College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Question
Chapter 3, Problem 4E
To determine
Post the given amounts in the Cash ledger account.
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Students have asked these similar questions
how do I journalize the entry to record the cash receipts and cash sales on March 1st?
Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries.
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
EQUITY
1
2
3
On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341.
Required:
CHART OF ACCOUNTS
General Ledger
ASSETS
110
Cash
111
Petty Cash
120
Accounts Receivable
131
Notes Receivable
132
Interest Receivable
141
Merchandise Inventory
145
Office Supplies
146
Store Supplies
151
Prepaid Insurance
181
Land
191
Office Equipment
192
Accumulated Depreciation-Office Equipment
193
Store Equipment
194
Accumulated Depreciation-Store Equipment…
Prepare journal entries for the following transactions, using the accounts in the order listed:
PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions.
On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200.
DR
CR
On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38.
DR
DR
DR
DR
DR
DR or CR?
CR
On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80.
DR
DR
DR
DR
DR
DR or CR?…
The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is P19,870. How will the column be posted and what is the posting reference will be entered?
Chapter 3 Solutions
College Accounting (Book Only): A Career Approach
Ch. 3 - A __________ is a book in which business...Ch. 3 - Transferring information from the journal to the...Ch. 3 - For a journal entry to be complete, it must...Ch. 3 - The __________ is used to determine where the...Ch. 3 - Prob. 5QYCh. 3 - A 250 payment for salaries expense was incorrectly...Ch. 3 - Prob. 1DQCh. 3 - How does the journal differ from the ledger?Ch. 3 - What is the purpose of providing a ledger account...Ch. 3 - List by account classification the order of the...
Ch. 3 - Arrange the following steps in the posting process...Ch. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - In the following two-column journal, the capital...Ch. 3 - Decor Services completed the following...Ch. 3 - Montoya Tutoring Service completed the following...Ch. 3 - Prob. 4ECh. 3 - Arrange the following steps in the posting process...Ch. 3 - The bookkeeper for Nevado Company has prepared the...Ch. 3 - Determine the effect of the following errors on a...Ch. 3 - Journalize correcting entries for each of the...Ch. 3 - The chart of accounts of the Barnes School is...Ch. 3 - Laras Landscaping Service has the following chart...Ch. 3 - Following is the chart of accounts of Sanchez...Ch. 3 - The chart of accounts of Ethan Academy is shown...Ch. 3 - Leanders Landscaping Service maintains the...Ch. 3 - Following is the chart of accounts of Smith...Ch. 3 - Why Does It Matter? ECOTOUR EXPEDITIONS, INC.,...Ch. 3 - What Would You Say? You are the new bookkeeper for...Ch. 3 - What Do You Think? You work as an accounting...Ch. 3 - What Would You Do?
You are responsible for...Ch. 3 - Prob. 1CP
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- Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,175. B. On April 1, the amount of cash in the petty cash fund is now $110. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $665; miscellaneous selling expense, $211; miscellaneous administrative expense, $178. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,175, record the discrepancy in the cash short and over account.)arrow_forwardJournalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): a. On July 1, check No. 12-375 issued to establish a petty cash fund of $1,080. b. The amount of cash in the petty cash fund which is now $125. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $589; miscellaneous selling expense, $190; miscellaneous administrative expense, $150. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,080, record the discrepancy in the cash short and over account.)arrow_forwardJournalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): Instructions A. On March 1, Check is issued to establish a petty cash fund of $1,100. B. On April 1, the amount of cash in the petty cash fund is now $107. Check is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $568; miscellaneous selling expense, $219; miscellaneous administrative expense, $173. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,100, record the discrepancy in the cash short and over account.) CHART OF ACCOUNTSGeneral Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment…arrow_forward
- Journalize the entries to record the following (refer to the Chart of Accounts for exact wording of account titles): A. On July 1, check No. 12-375 is issued to establish a petty cash fund of $1,125. B. The amount of cash in the petty cash fund is now $122. Check No. 12-476 is issued to replenish the fund, based on the following summary of petty cash receipts: office supplies, $594; miscellaneous selling expense, $216; miscellaneous administrative expense, $168. (Because the amount of the check to replenish the fund plus the balance in the fund do not equal $1,125, record the discrepancy in the cash short and over account.) Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated…arrow_forwardCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardAll sales, for cash or on credit, can be recorded in the general journal.arrow_forward
- Record the following transactions in the cash disbursements journal:arrow_forwardHappy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?arrow_forwardPrepare the necessary journal entries for each of the following: (a) On March 1, issued a check to establish a petty cash fund of $1,410 (b) On April 1, the amount of cash in the petty cash fund is $440. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $850, and miscellaneous selling expense, $80. Record any missing funds in the cash short and over account.arrow_forward
- On October 1, Murphy Company’s petty cash fund of $120 is replenished. The fund contains cash of $40, and receipts for supplies of $55 and postage of $25. Prepare the journal entry to record the replenishment of the petty cash fund.arrow_forwardHunt Company enters all cash payments in the cash payments journal. On February 21, the company issued Check No. 220 to Austin Company for merchandise purchased on January 29 for $6,000, terms 2/10, n/30. How would Hunt Company record this transaction in the cash payments journal?arrow_forwardThe cash transactions and cash balances of Norfleet Farm for July were as follows: The ledger account for Cash showed a balance at July 31 of $16,766.95. 2. The July bank statement showed a closing balance of.$18,928.12. 1 The cash received on July 31 amounted to $4,017.15. It was left at the barm the night depository chute after banking hours on not recorded by the bank on the July statement. 1. July 31 and us thereforearrow_forward
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