Comprehensive Problem, cont.
Requirements 1 and 3, cont.
Insurance Expense
No. 516
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Supplies Expense
No. 519
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Subsidiary Ledgers
Accounts Receivable—Finnish Co.
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
2,200
Aug. 4
CR.11
2,200
0
Aug. 23
S.4
9,966
9,966
Accounts Receivable—R.T. Lowe
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
S.4
CR.11
0
Accounts Receivable—Parkland Inc.
Date
Debit
Credit
Balance
Debit
Credit
Bal.
Comprehensive Problem, cont.
Requirements 1 and 3, cont.
Accounts Receivable—K.D. Statesman
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
8,770
Aug. 7
S.4
2,400
11,170
24
CR.11
4,385
6,785
Accounts Payable—Boxman Corp.
Date
Debit
Credit
Balance
Debit
Credit
Bal.
0
P.8
Accounts Payable—French Co.
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
12,600
Aug. 8
CP.5
2,600
10,000
26
P.8
10,180
Accounts Payable—Goodman Inc.
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Aug. 3
P.8
1,400
1,400
11
CP.5
1,400
0
Accounts Payable—Sammy Supply
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
P.8
8,330
8,330
Comprehensive Problem, cont.
Requirements 2 and 3
Sales Journal
Page 4
Date
Invoice
No.
Customer
Account Debited
Post.
Ref.
Accounts Receivable
DR
Cost of Goods Sold
DR
Sales Revenue
CR
Merchandise Inventory
CR
R. T. Lowe
K. D. Statesman
Finnish Co.
Totals
Debits:
Accounts Receivable + Cost of Goods Sold
Credits:
Sales Revenue + Merchandise Inventory
Comprehensive Problem, cont.
Requirements 2 and 3, cont.
Cash Receipts Journal
Page 11
Date
Account Credited
Post.
Ref.
Cash
DR
Sales
Discounts
DR
Accounts
Receivable
CR
Sales
Revenue
CR
Other
Accounts
CR
Cost of
Goods Sold
DR
Merchandise
Inventory
CR
Aug. 4
Finnish Co.
✓
2,156
44
2,200
4
R. T. Lowe
✓
12
K. D. Statesman
✓
4,385
4,385
Totals
8,309
56
7,185
(402)
Debits:
Cash + Sales Discounts + Cost of Goods Sold
Credits:
Accounts Receivable + Sales Revenue + Other Accounts + Merchandise Inventory
Comprehensive Problem, cont.
Requirements 2 and 3, cont.
Purchases Journal
Page 8
Date
Vendor
Account Credited
Terms
Post.
Ref.
Accounts
Payable
CR
Merchandise
Inventory
DR
Office
Supplies
DR
Other Accounts DR
Account
Title
Post.
Ref.
Amount
Aug. 3
Goodman Inc.
1/15, n/60
✓
1,400
1,400
Boxman Corp.
3/15, n/60
✓
Furniture
French Co.
2/10, n/30
✓
Sammy Supply
1/10, n/30
✓
8,330
8,330
Totals
10,420
9,730
Debits:
Merchandise Inventory + Office Supplies + Other Accounts
Credits:
Accounts Payable
Comprehensive Problem, cont.
Requirements 2 and 3, cont.
Cash Payments Journal
Page 5
Date
Ck.
No.
Account Debited
Post.
Ref.
Other
Accounts
DR
Accounts
Payable
DR
Merchandise
Inventory
CR
Cash
CR
Aug. 1
682
Rent Expense
513
2,000
2,000
2
683
Salaries Payable
204
1,250
1,250
5
684
109
8
685
French Co.
2,600
2,600
686
Goodman Inc.
1,400
1,386
687
Salaries Expense
510
1,240
1,240
688
Merchandise Inventory
105
689
Dividends
310
Totals
6,620
4,000
(105)
Debits:
Other Accounts + Accounts Payable
Credits:
Merchandise Inventory + Cash
Comprehensive Problem, cont.
Requirements 2 and 3, cont.
General Journal Page 9
Date
Accounts and Explanation
Post.
Ref.
Debit
Credit
Aug. 5
Sales Returns and Allowances
403
550
Accounts Receivable—Parkland Inc.
Merchandise Inventory
105
174
Cost of Goods Sold
501
Requirement 4
QUICK NETWORKING SYSTEMS
Unadjusted Trial Balance
August 31
Acct. No.
