imported_Jamie Kirkpatrick
New member
The post-closing trial balance for Cortez Co. is as follows.
CORTEZ CO.
Post-Closing Trial Balance
December 31, 2010
Account Titles Debit. Credit
Cash $41,500
Accounts Receivable 15,000
Notes Receivable 45,000
Merchandise Inventory 23,000
Equipment 6,450
Accumulated Depreciation-Equipment $1,500
Accounts Payable 43,000
B. Cortez, Capital
86,450
$130,950
$130,950
The subsidiary ledgers contain the following information: (1) accounts receivable-J. Anders $2,500, F. Cone $7,500, T. Dudley $5,000; (2) accounts payable-J. Feeney $10,000, D. Goodman $18,000, and K. Inwood $15,000. The cost of all merchandise sold was 60% of the sales price.
The transactions for January 2011 are as follows.
Jan
3 Sold merchandise to M. Rensing $5,000, terms 2/10, n/30.
5 Purchased merchandise from E. Vietti $2,000, terms 2/10, n/30.
7 Received a check from T. Dudley $3,500.
11 Paid freight on merchandise purchased $300.
12 Paid rent of $1,000 for January.
13 Received payment in full from M. Rensing.
14 Posted all entries to the subsidiary ledgers. Issued credit of $300 to J. Anders for damaged merchandise returned.
15 Sent K. Inwood a check for $14,850 in full payment of account, discount $150.
17 Purchased merchandise from G. Marley $1,600, terms 2/10, n/30.
18 Paid sales salaries of $2,800 and office salaries $2,000.
20 Give D. Goodman a 60-day note for $18,000 in full payment of account payable.
23 Total cash sales amounted to $9,100.
24 Posted all entries to the subsidiary ledgers. Sold merchandise on account to F. Cone $7,400, terms 1/10, n/30.
27 Sent E. Vietti a check for $950.
29 Received payment on a note of $40,000 from B. Lemke.
30 Posted all entries to the subsidiary ledgers. Returned merchandise of $300 to G. Marley for credit.
Post all journals to the subsidiary ledger.
Instructions
(a) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. Post the appropriate amounts to the general ledger. (If answer is zero, please enter 0. Do not leave any fields blank.)
CORTEZ CO.
Post-Closing Trial Balance
December 31, 2010
Account Titles Debit. Credit
Cash $41,500
Accounts Receivable 15,000
Notes Receivable 45,000
Merchandise Inventory 23,000
Equipment 6,450
Accumulated Depreciation-Equipment $1,500
Accounts Payable 43,000
B. Cortez, Capital
86,450
$130,950
$130,950
The subsidiary ledgers contain the following information: (1) accounts receivable-J. Anders $2,500, F. Cone $7,500, T. Dudley $5,000; (2) accounts payable-J. Feeney $10,000, D. Goodman $18,000, and K. Inwood $15,000. The cost of all merchandise sold was 60% of the sales price.
The transactions for January 2011 are as follows.
Jan
3 Sold merchandise to M. Rensing $5,000, terms 2/10, n/30.
5 Purchased merchandise from E. Vietti $2,000, terms 2/10, n/30.
7 Received a check from T. Dudley $3,500.
11 Paid freight on merchandise purchased $300.
12 Paid rent of $1,000 for January.
13 Received payment in full from M. Rensing.
14 Posted all entries to the subsidiary ledgers. Issued credit of $300 to J. Anders for damaged merchandise returned.
15 Sent K. Inwood a check for $14,850 in full payment of account, discount $150.
17 Purchased merchandise from G. Marley $1,600, terms 2/10, n/30.
18 Paid sales salaries of $2,800 and office salaries $2,000.
20 Give D. Goodman a 60-day note for $18,000 in full payment of account payable.
23 Total cash sales amounted to $9,100.
24 Posted all entries to the subsidiary ledgers. Sold merchandise on account to F. Cone $7,400, terms 1/10, n/30.
27 Sent E. Vietti a check for $950.
29 Received payment on a note of $40,000 from B. Lemke.
30 Posted all entries to the subsidiary ledgers. Returned merchandise of $300 to G. Marley for credit.
Post all journals to the subsidiary ledger.
Instructions
(a) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal, a cash payments journal, and a general journal. Post the appropriate amounts to the general ledger. (If answer is zero, please enter 0. Do not leave any fields blank.)