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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. Jan. 2 Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, $850. 2 L. Yang, the owner, invested an additional $4,500 in the business. 4 Bought merchandise on account from Valentine and Company, invoice no. A694, $2,830; terms 2/10, n/30; dated January 2. 4 Received check from Velez Appliance for $980 in payment of invoice for $1,000 less discount. 4 Sold merchandise on account to L. Parrish, invoice no. 6483, $755. 6 Received check from Peck, Inc., $637, in payment of $650 invoice less discount. 7 Issued Ck. No. 6982, $588, to Frost and Son, in payment of invoice no. C127 for $600 less discount. 7 Bought supplies on account from Dudley Office Supply, invoice no. 190B, $93.54; terms net 30 days. 7 Sold merchandise on account to Ewing and Charles, invoice no. 6484, $1,115. 9 Issued credit memo no. 43 to L. Parrish, $47, for merchandise returned. 11 Cash sales for January 1 through January 10, $4,454.87. 11 Issued Ck. No. 6983, $2,773.40, to Valentine and Company, in payment of $2,830 invoice less discount. 14 Sold merchandise on account to Velez Appliance, invoice no. 6485, $2,100. 14 Received check from L. Parrish, $693.84, in payment of $755 invoice, less return of $47 and less discount. Jan. 19 Bought merchandise on account from Crawford Products, invoice no. 7281, $3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, $142 (total $3,842). 21 Issued Ck. No. 6984, $245, to A. Bautista for miscellaneous expenses not recorded previously. 21 Cash sales for January 11 through January 20, $3,689. 23 Received credit memo no. 163, $87, from Crawford Products for merchandise returned. 29 Sold merchandise on account to Bradford Supply, invoice no. 6486, $1,697.20. 29 Issued Ck. No. 6985 to Western Freight, $64, for freight charges on merchandise purchased January 4. 31 Cash sales for January 21 through January 31, $3,862. 31 Issued Ck. No. 6986, $65, to M. Pineda for miscellaneous expenses not recorded previously. 31 Recorded payroll entry from the payroll register: total salaries, $5,899.95; employees’ federal income tax withheld, $795; FICA Social Security tax withheld, $365.80, FICA Medicare tax withheld, $85.50. 31 Recorded the payroll taxes: FICA Social Security tax, $365.80; FICA Medicare tax, $85.50; state unemployment tax, $318.60; federal unemployment tax, $35.40. 31 Issued Ck. No. 6987, $4,653.65, for salaries for the month. 31 L. Yang, the owner, withdrew $1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 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 those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owner’s name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 10, Problem 4PB
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.

Jan. 2    Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, $850.

2    L. Yang, the owner, invested an additional $4,500 in the business.

4    Bought merchandise on account from Valentine and Company, invoice no. A694, $2,830; terms 2/10, n/30; dated January 2.

4    Received check from Velez Appliance for $980 in payment of invoice for $1,000 less discount.

4    Sold merchandise on account to L. Parrish, invoice no. 6483, $755.

6    Received check from Peck, Inc., $637, in payment of $650 invoice less discount.

7    Issued Ck. No. 6982, $588, to Frost and Son, in payment of invoice no. C127 for $600 less discount.

7    Bought supplies on account from Dudley Office Supply, invoice no. 190B, $93.54; terms net 30 days.

7    Sold merchandise on account to Ewing and Charles, invoice no. 6484, $1,115.

9    Issued credit memo no. 43 to L. Parrish, $47, for merchandise returned.

11    Cash sales for January 1 through January 10, $4,454.87.

11    Issued Ck. No. 6983, $2,773.40, to Valentine and Company, in payment of $2,830 invoice less discount.

14    Sold merchandise on account to Velez Appliance, invoice no. 6485, $2,100.

14    Received check from L. Parrish, $693.84, in payment of $755 invoice, less return of $47 and less discount.

Jan. 19    Bought merchandise on account from Crawford Products, invoice no. 7281, $3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, $142 (total $3,842).

21    Issued Ck. No. 6984, $245, to A. Bautista for miscellaneous expenses not recorded previously.

21    Cash sales for January 11 through January 20, $3,689.

23    Received credit memo no. 163, $87, from Crawford Products for merchandise returned.

29    Sold merchandise on account to Bradford Supply, invoice no. 6486, $1,697.20.

29    Issued Ck. No. 6985 to Western Freight, $64, for freight charges on merchandise purchased January 4.

31    Cash sales for January 21 through January 31, $3,862.

31    Issued Ck. No. 6986, $65, to M. Pineda for miscellaneous expenses not recorded previously.

31    Recorded payroll entry from the payroll register: total salaries, $5,899.95; employees’ federal income tax withheld, $795; FICA Social Security tax withheld, $365.80, FICA Medicare tax withheld, $85.50.

31    Recorded the payroll taxes: FICA Social Security tax, $365.80; FICA Medicare tax, $85.50; state unemployment tax, $318.60; federal unemployment tax, $35.40.

31    Issued Ck. No. 6987, $4,653.65, for salaries for the month.

31    L. Yang, the owner, withdrew $1,000 for personal use, Ck. No. 6988.

Required

  1. 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used.

Chapter 10, Problem 4PB, The following transactions were completed by Yang Restaurant Equipment during January, the first

  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 those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owner’s name in the Capital and Drawing accounts.
  4. 5. Add the columns of the special journals and prove the equality of the debit and credit totals.
  5. 6. Post the appropriate totals of the special journals to the general ledger.
  6. 7. Prepare a trial balance.
  7. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?

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