environment. Then, synthesize special journals, a trial balance, financial statements, and a post-closing trial balance. Use the spreadsheet in Appendix C available on the student web page to complete the problems. Be sure to use the tabs labeled P07C and Given P07C. Student Name:
Class:
Problem 07-05A
CHOI ENTERPRISES
Sales Journal
Cost of Goods
Inv. Trans. A/R Debit Sold Debit
Date Account Debited No. No. Sales Credit Inventory Credit
Dec. 6 Marge Craig 913 3
12 Hanna Seppa 914 4
15 Bo Brown 915 5
16 Hanna Seppa 916 6
24 Shilo Jones 917 7
31 Totals
CHOI ENTERPRISES
Purchases Journal
Accounts Office Other
Date of Trans. Payable Purchases Supplies Accounts
Date Account Invoice Terms No. Credit Debit Debit Debit
Dec. 2 Funk Company 12/2 2/10, n/60 2
5 KK's Supply Co. 12/3 n/10 EOM 3
15 Funk Company 12/15 2/10, n/60 4
15 Crossland Company 12/15 2/10, n/60 5
17 KK's Supply Co. 12/16 n/10 EOM 6
21 Store Equip./KK's Supply Co. 12/21 n/10 EOM 7
26 Crossland Company 12/25 2/10, n/60 8
31 Totals
CHOI ENTERPRISES
Cash Receipts Journal
Sales Accounts Other COGS
Trans. Cash Discount Recv. Sales Accounts Debit
Date Account Cr. Explanation No. Debit Debit Credit Credit Credit Inv. Credit
Dec. 2 Shilo Jones Invoice 11/23 3
15 Sales Cash sales 4
15 Marge Craig Invoice 12/6 5
22 Hanna Seppa Invoice 12/12 6
25 Bo Brown Invoice 12/15 7
29 Office Supplies Sold supplies 8
31 Sales Cash sales 9
31 Totals
CHOI ENTERPRISES
Cash Disbursements Journal
Other Accts.
Check Account Trans. Cash Inventory Accts. Pay.
Date No. Payee Debited No. Credit Credit Debit Debit
Dec. 2 619 Omni Realty Co. Rent Expense 4
6 620 Fireside Company Fireside Company 5
12 621 Funk Company Funk Company 6
15 622 Jamie Inman Sales Salaries Exp. 7
23 623 Crossland Co. Crossland Co. 8
24 624 Funk Company Funk Company 9
30 625 Ken Choi Ken Choi, Withdr. 10
31 626 Jamie Inman Sales Salaries Exp. 11
31 627 Access Elec. Co. Utilities Expense 12
31 Totals
CHOI ENTERPRISES
General Journal
Trans.
Date Description No. Debit Credit
Dec. 4 Accounts Payable-Fireside Company 2
Inventory
9 Sales Returns and Allowances 3
Accounts Receivable-Marge Craig
17 Accounts Payable-Funk Company 4
Inventory
18 Accounts Payable-KK's Supply Co. 5
Office Supplies
20 Sales Returns and Allowances 6
Accounts Receivable-Bo Brown
CHOI ENTERPRISES
General Ledger
Cash Account No. 101
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Dec. 31 CRJ
31 CDJ
Accounts Receivable Account No. 106
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Dec. 9 GJ3
20 GJ6
31 SJ
31 CRJ
Merchandise Inventory Account No. 119
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Dec. 4
Dec. 17
Dec. 31 CDJ
Dec. 31 PJ
Dec. 31 SJ
Dec. 31 CRJ
Office Supplies Account No. 124
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Dec. 18 GJ5
29 CR8
31 PJ6
Store Supplies Account No. 125
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Store Equipment Account No. 165
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Dec. 21 PJ7
Accumulated Depr. - Store Equipment Account No. 166
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Accounts Payable Account No. 201
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Dec. 4 GJ2
17 GJ4
18 GJ5
31 PJ
31 CDJ
Ken Choi, Capital Account No. 308
Trans.
Date Item no. Debit Credit Balance
Nov. 30 Balance
Ken Choi, Withdrawals Account No. 318
Trans.
Date Item no. Debit Credit Balance
Dec. 30 CD10
Sales Account No. 413
Trans.
Date Item no. Debit Credit Balance
Dec. 31 SJ
31 CRJ
Sales Returns and Allowances Account No. 414
Trans.
Date Item no. Debit Credit Balance
Dec. 31 GJ3
31 GJ6
Sales Discounts Account No. 415
Trans.
Date Item no. Debit Credit Balance
Dec. 31 CRJ
Cost of Goods Sold Account No. 502
Trans.
Date Item no. Debit Credit Balance
Dec. 31 CRJ
Dec. 31 SJ
Sales Salaries Expense Account No. 621
Trans.
Date Item no. Debit Credit Balance
Dec. 15 CD7
31 CD11
Rent Expense Account No. 640
Trans.
Date Item no. Debit Credit Balance
Dec. 2 CD4
Utilities Expense Account No. 690
Trans.
Date Item no. Debit Credit Balance
Dec. 31 CD12
CHOI ENTERPRISES
Accounts Receivable Ledger
Marge Craig
Trans.
Date Item no. Debit Credit Balance
Dec. 6 SJ3
9 GJ3
15 CR5
Hanna Seppa
Trans.
Date Item no. Debit Credit Balance
Dec. 12 SJ4
16 SJ6
22 CR6
Shilo Jones
Trans.
Date Item no. Debit Credit Balance
Nov. 23
Dec. 2 CR3
24 SJ7
Bo Brown
Trans.
Date Item no. Debit Credit Balance
Dec. 15 SJ5
20 GJ6
25 CR7
CHOI ENTERPRISES
Accounts Payable Ledger
Fireside Company
Trans.
Date Item no. Debit Credit Balance
Nov. 28
Dec.4 GJ2
6 CD5
KK's Supply Company
Trans.
Date Item no. Debit Credit Balance
Dec. 5 PJ3
17 PJ6
18 GJ5
21 PJ7
Crossland Company
Trans.
Date Item no. Debit Credit Balance
Dec. 15 PJ5
23 CD8
26 PJ8
Funk Company
Trans.
Date Item no. Debit Credit Balance
Dec. 2 PJ2
12 CD6
15 PJ4
17 GJ4
24 CD9
CHOI ENTERPRISES
Trial Balance
December 31
Debit Credit
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Store equipment
Accumulated depreciation, store equipment
Accounts payable
Ken Choi, Capital
Ken Choi, Withdrawals
Sales
Sales returns and allowances
Sales discounts
Cost of goods sold
Sales salaries expense
Rent expense
Utilities expense
Totals
CHOI ENTERPRISES
Schedule of Accounts Receivable
December 31
Hanna Seppa
Shilo Jones
Total accounts receivable
CHOI ENTERPRISES
Schedule of Accounts Payable
December 31
KK's Supply Company
Crossland Company
Total accounts payable
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