158. If a two-column (all-purpose) general journal, a revenue journal, and a cash receipts journal are used,
indicate the journal in which each of the following transactions should be recorded:
(a)
Investment of additional cash in the business by the owner.
(b)
Rendering of services for cash.
(c)
Rendering of services on account.
(d)
Receipt of cash on account from a customer.
(e)
Sale of office supplies for cash, at cost, to a neighboring business.
(f)
Adjustment to record supplies used at the end of the year.
(g)
Closing of drawing account at the end of the year.
159. If a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal are used,
indicate the journal in which each of the following transactions should be recorded:
(a)
Payment of rent.
(b)
Purchase of supplies on account.
(c)
Purchase of computer on account.
(d)
Purchase of supplies for cash.
(e)
Advance payment of a one-year fire insurance policy on the office.
(f)
Adjustment to record accrued salaries at the end of the period.
(g)
Adjustment to record depreciation at the end of the month.
(h)
Payment of an account payable.
(a)
cash payments journal
(b)
purchases journal
(c)
purchases journal
(d)
cash payments journal
(e)
cash payments journal
(f)
general journal
(g)
general journal
(h)
cash payments journal
(a)
cash receipts journal
(b)
cash receipts journal
(c)
revenue journal
(d)
cash receipts journal
(e)
cash receipts journal
(f)
general journal
(g)
general journal
160. The posting references in the following purchases journal are indicated by letters. Identify each posting
reference [(a) through (i)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary
ledger account, or (3) that no posting is required.
PURCHASES
JOURNAL
)
Date
Account
Credited
Post.
Ref.
Accounts
Payable
Cr.
Office
Supplies
Dr.
Store
Supplies
Dr.
)
)
)
July
)
3
Morton Company
(a)
1,150
…..
1,150
)
7
Jackson Co.
(b)
4,800
4,800
…..
)
14
Fallon Inc.
(c)
7,000
7,000
…..
)
26
Simpson Bros.
(d)
2,350
…..
…..
)
31
15,300
11,800
1,150
)
(e)
(f)
(g)
)
(
(
(
Other Accounts Dr.
(
Post.
(
Account
Ref.
Amount
(
(
……
…
……
(
……
…
……
(
……
…
……
(
……
…
……
(
Equipment
(h)
1,950
(
1,950
(
(i)
(1)
General ledger account: (e), (f), (g), (h)
(2)
Subsidiary ledger account: (a), (b), (c), (d)
(3)
No posting required: (i)
161. The posting references in the following revenue journal are indicated by letters. Identify each posting
reference [(a) through (h)] as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary
ledger account, or (3) that no posting is required.
REVENUE
JOURNAL
Post
Acct. Rec. Dr.
Date
Invoice No.
Account Debited
Ref.
Fees Earned Cr.
April 3
190
Hill Company
(a)
4,750
8
191
North Supply
(b)
5,025
13
192
Macon Inc.
(c)
2,100
17
193
White Products
(d)
6,000
25
194
Easton Supply
(e)
2,250
30
195
Karson Enterprises
(f)
3,750
30
23,875
(g) (h)
(1)
General ledger account: (g), (h)
(2)
Subsidiary ledger account: (a), (b), (c), (d), (e), (f)
(3)
No posting required: —
162. The following are selected transactions related to purchases on account and cash payments completed
during April of the current year.
Apr 1
Issued Check No. 60 in payment of rent for month, $2,400.
5
Purchased office supplies from Clauson Co., $850.
9
Issued Check No. 61 to Dame Co. for $9,750 for cash purchase of equipment.
10
Purchased store supplies from Ewing Co., $425.
15
Issued Check No. 62 to Clauson Co. in payment of April 5 invoice.
17
Purchased store supplies from Patton Co., $7,500.
20
Issued Check No. 63 to Ewing Co. in payment of April 10 invoice of $425.
25
Purchased equipment from Sloan Co., $7,750.
27
Issued Check No. 64 to Patton Co.for partial payment of the April 17 invoice, $4,000.
30
Purchased office supplies from Winthrop Co., $400.
payments journals as of April 30.
Other
Accounts
Check
Account
Post.
Accounts
Payable
Cash
Date
No.
Debited
Ref.
Dr.
Dr.
163. Listed below are selected transactions completed by Ridge Company during March of the current year.
Mar 5
Rendered services on account to Quinton Co., Invoice No. 92, $3,250.
10
Rendered services on account to Martin Inc., Invoice No. 93, $4,500.
13
Received $5,000 in payment of monthly rent, which was due on March 1.
15
Received payment from Quinton Co. for invoice of March 5.
19
Received payment from Martin Inc. for balance due on invoice of March 10.
20
Received amount due from Thomas Co. on sale made in February, $5,200.
31
Recorded cash from services rendered for cash during the month, $15,750.
Post.
Accts. Rec. Dr.
Date
Invoice No.
Account Debited
Ref.
Services Revenue Cr.
Other
Accts.
Account
Post.
Accounts
Rec.
Cash
Date
Credited
Ref.
Dr.
Post.
Accts. Rec. Dr.
Date
Invoice No.
Account Debited
Ref.
Services Revenue Cr.
Mar 5
Quinton Co.
Ö
3,250
164. Down-Under, an aquatic supply store, makes the following five payments during August. Journalize them
in the Cash Payments Journal as appropriate.
