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. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. Aug. 1 Received from Trina Gelhaus the amount due on her note of April 3. Oct. 5 Sold merchandise on account, terms 2/10, n/30, to Halloran Co., $13,500. Record the sale net of the 2% discount. The cost of goods sold was $8,100. 15 Received from Halloran Co. the amount of the invoice of October 5, less 2% discount. 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. CHART OF ACCOUNTS Caldemeyer Co. General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Bradford & Co. 122 Accounts Receivable-Dry Creek Co. 123 Accounts Receivable-Trina Gelhaus 124 Accounts Receivable-Halloran Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary
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. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. Aug. 1 Received from Trina Gelhaus the amount due on her note of April 3. Oct. 5 Sold merchandise on account, terms 2/10, n/30, to Halloran Co., $13,500. Record the sale net of the 2% discount. The cost of goods sold was $8,100. 15 Received from Halloran Co. the amount of the invoice of October 5, less 2% discount. 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. CHART OF ACCOUNTS Caldemeyer Co. General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Bradford & Co. 122 Accounts Receivable-Dry Creek Co. 123 Accounts Receivable-Trina Gelhaus 124 Accounts Receivable-Halloran Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary
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. Jan. 3 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Feb. 10 Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. 13 Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Mar. 12 Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. 14 Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Apr. 3 Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) May 11 Received from Bradford & Co. the amount due on the note of March 12. 13 Dry Creek Co. dishonored its note dated March 14. July 12 Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note. Aug. 1 Received from Trina Gelhaus the amount due on her note of April 3. Oct. 5 Sold merchandise on account, terms 2/10, n/30, to Halloran Co., $13,500. Record the sale net of the 2% discount. The cost of goods sold was $8,100. 15 Received from Halloran Co. the amount of the invoice of October 5, less 2% discount. 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. CHART OF ACCOUNTS Caldemeyer Co. General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Bradford & Co. 122 Accounts Receivable-Dry Creek Co. 123 Accounts Receivable-Trina Gelhaus 124 Accounts Receivable-Halloran Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary
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.
Jan. 3
Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note.
Feb. 10
Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400.
13
Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000.
Mar. 12
Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account.
14
Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account.
Apr. 3
Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.)
May 11
Received from Bradford & Co. the amount due on the note of March 12.
13
Dry Creek Co. dishonored its note dated March 14.
July 12
Received from Dry Creek Co. the amount owed on the dishonored note, plus interest for 60 days at 12% computed on the maturity value of the note.
Aug. 1
Received from Trina Gelhaus the amount due on her note of April 3.
Oct. 5
Sold merchandise on account, terms 2/10, n/30, to Halloran Co., $13,500. Record the sale net of the 2% discount. The cost of goods sold was $8,100.
15
Received from Halloran Co. the amount of the invoice of October 5, less 2% discount.
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.
CHART OF ACCOUNTS
Caldemeyer Co.
General Ledger
ASSETS
110
Cash
111
Petty Cash
121
Accounts Receivable-Bradford & Co.
122
Accounts Receivable-Dry Creek Co.
123
Accounts Receivable-Trina Gelhaus
124
Accounts Receivable-Halloran Co.
129
Allowance for Doubtful Accounts
131
Interest Receivable
132
Notes Receivable
141
Inventory
145
Office Supplies
146
Store Supplies
151
Prepaid Insurance
181
Land
191
Store Equipment
192
Accumulated Depreciation-Store Equipment
193
Office Equipment
194
Accumulated Depreciation-Office Equipment
LIABILITIES
210
Accounts Payable
211
Salaries Payable
213
Sales Tax Payable
214
Interest Payable
215
Notes Payable
EQUITY
310
Common Stock
311
Retained Earnings
312
Dividends
313
Income Summary
REVENUE
410
Sales
610
Interest Revenue
EXPENSES
510
Cost of Goods Sold
520
Sales Salaries Expense
521
Advertising Expense
522
Depreciation Expense-Store Equipment
523
Delivery Expense
524
Repairs Expense
529
Selling Expenses
530
Office Salaries Expense
531
Rent Expense
532
Depreciation Expense-Office Equipment
533
Insurance Expense
534
Office Supplies Expense
535
Store Supplies Expense
536
Credit Card Expense
537
Cash Short and Over
538
Bad Debt Expense
539
Miscellaneous Expense
710
Interest Expense
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Transcribed Image Text:Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles Assume a 300-day year. Assume this is a year in which February has 28 days.
РAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
14
17
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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