Problem 7-1B (Concluded)
Part 3
GRASSLEY COMPANY
Trial Balance
November 30
Debit Credit
Cash…………………………………….……….………….….$100,207
Accounts receivable…………………………………….. 7,975
Accounts payable…………………..………….………… $ 5,635
Long-term notes payable……………………….…….. 88,500
C. Grassley, Capital………………………………………. 40,000
GRASSLEY COMPANY
Schedule of Accounts Receivable
November 30
Carlos Mantel…………………..…….…………….………$3,695
Tori Tripp……………………………………………………… 4,280
Total accounts receivable………….…………….……$7,975
GRASSLEY COMPANY
Schedule of Accounts Payable
November 30
Problem 7-2B (70 minutes)
Parts 1 and 2
SALES JOURNAL
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
31 Totals………………………………………..…… 74,670
44,520
(106/413) (502/119)
CASH RECEIPTS JOURNAL
Date Account Credited Explanation PR
Cash
Dr.
Sales
Discoun
t
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accts.
Cr.
Cost of Goods
July 15 Kim Nettle………………………………..……..Sale of 7/5……………………………………………………………..…….
18,816 384 19,200
15 Sales…………………………………………..….Cash sales………………………………………………………………..…
118,350 118,350
16 Ruth Blake…………………………………..….Sale of 7/6…………………………………………………………….…..…
7,350 150 7,500
(101) (415) (106) (413) ()
Problem 7-2B (Continued)
Parts 2 and 3
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
31 R3 40,350 34,320
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
June 30 200,000
July 31 S3 44,520 155,480
31 R3 130,185 25,295
Long-Term Notes Payable Acct. No. 251
Date Explanation PR Debit Credit Balance
Sales Discounts Acct. No. 415
Date Explanation PR Debit Credit Balance
July 31 R3 807 807
Cost of Goods Sold Acct. No. 502
Date Explanation PR Debit Credit Balance
July 31 S3 44,520 44,520
31 R3 130,185 174,705
Problem 7-2B (Continued)
Parts 2 and 3 (continued)
ACCOUNTS RECEIVABLE LEDGER
Ruth Blake
Date Explanation PR Debit Credit Balance
July 6 S3 7,500 7,500
16 R3 7,500 0
29 S3 17,500 17,500
Ashton Moore
Date Explanation PR Debit Credit Balance
24 R3 5,100 0
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit Credit
Cash…………………………………….……….………….….
$353,137
Accounts receivable……………………………………..
34,320
Problem 7-2B (Concluded)
Part 4—continued
ACORN INDUSTRIES
Schedule of Accounts Receivable
July 31
CASH DISBURSEMENTS JOURNAL
Date
Ck.
No. Payee Account Debited PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
July
3
300 The Weekly ……………..…………..…………Advertising Expense………………………………..…..…………..….
65
5
625 625
10 301 Teton Company……..……………..…………Teton Company………………………………………………..……..…..
6,370 130
July 31 D3 75,399 24,601
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
Office Supplies Acct. No. 124
Date Explanation PR Debit Credit Balance
July 31 P3 650 650
Store Supplies Acct. No. 125
Date Explanation PR Debit Credit Balance
Problem 7-3B (Continued)
General Ledger—continued
Store Equipment Acct. No. 165
Date Explanation PR Debit Credit Balance
July 9 P3 38,220 38,220
Accounts Payable Acct. No. 201
Date Explanation PR Debit Credit Balance
Long-Term Notes Payable Acct. No. 251
Date Explanation PR Debit Credit Balance
June 30 200,000
R. Acorn, Capital Acct. No. 301
Date Explanation PR Debit Credit Balance
Date Explanation PR Debit Credit Balance
July 15 D3 31,850 31,850
31 D3 31,850 63,700
Advertising Expense Acct. No. 655
Date Explanation PR Debit Credit Balance
Drake Company
Date Explanation PR Debit Credit Balance
July 17 P3 7,200 7,200
24 G3 2,400 4,800
27 D3 4,800 0
Problem 7-3B (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
Teton Company
Date Explanation PR Debit Credit Balance
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit Credit
Cash………………………………….……….………….…….
$ 24,601
Sales salaries expense……………………….…………
63,700
Advertising expense………………………….………….
625 ________
Totals…………………………………………………..……….
$349,640 $349,640
ACORN INDUSTRIES
Schedule of Accounts Payable
July 31
Charm’s Supply…………………………….…. $38,870
Plaine, Inc………………………………………… 1,000
7-12
SERIAL PROBLEM – SP 7
Serial Problem, Business Solutions (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
CASH RECEIPTS JOURNAL Page 2
Date
Account Credited
Explanation PR
Cash
Dr.
Sales
Discoun
t
Dr.
Accounts
Receivable
Cr.
Services
Revenue
Cr.
Other
Accts.
Cr.
Cost of Goods
Sold Dr.
Inventory Cr.
Jan.
9
Gomez Co…………………………………..…..Invoice, n/a 2,668 2,668
16 Services Revenue…………….……………....Cash Sales 4,000 4,000
(101) (415) (106) (403) () (502/119)
7-14
Serial Problem, Business Solutions (Continued)
7-15
PURCHASES JOURNAL Page 2
Date Account
Date of
Invoice Terms PR
Accounts
Payable
Cr.
Inventory
Dr.
Computer
Supplies
Dr.
Other
Accounts
Dr.
Jan. 7 Kansas Corp….…………..………….………1/7 1/10, n/30 5,800 5,800
26 Kansas Corp……….………….……………..1/26 1/10, n/30 9,000 9,000
Mar. 8 Harris Office Products………..…..….…..3/8 2,730
_____ 2,730
31 Totals………………….…………..….…..…... 17,530
14,800
2,730
0
(201) (119) (126) ()
CASH DISBURSEMENTS JOURNAL Page 2
Date
Ck.
No. Payee Account Debited PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
5 n/a Not specified………….…………..………….Advertising Expense……........ 655 600 600
15 n/a S. Rey…………………..………..…..…..…...S. Rey, Withdrawals……….…... 302 4,800 4,800
26 n/a Lyn Addie……………..…………..…………..Wages Expense…………………. 623 1,000 1,000
27 n/a S. Rey…………………..………..…..…..…...Mileage Expense…….…..…..... 676 192 192
Mar. 11 n/a Not Specified…………….….…..….…..…..Repairs Expense…..…..…....... 684 960 960
19 n/a Harris Off. Prod……………………………...Harris Office Products…..….... 3,830 3,830
7-17