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Title: Quick Study 7-12A
PURCHASES JOURNAL
Date Account
Date
of
Invoice Terms PR
Account
s
Payable
Cr.
Purchases
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
May 1 Krause, Inc..................
5/01 n/30 10,100 10,100
Company...................
Title: Exercise 7-12A
SALES JOURNAL
Date Account Debited
Invoice
Number PR
Accounts Receivable Dr.
Sales Cr.
May 7 J. Dryer.....................................5704 1,250
Title: Exercise 7-13A
CASH RECEIPTS JOURNAL
Date
Account
Credited Explanation PR
Cash
Dr.
Sales
Discoun
t
Dr.
Accts.
Rec.
Cr.
Sales
Cr.
Other
Accounts
Cr.
Nov. 9 Notes Payable...........
Note to
bank 3,750 3,750
13 J. Ali, Capital..... Contribution 5,000 5,000
Title: Exercise 7-14A
CASH DISBURSEMENTS JOURNAL
Date
Ck.
No. Payee
Account
Debited PR
Cash
Cr.
Purchases
Discounts
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Apr.
9
210 Kitt Corp...........................Store Supplies.............................................
650 650
Title: Problem 7-4AA
Parts 1 and 2
SALES JOURNAL Page 3
Date Account Debited
Invoice
Number PR
Accounts Receivable Dr.
Sales Cr.
Apr. 3 Page Alistair...........................................760 4,000
5Paula Kohr.............................................
761 8,000
CASH RECEIPTS JOURNAL Page 3
Date
Account
Credited Explanation PR
Cash
Dr.
Sales
Discounts
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accounts
Cr.
Apr.
13
Page Alistair...........................................Sale of 4/3 3,920 80 4,000
14 Paula Kohr.............................................Sale of 4/5 7,840 160 8,000
(101) (415) (106) (413) ()
Title: Problem 7- 4AA
Parts 2 and 3
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Accounts Receivable Acct. No. 106
Date Explanation PR Debit Credit Balance
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
Long-Term Notes Payable Acct. No. 251
Date Explanation PR Debit Credit Balance
B. Wiset, Capital Acct. No. 301
Date Explanation PR Debit Credit Balance
Mar. 31 100,000
Sales Acct. No. 413
Date Explanation PR Debit Credit Balance
Sales Discounts Acct. No. 415
Date Explanation PR Debit Credit Balance
Title: Problem 7- 4AA
ACCOUNTS RECEIVABLE LEDGER
Page Alistair
Date Explanation PR Debit Credit Balance
Apr. 3 S3 4,000 4,000
Paula Kohr
Date Explanation PR Debit Credit Balance
Apr. 5 S3 8,000 8,000
Nic Nelson
Date Explanation PR Debit Credit Balance
Apr. 11 S3 10,500 10,500
Part 4
WISET COMPANY
Trial Balance
April 30
Debit Credit
Cash...................................................................... $298,863
Accounts receivable............................................ 9,870
Title: Problem 7- 4AA
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 subsidiary
accounts to confirm that they are listed correctly on the schedule. Next, recalculate the balance of each subsidiary
account to confirm that the additions and subtractions are correct. Next, trace the postings from each subsidiary
account and from the controlling account back to the appropriate journals. Since the sales and cash receipts journals
were footed and crossfooted before posting, the previous steps should disclose the error.
Title: Problem 7-5AA
Parts 1 and 3
PURCHASES JOURNAL
Date Account
Date of
Invoice Terms PR
Accounts
Payable
Cr.
Purchases
Dr.
Office
Supplies
Dr.
Accounts
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
(201) (505) (124)
Title: Problem 7-5AA
GENERAL JOURNAL Page 3
Apr. 6 Accounts Payable—Custer, Inc..................................
201/80
23 Accounts Payable—Grant Co..............................201/750
Parts 2 and 3
GENERAL LEDGER
Cash Acct. No. 101
Date Explanation PR Debit Credit Balance
Inventory Acct. No. 119
Date Explanation PR Debit Credit Balance
Office Supplies Acct. No. 124
Date Explanation PR Debit Credit Balance
Store Supplies Acct. No. 125
Date Explanation PR Debit Credit Balance
Apr. 20 P3 830 830
Store Equipment Acct. No. 165
Date Explanation PR Debit Credit Balance
Title: Problem 7-5AA
Accounts Payable Acct. No. 201
Date Explanation PR Debit Credit Balance
Apr. 6 G3 80 (80)
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
Purchases Acct. No. 505
Date Explanation PR Debit Credit Balance
Purchase Returns and Allowances Acct. No. 506
Date Explanation PR Debit Credit Balance
Purchases Discounts Acct. No. 507
Date Explanation PR Debit Credit Balance
Apr. 30 D3 546 546
Sales Salaries Expense Acct. No. 621
Date Explanation PR Debit Credit Balance
Advertising Expense Acct. No. 655
Date Explanation PR Debit Credit Balance
Title: Problem 7-5AA
ACCOUNTS PAYABLE LEDGER
Advertising Expense Acct. No. 655
Date Explanation PR Debit Credit Balance
Apr. 4 D3 899 899
Custer, Inc.
Date Explanation PR Debit Credit Balance
Apr. 3 P3 1,480 1,480
6 G3 80 1,400
Grant Company
Date Explanation PR Debit Credit Balance
Hal’s Supply
Date Explanation PR Debit Credit Balance
Noth Company
Date Explanation PR Debit Credit Balance
