Buildings 145 Accum. Depr.–Buildings 146 Equipment 151 Accum. Depr.–Equip. 152 Trucks 163 Accum. Depr.–Trucks 164 Notes Payable 200 Accounts Payable 201 Salaries and Wages Payable 212 FICA Taxes Payable 214 Income Taxes Payable 215 Federal Withholding Taxes Payable 216 State Withholding Taxes Payable 218 FUTA Taxes Payable 224 SUTA Taxes Payable 226 Interest Payable 230 Dividends Payable 250 Notes Payable (LT Liability) 268 Bonds Payable 270 Discount on Bonds Payable 273 Common Stock 311 Paid-in Capital in Excess of Stated Value 317 Retained Earnings 320 Treasury Stock 330 Dividends 332 Income Summary 350 Sales Reveue 401


Sales Returns and Allowances 412 Sales Discounts 414 Cost of Goods Sold 505 Advertising Expense 610 Bad Debt Expense 612 Supplies Expense 631 Freight-out 644 Miscellaneous Expense 649 Depreciation Expense 711 Insurance Expense 722 Salaries and Wages Expense 726 Rent Expense 729 Payroll Tax Expense 730 Utilities Expense 732 Interest Revenue 820 Gain on Disposal of Plant Assets 826 Interest Expense 905 Loss on Disposal of Plant Assets 921 Income Tax Expense 999


The January 1, 2018, balances appear in the gen- eral ledger accounts as well as the November 30, 2018, balances, for those accounts whose balances have changed. All transactions affecting the non- current accounts from January 1, 2018, through November 30, 2018, with explanations, appear in these accounts to facilitate the preparation of the statement of cash flows.


Subsidiary ledger account balances as of November 30, 2018, are as follows (the balances appear in the appropriate subsidiary ledger accounts):


ACCOUNTS RECEIVABLE


Boecker Builders $ 62,920 The Potts Company 50,300 Swanson Brothers Construction 24,050 Trudy’s Plumbing 15,100 Coconino Contractors, Inc. 27,800 Rankin Plumbing Corp. 74,350 Beverly’s Building Products 14,000 Bilder Construction Company 45,200 Iwanaga Plumbing and Heating 3,700


Total accounts receivable $317,420


ACCOUNTS PAYABLE


Phoenix Plastics $ 17,450 Edward’s Plumbing Supplies, Inc. 20,050 Oxenford Copperworks 26,400


78


Smith Pipe Company 38,100 Ron & Rod’s Plumbing Products 14,850 Khatan Steel Corp. 10,000


Total accounts payable $126,850


The transactions through December 24 have already been recorded by the former controller. You are to begin your work by entering the transaction of December 26 for the payment of cash to repurchase stock.


DECEMBER 2018


S M T W T F S 1


2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31


79


NARRATIVE OF THE DECEMBER TRANSACTIONS


NOTE: All transactions from Dec. 3 thru Dec. 24 have already been recorded


December


3 Received a check in the amount of $23,569 from Swanson Brothers Construction in full payment of invoice No. 1120 dated November 26 in the amount of $24,050.


3 Sold sewer and drainage pipe to Beverly’s Building Products on account, invoice No. 1201 for $13,150.


3 Purchased copper tubing and fittings from Edward’s Plumbing Supplies Inc. on account, purchase order No. 315 for $24,320, terms n/60.


3 Issued check No. 1580 for $26,400 to Oxenford Copperworks in settlement of the balance owed on purchase order No. 280.


3 A court notice indicates that Iwanaga Plumbing and Heating is bankrupt and payment of its account improbable; the president orders the account to be written off as a bad debt (invoice No. 780).


3 Sold bathroom fixtures to Bilder Construction Company on account, invoice No.1202 for $44,900.


4 Received a check in the amount of $49,294 from The Potts Company in full payment of invoice No. 1128 dated November 27 for $50,300.


4 Sold plumbing supplies and plastic pipe to Coconino Contractors, Inc. on account, invoice No. 1203 for $10,300.


4 Issued check No. 1581 for $810 to Standard Oil Co. in payment of gas, oil, and truck repair from Tierney’s Standard Service.


