Aug. 1 Purchased merchandise from Able Co. for $6,000, terms 2/10, n/30. 3 Recei
ID: 2566897 • Letter: A
Question
Aug. 1 Purchased merchandise from Able Co. for $6,000, terms 2/10, n/30.3 Received check from Fox Co. (full balance outstanding) for July sale (less the 2% discount).
3 Sent check No.757 for $4,900 to Able Co. in full payment of outstanding balance from prior | month. 4 Sold merchandise on credit to Coe Co. for $5,000, terms 2/10, n/30, Invoice No. 245. Cost of the goods sold is $2,100.
5 Purchased merchandise from Baker Co. for $6,000, terms 1/15, n/30.
8 Purchased office supplies on credit from Echo Co. for $500, terms n/30.
9 Returned merchandise costing $300 to Able Co. from August 1 purchase.
11 Paid Able Co. for the August 1 purchase, (less discount) Check No. 758.
13 Received 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. for $5,000, terms 2/10, n/30, Invoice No. 246. Cost of the goods sold is $2,400.
18 Sold merchandise on credit to Coe Co. for $3,000, terms 2/10, n/30, Invoice No. 247. Cost of the goods sold is $1,200.
18 Received $2,300 cash for the $2,000 note receivable from Fox Corp. (included $300 Interest).
19 Sold merchandise on credit to Thomas Co .for $6,000, terms 2/10, n/30, 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 $2,000.
22 Sold merchandise on credit to Thomas Co. for $4,000, terms 2/10, n/30, Invoice No. 250. Cost of the goods sold is $2,200.
25 Received full payment less discount from Fox Co. for Aug.15 sale.
28 Recorded cash sales for the month $6,000. The cost of the goods sold was $3,000.
29 Paid Telephone Bill for August of $1.000, Check No. 761.
Paid Salaries of $500 each to 3 employees Checks 762, 763, 764.
30 Issued Check # 765 for $5,200 ($5,000 note payable and $200 interest expense)
Beginning balances Cash-27,000 Accounts receivable- 2,000 Merchandise inventory- 30,000 Note receivable- 2,000 Accounts payable- 5,000 Notes payable- 10,000 Owners equity- 46,000 Record the balance sheet and a trial balance. 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 30
Explanation / Answer
Trial balance
Balance Sheet
Trial balance Opening Transactions Closing Income statement Balance sheet Account Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 27000 19200 24026 22174 22174 Inventory 30000 12000 18700 23300 23300 Accounts receivable 2000 28000 10000 20000 20000 Office supplies 500 500 500 Note receivable 2000 0 2000 0 0 Accounts payable 5000 16900 12500 0 600 600 Notes payable 10000 5000 0 5000 5000 Owner equity 46000 46000 60374 Purchase discount 174 174 Sales 35000 35000 34800 Interest revenue 400 400 400 Sales discount 200 200 Cost of goods sold 18400 18400 18226 Rent expense 1000 1000 1000 Salaries 500 500 500 Telephone expenses 800 800 800 Interest expense 300 300 300 Net Income 14374 Total 61000 61000 102800 102800 87174 87174 35200 35200 65974 65974Related Questions
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