Current Attempt in Progress Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Cullumber are indicated in the working papers presented below. Also following are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number Account Title January 1 Opening Balance 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Customer R. Beltre B. Santos S. Mahay January 1 Opening Balance $1,600 7,900 4,300 Schedule of Accounts Payable (from accounts payable subsidiary ledger) Customer S. Meek R. Moses D. Saito January 1 Opening Balance $9,000 16,000 10,000 R. Moses 16,000 D. Saito 10,000 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7 Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 16 Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 21 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek for full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

record the january transactions in cash reciept journals 

Current Attempt in Progress
Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger.
Balances related to both the general ledger and the subsidiary ledgers for Cullumber are indicated in the working papers presented
below. Also following are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The
cost of all merchandise sold was 60% of the sales price.
GENERAL LEDGER
Account
Number
Account Title
January 1
Opening Balance
101
Cash
$36,500
112
Accounts Receivable
13,800
115
Notes Receivable
37,000
120
Inventory
18,500
126
Supplies
1,800
130
Prepaid Insurance
1,500
157
Equipment
8,250
158
Accumulated Depreciation-Equip.
1,500
201
Accounts Payable
35,000
301
Owner's Capital
80,850
Schedule of Accounts Receivable
(from accounts receivable subsidiary ledger)
Customer
R. Beltre
B. Santos
S. Mahay
January 1
Opening Balance
$1,600
7,900
4,300
Schedule of Accounts Payable
(from accounts payable subsidiary ledger)
Customer
S. Meek
R. Moses
D. Saito
January 1
Opening Balance
$9,000
16,000
10,000
Transcribed Image Text:Current Attempt in Progress Cullumber Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Cullumber are indicated in the working papers presented below. Also following are a series of transactions for Cullumber Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price. GENERAL LEDGER Account Number Account Title January 1 Opening Balance 101 Cash $36,500 112 Accounts Receivable 13,800 115 Notes Receivable 37,000 120 Inventory 18,500 126 Supplies 1,800 130 Prepaid Insurance 1,500 157 Equipment 8,250 158 Accumulated Depreciation-Equip. 1,500 201 Accounts Payable 35,000 301 Owner's Capital 80,850 Schedule of Accounts Receivable (from accounts receivable subsidiary ledger) Customer R. Beltre B. Santos S. Mahay January 1 Opening Balance $1,600 7,900 4,300 Schedule of Accounts Payable (from accounts payable subsidiary ledger) Customer S. Meek R. Moses D. Saito January 1 Opening Balance $9,000 16,000 10,000
R. Moses
16,000
D. Saito
10,000
Jan.
3
Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511.
5
Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30.
7
Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed.
8
Pay freight on merchandise purchased $225.
9
Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount.
9
Issue credit of $300 to J. Revere for merchandise returned.
10
Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales.
11
Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513.
12
Pay rent of $1,000 for January.
13
Receive payment in full from B. Corpas and J. Revere less cash discounts.
15
Withdraw $800 cash by M. Cullumber for personal use.
15
16
Post all entries to the subsidiary ledgers.
Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel
$1,900, terms n/30.
17
Pay $700 cash for office supplies.
18
Return $300 of merchandise to S. Meek and receive credit.
20
21
Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales.
Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due.
21 Receive payment in full from S. Mahay less cash discount.
22
22
Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515.
22
Post all entries to the subsidiary ledgers.
23 Send checks to D. Saito and S. Meek for full payment less cash discounts.
25
Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517.
27
Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100,
terms n/30.
27
Post all entries to the subsidiary ledgers.
28
Pay $200 cash for office supplies.
31
Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales.
31
Pay sales salaries $4,300 and office salaries $3,400.
Transcribed Image Text:R. Moses 16,000 D. Saito 10,000 Jan. 3 Sell merchandise on account to B. Corpas $3,400, invoice no. 510, and to J. Revere $1,700, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,400, terms n/30. 7 Receive checks from S. Mahay $4,300 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $225. 9 Send checks to S. Meek for $9,000 less 2% cash discount, and to D. Saito for $10,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to January 10 total $15,000. Make one journal entry for these sales. 11 Sell merchandise on account to R. Beltre $1,200, invoice no. 512, and to S. Mahay $900, invoice no. 513. 12 Pay rent of $1,000 for January. 13 Receive payment in full from B. Corpas and J. Revere less cash discounts. 15 Withdraw $800 cash by M. Cullumber for personal use. 15 16 Post all entries to the subsidiary ledgers. Purchase merchandise from D. Saito $14,000, terms 1/10, n/30; S. Meek $14,400, terms 2/10, n/30; and S. Gamel $1,900, terms n/30. 17 Pay $700 cash for office supplies. 18 Return $300 of merchandise to S. Meek and receive credit. 20 21 Daily cash sales from January 11 to January 20 total $19,600. Make one journal entry for these sales. Issue $16,000 note, maturing in 90 days, to R. Moses in payment of balance due. 21 Receive payment in full from S. Mahay less cash discount. 22 22 Sell merchandise on account to B. Corpas $2,500, invoice no. 514, and to R. Beltre $2,000, invoice no. 515. 22 Post all entries to the subsidiary ledgers. 23 Send checks to D. Saito and S. Meek for full payment less cash discounts. 25 Sell merchandise on account to B. Santos $3,100, invoice no. 516, and to J. Revere $6,800, invoice no. 517. 27 Purchase merchandise from D. Saito $14,100, terms 1/10, n/30; D. Posey $3,300, terms n/30; and S. Gamel $5,100, terms n/30. 27 Post all entries to the subsidiary ledgers. 28 Pay $200 cash for office supplies. 31 Daily cash sales from January 21 to January 31 total $21,000. Make one journal entry for these sales. 31 Pay sales salaries $4,300 and office salaries $3,400.
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education