5 Issued check No. 1582 for $9,900 to Khatan Steel Corp. in full settlement of purchase order No. 312 for $10,000.


5 Issued check No. 1583 for $10,486 to Phoenix Plastics in full payment of Phoenix’s invoice dated November 28 in the amount of $10,700, for purchase order No. 313, terms 2/10, n/30.


5 Received a check in the amount of $72,863 from Rankin Plumbing Corp. in full payment of invoice No. 1129 dated November 28 for $74,350.


6 Sold cast pipe to Trudy’s Plumbing on account, invoice No. 1204 for $29,300.


6 Received a check in the amount of $27,800 from Coconino Contractors, Inc. in full payment of invoice No. 1091 dated October 20.


6 Purchased bathroom fixtures from Phoenix Plastics, on account, purchase order No. 316 for $52,700 terms 1/10, n/30.


7 Received a check in the amount of $29,000 from Boecker Builders in partial payment of balance outstanding covering invoice Nos. 1050 and 1071.


7 Issued check No. 1584 for $600 to Scooter Gordon for lettering and sign painting on some delivery trucks.


80


7 Issued check No. 1585 for $6,750 to Phoenix Plastics, in payment of Phoenix’s invoice dated November 12 in the amount of $6,750, our purchase order No. 299.


10 Issued check No. 1586 for $37,719 to Smith Pipe Company in full payment of their invoice dated November 28, terms 1/15, n/60, our purchase order No. 314.


10 Received a check in the amount of $15,100 from Trudy’s Plumbing in full settlement of invoice No. 1106 dated November 7.


10 Sold pipe, fixtures, and accessories to Trudy’s Plumbing on account, invoice No. 1205 for $33,850.


11 The payroll summary for the biweekly pay period ended Friday, December 7 contained the following information:


Delivery and warehouse wages.............................. $4,860 FICA taxes withheld ................................................ 350 Federal income taxes withheld .............................. 900 State income taxes withheld .................................. 190


Net pay.............................................................. $3,420


Employer’s payroll taxes: FICA tax ............................................................ $ 350 Federal unemployment tax.............................. – State unemployment tax .................................. –


Issued check No. 1587 for the amount of the net pay and deposited it in the payroll bank account. Individual payroll checks were then prepared for distribution to the biweekly employees on Tuesday, December 11.


11 Sold plumbing supplies and copper tubing to The Potts Company on account, invoice No. 1206 for $31,450


11 Received a check in the amount of $33,920 from Boecker Builders in full payment of invoice No. 1071.


11 Cash sales to date totaled $12,292.


12 Received a check in the amount of $28,714 from Trudy’s Plumbing in payment of invoice No. 1204.


12 Sold plumbing fixtures and supplies to Boecker Builders, on account, invoice No. 1207 for $24,730.


13 The Potts Company returned defective copper tubing that it purchased on December 10. A credit memo in the amount of $4,680 is issued relative to invoice No. 1206. The cop- per tubing had a cost of $3,550.


13 The defective copper tubing is returned to Edward’s Plumbing Supplies, Inc. along with a debit memo in the amount of $3,550 in reduction of purchase order No. 315.


13 Issued check No. 1588 for $399 in payment of November telephone bill to Northern Illinois Communications.


14 Issued check No. 1589 in the amount of $11,360 in payment of federal withholding taxes, $9,573, and FICA taxes, $1,787, payable on November salaries and wages; the check is remitted to the Winnebago County Bank as the depository.


14 Issued check No. 1590 for $52,173 to Phoenix Plastics, Inc. in payment of purchase order No. 316.


81


17 The president informs you that Bilder Construction Company agrees to convert the $45,200 overdue account receivable (invoice No. 1120) to an 8% note due six months from today.


17 Purchased plumbing materials from Smith Pipe Company on account, purchase order No. 317 for $60,800 terms 1/15, n/60.


18 Sold drain tile, plastic pipe, and copper tubing to A & B Hardware on account, invoice No. 1208 for $7,920.


18 Sold fixtures and materials to Coconino Contractors, Inc. on account, invoice No. 1209 for $42,780.


19 An invoice in the amount of $1,021 was received from S. White Trucking Company for freight on purchase order No. 317 and paid by issuing check No. 1591.


