During the month of October 20--, The Pink Petal flower shop engaged in the following transactions: Oct. 1 Sold merchandise on account to Elizabeth Shoemaker, $1,000, plus tax of $50. Sale No. 222. 2 Issued Check No. 190 to Jill Hand in payment of October 1 balance of $500, less 2% discount. 2 Purchased merchandise on account from Flower Wholesalers, $4,000. Invoice No. 500, dated October 2, terms 2/10, n/30. 4 Purchased merchandise on account from Seidl Enterprises, $700. Invoice No. 527, dated October 4, terms 2/15, n/30. 5 Issued Check No. 191 in payment of phone expense for the month of September, $150. 7 Sold merchandise for cash, $3,500, plus tax of $175. 9 Received payment from Leigh Summers in full settlement of account, $2,000. 11 Issued Check No. 192 to Flower Wholesalers in payment of October 1 balance of $1,500. 12 Sold merchandise on account to Leigh Summers, $2,000, plus tax of $100. Sale No. 223. 12 Received payment from Meg Johnson on account, $3,100. 13 Issued Check No. 193 to Seidl Enterprises in payment of October 4 purchase. Invoice No. 527, less 2% discount. 14 Meg Johnson returned merchandise for a credit, $300, plus sales tax of $15. 17 Returned merchandise to Vases Etc. for credit, $900. 24 Received payment from David’s Decorating on account, $2,135. 27 Sold merchandise on account to David’s Decorating, $3,000, plus tax of $150. Sale No. 224. 29 Issued Check No. 194 in payment of wages (Wages Expense) for the four-week period ending October 30, $900. Selected account balances as of October 1 were as follows: Account Account No. Debit Credit Cash 101 $18,225 Accounts Receivable 122 9,619 Accounts Payable 202 $5,120 The Pink Petal also had the following subsidiary ledger balances as of October 1: Accounts Receivable: Customer Accounts Receivable Balance David’s Decorating 12 Jude Lane Hartford, CT 06117 $3,340 Elizabeth Shoemaker 52 Juniper Road Hartford, CT 06118 279 Meg Johnson 700 Hobbes Dr. Avon, CT 06108 4,000 Leigh Summers 5200 Hamilton Ave. Hartford, CT 06111 2,000 Accounts Payable: Supplier Accounts Payable Balance Vases Etc. 34 Harry Ave. East Hartford, CT 05234 $3,120 Jill Hand 1009 Drake Rd. Farmington, CT 06082 500 Flower Wholesalers 43 Lucky Lane Bristol, CT 06007 1,500 Seidl Enterprises 888 Anders Street Newington, CT 06789 — Required: 1. Record the transactions in a sales journal (page 7), cash receipts journal (page 10), purchases journal (page 6), cash payments journal (page 11), and general journal (page 5). Total and verify the columns where appropriate at the end of the month. After each entry, post to the appropriate selected accounts. 2. Post from the journals to the general ledger, accounts receivable ledger, and accounts payable ledger accounts.

During the month of October 20--, The Pink Petal flower shop engaged in the following transactions: Oct. 1 Sold merchandise on account to Elizabeth Shoemaker, $1,000, plus tax of $50. Sale No. 222. 2 Issued Check No. 190 to Jill Hand in payment of October 1 balance of $500, less 2% discount. 2 Purchased merchandise on account from Flower Wholesalers, $4,000. Invoice No. 500, dated October 2, terms 2/10, n/30. 4 Purchased merchandise on account from Seidl Enterprises, $700. Invoice No. 527, dated October 4, terms 2/15, n/30. 5 Issued Check No. 191 in payment of phone expense for the month of September, $150. 7 Sold merchandise for cash, $3,500, plus tax of $175. 9 Received payment from Leigh Summers in full settlement of account, $2,000. 11 Issued Check No. 192 to Flower Wholesalers in payment of October 1 balance of $1,500. 12 Sold merchandise on account to Leigh Summers, $2,000, plus tax of $100. Sale No. 223. 12 Received payment from Meg Johnson on account, $3,100. 13 Issued Check No. 193 to Seidl Enterprises in payment of October 4 purchase. Invoice No. 527, less 2% discount. 14 Meg Johnson returned merchandise for a credit, $300, plus sales tax of $15. 17 Returned merchandise to Vases Etc. for credit, $900. 24 Received payment from David’s Decorating on account, $2,135. 27 Sold merchandise on account to David’s Decorating, $3,000, plus tax of $150. Sale No. 224. 29 Issued Check No. 194 in payment of wages (Wages Expense) for the four-week period ending October 30, $900. Selected account balances as of October 1 were as follows: Account Account No. Debit Credit Cash 101 $18,225 Accounts Receivable 122 9,619 Accounts Payable 202 $5,120 The Pink Petal also had the following subsidiary ledger balances as of October 1: Accounts Receivable: Customer Accounts Receivable Balance David’s Decorating 12 Jude Lane Hartford, CT 06117 $3,340 Elizabeth Shoemaker 52 Juniper Road Hartford, CT 06118 279 Meg Johnson 700 Hobbes Dr. Avon, CT 06108 4,000 Leigh Summers 5200 Hamilton Ave. Hartford, CT 06111 2,000 Accounts Payable: Supplier Accounts Payable Balance Vases Etc. 34 Harry Ave. East Hartford, CT 05234 $3,120 Jill Hand 1009 Drake Rd. Farmington, CT 06082 500 Flower Wholesalers 43 Lucky Lane Bristol, CT 06007 1,500 Seidl Enterprises 888 Anders Street Newington, CT 06789 — Required: 1. Record the transactions in a sales journal (page 7), cash receipts journal (page 10), purchases journal (page 6), cash payments journal (page 11), and general journal (page 5). Total and verify the columns where appropriate at the end of the month. After each entry, post to the appropriate selected accounts. 2. Post from the journals to the general ledger, accounts receivable ledger, and accounts payable ledger accounts.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter12: Special Journals

