Problem E-1B (Continued)
Accounts Payable Acct. No. 201
Date Explanation PR Debit Credit Balance
Nov. 17 G2 557 (557)
Common Stock Acct. No. 307
Date Explanation PR Debit Credit Balance
Nov. 1 10,000
Retained Earnings Acct. No. 318
Sales Discounts Acct. No. 415
Date Explanation PR Debit Credit Balance
Nov. 30 R2 506 506
Costs of Goods Sold Acct. No. 502
Date Explanation PR Debit Credit Balance
Nov. 30 S2 19,050 19,050
30 R2 19,200 38,250
30 D2 6,585 13,170
Problem E-1B (Continued)
ACCOUNTS RECEIVABLE LEDGER
Carlos Mantel
Date Explanation PR Debit Credit Balance
Cyd Rounder
Date Explanation PR Debit Credit Balance
Nov. 8 S2 6,550 6,550
18 R2 6,550 0
Tori Tripp
Date Explanation PR Debit Credit Balance
ACCOUNTS PAYABLE LEDGER
BLR Industries
Date Explanation PR Debit Credit Balance
Nov. 4 P2 33,500 33,500
12 D2 33,500 0
Brun Supply
Date Explanation PR Debit Credit Balance
Nov. 1 P2 5,058 5,058
26 G2 922 4,136
Grebe Company
Date Explanation PR Debit Credit Balance
Problem E-1B (Concluded)
Part 3
GRASSLEY COMPANY
Trial Balance
November 30
Debit Credit
Cash……………………………………….…..….….….….…$100,207
Accounts receivable……….……………….…..….…... 7,975
Inventory………….…………………….……………….…... 36,540
Accounts payable……………….…..….….….….….…. $ 5,635
Long-term notes payable……………….….….….….. 88,500
Common stock…………..…………………..…..….….… 10,000
Retained earnings…………………………….….….…... 30,000
GRASSLEY COMPANY
Schedule of Accounts Receivable
November 30
GRASSLEY COMPANY
Schedule of Accounts Payable
November 30
Brun Supply……………..…………………..………….…..$4,136
Problem E-2B (70 minutes)
Parts 1 and 2
SALES JOURNAL Page 3
Date Account Debited
Invoice
Number PR
Accounts Receivable Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.
July
5
Kim Nettle………………………..….……….…
918 19,200 10,500
6 Ruth Blake……………………….…….…….…
919 7,500 4,300
13 Ashton Moore……………………….………...
920 8,550 5,230
CASH RECEIPTS JOURNAL Page 3
Date Account Credited Explanation PR
Cash
Dr.
Sales
Discoun
t
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accts.
Cr.
Cost of Goods
Sold Dr.
Inventory Cr.
Financial and Managerial Accounting, 6th Edition
46
21 L.T. Notes Pay…………………………………..Note to bank……………………………………………….……….………
251 15,000 15,000
23 Ashton Moore…………………….….………..Sale of 7/13…………………………………………………………….……
8,379 171 8,550
Problem E-2B (Continued)
Parts 2 and 3
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
July 31 R3 253,137 353,137
Accounts Receivable Acct. No. 106
Date Explanation PR Debit Credit Balance
July 31 S3 74,670 74,670
31 R3 40,350 34,320
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
Long-Term Notes Payable Acct. No. 251
Date Explanation PR Debit Credit Balance
June 30 200,000
July 21 R3 15,000 215,000
Common Stock Acct. No. 307
Sales Acct. No. 413
Date Explanation PR Debit Credit Balance
July 31 S3 74,670 74,670
31 R3 198,594 273,264
Problem E-2B (Continued)
Parts 2 and 3 (continued)
ACCOUNTS RECEIVABLE LEDGER
Ruth Blake
Ashton Moore
Date Explanation PR Debit Credit Balance
July 13 S3 8,550 8,550
23 R3 8,550 0
30 S3 16,820 16,820
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit Credit
Cash……………………………………….…..….….….….…
$353,137
Accounts receivable……….……………….…..….…...
34,320
Inventory………….…………………….……………….…...
25,295
Long-term notes payable……………….….….….….. $215,000