Solutions to Chapter 5

Solutions to Chapter 5 - {a} Date May 1 10 11 12 15 1? 19...

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Unformatted text preview: {a} Date May 1 10 11 12 15 1? 19 PROBLEM 5-28 IGeneral Journal Account Titles and Explanation Merchandise lnv entory Acc o u nts Payable Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory Accounts Payable Merchandise Inventory Cash {sascc - see]. Sales Discounts (“500 x 2%} Accounts Receivable Accounts Payable {$5,000 - $200} Merchandise Inventory {£5,300 it 2%] Cash Supplies Cash Merchandise Inventory Cash Cash Merchandise Inventory Merchandise lnv entory Acc o u nts Payable Merchandise Inventory Cash Ftef. 120 201 112 A01 505 120 201 120 101 41A 112 201 120 101 120 101 120 101 101 120 120 201 120 101 Debit 0.000 moo 3,100 200 Mm so 5 ,300 000 2 ,A00 230 1 ,eoo 250 J1 Credit 0.000 0,?00 3,100 200 £1,500 115 5,00-‘1 000 2,400 230 1,000 250 PROBLEM 5-2El {Continued} Date May 211 25 2? 2E1I 31 G eneral J c urnal Account Titles and Explanation I[lash Sales Cost of Goods Sold Merchandise Inventory Merchandise Inventory Accounts Payable Accounts Payable Merchandise Inventory [$119011 3: 2%} Gash Sales Returns and Allowances Gash Merchandise Inventory Cost of Goods Sold Accounts Receivable S ales Cost of Goods Sold Merchandise Inventory Fi st. 1131 11131 5135 121] 12[|I 2[|'1 2[|'1 12[|I 11:11 412 1[|'1 12[|I 506 112 4fl1 505 12[|I Debit 5.201] 4.341] 1:0[10 Loco 1[|'[|I 2U LEDD 1,120 .11 Credit 5,200 4,340 1 III|'[|'II|' 33 1 I352 1[|'II|I 2D 1 lE'rfl'III' 1:120 PROBLEM 5-2Ei [Continued] {Di Cash No. 101 Date Explanation Ftef. Debit Credit Balance MEI]! 1 Balance 1" 5.000 0 .11 4.110 0.010 10 .11 5,034 3.?20 1 1 01 000 2.020 12 .11 2,100 120 15 .11 230 050 10 .11 250 -100 2:1 .11 0.200 0.000 2? 01 1,302 13:11 20 .11 100 1.00:1 w Date Explanation Hef. Debit Credit Balance I'llit-‘I'gir 2 .11 4.?00 11.?00 0 01 1,500 200 31 .11 1.000 1.000 Merchandise Inventory No. 120 Date Explanation Ftef. Debit Credit Balance I'llit-‘I'glr 1 .11 0.000 0.000 2 .11 3,100 2.300 5 01 200 2.?00 10 .11 110 2.50:1 12 .11 2.100 1.0011 15 .11 230 1.?511 1? 01 1.300 0.051 10 .11 250 0.00:1 2:1 .11 1,340 2.50:1 25 .11 1.000 3.5011 2? d1 33 3.520 20 d1 20 3.510 31 .11 1,120 2.020 Supplies Date Explanation May 11 Accounts Payable Date Explanation May 1 5 1 I} 1 T 25 2? Common Stock Date Explanation May 1 Balance Sales Date Explanation May 2 24 31 Sales Fleturns and Allowances Date Explanation May 29 Sales Discounts Date Explanation May El Fi e1. d1 Fi e1. d1 d1 d1 d1 d1 d1 Fi e1. Fi e1. d1 d1 d1 Fl e1. d1 Fl e1. d1 Debit QDD Debit EDI} 5,3[IID 1,9[IID Debit Debit Debit 1[|'II|I Debit Ell} Credit Credit coco Leno Loco Credit Credit JJDD claoo 1:500 Credit Credit No. 125 Balance BDU “0.2131 Balance coon slant] 1 son asoc 1 loco No.311 Balance EEDDU No.4fl1 Balance aims moon 12:5DU No.41: Balance 1DU No.41d Balance 90 PROBLEM 5-2Ei [Continued] C :1 st of G oods Sold Date Explanation Ref. Debit Credit I'lliayr 2 d1 3.1m] 2:1 d1 £1.31“) 29 d1 El] 31 .J1 1.121] {s} EAGLE HARDWARE STORE Income Statement {Partial} For the Month Ended May 31E 2002 Sales revenues Sales .................................................................. .. Less: Sales returns and allowances .............. .. 