SB–6, cont.
SOLUTION
Requirement 1
Note: This journal shows totals and posting references that are required in Short Exercise SB–7.
SB–7 Posting transactions from a cash receipts journal to a subsidiary ledger and general ledger
Learning Objective 2
Review your results from Short Exercise SB-6.
Requirements
1. Total each column of the cash receipts journal.
2. Open the following four-column accounts in the accounts receivable subsidiary ledger: Accounts Receivable—Dylan, Bal. $5,280;
Accounts Receivable—Next, Bal. $2,250. Post the transactions to the accounts receivable subsidiary ledger.
3. Open the following selected four-column accounts in the general ledger: Cash (111), Bal. $4,550; Accounts Receivable (112), Bal. $7,530;
Merchandise Inventory (118), Bal. $3,250; Sales Revenue (411), Bal. $25,000; Sales Discounts Forfeited (412); Interest Revenue (419);
Cost of Goods Sold (511), Bal. $14,500. Post the total of each column to the general ledger. Also, post the Other Accounts column to the
general ledger.
4. Balance the total of the customer ending balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general
ledger.
SOLUTION
SB–7, cont.
Requirement 3, cont.
Learning Objective 3
Oct. 1 Purchased merchandise inventory on account with credit terms of 4/10, n/30
from Mayer Co., $2,200.
11 Purchased office supplies on account from Bird Co., $600. Terms were
n/EOM.
24 Purchased furniture on account with credit terms of 3/10, n/60 from Silly
Co., $900.
Use the following purchases journal to record the preceding transactions.
SOLUTION
SB–9 Posting transactions from a purchases journal to a subsidiary ledger and general
ledger
Learning Objective 3
Review your results from Short Exercise SB-8.
Requirements
1. Total each column of the purchases journal.
2. Open the following four-column accounts in the accounts payable subsidiary ledger: Accounts
Payable—Bird Co.; Accounts Payable—Mayer Co.; Accounts Payable—Silly Co. Post the
transactions to the accounts payable subsidiary ledger.
3. Open the following selected four-column accounts in the general ledger: Merchandise
Inventory (115); Office Supplies (116); Furniture (151); Accounts Payable (211). Post the
total of each column to the general ledger. Also, post the Other Accounts column to the
general ledger.
4. Balance the total of the vendor ending balances in the accounts payable subsidiary ledger
against Accounts Payable in the general ledger.
SOLUTION
SB–9, cont.
SB–10 Recording transactions in a cash payments journal
Learning Objective 3
Jan. 5 Issued check no. 430 to purchase equipment for cash, $1,700.
7 Purchased merchandise inventory for cash, $450, issuing check no. 431.
18 Paid Kat Co. amount owed, $775, less $100 discount. Issued check no. 432.
28 Issued check no. 433 to pay utilities, $260. The bill was just received, and
there is no liability recorded.
Use the following cash payments journal to record the preceding transactions.
SOLUTION
Note: Short Exercise SB-10 must be completed before attempting Short Exercise SB-11.
SB–11 Posting transactions from a cash payments journal to a subsidiary ledger and
general ledger
Learning Objective 3
Review your results from Short Exercise SB-10.
Requirements
1. Total each column of the cash payments journal.
2. Open the following four-column accounts in the accounts payable subsidiary ledger: Accounts
Payable—Kat Co., Bal. $1,900. Post the transactions to the accounts payable subsidiary
ledger.
3. Open the following selected four-column accounts in the general ledger: Cash (111), Bal.
$5,000; Merchandise Inventory (118), $2,100; Equipment (150), $9,900; Accounts Payable
(211), $1,900; Utilities Expense (541). Post the total of each column to the general ledger.
Also, post the Other Accounts column to the general ledger.
4. Balance the total of the vendor ending balances in the accounts payable subsidiary ledger
against Accounts Payable in the general ledger.
SOLUTION
