Solution: Alternate Demonstration Problem
Chapter 7
SALES JOURNAL
Date Account Debited
Invoice
Number PR
Accts Rec Dr
Sales Cr
Cost of Goods Sold Debit
Inventory Credit
Feb. 2 Dale Dent 711 800.00 500.00
4 Gary Glen 712 1,250.00 850.00
11 Carl Cole 713 1,650.00 1,000.00
PURCHASES JOURNAL
Date Amount Credited
Date of
Invoice Terms
P
R
Accounts
Payable
Credit
Inventory
Debit
Store
Supplies
Debit
Office
Supplies
Debit
Feb. 3 Able Company 1/30 2/10, n/60 1,750.00 1,750.00 . . . . . . . . . .
5 Best Company 2/4 n/10, EOM 1,965.00 1,855.00 75.00 35.00
14 Old Company 2/11 2/10, n/60 1,985.00 1,985.00 . . . . . . . . . .
7-1
CASH RECEIPTS JOURNAL
Date
Account
Credited Explanation PR
Cash
Debit
Sales
Disc.
Debit
Accts.
Rec.
Credit
Sales
Credit
Other
Accts.
Credit
Cost of
Goods Sold
Debit
Inventory
Credit
Feb.
1
F.Stone,
Capital
Investment 31
1
100,000.0
0
……………. ……………. ……………. 100,000.0
0
…………….
7 Notes
Payable
Note to bank 21
1
5,000.00 ……………. ……………. ……………. 5,000.00 …………….
12 Dale Dent Sale of 2/2 784.00 16.00 800.00 ……………. ……………. …………….
14 Gary Glen Sale of 2/4 1,225.00 25.00 1,250.00 ……………. ……………. …………….
0
0
(111) (413) (112) (411) () (511/113)
CASH DISBURSEMENTS JOURNAL
Date
Ch.
No. Payee Account Debited PR
Cash
Credit
Inventory
Credit
Accts.
Pay
Debit
Other
Accts.
Debit
Feb.
1
41
3
Flint Company Inventory 11
3
75,000.0
0
……………. ……………. 75,000.00
9 41
4
Able Company Invoice of 1/30 1,715.00 35.00 1,750.00 .……………
6
7-12
28 41
7
Payroll Sales Salaries Exp. 61
2
855.00 ……………. ……………. 855.00
7-13
GENERAL JOURNAL
Feb 9 Office Equipment 133 625.00
Accounts Payable/ More Company 212/625.00
17 Accounts Payable/ Old Company 212/85.00
Inventory 113 85.00
GENERAL LEDGER
Cash Acct. No. 111
Inventory Acct. No. 113
Date Explanation PR Debit Credit Balance
Feb. 2
17
28
28
D2
G2
P2
S2
75,000
6,000
85
3,200
75,000
74,915
80,915
77,715
Feb. 28 P2 120 120
Office Supplies Acct. No. 116
Date Explanation PR Debit Credit Balance
7-14
Date Explanation PR Debit Credit Balance
Feb. 9
18
G2
G2
625
130
625
495
Notes Payable Acct. No. 211
Date Explanation PR Debit Credit Balance
Feb. 7 R2 5,000 5,000
Accounts Payable Acct. No. 212
Date Explanation PR Debit Credit Balance
Feb. 9
G2
625
625
F. Stone, Capital Acct. No. 311
Date Explanation PR Debit Credit Balance
Feb. 1 R2 100,000 100,000
Sales Acct. No. 411
Date Explanation PR Debit Credit Balance
28
SJ
3,200
24,200
28
D2
855
1,710
7-15
Education.
ACCOUNTS RECEIVABLE LEDGER
Carl Cole
Date Explanation PR Debit Credit Balance
Feb. 11
21
24
S2
R2
S2
1,650
835
1,650
1,650
-0-
835
Dale Dent
26
S2
775
775
ACCOUNTS PAYABLE LEDGER
Able Company
Date Explanation PR Debit Credit Balance
Feb. 3
9
P2
D2 1,750
1,750 1,750
-0-
Best Company
Date Explanation PR Debit Credit Balance
7-16
Feb. 14
17
21
P2
G2
D2
85
1,900
1,985 1,985
1,900
-0-
7-17
Education.
BEDROCK COMPANY
Trial Balance
February 28, 20XX
Office equipment…………………………………………..….. 495
Notes payable…………………………………….………..…… $ 5,000
Sales salaries expense……………………..………………. 1,710 ______
Totals……………………………………....……………… $151,930 $151,930
BEDROCK COMPANY
Schedule of Accounts Receivable
February 28, 20XX
Carl Cole…………………………………………………………… $ 835
Gary Glen……………………………………………..………….. 775
Total……………………………………….……………..… $1,610
BEDROCK COMPANY
Schedule of Accounts Payable
February 28, 20XX
7-18
Education.