Problem E-2B (Concluded)
Part 4—continued
ACORN INDUSTRIES
Schedule of Accounts Receivable
July 31
Ruth Blake…………..………………………………………....$17,500
Problem E-3B (80 minutes)
Parts 1 and 3
PURCHASES JOURNAL Page 3
Date Account
Date of
Invoice Terms PR
Accounts
Payable
Cr.
Inventory
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
July 1 Teton Company……………………………….6/30 2/10, n/30 6,500 6,500
7 Store Supp./Plaine Inc………….……………7/7 n/10, EOM 125/
1,250 1,250
9Store Equip./Charm’s Supply……........…...
7/8 n/10, EOM 165/
38,220 38,220
17 Drake Company……………………………….7/17 2/10, n/30 7,200 7,200
CASH DISBURSEMENTS JOURNAL Page 3
Date
Ck.
No. Payee Account Debited PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
July
3
300 The Weekly …………………………………….Advertising Expense……………………..…………..……..………….
65
5
625 625
10 301 Teton Company………..……………………..Teton Company……………….……………….……………….…..…….
6,370 130 6,500
Problem E-3B (Continued)
Parts 1 and 3—continued
GENERAL JOURNAL Page 3
July 8 Accounts Payable—Plaine……………….. 201/250
Store Supplies.................................. 125 250
Received a credit memorandum.
Parts 2 and 3
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
June 30 100,000
July 31 D3 75,399 24,601
Inventory Acct. No. 119
Office Supplies Acct. No. 124
Date Explanation PR Debit Credit Balance
July 31 P3 650 650
Store Equipment Acct. No. 165
Date Explanation PR Debit Credit Balance
July 9 P3 38,220 38,220
Problem E-3B (Continued)
General Ledger—continued
Accounts Payable Acct. No. 201
Date Explanation PR Debit Credit Balance
July 8 G3 250 (250)
24 G3 2,400 (2,650)
31 P3 63,590 60,940
31 D3 11,300 49,640
Long-Term Notes Payable Acct. No. 251
Date Explanation PR Debit Credit Balance
June 30 200,000
Common Stock Acct. No. 307
Advertising Expense Acct. No. 655
Date Explanation PR Debit Credit Balance
July 3 D3 625 625
ACCOUNTS PAYABLE LEDGER
Charm’s Supply
Date Explanation PR Debit Credit Balance
July 9 P3 38,220 38,220
20 P3 650 38,870
Problem E-3B (Concluded)
Parts 2 and 3—continued
Accounts Payable Ledger—continued
Plaine, Inc.
Date Explanation PR Debit Credit Balance
July 7 P3 1,250 1,250
8 G3 250 1,000
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit Credit
Cash……………………………………….….….…….………
$ 24,601
Inventory………….……………………………….…….……
220,844
Office supplies…………………….….……..……….…… 650
Store supplies…………….……….….……..……….……
1,000
Store equipment……..………………………………..…..
38,220
Sales salaries expense…………………………….……
63,700
Advertising expense…………………………….…….…
625 ________
Totals………..…………………..…………..……….….…….
$349,640 $349,640
ACORN INDUSTRIES
Schedule of Accounts Payable
July 31
SERIAL PROBLEM – SP E
Serial Problem (100 minutes) Parts 1 and 2
SALES JOURNAL Page 2
Date Account Debited
Invoice
Number PR
Accounts Receivable Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.
Jan. 13 Liu Corp……..…….……..…….…………..…n/a 5,200 3,560
26 KC, Inc………..…….……..…………………..n/a 5,800 4,640