19 Received a check in the amount of $33,173 from Trudy’s Plumbing in payment of invoice No. 1205.


20 Purchased office supplies from the Pen & Pad, issuing check No. 1592 in the amount of $1,360. (Note: Debit asset account).


20 Purchased a new Faith computer for $6,100 from Business Basics, Inc., purchase order No. 318, paying $600 down through Check No. 1593 with the balance due in thirty days (n/30). The computer has an estimated life of five years with a salvage value of $1,300. Use subsidiary account No. 16. Journalize the entire entry in the cash disbursements journal.


21 Purchased bathroom and kitchen fixtures from Phoenix Plastics, on account, purchase order No. 319 for $48,330, terms 1/10, n/30.


21 Received a bill from DeKalb Transport for $2,300 for freight costs incurred during the last 30 days, terms n/30.


24 The payroll summary for the biweekly pay period ended Friday, December 21, con- tained the following information:


Delivery and warehouse wages.............................. $5,770 FICA taxes withheld ................................................ 415 Federal income taxes withheld .............................. 1,067 State income taxes withheld .................................. 225


Net pay.............................................................. $4,063


Employer’s payroll taxes: FICA tax ............................................................ $ 415 Federal unemployment tax.............................. – State unemployment tax .................................. –


Issued check No. 1594 for the amount of the net pay and deposited it in the payroll bank account. Individual payroll checks were then prepared for distribution to the biweekly employees on Monday, December 24.


NOTE: Transactions up to this point have been recorded. At this point you became con- troller and are responsible for recording all further transactions.


26 The board of directors voted to purchase 1,000 shares of its own stock from stockholder Dionne Schivone at $75 per share and issued check No. 1595 in payment. Stock repur- chases are recorded at cost. Rockford is purchasing these shares because Ms. Schivone had been a valuable employee.


82


26 The board of directors declared a $2.90 per-share cash dividend payable on January 14 to stockholders of record on December 26 (after purchase of stock).


26 The president informs you that Beverly’s Building Products agrees to convert the $14,000 overdue accounts receivable (invoice No. 1119) balance to a 9% note due six months from today.


27 A half-acre parcel of land adjacent to the building is acquired in exchange for 500 shares of unissued common stock. The land has a fair value of $50,000 and will be used imme- diately as an outside storage lot and parking lot.


27 An invoice in the amount of $2,500 is received from Wayne McManus, lawyer, for legal services involved in the acquisition of the adjacent parcel of land; check No. 1596 is issued in payment.


27 Sold pipe and plumbing materials to Boecker Builders on account, invoice No. 1210 for $48,600.


28 Issued check No. 1597 in the amount of $845 to the Northern Star for advertisement run in the home building supplement of December 13.


28 Issued check No. 1598 in the amount of $1,160 to Standard Oil Co. in payment of gas, oil, and truck repairs from Standard Oil Co. (use Freight-out).


28 Purchased copper and cast iron pipe from Oxenford Copperworks on account, purchase order No. 320 for $62,830, terms 1/10, n/30.


28 Check No. 1599 for $15,500 is issued to the bond sinking fund trustee, Chicago Trust Co., for deposit in the sinking fund. (Use Other Assets).


28 Sold plumbing supplies to Swanson Brothers Construction on account, invoice No. 1211


31 Received a check for $24,730 from Boecker Builders in payment of invoice No. 1207.


31 Issued check No. 1600 for $60,192 to Smith Pipe Company in payment of purchase


31 The custodian of the petty cash fund submits the following receipts for reimbursement and reports a cash-on-hand count of $8.


Postage stamps used (supplies expense)................... $95 United Parcel (freight-out) .................................... 40 C.O.D. postage (inventory cost)................................. 57


Check No. 1601 is issued and cashed to reimburse the fund.


31 Sold an electric truck-lift to Leila Stierman Co. for $5,500 cash. The original cost was $11,000 with salvage value of $1,000, a life of 10 years, and accumulated depreciation


recorded through 12/31/17 of $3,500. The straight-line method is used. (Note: the company follows the practice of recording a half year’s depreciation in the year of acquisition and a half year in the year of disposal.) First, bring the depreciation expense up to date in the general journal. Then journalize the entire entry for the sale in the cash receipts journal.


31 Sold bathroom fixtures and plumbing supplies to Trudy’s Plumbing on account, invoice No. 1212 for $48,500.


83


for $33,340.


order No. 317.


