Type
Solution Manual
Book Title
Financial Accounting Fundamentals 5th Edition
ISBN 13
978-0078025754

978-0078025754 Appendix E Solution Manual Part 2

March 26, 2020
Problem E-1A (Continued)
Office Equipment
Acct. No. 163
Date
Explanation
PR
Debit
Credit
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Debit
Credit
Long-Term Notes Payable
Acct. No. 251
Date
Explanation
PR
Debit
Credit
Date
Explanation
PR
Debit
Credit
Date
Explanation
PR
Debit
Credit
Date
Explanation
PR
Debit
Credit
Sales Discounts
Acct. No. 415
Date
Explanation
PR
Debit
Credit
Date
Explanation
PR
Debit
Credit
Date
Explanation
PR
Debit
Credit
Problem E-1A (Continued)
ACCOUNTS RECEIVABLE LEDGER
Jovita Albany
Date
Explanation
PR
Debit
Credit
Mar. 10
S2
5,600
12
R2
16,800
Linda Witt
Date
Explanation
PR
Debit
Credit
Mar. 3
S2
10,200
13
R2
10,200
17
G2
2,425
23
D2
30,200
Gabel Company
Date
Explanation
PR
Debit
Credit
Mar. 3
P2
1,230
Van Industries
Date
Explanation
PR
Debit
Credit
Mar. 1
P2
43,600
13
D2
43,600
Problem E-1A (Concluded)
Part 3
CHURCH COMPANY
Trial Balance
March 31
Debit
Credit
Cash ................................................................
$ 69,884
Accounts receivable ............................................
19,225
Inventory ...............................................................
17,694
CHURCH COMPANY
Schedule of Accounts Receivable
March 31
CHURCH COMPANY
Schedule of Accounts Payable
March 31
©McGraw-Hill Companies, 2015
Solutions Manual, Appendix E
457
Problem E-2A (70 minutes)
Parts 1, 2 and 3
SALES JOURNAL
Page 3
Date
Account Debited
Invoice
Number
PR
Accounts Receivable Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.
Apr. 3
Page Alistair ................................
760
4,000
3,000
CASH RECEIPTS JOURNAL
Page 3
Date
Account Credited
Explanation
PR
Cash
Dr.
Sales
Discount
Dr.
Sales
Cr.
Other
Accts.
Cr.
Cost of Goods
Sold Dr.
Inventory Cr.
Apr.13
Page Alistair ................................
Sale of 4/3
3,920
80
14
Paula Kohr ................................
Sale of 4/5
7,840
160
Problem E-2A (Continued)
Parts 2 and 3
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
30
R3
27,600
Inventory
Acct. No. 119
Date
Explanation
PR
Debit
Credit
Mar. 31
Apr. 30
S3
26,925
Common Stock
Acct. No. 307
Date
Explanation
PR
Debit
Credit
Mar. 31
Retained Earnings
Acct. No. 318
Date
Explanation
PR
Debit
Credit
Sales Discounts
Acct. No. 415
Date
Explanation
PR
Debit
Credit
Apr. 30
R3
552
Cost of Goods Sold
Acct. No. 502
Date
Explanation
PR
Debit
Credit
Problem E-2A (Continued)
Parts 2 and 3 (continued)
ACCOUNTS RECEIVABLE LEDGER
Page Alistair
Date
Explanation
PR
Debit
Credit
Date
Explanation
PR
Debit
Credit
Apr. 5
S3
8,000
14
R3
8,000
27
S3
3,170
Nic Nelson
Trial Balance
April 30
Debit
Credit
Cash ......................................................................
$298,863
Accounts receivable ............................................
9,870
Inventory ...............................................................
3,295
Problem E-2A (Concluded)
Part 4 (continued)
WISET COMPANY
Schedule of Accounts Receivable
April 30
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
Problem E-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.
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 ................................
655
899
899
12
588
Noth Company ................................
Noth Company ................................
14,014
286
14,300
16
589
Payroll ................................
Sales Salaries Expense ................................
621
10,750
10,750
Problem E-3A (Continued)
Parts 1 and 3continued
GENERAL JOURNAL Page 3
Apr. 6
Accounts Payable--Custer Inc. ................................
201/
80
Office Supplies ..................................................
124
80
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
85,000
Apr. 30
D3
49,153
35,847
30
D3
546
Office Supplies
Acct. No. 124
Date
Explanation
PR
Debit
Credit
Apr. 3
P3
1,480
6
G3
80
Apr. 9
P3
12,125
Problem E-3A (Continued)
General Ledgercontinued
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Debit
Credit
Apr. 6
G3
80
(80)
Mar. 31
Common Stock
Acct. No. 307
Date
Explanation
PR
Debit
Credit
Mar. 31
Retained Earnings
Acct. No. 318
30
D3
10,750
Advertising Expense
Acct. No. 655
Date
Explanation
PR
Debit
Credit
Apr. 4
D3
899
ACCOUNTS PAYABLE LEDGER
Date
Explanation
PR
Debit
Credit
Apr. 17
P3
13,750
23
G3
750
26
D3
13,000
Problem E-3A (Concluded)
Parts 2 and 3continued
Accounts Payable Ledgercontinued
Hal’s Supply
Date
Explanation
PR
Debit
Credit
12
D3
14,300
25
P3
11,375
Part 4
WISET COMPANY
Trial Balance
April 30
Debit
Credit
Accounts payable.......................................
$ 25,730
Long-term notes payable ..........................
110,000
WISET COMPANY
Schedule of Accounts Payable
April 30
Solutions Manual, Appendix E
465
PROBLEM SET B
Problem E-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
Date
Account
Date of
Invoice
Terms
PR
Inventory
Dr.
Office
Supplies
Dr.
Nov. 1
Office Equip./Brun Supply .........................
11/1
n/10, EOM
163/
4
BLR Industries ................................
11/3
2/10, n/30
33,500
©2016 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned,
duplicated, forwarded, distributed, or posted on a website, in whole or part.
Financial Accounting Fundamentals, 5th Edition
466
Problem E-1B (Continued)
CASH RECEIPTS JOURNAL
Page 2
Date
Account
Credited
Explanation
PR
Cash
Dr.
Sales
Discount
Dr.
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
Problem E-1B (Continued)
GENERAL JOURNAL
Page 2
Nov. 17
Accounts PayableLo Co. .........................
201/
557
Inventory .................................................
119
557
Received a credit memo for returns.
Date
Explanation
PR
Debit
Credit
Nov. 30
R2
148,167
30
D2
47,960
Accounts Receivable
Acct. No. 106
Date
Explanation
PR
Debit
Credit
17
G2
557
30
P2
36,057
Nov. 5
P2
1,040
Office Equipment
Acct. No. 163
Date
Explanation
PR
Debit
Credit
Nov. 1
P2
5,058
26
G2
922
Problem E-1B (Continued)
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Debit
Credit
Nov. 17
G2
557
(557)
26
G2
922
(1,479)
Common Stock
Acct. No. 307
Date
Explanation
PR
Debit
Credit
Nov. 1
Retained Earnings
Acct. No. 318
Date
Explanation
PR
Debit
Credit
Sales Discounts
Acct. No. 415
Date
Explanation
PR
Debit
Credit
Nov. 30
R2
506
Costs of Goods Sold
Acct. No. 502
Date
Explanation
PR
Debit
Credit
30
D2
6,585

Subscribe Now

Sign up to view full document

View Document