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All journals and general ledger; trial balance The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205 for March rent, $2,450. 2. Purchased a vehicle on account from McIntyre Sales Co., $26,900. 3. Purchased office equipment on account from Office Mate Inc., $1,570. 5. Issued Invoice No. 91 to Ellis Co., $7,000. 6. Received check for $7,950 from Chavez Co. in payment of invoice. 7. Issued Invoice No. 92 to Trent Co., $9,840. 9. Issued Check No. 206 for fuel expense, $820. 10. Received check for $10,000 from Sajeev Co. in payment of invoice. 10. Issued Check No. 207 to Office City in payment of $450 invoice. Mar. 10. Issued Check No. 208 to Bastille Co. in payment of $1,890 invoice. 11. Issued Invoice No. 93 to Jarvis Co., $7,200. 11. Issued Check No. 209 to Porter Co. in payment of $415 invoice. 12. Received check for $7,000 from Ellis Co. in payment of March 5 invoice. 13. Issued Check No. 210 to McIntyre Sales Co. in payment of $26,900 invoice of March 2. 16. Cash fees earned for March 1-16, $26,800. 16. Issued Check No. 211 for purchase of a vehicle, $28,500. 17. Issued Check No. 212 for miscellaneous administrative expense, $4,680. 18. Purchased maintenance supplies on account from Bastille Co., $2,430. 18. Received check for rent revenue on office space, $900. 19. Purchased the following on account from Master Supply Co. Maintenance supplies, $2,640, and office supplies, $1,500. 20. Issued Check No. 213 in payment of advertising expense, $8,590. 20. Used maintenance supplies with a cost of $4,400 to repair vehicles. 21. Purchased office supplies on account from Office City, $990. 24. Issued Invoice No. 94 to Sajeev Co., $9,200. 25. Received check for $14,000 from Chavez Co. in payment of invoice. 25. Issued Invoice No. 95 to Trent Co., $6,300. 26. Issued Check No. 214 to Office Mate Inc. in payment of $1,570 invoice of March 3. 27. Issued Check No. 215 to J. Wu as a personal withdrawal, $4,000. 30. Issued Check No. 216 in payment of driver salaries, $33,300. 31. Issued Check No. 217 in payment of office salaries, $21,200. 31. Issued Check No. 218 for office supplies, $600. 31. Cash fees earned for March 17-31, $29,400. Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.

BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Chapter 5, Problem 5.5BPR
Textbook Problem

All journals and general ledger; trial balance

The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows:

Mar. 1. Issued Check No. 205 for March rent, $2,450.

2. Purchased a vehicle on account from McIntyre Sales Co., $26,900.

3. Purchased office equipment on account from Office Mate Inc., $1,570.

5. Issued Invoice No. 91 to Ellis Co., $7,000.

6. Received check for $7,950 from Chavez Co. in payment of invoice.

7. Issued Invoice No. 92 to Trent Co., $9,840.

9. Issued Check No. 206 for fuel expense, $820.

10. Received check for $10,000 from Sajeev Co. in payment of invoice.

10. Issued Check No. 207 to Office City in payment of $450 invoice.

Mar. 10. Issued Check No. 208 to Bastille Co. in payment of $1,890 invoice.

11. Issued Invoice No. 93 to Jarvis Co., $7,200.

11. Issued Check No. 209 to Porter Co. in payment of $415 invoice.

12. Received check for $7,000 from Ellis Co. in payment of March 5 invoice.

13. Issued Check No. 210 to McIntyre Sales Co. in payment of $26,900 invoice of

March 2.

16. Cash fees earned for March 1-16, $26,800.

16. Issued Check No. 211 for purchase of a vehicle, $28,500.

17. Issued Check No. 212 for miscellaneous administrative expense, $4,680.

18. Purchased maintenance supplies on account from Bastille Co., $2,430.

18. Received check for rent revenue on office space, $900.

19. Purchased the following on account from Master Supply Co. Maintenance supplies, $2,640, and office supplies, $1,500.

20. Issued Check No. 213 in payment of advertising expense, $8,590.

20. Used maintenance supplies with a cost of $4,400 to repair vehicles.

21. Purchased office supplies on account from Office City, $990.

24. Issued Invoice No. 94 to Sajeev Co., $9,200.

25. Received check for $14,000 from Chavez Co. in payment of invoice.

25. Issued Invoice No. 95 to Trent Co., $6,300.

26. Issued Check No. 214 to Office Mate Inc. in payment of $1,570 invoice of March 3.

27. Issued Check No. 215 to J. Wu as a personal withdrawal, $4,000.

30. Issued Check No. 216 in payment of driver salaries, $33,300.

31. Issued Check No. 217 in payment of office salaries, $21,200.

31. Issued Check No. 218 for office supplies, $600.

31. Cash fees earned for March 17-31, $29,400.

Instructions

1. Enter the following account balances in the general ledger as of March 1:

Chapter 5, Problem 5.5BPR, All journals and general ledger; trial balance The transactions completed by AM Express Company

2. Journalize the transactions for March 2016, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made.

3. Post the appropriate individual entries to the general ledger.

4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.

5. Prepare a trial balance.

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Chapter 5 Solutions

Accounting (Text Only)
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Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Segment analysis McHale Company does business in...Ch. 5 - Segment analysis Back Country Life, Inc., does...Ch. 5 - Identify postings from revenue journal Using the...Ch. 5 - Accounts receivable ledger Based on the data...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify transactions in accounts receivable...Ch. 5 - Prepare journal entries in a revenue journal...Ch. 5 - Posting a revenue journal The revenue journal for...Ch. 5 - Accounts receivable subsidiary ledger The revenue...Ch. 5 - Revenue and cash receipts journals Transactions...Ch. 5 - Revenue and cash receipts journals Lasting Summer...Ch. 5 - Identify postings from purchases journal Using the...Ch. 5 - Identify postings from cash payments journal Using...Ch. 5 - Identify transactions in accounts payable...Ch. 5 - Prepare journal entries in a purchases journal...Ch. 5 - Posting a purchases journal The purchases journal...Ch. 5 - Accounts payable subsidiary ledger The cash...Ch. 5 - Purchases and cash payments journals Transactions...Ch. 5 - Purchases and cash payments journals Happy Tails...Ch. 5 - Error in accounts payable subsidiary ledger After...Ch. 5 - Identify postings from special journals Pinnacle...Ch. 5 - Cash receipts journal The following cash receipts...Ch. 5 - Computerized accounting systems Most computerized...Ch. 5 - Computerized accounting systems and e-commerce...Ch. 5 - E-commerce For each of the following companies,...Ch. 5 - Segment revenue horizontal analysis Starbucks...Ch. 5 - Segment revenue vertical analysis News Corporation...Ch. 5 - Segment revenue horizontal and vertical analyses...Ch. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable subsidiary account,...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Problems: Series B Revenue journal; accounts...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable account, and accounts...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Manual vs. computerized accounting systems The...Ch. 5 - Accounts receivable and accounts payable A...Ch. 5 - Design of accounting systems For the past few...Ch. 5 - Communication Internet-based accounting software...

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