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he entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.

he entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems.
 
Required: Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days.
Instructions Chart of Accounts Journal The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. CHART OF ACCOUNTS Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Caldemeyer Co. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. General Ledger PAGE 10 13 Sold merchandise on account to Dry Creek Co., $60.000. The cost of goods sold was $54,000. JOURNAL ACCOUNTING EQUATION Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. ASSETS REVENUE 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 110 Cash 410 Sales 1 Apг. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of 111 Petty Cash 610 Interest Revenue 2 January 3. (Record both the debit and the credit to the notes receivable account.) 121 Accounts Receivable-Bradford & Co. May 11 Received from Bradford & Co. the amount due on the note of March 12. EXPENSES 122 Accounts Receivable-Dry Creek Co. 13 Dry Creek Co. dishonored its note dated March 14. 4 123 Accounts Receivable-Trina Gelhaus 510 Cost of Goods Sold July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 124 Accounts Receivable-Halloran Co. 520 Sales Salaries Expense 5 12% computed on the maturity value of the note. 129 Allowance for Doubtful Accounts 521 Advertising Expense Aug. 1 Received from Trina Gelhaus the amount due on her note of April 3. 131 Interest Receivable 522 Depreciation Expense-Store Equipment Oct. 5 Sold merchandise on account, terms 2/10, n/30, to Halloran Co., $13,500. Record the sale net of the 132 Notes Receivable 523 Delivery Expense 2% discount. The cost of goods sold was $8,100. 141 Inventory 524 Repairs Expense 9 15 Received from Halloran Co. the amount of the invoice of October 5, less 2% discount. 145 Office Supplies 529 Selling Expenses 10 146 Store Supplies 530 Office Salaries Expense 11 151 Prepaid Insurance 531 Rent Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days. 12 181 Land 532 Depreciation Expense-Office Equipment 13 191 Store Equipment 533 Insurance Expense 14 192 Accumulated Depreciation-Store Equipment 534 Office Supplies Expense 193 Office Equipment 535 Store Supplies Expense 15 194 Accumulated Depreciation-Office Equipment 536 Credit Card Expense 16 537 Cash Short and Over 17 LIABILITIES 538 Bad Debt Expense 18 210 Accounts Payable 539 Miscellaneous Expense 19 211 Salaries Payable 710 Interest Expense 20 213 Sales Tax Payable 21 214 Interest Payable 22 215 Notes Payable 23 EQUITY 24 310 Common Stock 25 311 Retained Earnings 26 312 Dividends 27 28 29 30 31 32 33 34 35 36
Transcribed Image Text:Instructions Chart of Accounts Journal The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. CHART OF ACCOUNTS Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Caldemeyer Co. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. General Ledger PAGE 10 13 Sold merchandise on account to Dry Creek Co., $60.000. The cost of goods sold was $54,000. JOURNAL ACCOUNTING EQUATION Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. ASSETS REVENUE 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 110 Cash 410 Sales 1 Apг. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of 111 Petty Cash 610 Interest Revenue 2 January 3. (Record both the debit and the credit to the notes receivable account.) 121 Accounts Receivable-Bradford & Co. May 11 Received from Bradford & Co. the amount due on the note of March 12. EXPENSES 122 Accounts Receivable-Dry Creek Co. 13 Dry Creek Co. dishonored its note dated March 14. 4 123 Accounts Receivable-Trina Gelhaus 510 Cost of Goods Sold July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 124 Accounts Receivable-Halloran Co. 520 Sales Salaries Expense 5 12% computed on the maturity value of the note. 129 Allowance for Doubtful Accounts 521 Advertising Expense Aug. 1 Received from Trina Gelhaus the amount due on her note of April 3. 131 Interest Receivable 522 Depreciation Expense-Store Equipment Oct. 5 Sold merchandise on account, terms 2/10, n/30, to Halloran Co., $13,500. Record the sale net of the 132 Notes Receivable 523 Delivery Expense 2% discount. The cost of goods sold was $8,100. 141 Inventory 524 Repairs Expense 9 15 Received from Halloran Co. the amount of the invoice of October 5, less 2% discount. 145 Office Supplies 529 Selling Expenses 10 146 Store Supplies 530 Office Salaries Expense 11 151 Prepaid Insurance 531 Rent Expense Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles. Assume a 360-day year. Assume this is a year in which February has 28 days. 12 181 Land 532 Depreciation Expense-Office Equipment 13 191 Store Equipment 533 Insurance Expense 14 192 Accumulated Depreciation-Store Equipment 534 Office Supplies Expense 193 Office Equipment 535 Store Supplies Expense 15 194 Accumulated Depreciation-Office Equipment 536 Credit Card Expense 16 537 Cash Short and Over 17 LIABILITIES 538 Bad Debt Expense 18 210 Accounts Payable 539 Miscellaneous Expense 19 211 Salaries Payable 710 Interest Expense 20 213 Sales Tax Payable 21 214 Interest Payable 22 215 Notes Payable 23 EQUITY 24 310 Common Stock 25 311 Retained Earnings 26 312 Dividends 27 28 29 30 31 32 33 34 35 36
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