Section: Chapter Questions

Problem 1CP: Screpcap Co. had the following transactions during the first week of June: June 1Purchased...

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During the month of October 20--, The Pink Petal flower shop engaged in the following transactions:

Oct. 1	Sold merchandise on account to Elizabeth Shoemaker, $1,000, plus tax of $50. Sale No. 222.
2	Issued Check No. 190 to Jill Hand in payment of October 1 balance of $500, less 2% discount.
2	Purchased merchandise on account from Flower Wholesalers, $4,000. Invoice No. 500, dated October 2, terms 2/10, n/30.
4	Purchased merchandise on account from Seidl Enterprises, $700. Invoice No. 527, dated October 4, terms 2/15, n/30.
5	Issued Check No. 191 in payment of phone expense for the month of September, $150.
7	Sold merchandise for cash, $3,500, plus tax of $175.
9	Received payment from Leigh Summers in full settlement of account, $2,000.
11	Issued Check No. 192 to Flower Wholesalers in payment of October 1 balance of $1,500.
12	Sold merchandise on account to Leigh Summers, $2,000, plus tax of $100. Sale No. 223.
12	Received payment from Meg Johnson on account, $3,100.
13	Issued Check No. 193 to Seidl Enterprises in payment of October 4 purchase. Invoice No. 527, less 2% discount.
14	Meg Johnson returned merchandise for a credit, $300, plus sales tax of $15.
17	Returned merchandise to Vases Etc. for credit, $900.
24	Received payment from David’s Decorating on account, $2,135.
27	Sold merchandise on account to David’s Decorating, $3,000, plus tax of $150. Sale No. 224.
29	Issued Check No. 194 in payment of wages (Wages Expense) for the four-week period ending October 30, $900.

Selected account balances as of October 1 were as follows:

Account	Account No.	Debit	Credit
Cash	101	$18,225
Accounts Receivable	122	9,619
Accounts Payable	202		$5,120

The Pink Petal also had the following subsidiary ledger balances as of October 1:

Accounts Receivable:

Customer	Accounts Receivable Balance
David’s Decorating 12 Jude Lane Hartford, CT 06117	$3,340
Elizabeth Shoemaker 52 Juniper Road Hartford, CT 06118	279
Meg Johnson 700 Hobbes Dr. Avon, CT 06108	4,000
Leigh Summers 5200 Hamilton Ave. Hartford, CT 06111	2,000

Accounts Payable:

Supplier	Accounts Payable Balance
Vases Etc. 34 Harry Ave. East Hartford, CT 05234	$3,120
Jill Hand 1009 Drake Rd. Farmington, CT 06082	500
Flower Wholesalers 43 Lucky Lane Bristol, CT 06007	1,500
Seidl Enterprises 888 Anders Street Newington, CT 06789	—

Required:

1.	Record the transactions in a sales journal (page 7), cash receipts journal (page 10), purchases journal (page 6), cash payments journal (page 11), and general journal (page 5). Total and verify the columns where appropriate at the end of the month. After each entry, post to the appropriate selected accounts.
2.	Post from the journals to the general ledger, accounts receivable ledger, and accounts payable ledger accounts.

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