31 Because for some time the petty cash fund has been smaller than required for monthly expenditures, the fund is increased by $75 by cashing check No. 1602 and placing the money in the petty cash fund.


31 The payroll summary for the monthly paid employees is submitted so that December checks can be distributed before the year-end; the details are as follows:


Office and administrative salaries.......................... $44,550 Federal income taxes withheld .............................. 6,350 State income taxes withheld .................................. 1,850 FICA taxes withheld ................................................ 3,408


Net pay.............................................................. $ 32,942


Issued check No. 1603 for the amount of the net pay and deposited it in the payroll bank account. Individual payroll checks were prepared for distribution to all monthly employees by the end of the day.


Employer’s payroll taxes: FICA tax (all office and administrative).......... $3,408 Federal unemployment tax.............................. – State unemployment tax .................................. –


31 Cash sales since December 14 total $49,640.


INSTRUCTIONS


1. Make the entries in the appropriate journals for December 26 through December 31.


2. Post any amounts to be posted as individual amounts from the journals to the general ledger and any amounts to be posted to the subsidiary ledger accounts. (If the normal practice of daily posting were followed, the postings would be in chronological order; proper date sequence for this practice set is not necessary.)


3. Foot and cross-foot the columnar journals and complete the month-end postings of all books of original entry.


4. Prepare a trial balance by entering the account balances from the general ledger in the first two columns of the ten-column work sheet (list all accounts, including those with zero balances).


5. From the following information prepare adjusting entries in the general journal and enter them in the “adjustments” columns of the work sheet and cross-reference the amounts using the related alphabetic characters (round all calculations to the nearest dollar).


a. The annual provision for doubtful accounts receivable is recorded in an amount equal to 2.8% of gross accounts receivable less the ending Allowance account balance.(This entry should be entered below the middle of General Journal page 10.)


b. An inventory count of the office supplies revealed $630 of supplies on hand at year- end.


c. The insurance premium outstanding on January 1, 2018, covers the period January 1 through August 31, 2018. The insurance premium of $9,300 recorded in August covers the period of September 1, 2018 through August 31, 2019.


84


d. The payroll summary for the employees who are paid biweekly shows the following information at December 31, 2018:


Delivery and Warehouse Wages ............................ $8,200 FICA Taxes Payable ................................................ 627 Federal Withholding Taxes .................................... 1,250 State Withholding Taxes.......................................... 285


Net pay.............................................................. $6,038


e. The employer’s share of the FICA tax ($627) must be accrued; no state or federal unemployment tax is incurred during the fourth quarter because all wages and salaries earned during the last quarter exceed the maximum subject to unemployment tax.


f. Interest has accrued at 7% on the long-term notes payable since July 1, 2018. The next six-month interest payment at 6.9% on the bonds is due on March 1, 2019. The original discount on bonds payable was $15,800. No portion of the discount has been amortized for any part of 2018; the bonds are 10-yr maturity. (Use straight-line.)


g. The interest accrued to 12/31/18 on notes receivable is composed of the following: Platteville Plumbers, 10%, 6 months, due March 31, 2019 $1,250 Bilder Construction, 8%, 6 months, due June 17, 2019 120 Beverly’s Building, 9%, 6 months, due June 26, 2019 80


$1,450


The interest accrued at 12/31/18 on the note payable of $15,000 @ 6% is $900. Interest is payable on January 2, 2019. (The note is due in 2019.)


h. A warehouse lease payment of $21,000 was made on September 1, 2018, for rental through February 28, 2019. (The Prepaid Rent account is for advance lease payments on the warehouse. This is the only outstanding lease agreement at year end.)


i. $600 is owed to Northern Electric Co. and $225 is owed to City of Rockford for utility services provided during December 2018.


j. Plant and equipment depreciation expense is composed of the following:


Accumulated Depreciation-Buildings $17,550 Accumulated Depreciation-Equipment $ 5,825 Accumulated Deprecation-Trucks $ 8,750


85


6. Income Tax expense for 2018 is $119,450 in total. Prepare the journal entry for the income tax. (Take into consideration what has already been recognized in 2018 as income tax expense.)


