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Student Name: Class: Problem 07C COLO COMPANY Sales Journal AR Debit COGS Inv. Trans.

Student Name:
Class:
Problem 07C

COLO COMPANY
Sales Journal
AR Debit COGS
Inv. Trans. Sales Debit
Date Account Debited No. No. Credit Inv. Credit
May 2 Hensel Company 8785 83 6,100 4,100
16 Hensel Company 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 Office Other
Inv. Trans. Payable Inventory Supplies Accounts
Date Account Date Terms No. Credit Debit Debit Debit
May 4 Store Supp./Gear Supp. 5/4 n/10, EOM 78 37,729 37,072 83 574
10 Off. Equip./Gear Supp. 5/10 n/10, EOM 79 4,074 0 0 4,074
11 Garcia, Inc. 5/10 n/30, n/30 80 8,800 8,800 0 0
17 Fink Corp. 5/14 2/10, n/60 81 13,650 13,650 0 0
24 Store Supp./Gear Supp. 5/24 n/10, EOM 82 9,030 8,120 280 630
25 Peyton Products 5/23 2/10, n/30 83 3,080 3,080 0 0
31 Totals 76,363 70,722 363 5,278

^ Correct! ^ Correct! ^ Correct! ^ Correct!
COLO COMPANY
Cash Receipts Journal

Sales Accts. Other COGS
Trans. Cash Discount Recv. Sales Accts. Debit
Date Account Cr. Explanation No. Debit Debit Credit Credit Credit Inv. Credit
May 5 Knox, Inc. Sale of April 28 81 4,459 4,900
9 Store Supplies Sold store supplies 82 350 350 350 350
11 Hensel Company Sale of May 2 83 5,978 6,100 5,978
15 Sales Cash sales, 84 59,220 6,450 59,220
May 1-15
30 Lee Services Sale of May 22 85 6,713 6,713
31 Sales Cash Sales, 86 66,052 25,050
May 16-31
31 Totals 142,772 350 17,500 125,272 350 80,700

^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct!
COLO COMPANY
Cash Disbursements Journal

Other Accts.
Check Account Trans. Cash Inventory Accts. Pay.
Date No. Payee Debited No. Credit Credit Debit Debit
May 1 3410 S&P Mgmt. Co. Rent Exp., Selling 76
Rent Exp., Office
8 3411 Peyton Products Peyton Products 77
15 3412 Payroll Sales Salaries Exp. 78
Office Salaries Exp.
19 3413 Garcia, Inc. Garcia, Inc. 79
23 3414 Fink Corp. Fink Corp. 80
26 3415 Perennial Power Utilities Exp. 81
29 3416 Jenny Colo J. Colo, Withdrawals 82
30 3417 Payroll Sales Salaries Exp. 83
Office Salaries Exp.
Totals 57,108 575 28,933 28,750

^ Correct! ^ Correct! ^ Correct! ^ Correct!
COLO COMPANY
General Journal

Trans.
Date Description No. Debit Credit
May 2 Sales Returns and Allowances 65
Accounts Receivable-Knox, Inc.
3 Accounts Payable-Peyton Products 66
Inventory
12 Accounts Payable-Gear Supply Co. 67
Office Equipment

Adjusting entries
May 31 Insurance Expense 68
Prepaid Insurance
31 Store Supplies Expense 69
Store Supplies
31 Office Supplies Expense 70
Office Supplies
31 Depreciation Expense, Store Equip. 71
Accumulated Depr., Store Equip.
31 Depreciation Expense, Office Equip. 72
Accumulated Depr., Office Equip.

Closing entries
May 31 Income Summary 73
Sales Discounts
Sales Returns and Allowances
Cost of Goods Sold
Depr. Expense, Office Equipment
Depr. Expense, Store Equipment
Office Salaries Expense
Sales Salaries Expense
Insurance Expense
Rent Expense, Office Space
Rent Expense, Selling Space
Office Supplies Expense
Store Supplies Expense
Utilities Expense
31 Sales 74
Income Summary
31 Income Summary 75
J. Colo, Capital
31 J. Colo, Capital 76
J. Colo, Withdrawals


COLO COMPANY
General Ledger

Cash Account No. 101
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 50,247
May 31 CRJ
31 CDJ

Accounts Receivable Account No. 106
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 4,725
May 2 JG65
31 SJ
31 CRJ

Merchandise Inventory Account No. 119
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 220,080
May 31 GJ66
31 CDJ
31 PJ
31 CRJ
31 SJ

Office Supplies Account No. 124
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 430
May 31 PJ
31 GJ70

Store Supplies Account No. 125
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 2,447
May 4 PJ78
9 CR82
24 PJ82
31 GJ69

Prepaid Insurance Account No. 128
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 3,318
May 31 GJ68

Office Equipment Account No. 163
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 22,470
May 10 PJ79
12 GJ67

Accumulated Depreciation, Office Equipment Account No. 164
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 9,898
May 31 GJ72

Store Equipment Account No. 165
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 38,920

Accumulated Depreciation, Store Equipment Account No. 166
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 17,556
May 31 GJ71

Accounts Payable Account No. 201
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 7,098
May 3 GJ66
12 GJ67
31 PJ
31 CDJ

Jenny Colo, Capital Account No. 301
Trans.
Date Item no. Debit Credit Balance
Apr. 30 Balance 308,085
May 31 GJ75
31 GJ76

Jenny Colo, Withdrawals Account No. 302
Trans.
Date Item no. Debit Credit Balance
May 29 CD82
31 GJ76

Sales Account No. 413
Trans.
Date Item no. Debit Credit Balance
May 31 SJ
31 CRJ
31 GJ74

