Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of July 2019. All sales on account come with terms of 5/10, net 30. Jul 1 Received a loan from the bank for $20,000. Jul 5 Sold products for cash to Brock Retailer for $9,000. The products had a cost of $4,950. Jul 9 Sold products on account to Furniture Outlet for $10,200. The products had a cost of $6,120. Jul 11 Furniture Outlet paid the amount owing from Jul 9. Jul 19 Sold products on account to Brock Retailer for $6,700. The products had a cost of $3,685. Requireda) Record the above transactions in the sales journal and the cash receipts journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts receivable control account.Do not enter dollar signs or commas in the input boxes. Sales Journal Page 1 Date Account Invoice # Accounts Receivable / Sales (DR/CR) COGS/Merchandise Inventory (DR/CR) Jul 9 Furniture Outlet $Answer $Answer Jul 19 Brock Retailer $Answer $Answer Jul 31 Total $Answer $Answer Cash Receipts Journal Page 1 Date Account Cash (DR) Sales Discount (DR) Accounts Receivable (CR) Sales (CR) Other (CR) COGS/Merchandise Inventory (DR/CR) Jul 1 Bank Loan $Answer $Answer $Answer $Answer $Answer $Answer Jul 5 Cash Sales $Answer $Answer $Answer $Answer $Answer $Answer Jul 11 Furniture Outlet $Answer $Answer $Answer $Answer $Answer $Answer Jul 31 Total $Answer $Answer $Answer $Answer $Answer $Answer Account: Accounts Receivable GL No. 110 Date Description DR CR Balance Jul 31 Adjustment for sales $Answer $Answer $Answer AnswerDRCR Jul 31 Adjustment for cash receipts $Answer $Answer $Answer AnswerDRCR Account: Furniture Outlet Date DR CR Balance Jul 9 $Answer $Answer $Answer AnswerDRCR Jul 11 $Answer $Answer $Answer AnswerDRCR Account: Brock Retailer Date DR CR Balance Jul 19 $Answer $Answer $Answer AnswerDRCR

Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of July 2019. All sales on account come with terms of 5/10, net 30. Jul 1 Received a loan from the bank for $20,000. Jul 5 Sold products for cash to Brock Retailer for $9,000. The products had a cost of $4,950. Jul 9 Sold products on account to Furniture Outlet for $10,200. The products had a cost of $6,120. Jul 11 Furniture Outlet paid the amount owing from Jul 9. Jul 19 Sold products on account to Brock Retailer for $6,700. The products had a cost of $3,685. Requireda) Record the above transactions in the sales journal and the cash receipts journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts receivable control account.Do not enter dollar signs or commas in the input boxes. Sales Journal Page 1 Date Account Invoice # Accounts Receivable / Sales (DR/CR) COGS/Merchandise Inventory (DR/CR) Jul 9 Furniture Outlet $Answer $Answer Jul 19 Brock Retailer $Answer $Answer Jul 31 Total $Answer $Answer Cash Receipts Journal Page 1 Date Account Cash (DR) Sales Discount (DR) Accounts Receivable (CR) Sales (CR) Other (CR) COGS/Merchandise Inventory (DR/CR) Jul 1 Bank Loan $Answer $Answer $Answer $Answer $Answer $Answer Jul 5 Cash Sales $Answer $Answer $Answer $Answer $Answer $Answer Jul 11 Furniture Outlet $Answer $Answer $Answer $Answer $Answer $Answer Jul 31 Total $Answer $Answer $Answer $Answer $Answer $Answer Account: Accounts Receivable GL No. 110 Date Description DR CR Balance Jul 31 Adjustment for sales $Answer $Answer $Answer AnswerDRCR Jul 31 Adjustment for cash receipts $Answer $Answer $Answer AnswerDRCR Account: Furniture Outlet Date DR CR Balance Jul 9 $Answer $Answer $Answer AnswerDRCR Jul 11 $Answer $Answer $Answer AnswerDRCR Account: Brock Retailer Date DR CR Balance Jul 19 $Answer $Answer $Answer AnswerDRCR

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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Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of July 2019. All sales on account come with terms of 5/10, net 30.

Jul 1	Received a loan from the bank for $20,000.
Jul 5	Sold products for cash to Brock Retailer for $9,000. The products had a cost of $4,950.
Jul 9	Sold products on account to Furniture Outlet for $10,200. The products had a cost of $6,120.
Jul 11	Furniture Outlet paid the amount owing from Jul 9.
Jul 19	Sold products on account to Brock Retailer for $6,700. The products had a cost of $3,685.

Required
a) Record the above transactions in the sales journal and the cash receipts journal.
b) Post the appropriate transactions from the journals to the subledger accounts.
c) At the end of the month, total the journals and update the accounts receivable control account.

Do not enter dollar signs or commas in the input boxes.

Sales Journal	Page 1
Date	Account	Invoice #	Accounts Receivable / Sales (DR/CR)	COGS/Merchandise Inventory (DR/CR)
Jul 9	Furniture Outlet		$Answer	$Answer
Jul 19	Brock Retailer		$Answer	$Answer
Jul 31	Total		$Answer	$Answer

Cash Receipts Journal	Page 1
Date	Account	Cash (DR)	Sales Discount (DR)	Accounts Receivable (CR)	Sales (CR)	Other (CR)	COGS/Merchandise Inventory (DR/CR)
Jul 1	Bank Loan	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer
Jul 5	Cash Sales	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer
Jul 11	Furniture Outlet	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer
Jul 31	Total	$Answer	$Answer	$Answer	$Answer	$Answer	$Answer

Account: Accounts Receivable	GL No. 110
Date	Description	DR	CR	Balance
Jul 31	Adjustment for sales	$Answer	$Answer	$Answer	AnswerDRCR
Jul 31	Adjustment for cash receipts	$Answer	$Answer	$Answer	AnswerDRCR

Account: Furniture Outlet
Date	DR	CR	Balance
Jul 9	$Answer	$Answer	$Answer	AnswerDRCR
Jul 11	$Answer	$Answer	$Answer	AnswerDRCR

Account: Brock Retailer
Date	DR	CR	Balance
Jul 19	$Answer	$Answer	$Answer	AnswerDRCR

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