7. Post all adjusting entries.


8. Prepare schedules of subsidiary accounts receivable and accounts payable and deter- mine that the total per each subsidiary schedule agrees with the related control account.


9. Prepare an income statement (assume the weighted-average number of shares out- standing for the year 2018 is 5,000 shares for EPS). Assume that bad debt expense and depreciation expense are operating expenses. Use a multi-step format.


10. Prepare a statement of retained earnings.


11.Prepare a classified balance sheet. (Hint: combine Petty Cash with Cash for balance sheet purposes.)


12.


13.


Prepare and post closing entries.


Prepare a post-closing trial balance.


86


91


JOURNALS


GENERAL JOURNAL PURCHASES JOURNAL SALES JOURNAL CASH RECEIPTS JOURNAL CASH DISBURSEMENTS JOURNAL


DATE Account Titles and Explanation REF. DEBIT CREDIT2018


12 3 Allowance for Doubtful Accounts 113 3 7 0 0


Accounts Receivable–Iwanaga Plumbing and Heating 112/190 3 7 0 0


To record the write-off of an


account due to bankruptcy.


12 11 Payroll Tax Expense 730 3 5 0


FICA Taxes Payable 214 3 5 0


To record employer’s portion of


FICA taxes on biweekly payroll.


12 13 Sales Returns and Allowances 412 4 6 8 0


Accounts Receivable–The Potts Company 112/122 4 6 8 0


To record defective copper tubing returned


by customer.


Inventory 120 3 5 5 0


Cost of Goods Sold 505 3 5 5 0


To record cost of goods returned by customer


12 13 Accounts Payable–Edward’s Plumbing Supplies, Inc. 201/18 3 5 5 0


Inventory 120 3 5 5 0


To record defective copper tubing returned


to supplier.


12 17 Notes Receivable 115 4 5 2 0 0


Accounts Receivable–Bilder Construction 112/180 4 5 2 0 0


To record receipt of a 10%, 6-month


note for an overdue accounts receivable


12 21 Inventory 120 2 3 0 0


Accounts Payable–DeKalb Transport 201/20 2 3 0 0


To record freight costs for December, 2018.


12 21 Payroll Tax Expense 730 4 1 5


FICA Taxes Payable 214 4 1 5


To record employer’s portion of


FICA taxes on biweekly payroll


GENERAL JOURNAL Page 9


Copyright © 2016 by John Wiley & Sons, Inc. 92


93


DATE Account Titles and Explanation REF. DEBIT CREDIT2018


12 27 Land 210 5 4 0 0 0


Common Stock 400 1 8 0 0 0


Additional Paid-In Capital 410 3 6 0 0 0


To record purchase of land with 600 shares of stock


12 29 Sinking Fund Cash 201 8 8 7 0


Bond Sinking Fund Income 810 8 8 7 0


To record income earned by bond sinking fund


during period July 1 through December 30, 1994


12 30 Depreciation Expense–Trucks and Lifts 650 3 5 0


Accumulated Depreciation–Trucks and Lifts 231 3 5 0


To record depreciation on lift sold


($7,900 - $900 = $7,000; $7,000 ÷ 10 yrs 1/2 = $350


12 30 Payroll Taxes Expense–Office and Administrative 711 2 1 2 0


FICA Taxes Payable 333 2 1 2 0


To record payroll tax expense on monthly


payroll


ADJUSTING ENTRIES AT 12/31/18


GENERAL JOURNAL Page 10


DATE Account Titles and Explanation REF. DEBIT CREDIT2018


GENERAL JOURNAL Page 11


Copyright © 2016 by John Wiley & Sons, Inc. 94


DATE Account Titles and Explanation REF. DEBIT CREDIT2018


GENERAL JOURNAL Page 12


95


DATE Account Titles and Explanation REF. DEBIT CREDIT2018


CLOSING ENTRIES AT 12/31/18


GENERAL JOURNAL Page 13


Copyright © 2016 by John Wiley & Sons, Inc. 96


DATE Account Titles and Explanation REF. DEBIT CREDIT2018


GENERAL JOURNAL Page 14


97


PUR.DATE ORDER ACCOUNT CREDITED ACCT. AMOUNT 2018 NO. NO.


