7111AFE_Solution_Topic06

7111AFE_Solution_Topic06 - 7111AFE Tutorial Solution: Topic...

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7111AFE Tutorial Solution: Topic 6 (Accounting Systems) (10 min.) E 8-5 Cash Receipts Journal DATE DEBITS CREDITS COST OF GOODS SOLD DR. INVENTORY CR. CASH AT BANK SALES DISCOUNTS ACCOUNTS RECEIVABLE SALES GST OTHER ACCOUNTS ACCOUNT TITLE POST. REF. AMOUNT May 16 80 80 L. Ewald 19 10 10 E. Lovell 24 300 273 27 190 30 60 60 T. Ross 31 450 150 273 27 Totals 190 450 450
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P8-5 USING ALL THE JOURNALS, POSTING AND BALANCING THE LEDGERS (Obj. 4, 5) (90-120 min.) Reqs. 1 and 4 General Ledger ACCOUNT CASH AT BANK ACCOUNT NO. 111 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 31 CR.3 16,183 16,183 31 CP.9 15,078 1,105 ACCOUNT ACCOUNTS RECEIVABLE ACCOUNT NO. 112 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 17 J.4 740 740 31 S.8 11,725 10,985 31 CR.3 10,425 560 ACCOUNT SUPPLIES ACCOUNT NO. 116 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 24 CR.3 80 80 31 P.6 680 600 ACCOUNT PREPAID INSURANCE ACCOUNT NO. 117 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 22 CP.9 1,345 1,345
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P8-5 USING ALL THE JOURNALS, POSTING AND BALANCING THE LEDGERS (Obj. 4, 5) (continued) Reqs. 1 and 4 (continued) ACCOUNT INVENTORY ACCOUNT NO. 118 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 10 CP.9 770 770 17 J.4 410 1,180 29 J.4 420 760 31 P.6 8,470 9,230 31 S.8 6,380 2,850 31 CR.3 1,820 1,030 31 CP.9 177 853 ACCOUNT FURNITURE ACCOUNT NO. 151 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 5 CP.9 1,080 1,080 22 P.6 775 1,855 ACCOUNT ACCOUNTS PAYABLE ACCOUNT NO. 211 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 29 J.4 420 420 31 P.6 9,925 9,505 31 CP.9 6,580 2,925 ACCOUNT SALES REVENUE ACCOUNT NO. 411 JRNL. BALANCE DATE ITEM REF. DEBIT CREDIT DEBIT CREDIT Mar. 31 CR.3 3,410 3,410 31 S.8 11,725 15,135
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P8-5 USING ALL THE JOURNALS, POSTING AND BALANCING THE LEDGERS (Obj. 4, 5) (continued) Reqs. 1 and 4 (continued) ACCOUNT SALES DISCOUNTS
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7111AFE_Solution_Topic06 - 7111AFE Tutorial Solution: Topic...

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