5100 Sales discounts ..................................... .. so Net sales ........................................................... .. Cost of goods sold .................................................. .. Gross profit .............................................................. .. No. 505 B alan oe 3.104] Iii-iii] IHEEI 3.5m: $12lfiUU 190 12.310 3.5M] § 3.??0 Date Ap r. 5 11] 12 1:1- 1? 2t] 21 PROBLEM 5-43 General Journal Acco unt Titles and Ex plan ation Merchandise Inventory Accounts Payable Merchandise Inventory Gash Accounts Payable Merchandise Inventory Accounts Receivable Sales Co st of Goods Sold Merchandise Inventory Merch an dise Inventory Accounts Payable Accounts Payable {$1,550 - $1110} Merchandise Inventory {$1__5IIII.'I X 2%} flash Accounts Payable Merchandise Inventory Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory Accounts Payable {$ 551] - $511} Merchandise Inventory {$500 a 1%] flash Flef. 121] 201 121] 101 201 121] 112 401 505 12D 121] 201 201 121] 101 201 121] 112 401 505 121] 201 121] 101 Del: it 1 .501] Si] 101] 1.101] ?3fl 551] 1 .501] Bi] T-"Elfl 11-91] Elli] .11 Credit 1 sun 30 IIJU 1.100 ?3CI BED 30 1 .JTU EU HID 1190 594 PROBLEM End-B {Continuedi Date Account Titles and Explanation Apr.2? Sales Returns and Allowances Accounts Receivable Acco un t5 Receivable Bl] Gash lhl Dash Date Explanation Apr.l Balance ? 1:1 21 31] Acco u nts Receivable Date Explanation Apr. 11] 21] 2? Bl] Merchandise Inventoryr Date Explanation Balance Ref. J1 J1 J1 J1 Ref. J1 J1 J1 J1 Ref. J1 J1 J1 J1 J1 J1 J1 J1 J1 Ref. Debit 4112 31] ‘l 12 “11 1,2110 1 12 De In it l[Fredit 55 1 ,455 554 1 :255 De In it credit 1:155 7511 35 1,2115 De In it Credit 1:555 511 1115 1'55 551] an 55 455 5 J1 Credit 30 1.255 No. 1131 Balance 2,5115 2 425 555 555 1 ,555 No. 112 Balance 1 __1 115 1 ,555 1 5'15 515 No. 121} Balance 5,5115 5 __1 115 5 ,1 55 5,1155 4 ,555 5.1115 4 ,555 4 ,525 4 455 4 424 PROBLEM E-IIEI {Continued} Aeeeu nts P ayab | e Date Ex planati on Apr. 5 E! 12 1:1 I? 21 Curl men Etc-eh; Date E1: planati on Apr. ‘| Balance Sales Date Explanation Apr. 11] 2t] Sales Returns and Allowances. Date Explanation Apr. 27 Cast of Coed-s Seld Date E1: planati on Apr. 11] 21] Flef. J1 J1 J1 J1 J1 J1 Flef. Flef. J1 J1 Flef. d1 Flef. J1 .11 Debit 1110 1.5111) Ell] SCH} Debit Debit Debit EH} Debit T34] 45H] Credit 'I .600 EEC Credit Credit '| .1 DD TDD Credit Credit No. 2111 Elalan ee 1 ,EM 1 ,5uu 2,1130 sen 1311:: N11. 311 Elalan ee 6,0110 No. 11111 Elalan ee 1,1110 1,3110 Nu. J12 Elalanee an N11. 505 Balance van 1 ,220 PROBLEM End-E! {Continued} (Ci GFIEGifi PHD SH'DP Trial Balance April an, 2002 Accounts FIeceivable......... Merchandise Inventely Gammon Stuck................... Sales................ Sales Returns and Allewanees.............................. Cast of [31111115 Sold Debit $1,555 an: 4.424 Ell] 1.220 lGreldit $4,000 1 gm ...
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Solutions to Chapter 5 - {a} Date May 1 10 11 12 15 1? 19...

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