12 3 315 Edward’s Plumbing Supplies, Inc. n/60 18 24 320


6 316 Phoenix Plastics 1/10, n/30 14 52 700


17 317 Smith Pipe Company 1/15, n/60 39 60 800


20 318 (see Cash Disbursements Journal)


21 319 Phoenix Plastics 1/10, n/30 14 48 330


Copyright © 2016 by John Wiley & Sons, Inc.


PURCHASES JOURNAL PAGE 12


98


DATE INVOICE ACCOUNT DEBITED ACCT. ACCT. REC. DR COST OF GOODS SOLD DR 2018 NO. NO. SALES REV. CR INVENTORY CR


12 3 1201 Beverly’s Building Products 175 13 150 10 520


3 1202 Bilder Construction Co. 180 44 900 35 920


4 1203 Coconino Contractors, Inc. 160 10 300 8 240


6 1204 Trudy’s Plumbing 155 29 300 23 440


10 1205 Trudy’s Plumbing 155 33 850 27 080


11 1206 The Potts Company 122 31 450 25 160


12 1207 Boecker Builders 117 24 730 19 784


17 1208 A & B Hardware 143 7 920 6 336


18 1209 Coconino Contractors, Inc. 160 42 780 34 224


SALES JOURNAL PAGE 12


99


Copyright © 2016 by John Wiley & Sons, Inc.


SUNDRY ACCOUNTS SALES ACCOUNTS


DATE DESCRIPTION CASH DISCOUNTS REF RECEIVABLE SALES ACCT. 2018 DR DR CR REVENUE CR NO. � DR CR


12 3 Swanson Brothers Construction 23569 481 133 24050


4 The Potts Company 49294 1006 122 50300


5 Rankin Plumbing Corp. 72863 1487 166 74350


6 Coconino Contractors, Inc. 27800 160 27800


6 Boecker Builders 29000 117 29000


10 Trudy's Plumbing 15100 155 15100


11 Boecker Builders 33920 117 33920


11 Cash sales 12292 12292


505 � 9834


120 � 9834


12 Trudy's Plumbing 28714 586 155 29300


19 Trudy's Plumbing 33173 677 155 33850


CASH RECEIPTS JOURNAL Page 12


100


SUNDRY ACCOUNTS ACCOUNTS


DATE CHECK PAYEE CASH REF PAYABLE INVENTORY ACCT. 2018 NO. CR DR CR NO. � DR CR


12 3 1580 Oxenford Copperworks 26400 35 26400


4 1581 Standard Oil Company 810 644 � 810


5 1582 Khatan Steel Corp. 9900 57 10000 100


5 1583 Phoenix Plastics 10486 14 10700 214


7 1584 Scooter Gordon 600 610 � 600


7 1585 Phoenix Plastics 6750 14 6750


10 1586 Smith Pipe Company 37719 39 38100 381


11 1587 Payroll Bank Account 3420 726 � 4860


214 � 350


216 � 900


218 � 190


13 1588 N. Ill. Communications 399 732 � 399


14 1589 Winnebago County Bank 11360 216 � 9573


214 � 1787


14 1590 Phoenix Plastics 52173 14 52700 527


19 1591 S. White Trucking 1021 120 � 1021


20 1592 Pen & Pad 1360 126 � 1360


20 1593 Business Basics, Inc. 600 151 � 6100 201/16 � 5500


24 1594 Payroll Bank Account 4063 726 � 5770


214 � 415


216 � 1067


218 � 225


CASH DISBURSEMENTS JOURNAL Page 18


Copyright © 2016 by John Wiley & Sons, Inc.101


103


GENERAL LEDGER


BALANCE


2 5 3 6 4 3


3 1 7 4 2 0


3 1 3 7 2 0


3 0 9 0 4 0


2 6 3 8 4 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


12/3 J 9 3 7 0 0


12/13 J 9 4 6 8 0


12/17 J 9 4 5 2 0 0


ACCOUNT: Accounts Receivable 112


BALANCE


3 8 9 1 0


2 4 9 9 3 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


GENERAL LEDGER ACCOUNTS


ACCOUNT: Cash 101


Copyright © 2016 by John Wiley & Sons, Inc.


BALANCE


1 5 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


ACCOUNT: Petty Cash 105


104


GENERAL LEDGER ACCOUNTS


Copyright © 1992 by John Wiley & Sons, Inc.


