The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select “Cash Sales” as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used.* * If using QuickBooks, record transactions using either the journal entry method or the forms-based approach, as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger.* 3. Post daily all entries involving creditor accounts to the accounts payable ledger.* 4. Post daily the general journal entries to the general ledger. Write the owner’s name in the Capital and Drawing accounts.* 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts? *If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter 10, Problem 1PB
Textbook Problem

The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select “Cash Sales” as the customer for all cash sales transactions.

Chapter 10, Problem 1PB, The following transactions were completed by Yang Restaurant Equipment during January, the first , example  1

Chapter 10, Problem 1PB, The following transactions were completed by Yang Restaurant Equipment during January, the first , example  2

Required

  1. 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used.*

* If using QuickBooks, record transactions using either the journal entry method or the forms-based approach, as directed by your instructor.

The chart of accounts is as follows:

Chapter 10, Problem 1PB, The following transactions were completed by Yang Restaurant Equipment during January, the first , example  3

  1. 2. Post daily all entries involving customer accounts to the accounts receivable ledger.*
  2. 3. Post daily all entries involving creditor accounts to the accounts payable ledger.*
  3. 4. Post daily the general journal entries to the general ledger. Write the owner’s name in the Capital and Drawing accounts.*
  4. 5. Prepare a trial balance.
  5. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?

*If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.

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Chapter 10 Solutions

College Accounting (Book Only): A Career Approach
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