Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7A
505
Appendix 7A—PERIODIC
Accounting Information Systems
QUICK STUDIES
Quick Study 7-11A (20 minutes)
PURCHASES JOURNAL
Date
Account
Date
of
Invoice
Terms
PR
Accounts
Payable
Cr.
Purchases
Dr.
Other
Accounts
Dr.
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7A
506
EXERCISES
Exercise 7-12A (15 minutes)
SALES JOURNAL
Date
Account Debited
Invoice
Number
PR
Accounts Receivable Dr.
Sales Cr.
Exercise 7-13A (25 minutes)
CASH RECEIPTS JOURNAL
Date
Account
Credited
Explanation
PR
Cash
Dr.
Sales
Discount
Dr.
Accts.
Rec.
Cr.
Sales
Cr.
Other
Accounts
Cr.
Exercise 7-14A (25 minutes)
CASH DISBURSEMENTS JOURNAL
Date
Ck.
No.
Payee
Account
Debited
PR
Cash
Cr.
Purchases
Discounts
Cr.
Accounts
Payable
Dr.
R. Lamb …………………………..
Wild, Shaw, Chiappetta, FAP 23e Solutions Manual: Chapter 7A
507
PROBLEM SET A
Problem 7-4AA (70 minutes)
Parts 1 and 2
SALES JOURNAL
Page 3
Date
Account Debited
Invoice
Number
PR
Accounts Receivable Dr.
Sales Cr.
Apr. 3
Page Alistair …………………………..
760
✓
4,000
CASH RECEIPTS JOURNAL
Page 3
Date
Account
Credited
Explanation
PR
Cash
Dr.
Sales
Discounts
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accounts
Cr.
Apr. 13
Page Alistair …………………………..
Sale of 4/3
✓
3,920
80
4,000
Paula Kohr …………………………..
Sale of 4/5
✓
7,840
8,000
Totals …………
213,863
27,600
60,000
761
762
763
764
✓
765
508
Problem 7- 4AA (Continued)
Parts 2 and 3
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
85,000
Acct. No. 106
Date
Explanation
PR
Debit
Credit
Balance
37,470
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
Long-Term Notes Payable
Acct. No. 251
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
B. Wiset, Capital
Acct. No. 301
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
Acct. No. 413
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 415
Date
Explanation
PR
Debit
Credit
Balance
509
Problem 7- 4AA (Continued)
Parts 2 and 3—continued
ACCOUNTS RECEIVABLE LEDGER
Page Alistair
Date
Explanation
PR
Debit
Credit
Balance
Apr. 3
S3
4,000
4,000
0
S3
5,100
5,100
0
Paula Kohr
Date
Explanation
PR
Debit
Credit
Balance
Apr. 5
S3
8,000
8,000
0
S3
3,170
3,170
Date
Explanation
PR
Debit
Credit
Balance
S3
0
S3
6,700
6,700
Part 4
WISET COMPANY
Trial Balance
April 30
Debit
Credit
Accounts receivable ………………………………………
Sales discounts……………………………………………..
510
Problem 7- 4AA (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
511
Problem 7-5AA (80 minutes)
Parts 1 and 3
PURCHASES JOURNAL
Page 3
Date
Account
Date of
Invoice
Terms
PR
Accounts
Payable
Cr.
Purchases
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
Apr. 2
1,480
830
830
CASH DISBURSEMENTS JOURNAL
Page 3
Date
Ck.
No.
Payee
Account Debited
PR
Cash
Cr.
Purchases
Discount
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Apr. 4
587
World View …………………………..
Advertising Expense …………………………..
655
899
899
588
Noth Company …………………………..
286
589
Payroll …………………………..
Sales Salaries Expense …………………………..
621
590
Grant Company …………………………..
Grant Company…………………………..
260
591
Payroll …………………………..
Sales Salaries Expense …………………………..
621
10,750
___
Totals …………………………..
512
Problem 7-5AA (Continued)
Parts 1 and 3—continued
GENERAL JOURNAL Page 3
Apr. 6
Accounts Payable—Custer, Inc …………………………..
