Fundamental Accounting Principles -Hardcover
22nd Edition
ISBN: 9780077862275
Author: John J Wild, Ken Shaw Accounting Professor, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 7, Problem 5QS
Controlling accounts and subsidiary ledgers
C3
Following is information from Fredrickson Company for its initial month of business.
1. Identify the balances listed in the
2. Identify the Accounts Receivable balance listed in the general ledger at month’s end.
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Instructions
The following data were gathered to use in reconciling the bank account of Reddan Company:
Balance per bank
$18,250
Balance per company records
9,780
Bank service charges
30
Deposit in transit
3,650
Note collected by bank with $120 interest
5,050
Outstanding checks
7,100
Instructions
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wording of
account titles.
181 Land
532 Delivery Expense
CHART OF ACCOUNTS
191 Office Equipment
533 Insurance Expense
Reddan Company
192 Accumulated Depreciation-Office Equipment
534 Office Supplies Expense
General Ledger
193 Store Equipment
535 Rent Expense
194 Accumulated Depreciation-Store Equipment
536 Repairs Expense
ASSETS
REVENUE
537 Selling Expenses
110 Cash
410 Sales
LIABILITIES
538 Store Supplies Expense
111 Petty Cash
610 Interest Revenue
210 Accounts Payable
561 Depreciation Expense-Office…
B3
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers
Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows:
Apr. 2.
Issued Invoice No. 793 to Ohr Co., $7,120.
Apr. 5.
Received cash from Mendez Co. for the balance owed on its account.
Apr. 6.
Issued Invoice No. 794 to Pinecrest Co., $2,570.
Apr. 13.
Issued Invoice No. 795 to Shilo Co., $3,820.
Post revenue and collections to the accounts receivable subsidiary ledger.
Apr. 15.
Received cash from Pinecrest Co. for the balance owed on April 1.
Apr. 16.
Issued Invoice No. 796 to Pinecrest Co., $7,980.Post revenue and collections to the accounts receivable subsidiary ledger.
Apr. 19.
Received cash from Ohr Co. for the balance due on invoice of April 2.
Apr. 20.
Received cash from Pinecrest Co. for balance due on invoice of April 6.
Apr. 22.
Issued Invoice No. 797 to Mendez Co.,…
Chapter 7 Solutions
Fundamental Accounting Principles -Hardcover
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - What are the five fundamental principles of...Ch. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - APPLE Locate “Note 11" that reports Apple’s...Ch. 7 - Prob. 14DQCh. 7 - Prob. 15DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - Prob. 4QSCh. 7 - Controlling accounts and subsidiary ledgers C3...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - OS 7-8
Accounts receivable ledger posting from...Ch. 7 - Prob. 9QSCh. 7 - Prob. 10QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Prob. 5ECh. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 1APSACh. 7 - Prob. 2APSACh. 7 - Problem 7-3A
Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1BPSBCh. 7 - Prob. 2BPSBCh. 7 - Problem 7-3B
Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1SPCh. 7 - Prob. 1CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTNCh. 7 - Prob. 6BTNCh. 7 - Prob. 7BTNCh. 7 - Prob. 8BTN
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- Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardJOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forward
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- Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 15. Received cash from Pinecrest Co. for the balance owed on April 1 Apr. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. Apr. 19. Received cash from Ohr Co. for the balance due on invoice of April 2 Apr. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6 Apr. 22. Issued Invoice No. 797 to Mendez Co., $7,470. Apr. 25. Received $3,200 note receivable in…arrow_forwardThe following is information related to Cullumber Company for its first month of operations. Jan. 7 15 23 Credit Sales Austin Co. Diaz Co. Noble Co. Balance of Accounts Receivable $14,100 7,100 9,400 $ Jan. 17. Austin Co.. Austin Co. Diaz Co. 29 Noble Co. Cash Collections 24 Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. $7,700 4,700 9,400 Subsidary Ledger Diaz Co. Noble Co. $ General Ledgearrow_forwardThe transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Franklin Company uses the following journals: cash payments (CP), purchases (P), and general (G). Assume that it uses accounts receivable and accounts payable subsidiary ledgers as well as a general ledger. Indicate by letters which journal would be used for each transaction and whether or not the entry requires a posting to a subsidiary ledger. Clear All P, subsidiary posting G, no subsidiary posting CP, no subsidiary posting CP, subsidiary posting Purchased supplies on account Purchased a computer for cash Recorded the adjustment for supplies used during the month Paid for the equipment purchased on accountarrow_forward
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