Accounting Chapter 7 Homework To find the error(s), first re-add the account balances on the schedule of

subject Type Homework Help
subject Pages 14
subject Words 2339
subject Textbook Fundamental Accounting Principles 23rd Edition
subject Authors Barbara Chiappetta, John Wild, Ken Shaw
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page-pf1
461
Problem 7-2A (Continued)
Parts 2 and 3 (continued)
ACCOUNTS RECEIVABLE LEDGER
Page Alistair
Date
Explanation
PR
Credit
Balance
Apr. 3
S3
4,000
13
R3
4,000
0
Paula Kohr
Date
Explanation
PR
Credit
Balance
Apr. 5
S3
8,000
Part 4
WISET COMPANY
Trial Balance
April 30
Debit
Credit
Cash ......................................................................
$298,863
Accounts receivable ............................................
9,870
page-pf2
462
Problem 7-2A (Concluded)
Part 4 (continued)
WISET COMPANY
Schedule of Accounts Receivable
April 30
Paula Kohr ..................................................
$3,170
page-pf3
463
Problem 7-3A (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.
Apr. 2
Noth Company ................................
4/2
2/10, n/60
✓
14,300
14,300
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
page-pf4
464
Problem 7-3A (Continued)
Parts 1 and 3—continued
GENERAL JOURNAL Page 3
Apr. 6
Accounts Payable--Custer Inc. ................................
201/✓
80
Parts 2 and 3
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
85,000
Inventory
Acct. No. 119
Date
Explanation
PR
Credit
Balance
Mar. 31
125,000
Apr. 23
G3
750
124,250
Office Supplies
Acct. No. 124
Store Supplies
Acct. No. 125
Date
Explanation
PR
Credit
Balance
page-pf5
465
Problem 7-3A (Continued)
General Ledger—continued
Store Equipment
Acct. No. 165
Date
Explanation
PR
Credit
Balance
Apr. 9
P3
12,125
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Credit
Balance
Long-Term Notes Payable
Acct. No. 251
Date
Explanation
PR
Credit
Balance
Mar. 31
110,000
B. Wiset, Capital
Acct. No. 301
Date
Explanation
PR
Credit
Balance
page-pf6
466
Problem 7-3A (Concluded)
Parts 2 and 3—continued
Accounts Payable Ledger—continued
Hal’s Supply
Date
Explanation
PR
Credit
Balance
Apr. 9
P3
12,125
12,125
Part 4
WISET COMPANY
Trial Balance
April 30
Debit
Credit
Cash .............................................................
$ 35,847
163,129
WISET COMPANY
Schedule of Accounts Payable
April 30
Custer, Inc. ...................................................
$ 1,400
page-pf7
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7
PROBLEM SET B
Problem 7-1B (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
Page 2
Date
Account
Date of
Invoice
Terms
PR
Accounts
Payable
Cr.
Inventory
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
Nov. 1
Office Equip./Brun Supply .........................
11/1
n/10, EOM
163/✓
5,058
5,058
page-pf8
Problem 7-1B (Continued)
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.
Nov. 2
L.T. Notes Pay. ................................
Note to bank ................................
251/✓
88,500
88,500
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
page-pf9
Problem 7-1B (Continued)
GENERAL JOURNAL
Page 2
Nov. 17
Accounts Payable—Lo Co. .........................
201/✓
557
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Credit
Balance
Accounts Receivable
Acct. No. 106
Date
Explanation
PR
Credit
Balance
Nov. 30
S2
33,275
30
R2
25,300
7,975
Inventory
Acct. No. 119
Date
Explanation
PR
Credit
Balance
Office Supplies
Acct. No. 124
Date
Explanation
PR
Credit
Balance
page-pfa
Problem 7-1B (Continued)
Office Equipment
Acct. No. 163
Date
Explanation
PR
Credit
Balance
Long-Term Notes Payable
Acct. No. 251
Date
Explanation
PR
Credit
Balance
Nov. 2
R2
88,500
88,500
C. Grassley, Capital
Acct. No. 301
Date
Explanation
PR
Credit
Balance
Nov. 1
40,000
Sales
Acct. No. 413
Date
Explanation
PR
Credit
Balance
page-pfb
Problem 7-1B (Continued)
ACCOUNTS RECEIVABLE LEDGER
Carlos Mantel
Date
Explanation
PR
Credit
Balance
Nov. 10
S2
13,500
ACCOUNTS PAYABLE LEDGER
BLR Industries
Date
Explanation
PR
Credit
Balance
Nov. 4
P2
33,500
33,500
12
D2
0
Brun Supply
Date
Explanation
PR
Credit
Balance
page-pfc
Problem 7-1B (Concluded)
Part 3
GRASSLEY COMPANY
Trial Balance
November 30
Debit
Credit
Cash ................................................................
$100,207
Accounts receivable ............................................
7,975
Inventory ...............................................................
36,540
GRASSLEY COMPANY
Schedule of Accounts Receivable
November 30
Carlos Mantel .......................................................
$3,695
GRASSLEY COMPANY
Schedule of Accounts Payable
November 30
Brun Supply ..........................................................
$4,136
page-pfd
Problem 7-2B (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
page-pfe
Problem 7-2B (Continued)
Parts 2 and 3
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Credit
Balance
June 30
100,000
Long-Term Notes Payable
Acct. No. 251
Date
Explanation
PR
Credit
Balance
June 30
200,000
Cost of Goods Sold
Acct. No. 502
Date
Explanation
PR
Debit
Credit
Balance
page-pff
Problem 7-2B (Continued)
Parts 2 and 3 (continued)
ACCOUNTS RECEIVABLE LEDGER
Ruth Blake
Date
Explanation
PR
Credit
Balance
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit
Credit
Cash ................................................................
$353,137
R. Acorn, Capital ..................................................
100,000
Sales ................................................................
273,264
page-pf10
Problem 7-2B (Concluded)
Part 4—continued
ACORN INDUSTRIES
Schedule of Accounts Receivable
July 31
Ruth Blake ..............................................................
$17,500
Part 5
Analysis component
To find the error(s), first re-add the account balances on the schedule of
page-pf11
Problem 7-3B (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
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
page-pf12
Problem 7-3B (Continued)
Parts 1 and 3—continued
GENERAL JOURNAL
Page 3
July 8
Accounts Payable—Plaine ....................
201/✓
250
Parts 2 and 3
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Credit
Balance
June 30
100,000
Office Supplies
Acct. No. 124
Date
Explanation
PR
Credit
Balance
page-pf13
Problem 7-3B (Continued)
General Ledger—continued
Store Equipment
Acct. No. 165
Date
Explanation
PR
Credit
Balance
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Credit
Balance
Long-Term Notes Payable
Acct. No. 251
Date
Explanation
PR
Credit
Balance
R. Acorn, Capital
Acct. No. 301
Date
Explanation
PR
Credit
Balance
Advertising Expense
Acct. No. 655
Date
Explanation
PR
Credit
Balance
page-pf14
Problem 7-3B (Concluded)
Parts 2 and 3—continued
Accounts Payable Ledger—continued
Plaine, Inc.
Date
Explanation
PR
Credit
Balance
Part 4
ACORN INDUSTRIES
Trial Balance
July 31
Debit
Credit
Cash ................................................................
$ 24,601
ACORN INDUSTRIES
Schedule of Accounts Payable
July 31

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