Question 1 Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of RO 8,200. In the cash disbursements journal, the Accounts Payable column has total debits of RO 6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of RO10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of RO72. The Utility Expense account number is No.450. Record receipt of the refund. Question 3 Record the following transactions in the purchases journal: Feb. 2 Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) No. 12345 in the amount of RO3,456. Feb. 8 Purchased inventory on account from Sherwood Company (vendor account number 5461), PONo. 12346, in the amount of RO2,951. Feb. 12 Purchased inventory on account from Green Valley Inc. (vendor No.4653), PONo. 12347, in the amount of RO4,631. Question 4 Record the following transactions in the cash disbursements journal: Mar. 1 Paid Duke Mfg (account number D101) RO980 for inventory purchased on Feb. 27 for RO1,000. Duke Mfg offered terms of 2/10, n/30, and you paid within the discount period using check No.4012. Mar. 3 Paid Emergency Plumbing RO450. They just came to fix the leak in the coffee room. Give them account number E143. Use check No.4013 and debit the Repairs and Maintenance account, No.655. Mar. 5 Used check No.4014 to pay Wake Mfg (account number W210) RO1,684 for inventory purchased on Feb. 25, no terms offered. Question 5 Catherine’s Cookies has a beginning balance in the Accounts Receivable control total account of RO8,200. RO15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of RO12,000. What is the ending balance of the Accounts Receivable account in the general ledger?

Question 1 Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of RO 8,200. In the cash disbursements journal, the Accounts Payable column has total debits of RO 6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of RO10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of RO72. The Utility Expense account number is No.450. Record receipt of the refund. Question 3 Record the following transactions in the purchases journal: Feb. 2 Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) No. 12345 in the amount of RO3,456. Feb. 8 Purchased inventory on account from Sherwood Company (vendor account number 5461), PONo. 12346, in the amount of RO2,951. Feb. 12 Purchased inventory on account from Green Valley Inc. (vendor No.4653), PONo. 12347, in the amount of RO4,631. Question 4 Record the following transactions in the cash disbursements journal: Mar. 1 Paid Duke Mfg (account number D101) RO980 for inventory purchased on Feb. 27 for RO1,000. Duke Mfg offered terms of 2/10, n/30, and you paid within the discount period using check No.4012. Mar. 3 Paid Emergency Plumbing RO450. They just came to fix the leak in the coffee room. Give them account number E143. Use check No.4013 and debit the Repairs and Maintenance account, No.655. Mar. 5 Used check No.4014 to pay Wake Mfg (account number W210) RO1,684 for inventory purchased on Feb. 25, no terms offered. Question 5 Catherine’s Cookies has a beginning balance in the Accounts Receivable control total account of RO8,200. RO15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of RO12,000. What is the ending balance of the Accounts Receivable account in the general ledger?

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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Question 1

Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of RO 8,200. In the cash disbursements journal, the Accounts Payable column has total debits of RO 6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of RO10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?

Question 2

Record the following transactions in the cash receipts journal.

Jun. 12	Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment.
Jun. 15	Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30.
Jun. 17	Your company received a refund check (its check No.12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of RO72. The Utility Expense account number is No.450. Record receipt of the refund.

Question 3

Record the following transactions in the purchases journal:

Feb. 2	Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) No. 12345 in the amount of RO3,456.
Feb. 8	Purchased inventory on account from Sherwood Company (vendor account number 5461), PONo. 12346, in the amount of RO2,951.
Feb. 12	Purchased inventory on account from Green Valley Inc. (vendor No.4653), PONo. 12347, in the amount of RO4,631.

Question 4

Record the following transactions in the cash disbursements journal:

Mar. 1	Paid Duke Mfg (account number D101) RO980 for inventory purchased on Feb. 27 for RO1,000. Duke Mfg offered terms of 2/10, n/30, and you paid within the discount period using check No.4012.
Mar. 3	Paid Emergency Plumbing RO450. They just came to fix the leak in the coffee room. Give them account number E143. Use check No.4013 and debit the Repairs and Maintenance account, No.655.
Mar. 5	Used check No.4014 to pay Wake Mfg (account number W210) RO1,684 for inventory purchased on Feb. 25, no terms offered.

Question 5

Catherine’s Cookies has a beginning balance in the Accounts Receivable control total account of RO8,200. RO15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of RO12,000. What is the ending balance of the Accounts Receivable account in the general ledger?

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