Sales Returns & Allowances Account No. 414
Trans.
Date Item no. Debit Credit Balance
May 2 GJ65
31 GJ73

Sales Discounts Account No. 415
Trans.
Date Item no. Debit Credit Balance
May 31 CRJ
31 GJ73

Cost of Goods Sold Account No. 502
Trans.
Date Item no. Debit Credit Balance
May 31 S2
31 R2
31 G3


Depreciation Expense, Ofc. Equipment Account No. 612
Trans.
Date Item no. Debit Credit Balance
May 31 GJ72
31 GJ73

Depreciation Expense, Store Equipment Account No. 613
Trans.
Date Item no. Debit Credit Balance
May 31 GJ71
31 GJ73

Office Salaries Expense Account No. 620
Trans.
Date Item no. Debit Credit Balance
May 15 CD78
30 CD83
31 GJ73

Sales Salaries Expense Account No. 621
Trans.
Date Item no. Debit Credit Balance
May 15 CD78
30 CD83
31 GJ73

Insurance Expense Account No. 637
Trans.
Date Item no. Debit Credit Balance
May 31 GJ68
31 GJ73

Rent Expense, Office Space Account No. 641
Trans.
Date Item no. Debit Credit Balance
May 1 CD76
31 GJ73

Rent Expense, Selling Space Account No. 642
Trans.
Date Item no. Debit Credit Balance
May 1 CD76
31 GJ73

Office Supplies Expense Account No. 650
Trans.
Date Item no. Debit Credit Balance
May 31 GJ70
31 GJ73

Store Supplies Expense Account No. 651
Trans.
Date Item no. Debit Credit Balance
May 31 GJ69
31 GJ73

Utilities Expense Account No. 690
Trans.
Date Item no. Debit Credit Balance
May 26 CD81
31 GJ73

Income Summary Account No. 901
Trans.
Date Item no. Debit Credit Balance
May 31 GJ73
31 GJ74
31 GJ75


COLO COMPANY
Accounts Receivable Ledger

Crane Corp.
Trans.
Date Item no. Debit Credit Balance
May 26 SJ86

Hensel Company
Trans.
Date Item no. Debit Credit Balance
May 2 SJ83
11 CR83
16 SJ84

Knox, Inc.
Trans.
Date Item no. Debit Credit Balance
Apr. 28 S2 4,725 4,725
May 2 GJ65
5 CR81

Lee Services
Trans.
Date Item no. Debit Credit Balance
May 22 SJ85
30 CR85


COLO COMPANY
Accounts Payable Ledger

Fink Corp.
Trans.
Date Item no. Debit Credit Balance
May 17 PJ81
23 CD80

Garcia, Inc.
Trans.
Date Item no. Debit Credit Balance
May 11 PJ80
19 CD79

Peyton Products
Trans.
Date Item no. Debit Credit Balance
Apr. 29 PJ 7,098 7,098
May 3 JG66
8 CD77
25 PJ83

Gear Supply Co.
Trans.
Date Item no. Debit Credit Balance
May 4 PJ78
10 PJ79
12 GJ67
24 PJ82


COLO COMPANY
Work Sheet
For Month Ended May 31, 2005

Balance Sheet
Unadjusted Adjusted Income & Statement
Trial Balance Adjustments Trial Balance Statement of Owner's Equity
Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Prepaid insurance
Office equipment
Accum. depr., office equip.
Store equipment
Accum. depr., store equip.
Accounts payable
J. Colo, Capital
J. Colo, Withdrawals
Sales
Sales discounts
Sales returns and allowances
Cost of goods sold
Depr. expense, office equip.
Depr. expense, store equip.
Office salaries expense
Sales salaries expense
Insurance expense
Rent exp., office space
Rent exp., selling space
Office supplies expense
Store supplies expense
Utilities expense
Totals
Net income
Totals


COLO COMPANY
Income Statement
For Month Ended May 31, 2005

Revenue:
Sales
Less: Sales discounts
Sales returns and allowances
Net sales
Less: Cost of goods sold
Gross profit on sales
Operating expenses:
Selling expenses:
Depreciation expense, store equipment
Sales salaries expense
Rent expense, selling space
Store supplies expense
Total selling expenses
General and administrative expenses:
Depreciation expense, office equipment
Office salaries expense
Insurance expense
Rent expense, office space
Office supplies expense
Utilities expense
Total general and administrative expenses
Total operating expenses
Net income


COLO COMPANY
Statement of Owner's Equity
For Month Ended May 31, 2005

Jenny Colo, Capital, April 30, 2005
Plus: Net income
Total
Less: Withdrawals by owner
Jenny Colo, Capital, May 31, 2005


COLO COMPANY
Balance Sheet
May 31, 2005

Assets
Current assets:
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Prepaid insurance
Total current assets
Plant assets:
Office equipment
Less accumulated depreciation
Store equipment
Less accumulated depreciation
Total plant assets
Total assets

Liabilities
Current liabilities:
Accounts payable

Owner's Equity
Jenny Colo, Capital
Total liabilities and equity


COLO COMPANY
Post-Closing Trial Balance
May 31, 2005

Debit Credit
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Prepaid insurance
Office equipment
Accum. depr., office equipment
Store equipment
Accum. depr., store equipment
Accounts payable
Jenny Colo, Capital
Totals


COLO COMPANY
Schedule of Accounts Receivable
May 31, 2005

Crane Corp.
Hensel Company
Total accounts receivable


COLO COMPANY
Schedule of Accounts Payable
May 31, 2005

Peyton Products
Gear Supply Co.
Total accounts payable




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