201/✓
80
80
Accounts Payable—Grant Co. …………………………
201/✓
Parts 2 and 3
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
Balance
Inventory
Acct. No. 119
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 124
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 125
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 165
Date
Explanation
PR
Debit
Credit
Balance
513
Problem 7-5AA (Continued)
General Ledger—continued
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 251
Date
Explanation
PR
Debit
Credit
Balance
B. Wiset, Capital
Acct. No. 301
Date
Explanation
PR
Debit
Credit
Balance
Date
Debit
Balance
Purchase Returns and Allowances
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 507
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 621
Date
Explanation
PR
Debit
Credit
Balance
Advertising Expense
Date
Explanation
PR
Debit
Credit
Balance
514
Problem 7-5AA (Continued)
Parts 2 and 3—continued
ACCOUNTS PAYABLE LEDGER
Custer, Inc.
Date
Explanation
PR
Debit
Credit
Balance
Date
Explanation
PR
Debit
Credit
Balance
Hal’s Supply
Date
Explanation
PR
Debit
Credit
Balance
Date
Explanation
PR
Debit
Credit
Balance
515
Problem 7-5AA (Concluded)
Part 4
WISET COMPANY
Trial Balance
April 30
Debit
Credit
Cash ……………………………………………………….
$ 35,847
Store supplies…………………………………………
Long-term notes payable ………………………..
$237,026
WISET COMPANY
Schedule of Accounts Payable
April 30
Noth Company ……………………………………..
516
Problem 7-6AA (100 minutes)
Parts 1 and 2
SALES JOURNAL
Page 2
Date
Account Debited
Invoice
Number
PR
Accounts Receivable Dr.
Sales Cr.
517
Problem 7-6AA (Continued)
Parts 1 and 2—continued
PURCHASES JOURNAL
Page 2
Date
Account
Date of
Invoice
Terms
PR
Accounts
Payable
Cr.
Purchases
Dr.
Office
Supplies
Dr.
Other
Accounts
Dr.
43,600
43,600
1,230
21,850
32,625
32,625
76,225
518
Problem 7-6AA (Continued)
Parts 1 and 2—continued
CASH RECEIPTS JOURNAL
Page 2
Date
Account
Credited
Explanation
PR
Cash
Dr.
Sales
Discount
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accounts
Cr.
16,464
_____
_____
CASH DISBURSEMENTS JOURNAL
Page 2
Date
Ck.
No.
Payee
Account Debited
PR
Cash
Cr.
Purchases
Discounts
Cr.
Other
Accounts
Dr.
Accounts
Payable
Dr.
519
Problem 7-6AA (Continued)
GENERAL JOURNAL
Page 2
GENERAL LEDGER
Cash
Acct. No. 101
Date
Explanation
PR
Debit
Credit
Balance
Accounts Receivable
Acct. No. 106
Date
Explanation
PR
Debit
Credit
Balance
Inventory
Acct. No. 119
Date
Explanation
PR
Debit
Credit
Balance
Mar. 1
10,000
Office Supplies
Acct. No. 124
Date
Explanation
PR
Debit
Credit
Balance
520
Problem 7-6AA (Continued)
Accounts Payable
Acct. No. 201
Date
Explanation
PR
Debit
Credit
Balance
Mar. 17
630
D2
Long-Term Notes Payable
Acct. No. 251
Date
Explanation
PR
Debit
Credit
Balance
Mar. 6
R2
Z. Church, Capital
Acct. No. 301
Date
Explanation
PR
Debit
Credit
Balance
Mar. 1
Acct. No. 413
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
R2
Acct. No. 415
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
R2
652
652
Purchases
Acct. No. 505
Date
Explanation
PR
Debit
Credit
Balance
Mar. 31
Date
Explanation
PR
Debit
Credit
Balance
Acct. No. 507
Date
Explanation
PR
Debit
Credit
Balance
D2
Acct. No. 621
Date
Explanation
PR
Debit
Credit
Balance
Mar. 15
D2
D2
521
Problem 7-6AA (Continued)
`
ACCOUNTS RECEIVABLE LEDGER
Jovita Albany
Date
Explanation
PR
Debit
Credit
Balance
20
R2
0
27
Date
Explanation
PR
Debit
Credit
Balance
12
R2
16,800
0
Linda Witt
Date
Explanation
PR
Debit
Credit
Balance
13
R2
10,200
0
28
Date
Explanation
PR
Debit
Credit
Balance
Gabel Company
Date
Explanation
PR
Debit
Credit
Balance
Date
Explanation
PR
Debit
Credit
Balance
Date
Explanation
PR
Debit
Credit
Balance