Identify Postings from Revenue JournalUsing the following revenue journal for Bowman Cleaners Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledgeraccounts or (2) posting to subsidiary ledger accounts:REVENUE JOURNALPost.Accounts Rec. Dr.DateInvoice No.Account DebitedRef.Fees Earned Cr.20Υ3(a)May 1112Hazmat Safety Co.$2,050Masco Co.May 10113(b)980Alpha GenCorpMay 20114(c)2,800May 27115Tillman Inc.(d)1,240$7,070May 30(e)(a)(b)(c)(d)(e)

General ledger General ledger account are refer as comprehensive record of financial data which are…

Answered: Identify Postings from Revenue Journal…

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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Select a description for each transaction recorded in the following T accounts: Cash (c) 5,042.10 Accounts Receivable (a) 5,320 (b) 175 (c) 5,145 Sales (a) 5,320 Sales Returns andAllowances (b) 175 Sales Discounts (c) 102.90 descriptions available: Issued credit memo for merchandise returned or as an allowance for damaged merchandise. Received check from customer for amount paid within the discount period less the return. Sold merchandise for cash. Sold merchandise on account. Sold supplies for cash.
Collected from customers on account on september 10 sold on account key 20,000 to customers with credit terms : 2/10 , n 30
Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following creditor's (supplier's) account: Hellman Services Inc. NAME ADDRESS 2199 Commerce Place Debit Date Item Post. Ref. Credit Balance Nov. 1 Balance 487 Nov. 11 Invoice No. 214 CP121 239 248 Nov. 22 Invoice No. 204 P36 155 403 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal Page Nov. 11 Nov. 22
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
The purchases journal for). K. Insurance for the month of October Is represented below. Accounts Payable Is account number 202 and Purchases Is account number 501. PURCHASES JOURNAL Page s Purchases Debit/ Accounts Payable Date Invoice No. From Whom Purchased Post Ref. Credit Oct. 2 3118 Express Florist 3,550.00 3119 T. C. S. Supplies 2,790.00 3120 Auto Body Repalr 3,850.00 Signs Unlimited 4,150.00 3121 Dynasty Limo 2,380.00 10 3122 15 3123 T. C. S. Supplles 2,150.00 18,870.00 Required: 1. Post the Information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT NO. 202 ACCOUNT Accounts Payable BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNT NO. 501 ACCOUNT Purchases BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNTS PAYABLE LEDGER ACCOUNT Auto Body Repair
Post various journals to control and subsidiary accounts.L09, 10, 14On 1 September the balance of the accounts receivable control account in the general ledger of Teone Ltd was $5980. The customers' subsidiary ledger contained account balances as follows: Edmonds $1220, Lee $1320, Roemer $1030, Schulz $2410, Henry $0. At the end of September the various journals contained the following information. Sales journal: Sales to Schulz $400; to Edmonds $675; to Henry $515; to Roemer $550. Cash receipts journal: Cash received from Roemer $655; from Schulz $1150; from Henry $205; from Lee $900; from Edmonds $620. General journal: An allowance is granted to Schulz $110.Required(a) Set up control and subsidiary ledger accounts and enter the beginning balances. Do not construct the journals.(b)Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No discount was given for early payment.)(c)Prepare a list of customers and check…
Listed below are selected transactions of Riverbed Department Store for the current year ending December 31. 1. 2. 3. 4. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. During December, cash sales totaled $823,200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $115,700. The trucks were purchased in a state that applies a 5% sales tax. The store sold 29 gift cards for $100 per card. At year-end, 24 of the gift cards are redeemed. Riverbed expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each…
B1.
Q.22.
Accounts Receivable Ledger The following revenue journal is for Westside Cleaners Inc. Assume that the beginning balances for the customer accounts were zero, except for Jordan Inc., which had a $490 beginning balance. In addition, there were no collections during the period. REVENUE JOURNAL Date InvoiceNo. Account Debited Post.Ref. Accounts Rec. Dr.Fees Earned Cr. 20Y3 May 1 112 Hazmat Safety Co. (a) $2,425 10 113 Masco Co. (b) 905 20 114 Alpha GenCorp (c) 1,480 27 115 Jordan Inc. (d) 1,635 31 (e) $6,445 a. The T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger are below. b. Post to the T accounts. c. Determine the balance in the accounts. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3. Westside Cleaners Inc. Accounts Receivable Customer Balances May 31, 20Y3 Alpha GenCorp $fill in the blank…
Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.
1. Open an accounts payable ledger account for the following vendors: 1. Central Lumber, 220 1. Commercial Tool Warehouse, 230 2. Record a balance on the following account: 1. Interior Plumbing Parts -- $2,320 on August 21.

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