ScholarMatic: Explanation & Answer
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The following transactions appeared for Some Company, Inc. Identify which special journal each transaction should be recorded (use S for Sales journal, P for Purchases journal, CR for Cash Receipts journal, CD for Cash Disbursements, and G for General journal).
Jan 1 Some Company issued $50,000 in stock to investors.G
Jan 5 Purchase a equipment by paying $15,000 cash. CD
Jan 8 Purchased $2,000 in inventory from Bottle Inc. terms 1/10, N30 P
Jan 10 Sold $2,000 of inventory to ABC Company for $4,000 terms 2/10,N30. S and CR
Jan 15 Made a partial payment to Bottle Inc. for $1,500. CD
Jan 16 Purchased $1,000 of inventory for cash. CD
Jan 20 Sold $1,000 of inventory to JKL Company for $2,000 terms 2/10, N30. S
Jan 20 Received full payment for Jan 10 sale to ABC less the discount. CR
Jan 21 JKL Company returned $200 of merchandise for a credit of $400. G
Jan 25 Purchased $500 of supplies on credit. P
4.Using the transactions from Exercise 3, complete the following:
- Create an accounts receivable ledger account and customer ledger for ABC Company and JKL Company.
- Post the appropriate entries to the accounts receivable control ledger (use the individual transactions) and the customer ledgers.
- Schedule of Accounts Receivable to prove the balance in accounts receivable.
5. Using the transactions from Exercise 3, complete the following:
- Create an accounts payable ledger account and vendor ledger for Bottle Inc..
- Post the appropriate entries to the accounts payable control ledger (use the individual transactions) and the vendor ledger.
- Schedule of Accounts Payable to prove the balance in accounts payable.
ScholarMatic: Explanation & Answer
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