Billy Bob Supply Company uses four special journals: purchases, sales, cash rece
ID: 2566860 • Letter: B
Question
Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions were ineurred during August Aug. 1 Purchased merchandise from Able Co. for $6,0o0, terms 2/10, n/30 Received c heck from Fox Co. (full balance outstanding for July sale (less the 2% discount). Sent t cheek No.757 for $4,900 to Able Co. in full payment of outstanding balance from the prior month. Sold merchandise on credit to Coe Co. for $5,000, terms 2/10, n/30, Invoice No. 245 Cost of the goods sold is $2,500 Purchased me Purchased office rchandise from Baker Co. for $6,000, terms 1/15, n/30 supplies on credit from Echo Co. for $500, terms n/30. Paid Able Co. for the A Received ugust 1 purchase, (less discount) Check No. 758. cash payment from Coe Co. for August 4 sale (less discount). 15 Paid August rent of $1,000, Check No. 759. 15 Sold merchandise on credit to Fox Co.t or $5,000, terms 2/10, n/30, Invoice No. 246. 18 Sold merchandise on C 18 19 Cost of the goods sold is $2,400. Cost of the goods sold is $2,200. Sold merchandise on credit to Thomas Co.for $6,000, terms 2/10, n/30, credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 247, Received $2,400 cash for the $2,000 note receivable from Fox Corp. (included $400 Interest). Invoice No. 248. Cost of the goods sold was $3,700. 20 Made cash payment in full to Baker Co. for the August 5 purchase, Check No 760. 20 Sold merchandise on credit to Fox Co. for $4,000, terms 2/10, n/30, Invoice No. 249 Cost of the goods sold was $2,400mCo for $4,000, terms 2/10, n/30, Invoice No.250. Cost of the goods sold is $2,200 Received full payment less discount from Fox Co. for Aug.15 sale. Recorded cash sales for the month $7,000. The cost of the goods sold was $3,000. Paid Telephone Bill for August of $800, Check No. 761 Paid Salaries of $500 each to 3 employees Checks 762, 763, 764. Issued Check # 765 for $5,300 ($5,000 note payable and $300 interest expense) 25 28 29 30 Record trial balances. the above transactions in the appropriate special journals below. Post to ledgers and prepare th GENERAL JOURNAL Debit Credit Date Account Title 41 4 Sales R 30Explanation / Answer
Find hereunder the general ledger .
Some of the balances will be negative as beginning balances for these accounts are not given.
Trial balance is given for reference.
Cash Inventory Accounts receivable Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Beg.Bal. 0 Beg.Bal. 0 0 Beg.Bal. 0 0 Aug.3 4900 -4900 Aug.1 6000 6000 Aug.4 5000 5000 Aug.11 5586 -10486 Aug.4 2500 3500 Aug.13 5000 0 Aug.13 4900 -5586 Aug.5 6000 9500 Aug.15 5000 5000 Aug.15 1000 -6586 Aug.9 300 9200 Aug.18 4000 9000 Aug.18 2400 -4186 Aug.15 2400 6800 Aug.19 6000 15000 Aug.20 5940 -10126 Aug.18 2200 4600 Aug.20 4000 19000 Aug.25 4900 -5226 Aug.19 3700 900 Aug.22 4000 23000 Aug.28 7000 1774 Aug.20 2400 -1500 Aug.25 5000 18000 Aug.29 800 974 Aug.22 2200 -3700 18000 Aug.29 500 474 Aug.28 3000 -6700 Aug.30 5300 -4826 -6700 Note Receivable Office supplies -6700 Date Debit Credit Balance Date Debit Credit Balance Beg.Bal. 0 0 Aug.8 500 500 Aug.18 2000 -2000 500 Interest Revenue -2000 500 Date Debit Credit Balance Accounts payable Aug.18 400 400 Rent Expense Date Debit Credit Balance 400 Date Debit Credit Balance Beg.Bal. 0 0 Aug.15 1000 1000 Aug.1 6000 6000 Purchase Discount 1000 Aug.3 4900 0 1100 Date Debit Credit Balance 1000 Aug.5 6000 7100 Aug.11 114 114 1000 Aug.8 500 7600 Aug.20 60 174 Aug.9 300 7300 174 Aug.11 5700 1600 Cost of goods sold Aug.20 6000 -4400 Date Debit Credit Balance -4400 Sales discounts Aug.4 2500 2500 Date Debit Credit Balance Aug.15 2400 4900 Aug.13 100 100 Aug.18 2200 7100 Sales Aug.25 100 200 Aug.19 3700 10800 Date Debit Credit Balance 200 Aug.20 2400 13200 Aug.4 5000 5000 200 Aug.22 2200 15400 Aug.15 5000 10000 Aug.28 3000 18400 Aug.18 4000 14000 Aug.19 6000 20000 Telephone expense Aug.20 4000 24000 Date Debit Credit Balance Note payable Aug.22 4000 28000 Aug.29 800 800 Date Debit Credit Balance Aug.28 7000 35000 800 Beg.Bal. 0 0 800 Aug.30 5000 -5000 -5000 Salaries Expense Interest Expense Date Debit Credit Balance Date Debit Credit Balance Aug.29 500 500 Aug.30 300 300 500 300 300 300Related Questions
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