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Problem 7-2A (Concluded)
Part 4 (continued)
WISET COMPANY
Schedule of Accounts Receivable
April 30
Paula Kohr.................................................. $3,170
Part 5
Analysis component
To find the error(s), first re-add the account balances on the schedule of
accounts receivable to confirm that the addition is correct. Then, trace the
balances listed on the schedule of accounts receivable back to the
7-1
Problem 7-3A (120 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.
Apr. 2 Noth Company.......................................
4/2 2/10, n/60 14,300 14,300
3 Office Supplies/Custer Inc......................
4/2 n/10, EOM 1,480 1,480
9 Store Equip./Hal’s Supply.......................
4/9 n/10, EOM 165/12,125 12,125
7-2
CASH DISBURSEMENTS JOURNAL Page 3
Date
Ck.
No. Payee Account Debited PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Apr. 4 587 World View.............................................Advertising Expense.............................................................
65
5
899 899
12 588 Noth Company.........................................
Noth Company......................................................................
14,014 286 14,300
16 589 Payroll...................................................Sales Salaries Expense.........................................................
62
1
10,750 10,750
26 590 Grant Company.....................................Grant Company.....................................................................
12,740 260 13,000
7-3
Problem 7-3A (Continued)
Parts 1 and 3—continued
GENERAL JOURNAL Page 3
Apr. 6 Accounts Payable--Custer Inc.................................
201/80
Received a credit memorandum.
Parts 2 and 3
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Mar. 31 85,000
Apr. 30 D3 49,153 35,847
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
Store Supplies Acct. No. 125
Date Explanation PR Debit Credit Balance
Apr. 20 P3 830 830
7-4
Education.
Problem 7-3A (Continued)
General Ledger—continued
Store Equipment Acct. No. 165
Date Explanation PR Debit Credit Balance
Apr. 9 P3 12,125 12,125
Accounts Payable Acct. No. 201
Date Explanation PR Debit Credit Balance
Long-Term Notes Payable Acct. No. 251
Date Explanation PR Debit Credit Balance
Mar. 31 110,000
B. Wiset, Capital Acct. No. 301
Date Explanation PR Debit Credit Balance
Advertising Expense Acct. No. 655
Date Explanation PR Debit Credit Balance
Apr. 4 D3 899 899
ACCOUNTS PAYABLE LEDGER
Custer, Inc.
7-5
Problem 7-3A (Concluded)
Parts 2 and 3—continued
Accounts Payable Ledger—continued
Hal’s Supply
Date Explanation PR Debit Credit Balance
Part 4
WISET COMPANY
Trial Balance
April 30
Debit Credit
Cash............................................................. $ 35,847
Inventory..................................................... 163,129
Office supplies............................................ 1,400
Store supplies............................................. 830
Store equipment.......................................... 12,125
WISET COMPANY
Schedule of Accounts Payable
April 30
Custer, Inc.................................................... $ 1,400
Hal’s Supply................................................. 12,955
Noth Company............................................ 11,375
Total accounts payable............................... $25,730
7-6
PROBLEM SET B
Problem 7-1B (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.
Nov. 8 Cyd Rounder.......................................439 6,550 3,910
PURCHASES JOURNAL Page 2
Date Account
Date of
Invoice Terms PR
Accounts
Payable
Cr.
Inventory
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
Nov. 1 Office Equip./Brun Supply......................11/1 n/10, EOM 163/5,058 5,058
4 BLR Industries......................................11/3 2/10, n/30 33,500 33,500
7-7
Problem 7-1B (Continued)
7-8
CASH RECEIPTS JOURNAL Page 2
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.
Nov. 2 L.T. Notes Pay.........................................Note to bank..........................................................................
251/88,500 88,500
15 Sales......................................................Cash sales.............................................................................
18,170 18,170 9,000
CASH DISBURSEMENTS JOURNAL Page 2
Date
Ck.
No. Payee Account Debited PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Nov. 12 633 BLR Industries.......................................BLR Industries......................................................................
32,830 670 33,500
15 634 Payroll...................................................Sales Salaries
Expense................................................................................
621 6,585 6,585
7-9
Problem 7-1B (Continued)
GENERAL JOURNAL Page 2
Nov. 17 Accounts Payable—Lo Co...........................201/557
Inventory.................................................119 557
Received a credit memo for returns.
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Accounts Receivable Acct. No. 106
Date Explanation PR Debit Credit Balance
Nov. 30 S2 33,275 33,275
30 R2 25,300 7,975
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
Nov. 1 40,000
17 G2 557 39,443
Office Supplies Acct. No. 124
Date Explanation PR Debit Credit Balance
Nov. 30 P2 459 459
Store Supplies Acct. No. 125
Date Explanation PR Debit Credit Balance
7-10
Problem 7-1B (Continued)
Office Equipment Acct. No. 163
Date Explanation PR Debit Credit Balance
Nov. 1 P2 5,058 5,058
26 G2 922 4,136
Accounts Payable Acct. No. 201
Date Explanation PR Debit Credit Balance
C. Grassley, Capital Acct. No. 301
Date Explanation PR Debit Credit Balance
Nov. 1 40,000
Sales Acct. No. 413
Sales Salaries Expense Acct. No. 621
Date Explanation PR Debit Credit Balance
Nov. 15 D2 6,585 6,585
30 D2 6,585 13,170
7-11
Problem 7-1B (Continued)
ACCOUNTS RECEIVABLE LEDGER
Carlos Mantel
Tori Tripp
Date Explanation PR Debit Credit Balance
Nov. 15 S2 5,250 5,250
24 S2 4,280 9,530
25 R2 5,250 4,280
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
7-12
