ACC 225 Week 9 Final Project Comprehensive Problem-Perpetual-2

ACC 225 Week 9 Final Project Comprehensive Problem-Perpetual-2

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Unformatted text preview: Student Name: Class: COLO COMPANY Sales Journal AR Debit COGS Inv. Trans. Sales Debit Date ccount Debite No. No. Credit Inv. Credit May 2 Hensel Comp 8785 83 6,100 4,100 16 Hensel Comp 8786 84 3,990 1,890 22 Lee Services 8787 85 6,850 4,990 26 Crane Corp. 8788 86 14,210 8,230 31 Totals 31,150 19,210 ^ Correct! ^Correct! COLO COMPANY Purchases Journal Accounts Inv. Trans. Payable Date Account Date Terms No. Credit May 4 Store Supp./Ge 5/4 n/10, EOM 78 37,729 10 Off. Equip./Gea 5/10 n/10, EOM 79 4,074 11 Garcia, Inc. 5/10 n/30, n/30 80 8,800 17 Fink Corp. 5/14 2/10, n/60 81 13,650 24 Store Supp./Ge 5/24 n/10, EOM 82 9,030 25 Peyton Produc 5/23 2/10, n/30 83 3,080 31 Totals 76,363 ^ Correct! COLO COMPANY Cash Receipts Journal Sales Trans. Cash Discount Date Account Cr. Explanation No. Debit Debit May 5 Knox, Inc. Sale of April 28 81 4,459 91 9 Store Supplies Sold store supplies 82 350 11 Hensel CompaSale of May 2 83 5,978 122 15 Sales Cash sales, 84 59,220 May 1-15 30 Lee Services Sale of May 22 85 6,713 137 31 Sales Cash Sales, 86 66,052 May 16-31 31 Totals 142,772 350 ^ Correct! ^ Correct! COLO COMPANY Cash Disbursements Journal Check Account Trans. Cash Date No. Payee Debited No. Credit May 1 3410 S&P Mgmt. Co. Rent Exp., Selling 76 2,968 Rent Exp., Office 742 8 3411 Peyton Products Peyton Products 77 6,174 15 3412 Payroll Sales Salaries Exp. 78 5,320 Office Salaries Exp. 3,150 19 3413 Garcia, Inc. Garcia, Inc. 79 8,624 23 3414 Fink Corp. Fink Corp. 80 13,377 26 3415 Perennial Power Utilities Exp. 81 1,283 29 3416 Jenny Colo J. Colo, Withdrawals 82 7,000 30 3417 Payroll Sales Salaries Exp. 83 5,320 Office Salaries Exp. 3,150 Totals 57,108 ^ Correct! COLO COMPANY General Journal Trans. Date Description No. Debit Credit May 2 Sales Returns and Allowances 65 175 Accounts Receivable-Knox, Inc. 175 3 Accounts Payable-Peyton Products 66 798 Inventory 798 12 Accounts Payable-Gear Supply Co. 67 854 Office Equipment 854 Adjusting entries May 31 Insurance Expense 68 553 Prepaid Insurance 553 31 Store Supplies Expense 69 669 Store Supplies 669 31 Office Supplies Expense 70 289 Office Supplies 289 31 Depreciation Expense, Store Equip. 71 567 Accumulated Depr., Store Equip. 567 31 Depreciation Expense, Office Equip. 72 329 Accumulated Depr., Office Equip. 329 Closing entries May 31 Income Summary 73 124,775 Sales Discounts 350 Sales Returns and Allowances 175 Cost of Goods Sold 99,910 Depr. Expense, Office Equipment 329 Depr. Expense, Store Equipment 567 Office Salaries Expense 6,300 Sales Salaries Expense 10,640 Insurance Expense 553 Rent Expense, Office Space 742 Rent Expense, Selling Space 2,968 Office Supplies Expense 289 Store Supplies Expense 669 Utilities Expense 1,283 31 Sales 74 156,422 Income Summary 156,422 31 Income Summary 75 31,647 J. Colo, Capital 31,647 31 J. Colo, Capital 76 7,000 J. Colo, Withdrawals 7,000 COLO COMPANY General Ledger Cash Account No. 101 Trans....
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This note was uploaded on 06/13/2011 for the course ACCOUNTING ACC/225 taught by Professor Marie during the Spring '11 term at University of Phoenix.

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ACC 225 Week 9 Final Project Comprehensive Problem-Perpetual-2

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