ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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The transactions completed by the MJW Company during January, its first month of operations, are listed below. Assume that MJW Company uses the following journals: Cash Receipts (CR), Cash Payments (CP), Revenue (R), Purchases (P), and General (G). Assume that it uses an Accounts Receivable and an Accounts Payable Subsidiary Ledgers as well as a General Ledger. Indicate by letters which journal would be used to record each transaction (a journal may be used multiple times). Also, indicate with a “Yes” (in the “Posting” column) if recording the entry requires a posting to a subsidiary ledger (note: there are only 5 of the 10 that require a posting to the subsidiary ledger).
Journal
Posting
_____
____
(1)
Purchased equipment on account.
_____
____
(2)
Issued an invoice to a customer.
_____
____
(3)
Received a check from a customer for payment on account.
_____
____
(4)
Issued check for advertising expense.
_____
____…
Presented below are transactions related to Cullumber Company.
On December 3, Cullumber Company sold $ 621,900 of merchandise on account to Bramble Co., terms 2/10, n/30, FOB
destination. Cullumber paid $ 430 for freight charges. The cost of the merchandise sold was $ 365,200.
1.
On December 8, Bramble Co. was granted an allowance of $ 23,200 for merchandise purchased on December 3.
On December 13, Cullumber Company received the balance due from Bramble Co.
2.
3.
Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
Crei
1.
(To record credit sale)
(To record cost of merchandise sold)
(To record freight charges)
2.
>
3.
(a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12
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