(a)
On August 2nd, Down-Under paid Pondmaster, Inc with check 6420 for 6 pumps at $435.00 each. The pumps had been
purchased in July on account.
(b)
On August 10th, Down-Under purchased $785.00 of office supplies from Business Systems with check 6421.
(c)
On August 15th, Down-Under pays Aqua Magic $215.00 on account with check 6422.
(d)
On August 27th, Down-Under pays an invoice for merchandise received earlier from Spindrifter, Inc. for eight drains at $73.50
each. They wrote check 6423.
(e)
On August 31st, Down-Under purchased $65.00 of Koi clay from The Natural Wonder Company by writing check 6424. (Utilize
Pond Supplies Expense).
Cas
h Payments
Journal
Pg 17
Date:
Check
Number
Account Debited
Post
Ref.
Other
Acct
Dr:
Accounts
Payable:
Cash
Cr:
Date:
Check
Account Debited
Post
Other
Accounts
Cash
Aug 2
6420
Pondmaster, Inc
2,610.00
2,610.00
Aug 10
6421
Office Supplies
785.00
785.00
Aug 15
6422
Aqua Magic
215.00
215.00
Aug 27
6423
Spindrifter, Inc.
588.00
588.00
Aug 31
6424
Pond Supplies Expense
65.00
65.00
CASH
Other
Accts.
Account
Post.
Accounts
Rec.
Cash
Date
Credited
Ref.
Dr.
Mar
Rent Revenue
G
5,000
…..
5,000
Quinton Co.
Ö
…..
3,250
3,250
Martin Inc.
Ö
…..
4,500
4,500
Thomas Co.
Ö
…..
5,200
5,200
Services Revenue
G
15,750
…..
15,750
20,750
12,950
33,700
(Ö)
(G)
(G)
165. Voyager Electronic Services has three customers in its Accounts Receivable Subsidiary Ledger with the
following detail:
Fred Yao Ming – Beginning balance $1,150.00
Kohl Townson – Beginning balance $850.00
Chandra Jahi – Beginning balance $1,075.00
Accounts Receivable controlling Account balance $3,075.00
Journalize then post the following five transactions to the General Journal. Then post the journal entries to the
Accounts Receivable Subsidiary Ledger. Update the balance of the Accounts Receivable controlling Account
balance.
On June 3rd, Kohl Townson pays $325.00 on account.
On June 10th, Chandra Jahi purchases $475.00 on account.
On June 15th, Fred Yao Ming pays $395.00 on account.
On June 16th, Fred Yao Ming purchases $685.00 on account.
On June 23rd, Kohl Townson purchases $155.00 on account.
General
Journal
GJ Page 41
Date:
Account Title
Post
Ref:
Debit:
Credit:
Accounts
Receivabl
e –
controllin
g Account
Date:
Item:
Post Ref:
Debit:
Credit:
Balance:
BB
3,075.00
Accounts
Receivabl
e – Fred
Yao Ming
Date:
Item:
Post Ref:
Debit:
Credit:
Balance:
BB
1,150.00
Accounts
Receivabl
e – Kohl
Townson
Date:
Item:
Post Ref:
Debit:
Credit:
Balance:
BB
850.00
Accounts
Receivabl
e –
Chandra
Jahi
Date:
Item:
Post Ref:
Debit:
Credit:
Balance:
BB
1,075.00
June 3
Cash
325.00
A/R – Kohl Townson
325.00
June 10
A/R – Chandra Jahi
475.00
Sales
475.00
June 15
Cash
395.00
A/R – Fred Yao Ming
395.00
June 16
A/R – Fred Yao Ming
685.00
Sales
685.00
June 23
A/R – Kohl Townson
155.00
Sales
155.00
166. Sunrise Coffee Shop, in an effort to stream line their accounting system, has decided to utilize a Cash
Receipts Journal in its operation. Record the following transactions to the Cash Receipts Journal for the first
two weeks in March, add the columns, and include the Post Reference information from the accounts given.
Are there any additional columns you would add to this journal?
Cash Receipts
Journal
Date
Account
Credited
Post Ref
Cash
Dr
Bev
Revenue
Cr
Food
Revenue
Cr
Other
Cr
Mar 1
Cash received for beverages $375
Mar 1
Cash received for food $250
Mar 1
Cash received for customer sales of Sunrise’s signature coffee mugs $130
Mar 7
Cash received for beverages $480
Mar 7
Cash received for food $325
Mar 7
Cash received for customer sales of Sunrise’s signature coffee mugs $115
Mar 10
Cash received on Account from Central.com $900
General ledger Acct:
Customer Acct
Cash 10
Central.com 245
Acct Receivable 12
FFF 367
Retail Supplies 15
Beverage Revenue 41
Food Revenue 42
Retail Revenue 43
Bev
Food
3/1
Cash Sales
3/1
Cash Sales
3/1
Retail Sales
3/7
Cash Sales
3/7
Cash Sales
3/7
Retail Sales
3/10
Central.Com
12/245
2,575
1,145
(10)
(41)
(42)
167. Read each transaction and identify the appropriate journal that it should be recorded in;
1. Owner withdrew supplies
2. Sale made on account
3. Payment to vendor on account
4. Payment received from customer on account
5. Purchases on account
6. Adjusting journal entry for supplies used
7. Owner withdrew cash
8. Company borrows money from bank
9. Record monthly depreciation
10. Close revenue accounts at month end