BALANCE


1 3 5 2 0


4 5 8 0


8 8 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


12/3 J 9 3 7 0 0


ACCOUNT: Allowance for Doubtful Accounts 113


BALANCE


4 0 0 0 0


4 5 0 0 0


9 0 2 0 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance–Platteville Plumbers �


12/17 Bilder Construction J 9 4 5 2 0 0


ACCOUNT: Notes Receivable 115


105


BALANCE


5 8 0


- 0 -


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


ACCOUNT: Interest Receivable 118


BALANCE


3 2 2 0


1 1 0 2 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


ACCOUNT: Prepaid Insurance 130


GENERAL LEDGER ACCOUNTS


Copyright © 2016 by John Wiley & Sons, Inc. 106


BALANCE


4 5 0 9 6 0


5 3 1 9 6 0


5 2 2 1 2 6


5 2 5 6 7 6


5 2 2 1 2 6


5 2 3 1 4 7


5 2 5 4 4 7


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


12/11 CR 12 9 8 3 4


12/13 J 9 3 5 5 0


12/13 J 9 3 5 5 0


12/19 CD 18 1 0 2 1


12/21 J 9 2 3 0 0


ACCOUNT: Inventory 120


BALANCE


1 6 5 0


2 3 2 0


3 6 8 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


12/20 CD 18 1 3 6 0


ACCOUNT: Supplies 126


BALANCE


1 3 0 0 0 0


1 4 5 0 0 0


GENERAL LEDGER ACCOUNTS


Copyright © 1992 by John Wiley & Sons, Inc.


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


7/1 CD 15 1 5 0 0 0


ACCOUNT: Other Assets 135


BALANCE


3 0 6 0 0 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


ACCOUNT: Buildings 145


BALANCE


4 3 0 0 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


ACCOUNT: Land 140


107


BALANCE


3 5 0 0


2 5 4 1 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


ACCOUNT: Prepaid Rent 131


BALANCE


1 3 2 0 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


ACCOUNT: Accum. Depr.–Equip. 152


BALANCE


3 2 8 0 0


3 8 9 0 0


BALANCE


7 3 0 4 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


GENERAL LEDGER ACCOUNTS


ACCOUNT: Accum. Depr.–Buildings 146


Copyright © 2016 by John Wiley & Sons, Inc.


BALANCE


7 8 4 0 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


ACCOUNT: Trucks 163


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


12/20 CD 18 6 1 0 0


ACCOUNT: Equipment 151


108


GENERAL LEDGER ACCOUNTS


Copyright © 1992 by John Wiley & Sons, Inc.


BALANCE


1 5 0 0 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance–renewed 12/31/17 �


ACCOUNT: Notes Payable 200


BALANCE


8 6 3 5 2


1 2 6 8 5 0


1 2 3 3 0 0


1 2 8 8 0 0


1 3 1 1 0 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


12/13 J 9 3 5 5 0


12/20 CD 18 5 5 0 0


12/21 J 9 2 3 0 0


ACCOUNT: Accounts Payable 201


BALANCE


3 9 5 4 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


ACCOUNT: Accum. Depr.–Trucks 164


109


BALANCE


7 8 1


1 7 8 7


2 1 3 7


2 4 8 7


7 0 0


1 1 1 5


1 5 3 0


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


12/11 CD 18 3 5 0


12/11 J 9 3 5 0


12/14 CD 18 1 7 8 7


12/24 J 9 4 1 5


12/24 CD 18 4 1 5


ACCOUNT: FICA Taxes Payable 214


BALANCE


1 9 0 6


- 0 -


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �


11/30 Balance �


GENERAL LEDGER ACCOUNTS


ACCOUNT: Salaries and Wages Payable 212


Copyright © 2016 by John Wiley & Sons, Inc. 110


BALANCE


1 5 7 8 9


- 0 -


DATE EXPLANATION REF. DEBIT CREDIT


2018


1/1 Balance �

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

University Coursework Help
Homework Guru
Best Coursework Help
Top Essay Tutor
Helping Hand
Calculation Guru
Writer Writer Name Offer Chat
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$142 Chat With Writer
Homework Guru

ONLINE

Homework Guru

Hi dear, I am ready to do your homework in a reasonable price and in a timely manner.

