Student Name: Class: Problem 07-05A

CHOI ENTERPRISES Sales Journal Cost of Goods Inv. Date Account Debited Dec. 6 Marge Craig 12 Hanna Seppa 15 Bo Brown 16 Hanna Seppa 24 Shilo Jones 31 Totals No. 913 914 915 916 917 Trans. No. 3 4 5 6 7 A/R Debit Sales Credit 3,300 3,650 3,100 7,700 1,200 18,950 Correct! CHOI ENTERPRISES Purchases Journal Accounts Date of Date Account 5 KK's Supply Co. 15 Funk Company 17 KK's Supply Co. Invoice 12/2 12/3 12/15 12/16 Terms 2/10, n/60 n/10 EOM 2/10, n/60 2/10, n/60 n/10 EOM n/10 EOM 2/10, n/60 Dec. 2 Funk Company Trans. No. 2 3 4 5 6 7 8 Payable Credit 3,200 1,300 3,990 2,650 615 6,700 8,100 26,555 Correct!
CHOI ENTERPRISES Cash Receipts Journal

Sold Debit Inventory Credit 1,500 2,850 1,800 4,600 600 11,350 Correct!

Purchases Debit 3,200 1,300 3,990 2,650

15 Crossland Company 12/15 21 Store Equip./KK's Supply 12/21 Co. 26 Crossland Company 12/25 31 Totals

8,100 19,240 Correct!

Sales Trans. Date Account Cr. Explanation Invoice 11/23 Cash sales No. 3 4 5 6 7 8 9 Cash Debit 4,116 38,830 2,401 3,577 2,548 50 29,600 81,122 258 49 73 52 Discount Debit 84

Accounts Recv. Credit 4,200

Dec. 2 Shilo Jones 15 Sales

15 Marge Craig Invoice 12/6 22 Hanna Seppa Invoice 12/12 25 Bo Brown Invoice 12/15

2,450 3,650 2,600

29 Office Supplies Sold supplies 31 Sales 31 Totals Cash sales

12,900

Correct!

Correct!

Correct!

CHOI ENTERPRISES Cash Disbursements Journal

Check Date Dec. 2 6 12 15 23 24 30 31 31 31 No. 619 620 621 622 623 624 625 626 627 Payee

Account Debited

Trans. No. 4 5 6 7 8 9 10 11 12

Cash Credit 2,250 3,724 3,136 2,020 2,597 2,891 2,500 2,020 710 21,848 Correct!

Inventory Credit

Omni Realty Co. Rent Expense Fireside Company Fireside Company Funk Company Funk Company Jamie Inman Crossland Co. Sales Salaries Exp. Crossland Co.

76 64

53 59

Funk Company Funk Company Ken Choi Jamie Inman Ken Choi, Withdr. Sales Salaries Exp.

Access Elec. Co.Utilities Expense

Totals

252 Correct!

CHOI ENTERPRISES General Journal Trans. Date Description No. 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 5 Co. Office Supplies 20 Sales Returns and Allowances 6 Accounts Receivable-Bo Brown

Debit 460

Credit 460
- Correct!

850 850 1,040 1,040 40 40 500 500

- Correct! - Correct! - Correct! - Correct!

CHOI ENTERPRISES General Ledger Cash Trans. Account No. 101

Date Item Nov. 30 Balance Dec. 31 31 Accounts Receivable Date Item Nov. 30 Balance Dec. 9 20 31 31 Merchandise Inventory Date Item Nov. 30 Balance Dec. 4 Dec. 17 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Office Supplies Date Item Nov. 30 Balance Dec. 18 29 31 Store Supplies Date Item Nov. 30 Balance Store Equipment Date Item Nov. 30 Balance Dec. 21

no. CRJ CDJ

Debit 81,122

Credit

21,848 Account No.

Balance 5,361 86,483 64,635 106 Balance 4,200 3,350 2,850 21,800 8,900 119 Balance 66,970 66,510 65,470 65,218 84,458 73,108 42,108 124 Balance

- Correct!

Trans. no. GJ3 GJ6 SJ CRJ

Debit

Credit 850 500

18,950 12,900 Account No.

- Correct!

Trans. no.

Debit

Credit 460 1,040 252

CDJ PJ SJ CRJ

19,240 11,350 31,000 Account No.

- Correct!

Trans. no. GJ5 CR8 PJ6

Debit

Credit 40 50 615 Account No.

607 567 517 1,132 125 Balance 346

- Correct!

Trans. no.

Debit

Credit

- Correct!

Account No. Trans. no. PJ7 Debit 6,700 Account No. Credit Balance Credit

165 Balance 42,129 48,829 166

- Correct!

Accumulated Depr. - Store Equipment Trans. Date Item no. Debit

Nov. 30 Balance

9,153

- Correct!

