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Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
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
CASH RECEIPTS JOURNAL
Page 2
Date
Account Credited
Explanation
PR
Cash
Dr.
Sales
Discount
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
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
Serial Problem, Business Solutions (Continued)
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
CASH DISBURSEMENTS JOURNAL
Page 2
Date
Ck.
No.
Payee
Account Debited
PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
623/210
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
Serial Problem, Business Solutions (Concluded)
Part 3
GENERAL JOURNAL
Page 2
2018
Jan. 5 Cash ................................................................... 101 25,000
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
Comprehensive Problem
Comprehensive Problem, Colo Company (150 minutes)
Part 1
SALES JOURNAL
Page 2
Date
Account Debited
Invoice
Number
PR
Accounts Receivable Dr.
Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.
May 2
Hensel Company ................................
8785
✓
6,100
4,100
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
Comprehensive Problem, Colo Company (Part 1—Continued)
PURCHASES JOURNAL
Page 2
Date
Account
Date of
Invoice
Terms
PR
Accounts
Payable
Cr.
Inventory
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
May 4
Store Supp./Gear Supp ................................
5/04
n/10, EOM
125/✓
37,729
37,072
83
574
CASH RECEIPTS JOURNAL
Page 2
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.
May 5
Knox, Inc. ................................
Sale of Apr. 28 ................................
✓
4,459
91
4,550
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
Comprehensive Problem, Colo Company (Part 1—Continued)
CASH DISBURSEMENTS JOURNAL
Page 2
Date
Ck.
No.
Payee
Account Debited
PR
Cash
Cr.
Inventory
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
May 1
3410
S&P Mgmt. Co. ................................
Rent Exp.–Selling Space ................................
642
2,968
GENERAL JOURNAL Page 2
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
Solutions Manual, Chapter 7
487
Comprehensive Problem, Colo Company (Continued) Part 2
COLO COMPANY
Work Sheet for Month Ended May 31, 2017
Unadjusted Trial
Balance
Adjustments
Income
Statement
Balance Sheet or State-
ment of Owner’s Equity
Account
Debit
Credit
Debit
Credit
Debit
Credit
Debit
Credit
Cash .......................................................
135,911
135,911
Accounts receivable .............................
18,200
18,200
Sales returns and allowances ..............
175
175
Cost of goods sold ................................
99,910
99,910
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
488
Comprehensive Problem, Colo Company (Continued)
Part 2—continued
Adjusting entries (Part 2)
May 31
Insurance Expense .....................................................
637
553
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
489
Comprehensive Problem, Colo Company (Continued)
Part 2—continued
Closing entries (Part 2)
May 31
Sales ................................................................
413
156,422
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
490
Comprehensive Problem, Colo Company (Continued)
Part 2—continued
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
Balance
Apr. 30
Balance
50,247
Accounts Receivable
Acct. No. 106
Date
Explanation
PR
Debit
Credit
Balance
Apr. 30
Balance
4,725
Office Supplies
Acct. No. 124
Date
Explanation
PR
Debit
Credit
Balance
Apr. 30
Balance
430
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
491
Comprehensive Problem, Colo Company (Continued)
Part 2—continued
Prepaid Insurance
Acct. No. 128
Date
Explanation
PR
Debit
Credit
Balance
Apr. 30
Balance
3,318
Accumulated Depreciation–Store Equipment
Acct. No. 166
Date
Explanation
PR
Debit
Credit
Balance
492
Comprehensive Problem, Colo Company (Continued)
Part 2—continued
Jenny Colo, Withdrawals
Acct. No. 302
Date
Explanation
PR
Debit
Credit
Balance
May 29
D2
7,000
7,000
Cost of Goods Sold
Acct. No. 502
Date
Explanation
PR
Debit
Credit
Balance