$142 Chat With Writer
Best Coursework Help

ONLINE

Best Coursework Help

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$140 Chat With Writer
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$145 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$140 Chat With Writer
Calculation Guru

ONLINE

Calculation Guru

I see that your standard of work is to get content for articles. Well, you are in the right place because I am a professional content writer holding a PhD. in English, as well as having immense experience in writing articles for a vast variety of niches and category such as newest trends, health issues, entertainment, technology, etc and I will make sure your article has all the key pointers and relevant information, Pros, Cons and basically all the information that a perfect article needs with good research. Your article is guaranteed to be appealing, attractive, engaging, original and passed through Copyscape for the audience so once they start reading they keep asking for more and stay interested.

$135 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Starbucks segmentation targeting positioning - Six dialectics of intercultural communication - How to respond to a case study in apa format - Hockley valley brewing co inc case study - Emergency lighting system uae - +91-8306951337 get your love back by vashikaran IN Jhansi - Adios mama short film english translation - Project - Derek bok protecting freedom of expression on the campus analysis - Freight equalization pros and cons - Http www houstonzoo org gorilla habitat cam - Spelling for grade 7 pdf - Heinz case study solution wacc - Polynomial addition using linked list in data structure - When direct materials are requisitioned they flow directly into - Indian maritime university placements quora - External features of earthworm - Well known verbatim plays - Brer rabbit movie 1946 - Litter robot yellow light flashing rapidly - Presentations on IVR third part - 6 discussions due in 48 hours - Ideo case study answers - In Python - Www makesigns com sciposters_templates aspx - Toastmasters chief judge script - Management leading and collaborating in a competitive world pdf - Homework - El bebé estaba nombrado rodney cline carew en honor ___________. - How to draw an isoquant curve - Fables and parables example - What subjective factors would affect the investment decision - Important scenes in v for vendetta - What is the temperature at stp in kelvin - Accounting in business chapter 1 - Pm ip 5 deliver in 9hrs - Australian pharmaceutical formulary and handbook apf 24 - Compounds and their bonds lab 9 report sheet answers - Arnold gesell theory nature vs nurture - Study case - Discussion - Personification in to kill a mockingbird with page numbers - Writing - Discussion - Sears holdings swot analysis 2018 - Agueda by pio baroja in english - 5 kingdoms of cells - Nsw health privacy act - I need 3 pages on Design Development - Informative speech thesis statement examples - Past life regression brisbane - Working capital management includes which one of the following - 5th infantry division association - Management perspectives assignment - Credit union sa childrens savings account - Introduction to Biology Discussion Question - Nursing diagnosis of trigeminal neuralgia - BEHAVIORAL SUPPORT PLANS - DUE IN 24 HOURS - Average bounced check fees range from - Overhead applied to production formula - Gooshy step talk communicator - Informative speech about exotic pets - Polar and exponential form - Einhard life of charlemagne pdf - When did mc escher start making art - Novex sharp prestained protein standard 57318 - Abnormal condition of dust in the lung __________ osis - Basic principles of ultrasound - Hoxton park big w - Water by the spoonful by quiara alegría hudes pdf - 300 words - Job Cost Accounting - Experiment 1 determining the chemical formula for copper gluconate - Panera bread company case study answers - A municipal bond carries a coupon rate of - Graduate engineer trainee program - Sharpening the team mind: communication and collective intelligence - Ids 100 presentation learning disabilities - Balboa by sabina murray sparknotes - External locus of control - Zoot suit act 1 summary - In which act does macbeth kill macduff's family - Forum: Week 2 Discussion - Modulus of elasticity of composite - Female perspectives about slavery as offered by Jacobs and Truth - Paragliding ground handling tricks - How to request an extension on webassign - How to read climograph - A separate peace study guide - Homework computer - Hp deskjet 1510 paper jam - Walker and avant 2005 concept analysis - Read the case (attached pdf) and respond questions in the action form(attached word doc.) - IA FP - Articulation r reading passages - Mirvac house and land packages - Why our campuses are not safer without concealed handguns essay - Hudson light and power - Butterball wdas fm philadelphia died - Fin 571 week 1 business structures