The inventory is considered unsaleable 30 accounts

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Accounting
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Chapter 6 / Exercise 1
Accounting
Reeve/Warren
Expert Verified
The inventory is considered unsaleable.) 30 Accounts Payable – D Lapeska √/201 500 Inventory 120 500 (Returned inventory to supplier) (a) & (c) General Ledger Cash No. 101 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 43,000 31 CR1 65,390 108,390 31 CP1 40,450 67,940
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Accounting
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Chapter 6 / Exercise 1
Accounting
Reeve/Warren
Expert Verified
Accounts Receivable No. 112 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 16,500 14 G1 700 15,800 31 CR1 9,000 6,800 31 S1 13,200 20,000 Commissions Receivable No. 115 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 46,500 29 CR1 46,500 0 Inventory No. 120 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 24,500 30 G1 500 24,000 31 P1 4,500 28,500 31 CR1 6,500 22,000 31 S1 8,580 13,420 Equipment No. 157 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 7,950 Accumulated Depreciation – Equipment No. 158 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 4,500 Accounts Payable No. 201 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 44,500 30 G1 500 44,000 31 P1 4,500 48,500 31 CP1 34,950 13,550 B Beatle, Capital No. 301 Date Explanation Ref Debit Credit Balance Jan. 1 Balance 89,450
Sales No. 401 Date Explanation Ref Debit Credit Balance Jan. 31 CR1 10,000 10,000 31 S1 13,200 23,200 Commissions Revenue No. 405 Date Explanation Ref Debit Credit Balance Jan. 31 0 Sales Returns and Allowances No. 412 Date Explanation Ref Debit Credit Balance Jan. 14 G1 700 700 Discount Received No. 415 Date Explanation Ref Debit Credit Balance Jan. 31 CP1 500 500 Cost of Sales No. 505 Date Explanation Ref Debit Credit Balance Jan. 31 CR1 6,500 6,500 31 S1 8,580 15,080 14 G1 455 14,625 Freight In No. 506 Date Explanation Ref Debit Credit Balance Jan. 11 CP1 500 500 Discount Allowed No. 714 Date Explanation Ref Debit Credit Balance Jan. 31 CR1 110 110 Sales Salaries Expense No. 726 Date Explanation Ref Debit Credit Balance Jan. 18 CP1 2,500 2,500 Office Salaries Expense No. 727 Date Explanation Ref Debit Credit Balance Jan. 18 CP1 1,000 1,000
Rent Expense No. 729 Date Explanation Ref Debit Credit Balance Jan. 12 CP1 2,000 2,000 Inventory Write Down Expense No. 750 Date Explanation Ref Debit Credit Balance Jan. 14 G1 455 455 Accounts Receivable Subsidiary Ledger Party Time Ltd Date Explanation Ref Debit Credit Balance Jan. 1 Balance 3,000 14 G1 700 2,300 Celebrations Date Explanation Ref Debit Credit Balance Jan. 1 Balance 8,000 24 S1 7,700 15,700 S Devine Date Explanation Ref Debit Credit Balance Jan. 1 Balance 5,500 7 CR1 3,500 2,000 W Wong Date Explanation Ref Debit Credit Balance Jan. 5 S1 5,500 5,500 12 CR1 5,500 0 Accounts Payable Subsidiary Ledger Toys 4 U Date Explanation Ref Debit Credit Balance Jan. 1 Balance 10,500 R Grilson Date Explanation Ref Debit Credit Balance Jan. 1 Balance 18,500 20 CP1 18,500 0
D Harms Date Explanation Ref Debit Credit Balance Jan. 1 Balance 15,500 15 CP1 15,500 0 D Lapeska Date Explanation Ref Debit Credit Balance Jan. 17 P1 1,500 1,500 30 G1 500 1,000 S Warren Date Explanation Ref Debit Credit Balance Jan. 5 P1 3,000 3,000 27 CP1 950 2,050 (d) Balloon Shop Ltd Trial Balance as at 31 January 2014 Debit Credit 101 Cash $67,940 112 Accounts Receivable 20,000 115 Commissions Receivable 120 Inventory 13,420 157 Equipment 7,950 158 Accumulated Depreciation – Equipment $4,500 201 Accounts Payable 13,550 301 B Beatle, Capital 89,450 401 Sales 23,200 412 Sales Returns and Allowances 700 415 Discount Received 500 505 Cost of Sales 14,625 506 Freight In 500 714 Discount Allowed 110 726 Sales Salaries Expense 2,500 727 Office Salaries Expense 1,000 729 Rent Expense 2,000 750 Inventory Write Down Expense 455 $131,200 $131,200
(e) Accounts Receivable Subsidiary Ledger: Party Time $2,300 Celebrations 15,700 S Devine 2,000 $20,000 Accounts Receivable Control $20,000

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