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

978-0078025754 Appendix E Solution Manual Part 3

March 26, 2020
Problem E-1B (Continued)
ACCOUNTS RECEIVABLE LEDGER
Carlos Mantel
Date
Explanation
Debit
Credit
Balance
Nov. 10
13,500
13,500
18
6,550
0
Tori Tripp
Date
Explanation
Debit
Credit
Balance
Nov. 15
5,250
5,250
24
4,280
9,530
12
33,500
0
Brun Supply
Date
Explanation
Debit
Credit
Balance
Nov. 1
5,058
5,058
26
922
4,136
Date
Explanation
Debit
Credit
Balance
Nov. 11
2,557
2,557
17
557
2,000
19
2,000
0
Problem E-1B (Concluded)
Part 3
GRASSLEY COMPANY
Trial Balance
November 30
Debit
Credit
Office equipment..................................................
4,136
Accounts payable ................................................
$ 5,635
Long-term notes payable ................................
88,500
GRASSLEY COMPANY
Schedule of Accounts Receivable
November 30
GRASSLEY COMPANY
Schedule of Accounts Payable
November 30
©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.
Solutions Manual, Appendix E
471
Problem E-2B (70 minutes)
Parts 1 and 2
SALES JOURNAL
Page 3
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
CASH RECEIPTS JOURNAL
Page 3
Date
Account Credited
Explanation
PR
Cash
Dr.
Sales
Discount
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accts.
Cr.
Cost of Goods
Sold Dr.
Inventory Cr.
July 15
Kim Nettle ................................
Sale of 7/5 ................................
18,816
384
19,200
15
Sales ................................
Cash sales ................................
118,350
118,350
76,330
Problem E-2B (Continued)
Parts 2 and 3
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
Debit
Credit
Balance
31
40,350
34,320
Inventory
Acct. No. 119
Date
Explanation
Debit
Credit
Balance
June 30
200,000
July 31
44,520
155,480
Common Stock
Acct. No. 307
Date
Explanation
Debit
Credit
Balance
June 30
10,000
Retained Earnings
Acct. No. 318
Date
Explanation
Debit
Credit
Balance
Sales Discounts
Acct. No. 415
Date
Explanation
Debit
Credit
Balance
July 31
807
807
Cost of Goods Sold
Acct. No. 502
Date
Explanation
PR
Debit
Credit
Balance
Problem E-2B (Continued)
Parts 2 and 3 (continued)
ACCOUNTS RECEIVABLE LEDGER
Ruth Blake
Date
Explanation
Debit
Credit
Balance
Ashton Moore
Kim Nettle
Date
Explanation
Debit
Credit
Balance
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit
Credit
Cash ................................................................
$353,137
Accounts receivable ............................................
34,320
25,295
Problem E-2B (Concluded)
Part 4continued
ACORN INDUSTRIES
Schedule of Accounts Receivable
July 31
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
duplicated, forwarded, distributed, or posted on a website, in whole or part.
Solutions Manual, Appendix E
475
Problem E-3B (80 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.
July 1
Teton Company ................................
6/30
2/10, n/30
6,500
6,500
7
Store Supp./Plaine Inc. ...............................
7/7
n/10, EOM
125/
1,250
1,250
9
Store Equip./Charms Supply .......................
7/8
n/10, EOM
165/
38,220
38,220
CASH DISBURSEMENTS JOURNAL
Page 3
Date
Ck.
No.
Payee
Account Debited
PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
July 3
300
The Weekly ................................
Advertising Expense ................................
655
625
625
10
301
Teton Company ................................
Teton Company ................................
6,370
130
6,500
Problem E-3B (Continued)
Parts 1 and 3continued
GENERAL JOURNAL
Page 3
July 8
Accounts PayablePlaine ....................
201/
250
Store Supplies ..................................
125
250
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
Debit
Credit
Balance
June 30
100,000
July 31
75,399
24,601
31
226
220,844
Office Supplies
Acct. No. 124
Date
Explanation
Debit
Credit
Balance
July 31
650
650
Store Supplies
Acct. No. 125
Date
Explanation
Debit
Credit
Balance
July 9
38,220
38,220
Problem E-3B (Continued)
General Ledgercontinued
Accounts Payable
Acct. No. 201
Date
Explanation
Debit
Credit
Balance
July 8
250
(250)
June 30
200,000
Common Stock
Acct. No. 307
Date
Explanation
Debit
Credit
Balance
June 30
10,000
Retained Earnings
Acct. No. 318
July 15
31,850
31,850
31
31,850
63,700
Advertising Expense
Acct. No. 655
Date
Explanation
Debit
Credit
Balance
July 3
625
625
Drake Company
Date
Explanation
Debit
Credit
Balance
July 17
7,200
7,200
24
2,400
4,800
27
4,800
0
Problem E-3B (Concluded)
Parts 2 and 3continued
Accounts Payable Ledgercontinued
Plaine, Inc.
Date
Explanation
Debit
Credit
Balance
10
6,500
0
26
9,770
9,770
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit
Credit
Store supplies ......................................................
1,000
ACORN INDUSTRIES
Schedule of Accounts Payable
July 31
Charm’s Supply......................................
$38,870

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