Account Name
Debit
Credit
101
Cash
$ 2,193
102
Accounts Receivable
27,791
109
Office Supplies
117
Prepaid Insurance
160
Furniture
37,780
161
Accumulated Depreciation—Furniture
201
Accounts Payable
19,020
220
Note Payable—long-term
31,000
301
Common Stock
25,000
305
Retained Earnings
29,260
310
Dividends
401
Sales Revenue
13,296
402
Sales Discounts
403
Sales Returns and Allowances
501
Cost of Goods Sold
510
Salaries Expense
513
Rent Expense
Totals
$ 128,126
$ 128,126
Comprehensive Problem, cont.
Requirement 4, cont.
Accounts Receivable Subsidiary Ledger
Customer
Balance
Finnish Co.
$ 9,966
R. T. Lowe
Parkland Inc.
K. D. Statesman
6,785
Total
Accounts Payable Subsidiary Ledger
Vendor
Balance
Boxman Corp.
$ 510
French Co.
10,180
Goodman Inc.
Sammy Supply
8,330
Totals
Requirement 5
General Journal Page 9
Date
Accounts and Explanation
Post.
Ref.
Debit
Credit
Aug. 31(a)
Supplies Expense
519
1,310
`
Office Supplies
109
1,310
(b)
Insurance Expense
516
Prepaid Insurance
117
550
Depreciation Expense—Furniture
514
161
230
(d)
Salaries Expense
510
1,030
Salaries Payable
204
1,030
Comprehensive Problem, cont.
Requirement 5, cont.
Cash
No. 101
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
4,490
Aug. 31
CR.11
8,309
12,799
31
CP.5
10,606
2,193
Accounts Receivable
No. 102
Balance
Bal.
22,560
Aug. 31
S.4
12,966
35,526
31
CR.11
7,185
28,341
550
27,791
Merchandise Inventory
No. 105
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
41,800
Aug. 31
P.8
9,730
51,530
19
CP.5
850
52,380
5
J.9
174
52,554
30
CR.11
850
51,704
31
S.4
4,101
47,603
31
CR.11
104
47,499
31
CP.5
47,485
Office Supplies
No. 109
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
1,340
CP.5
780
2,120
1,310
990
Prepaid Insurance
No. 117
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
2,200
550
1,650
Comprehensive Problem, cont.
Requirement 5, cont.
Furniture
No. 160
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
37,270
Aug. 22
P.8
37,780
Accumulated Depreciation—Furniture
No. 161
Balance
Bal.
10,550
10,780
Accounts Payable
No. 201
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
12,600
Aug. 31
P.8
10,420
23,020
31
CP.5
4,000
19,020
Salaries Payable
No. 204
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
1,250
CP.5
1,250
1,030
1,030
Notes Payable, Long-term
No. 220
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
31,000
Comprehensive Problem, cont.
Requirement 5, cont.
Common Stock
No. 301
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
Retained Earnings
No. 305
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
Dividends
No. 310
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Aug. 31
CP.5
500
500
Income Summary
No. 400
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Sales Revenue
No. 401
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Aug. 31
330
Sales Discounts
No. 402
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Aug. 31
Comprehensive Problem, cont.
Requirement 5, cont.
Sales Returns and Allowances
No. 403
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
0
J.9
550
550
Cost of Goods Sold
No. 501
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Aug. 31
S.4
4,101
4,101
31
CR.11
104
4,205
5
J.9
174
4,031
Salaries Expense
No. 510
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Aug. 16
CP.5
1,240
1,240
Adj.
J.9
1,030
2,270
Rent Expense
No. 513
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Aug. 1
CP.5
2,000
2,000
Depreciation Expense—Furniture
No. 514
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Bal.
0
Adj.
J.9
230
230
Comprehensive Problem, cont.
Insurance Expense
No. 516
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Supplies Expense
No. 519
Date
Post.
Ref.
Debit
Credit
Balance
Debit
Credit
Requirement 6
QUICK NETWORKING SYSTEMS
Adjusted Trial Balance
August 31
Account Name
Debit
Credit
Cash
$ 2,193
Accounts Receivable
27,791
Merchandise Inventory
47,485
Office Supplies
990
Prepaid Insurance
Furniture
37,780
Accumulated Depreciation—Furniture
Accounts Payable
Salaries Payable
Note Payable—long-term
Common Stock
Retained Earnings
Dividends
500
Sales Revenue
Sales Discounts
Sales Returns and Allowances
550
Cost of Goods Sold
Salaries Expense
Rent Expense
Depreciation Expense—Furniture
230
Insurance Expense
550
Supplies Expense
Totals
$ 129,386