The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, $4,200. Dec. 2. Issued Invoice No. 940 to Clifford Co., $1,740 Dec. 3. Received check for $4,800 from Ryan Co. in payment of account. Dec. 5. Purchased a vehicle on account from Platinum Motors, $37,300. Dec. 6. Purchased office equipment on account from Austin Computer Co., $4,500. Dec. 6. Issued Invoice No. 941 to Ernesto Co., $3,870. Dec. 9. Issued Check No. 611 for fuel expense, $600. Dec. 10. Received check from Sing Co. in payment of $4,040 invoice. Dec. 10. Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice. Dec. 10. Issued Invoice No. 942 to Joy Co., $1,970. Dec. 11. Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account. Dec. 11. Issued Check No. 614 for $500 to Porter Co. in payment of account. Dec. 12. Received check from Clifford Co. in payment of $1,740 invoice of December 2. Dec. 13. Issued Check No. 615 to Platinum Motors in payment of $37,300 balance of December 5. Dec. 16. Issued Check No. 616 for $39,800 for cash purchase of a vehicle. Dec. 16. Cash fees earned for December 1–16, $20,300. Dec. 17. Issued Check No. 617 for miscellaneous administrative expense, $500. Dec. 18. Purchased maintenance supplies on account from Essential Supply Co., $1,750. Dec. 19. Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375. Dec. 20. Issued Check No. 618 in payment of advertising expense, $1,780. Dec. 20. Used $3,200 maintenance supplies to repair delivery vehicles. Dec. 23. Purchased office supplies on account from Office To Go Inc., $400. Dec. 24. Issued Invoice No. 943 to Sing Co., $6,100. Dec. 24. Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000. Dec. 25. Issued Invoice No. 944 to Ernesto Co., $5,530. Dec. 25. Received check for $4,100 from Ryan Co. in payment of balance. Dec. 26. Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6.

The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Dec. 1. Issued Check No. 610 for December rent, $4,200. Dec. 2. Issued Invoice No. 940 to Clifford Co., $1,740 Dec. 3. Received check for $4,800 from Ryan Co. in payment of account. Dec. 5. Purchased a vehicle on account from Platinum Motors, $37,300. Dec. 6. Purchased office equipment on account from Austin Computer Co., $4,500. Dec. 6. Issued Invoice No. 941 to Ernesto Co., $3,870. Dec. 9. Issued Check No. 611 for fuel expense, $600. Dec. 10. Received check from Sing Co. in payment of $4,040 invoice. Dec. 10. Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice. Dec. 10. Issued Invoice No. 942 to Joy Co., $1,970. Dec. 11. Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account. Dec. 11. Issued Check No. 614 for $500 to Porter Co. in payment of account. Dec. 12. Received check from Clifford Co. in payment of $1,740 invoice of December 2. Dec. 13. Issued Check No. 615 to Platinum Motors in payment of $37,300 balance of December 5. Dec. 16. Issued Check No. 616 for $39,800 for cash purchase of a vehicle. Dec. 16. Cash fees earned for December 1–16, $20,300. Dec. 17. Issued Check No. 617 for miscellaneous administrative expense, $500. Dec. 18. Purchased maintenance supplies on account from Essential Supply Co., $1,750. Dec. 19. Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375. Dec. 20. Issued Check No. 618 in payment of advertising expense, $1,780. Dec. 20. Used $3,200 maintenance supplies to repair delivery vehicles. Dec. 23. Purchased office supplies on account from Office To Go Inc., $400. Dec. 24. Issued Invoice No. 943 to Sing Co., $6,100. Dec. 24. Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000. Dec. 25. Issued Invoice No. 944 to Ernesto Co., $5,530. Dec. 25. Received check for $4,100 from Ryan Co. in payment of balance. Dec. 26. Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6.

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

The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows:

Dec. 1.		Issued Check No. 610 for December rent, $4,200.
Dec. 2.		Issued Invoice No. 940 to Clifford Co., $1,740
Dec. 3.		Received check for $4,800 from Ryan Co. in payment of account.
Dec. 5.		Purchased a vehicle on account from Platinum Motors, $37,300.
Dec. 6.		Purchased office equipment on account from Austin Computer Co., $4,500.
Dec. 6.		Issued Invoice No. 941 to Ernesto Co., $3,870.
Dec. 9.		Issued Check No. 611 for fuel expense, $600.
Dec. 10.		Received check from Sing Co. in payment of $4,040 invoice.
Dec. 10.		Issued Check No. 612 for $330 to Office To Go Inc. in payment of invoice.
Dec. 10.		Issued Invoice No. 942 to Joy Co., $1,970.
Dec. 11.		Issued Check No. 613 for $3,090 to Essential Supply Co. in payment of account.
Dec. 11.		Issued Check No. 614 for $500 to Porter Co. in payment of account.
Dec. 12.		Received check from Clifford Co. in payment of $1,740 invoice of December 2.
Dec. 13.		Issued Check No. 615 to Platinum Motors in payment of $37,300 balance of December 5.
Dec. 16.		Issued Check No. 616 for $39,800 for cash purchase of a vehicle.
Dec. 16.		Cash fees earned for December 1–16, $20,300.
Dec. 17.		Issued Check No. 617 for miscellaneous administrative expense, $500.
Dec. 18.		Purchased maintenance supplies on account from Essential Supply Co., $1,750.
Dec. 19.		Purchased the following on account from McClain Co.: maintenance supplies, $1,500; office supplies, $375.
Dec. 20.		Issued Check No. 618 in payment of advertising expense, $1,780.
Dec. 20.		Used $3,200 maintenance supplies to repair delivery vehicles.
Dec. 23.		Purchased office supplies on account from Office To Go Inc., $400.
Dec. 24.		Issued Invoice No. 943 to Sing Co., $6,100.
Dec. 24.		Issued Check No. 619 to S. Holmes as a personal withdrawal, $3,000.
Dec. 25.		Issued Invoice No. 944 to Ernesto Co., $5,530.
Dec. 25.		Received check for $4,100 from Ryan Co. in payment of balance.
Dec. 26.		Issued Check No. 620 to Austin Computer Co. in payment of $4,500 invoice of December 6.
Dec. 30.		Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,900; office salaries, $7,100.
Dec. 31.		Cash fees earned for December 17–31, $18,900.
Dec. 31.		Issued Check No. 622 in payment for office supplies, $340.

Required:

1. The following accounts are setup in the general ledger as of December 1. Using the information below, enter the balances for each account.

11	Cash	$161,680	32	S. Holmes, Drawing	-
12	Accounts Receivable	12,940	41	Fees Earned	-
14	Maintenance Supplies	10,850	51	Driver Salaries Expense	-
15	Office Supplies	4,900	52	Maintenance Supplies Exp.	-
16	Office Equipment	28,500	53	Fuel Expense	-
17	Accum. Depr.—Office Equip.	6,900	61	Office Salaries Expense	-
18	Vehicles	95,900	62	Rent Expense	-
19	Accum. Depr.—Vehicles	14,700	63	Advertising Expense	-
21	Accounts Payable	3,920	64	Miscellaneous Administrative Expense	-
31	S. Holmes, Capital	289,250

4. Total each of the columns of the special journals, and post the appropriate totals to the general ledger; insert the account balances.

If an amount box does not require an entry, leave it blank.

5. Prepare a trial balance.

If an amount box does not require an entry, leave it blank.

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