Accounts Payable Date Item Nov. 30 Balance Dec. 4 17 18 31 31 Ken Choi, Capital Date Item Nov. 30 Balance Ken Choi, Withdrawals Date Dec. 30 Sales Date Dec. 31 31 Item Trans. no. SJ CRJ Debit Item Trans. no. CD10 Debit 2,500 Trans. no. Debit Trans. no. GJ2 GJ4 GJ5 PJ CDJ Debit 460 1,040 40

Account No. Credit

201 Balance 4,260 3,800 2,760 2,720 29,275 16,675 308 Balance 106,200 318 Balance 2,500 413 Balance 18,950 87,380 414 Balance 850 1,350
- Correct!

26,555 12,600 Account No. Credit

- Correct!

- Correct!

Account No. Credit

- Correct!

Account No. Credit 18,950 68,430 Account No. Debit 850 500 Account No. Trans. no. CRJ Debit 258 Account No. Trans. no. CRJ SJ Debit 31,000 11,350 Credit Credit Balance Credit

- Correct!

Sales Returns and Allowances Trans. Date Item no. Dec. 31 GJ3 31 GJ6 Sales Discounts Date Dec. 31 Item

415

258 502 Balance 31,000 42,350 621

- Correct!

Cost of Goods Sold Date Dec. 31 Dec. 31 Item

- Correct!

Sales Salaries Expense

Account No.

Date Dec. 15 31 Rent Expense Date Dec. 2

Item

Trans. no. CD7 CD11

Debit 2,020 2,020

Credit

Balance 2,020 4,040 640 Balance 2,250 690 Balance 710

- Correct!

Account No. Item Trans. no. CD4 Debit 2,250 Credit

- Correct!

Utilities Expense Date Dec. 31 Item Trans. no. CD12 Debit 710

Account No. Credit

- Correct!

CHOI ENTERPRISES Accounts Receivable Ledger Marge Craig Date Dec. 6 9 15 Hanna Seppa Date Dec. 12 16 22 Shilo Jones Date Nov. 23 Dec. 2 24 Bo Brown Date Dec. 15 20 25 Item Trans. no. SJ5 GJ6 CR7 Debit 3,100 Credit 500 2,600 Balance 3,100 2,600 0 Item Trans. no. CR3 SJ7 Debit 4,200 1,200 Credit 4,200 Balance 4,200 0 1,200 Item Trans. no. SJ4 SJ6 CR6 Debit 3,650 7,700 Credit Balance 3,650 11,350 7,700 Item Trans. no. SJ3 GJ3 CR5 Debit 3,300 Credit 850 2,450 Balance 3,300 2,450 0

- Correct!

3,650

- Correct!

- Correct!

- Correct!

CHOI ENTERPRISES Accounts Payable Ledger Fireside Company Date Nov. 28 Dec.4 6 Item Trans. no. GJ2 CD5 Debit 460 3,800 Credit 4,260 Balance 4,260 3,800 0

- Correct!

KK's Supply Company Date Dec. 5 17 18 21 Item Trans. no. PJ3 PJ6 GJ5 PJ7 Debit Credit 1,300 615 40 6,700 Balance 1,300 1,915 1,875 8,575

- Correct!

Crossland Company Date Dec. 15 23 26 Item Trans. no. PJ5 CD8 PJ8 Debit 2,650 8,100 Credit 2,650 Balance 2,650 0 8,100

- Correct!

Funk Company Date Dec. 2 12 15 17 24 Item Trans. no. PJ2 CD6 PJ4 GJ4 CD9 Debit 3,200 3,990 1,040 2,950 Credit 3,200 Balance 3,200 0 3,990 2,950 0

- Correct!

CHOI ENTERPRISES Trial Balance December 31 Debit Cash $64,635 Accounts receivable 8,900 Merchandise inventory 42,108 Office supplies 1,132 Store supplies 346 Store equipment 48,829 Accumulated depreciation, store equipment Credit

$9,153

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

16,675 106,200 2,500 87,380 1,350 258 42,350 4,040 2,250 710 $219,408
Correct!

$219,408
Correct!

CHOI ENTERPRISES Schedule of Accounts Receivable December 31 Hanna Seppa $7,700 Shilo Jones 1,200 Total accounts receivable $8,900
Correct!

CHOI ENTERPRISES Schedule of Accounts Payable December 31 KK's Supply Company $8,575 Crossland Company 8,100 Total accounts payable $16,675
Correct!

Office Supplies Debit

Other Accounts Debit

615 6,700 615 Correct! 6,700 Correct!

Other Sales Credit Accounts Credit

COGS Debit Inv. Credit

38,830

19,800

50 29,600 68,430 50 11,200 31,000

Correct!

Correct!

Correct!

Other Accts. Debit 2,250

Accts. Pay. Debit

3,800 3,200 2,020 2,650 2,950 2,500 2,020 710 9,500 Correct! 12,600 Correct!