Selected accounts from the chart of accounts of Fornelli Co. are shown below.
101
|
|
Cash
|
|
306
|
|
Owner’s Drawings
|
112
|
|
Accounts Receivable
|
|
401
|
|
Sales Revenue
|
120
|
|
Inventory
|
|
414
|
|
Sales Discounts
|
126
|
|
Supplies
|
|
505
|
|
Cost of Goods Sold
|
131
|
|
Prepaid Rent
|
|
631
|
|
Supplies Expense
|
201
|
|
Accounts Payable
|
|
729
|
|
Rent Expense
|
301
|
|
Owner’s Capital
|
|
|
|
|
Presented below are the purchases and cash payments journals for Fornelli Co. for its first month of operations.
PURCHASES JOURNAL
|
|
|
|
P1
|
Date
|
Account Credited
|
Ref
|
Inventory Dr. Accounts Payable Cr.
|
July 4
|
N. Alvarado
|
|
7,183
|
5
|
F. Rees
|
|
8,300
|
11
|
J. Gallup
|
|
6,484
|
13
|
C. Werly
|
|
14,800
|
20
|
M. Mangus
|
|
7,835
|
|
|
|
44,602
|
CASH PAYMENTS JOURNAL
|
|
|
|
|
|
|
CP1
|
Date
|
Account Debited
|
Ref
|
Other Accounts Dr.
|
Accounts Payable Dr.
|
Inventory Cr.
|
Cash Cr.
|
July 4
|
Supplies
|
|
698
|
|
|
698
|
10
|
F. Rees
|
|
|
8,300
|
83
|
8,217
|
11
|
Prepaid Rent
|
|
6,104
|
|
|
6,104
|
15
|
N. Alvarado
|
|
|
7,183
|
|
7,183
|
19
|
Owner’s Drawings
|
|
2,519
|
|
|
2,519
|
21
|
C. Werly
|
|
|
14,800
|
148
|
14,652
|
|
|
|
9,321
|
30,283
|
231
|
39,373
|
In addition, the following transactions have not been journalized for July. The cost of all merchandise sold was 65% of the sales price.
July 1
|
|
The founder, N. Fornelli, invests $74,700 in cash.
|
6
|
|
Sell merchandise on account to Dow Co. $6,200 terms 1/10, n/30
|
7
|
|
Make cash sales totaling $7,500.
|
8
|
|
Sell merchandise on account to S. Goebel $5,200, terms 1/10, n/30.
|
10
|
|
Sell merchandise on account to W. Leiss $5,800, terms 1/10, n/30.
|
13
|
|
Receive payment in full from S. Goebel.
|
16
|
|
Receive payment in full from W. Leiss.
|
20
|
|
Receive payment in full from Dow Co.
|
21
|
|
Sell merchandise on account to H. Kenney $5,600, terms 1/10, n/30.
|
29
|
|
Returned damaged goods to N. Alvarado and received cash refund of $345.
|
Journalize the transactions that have not been journalized in the sales journal and the cash receipts journal. (Record entries in the order displayed in the problem statement.)
Sales Journal
|
S1
|
Date
|
Account Debited
|
Ref
|
Accounts Receivable Dr. Sales Revenue Cr.
|
Cost of Goods Sold Dr. Inventory Cr.
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
√
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
√
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
√
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
√
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
|
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
|
|
(112)(401)
|
(505)(120)
|
Cash Receipts Journal
|
CR1
|
Date
|
Account Credited
|
Ref
|
Cash Dr.
|
Sales Discounts Dr.
|
Accounts Receivable Cr.
|
Sales Revenue Cr.
|
Other Accounts Cr.
|
Cost of Goods Sold Dr. Inventory Cr.
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
301
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
√
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
√
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
√
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
120
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
|
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
|
|
(101)
|
(414)
|
(112)
|
(401)
|
(X)
|
(505)(120)
|
Post to the accounts receivable and accounts payable subsidiary ledgers. (Post entries in the order of entries presented in the previous part.)
Accounts Receivable Subsidiary Ledger
|
Dow Co.
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
H. Kenney
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
W. Leiss
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
S. Goebel
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
|
|
|
|
|
Accounts Payable Subsidiary Ledger
|
C. Werly
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
P1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
F. Rees
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
P1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
M. Mangus
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
P1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
N. Alvarado
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
P1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
J. Gallup
|
|
|
|
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
P1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Post the individual entries and totals to the general ledger.
Cash
|
|
|
|
No. 101
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Accounts Receivable
|
|
|
|
No. 112
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Inventory
|
|
|
|
No. 102
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
P1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Supplies
|
|
|
|
No. 127
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Prepaid Rent
|
|
|
|
No. 131
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Accounts Payable
|
|
|
|
No. 201
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
P1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Owner’s Capital
|
|
|
|
No. 301
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Owner’s Drawings
|
|
|
|
No. 306
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CP1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Sales Revenue
|
|
|
|
No. 401
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Sales Discounts
|
|
|
|
No. 414
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
Cost of Goods Sold
|
|
|
|
No. 505
|
Date
|
Explanation
|
Ref
|
Debit
|
Credit
|
Balance
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
S1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
|
CR1
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
|
![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Prepare a trial balance at July 31, 2014.
FORNELLI CO. Trial Balance July 31, 2014
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Debit
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Credit
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Determine whether the subsidiary ledgers agree with the control accounts in the general ledger.
Accounts receivable balance
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Subsidiary accounts balance
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Accounts payable balance
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Subsidiary accounts balance
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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The following adjustments at the end of July are necessary.
1. A count of supplies indicates that $198 is still on hand.
2.. Recognize rent expense for July, $465.
Prepare the necessary entries in the general journal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
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Account Titles and Explanation
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Debit
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Credit
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1.
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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2.
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Post the entries to the general ledger.
Cash
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No. 101
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 31
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CR1
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99,635
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99,635
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July 31
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CP1
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39,373
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60,262
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Accounts Receivable
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No. 112
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 31
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S1
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22,800
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22,800
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July 31
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CR1
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17,200
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5,600
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Inventory
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No. 120
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 31
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P1
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44,602
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44,602
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July 29
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CR1
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345
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44,257
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July 31
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CP1
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231
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44,026
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July 31
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S1
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14,820
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29,206
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July 31
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CR1
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4,875
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24,331
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Supplies
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No. 127
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 4
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CP1
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698
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698
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Adjusting Entry
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G1
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Prepaid Rent
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No. 131
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 11
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CP1
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6,104
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6,104
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Adjusting Entry
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G1
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Accounts Payable
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No. 201
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 31
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P1
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44,602
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44,602
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July 31
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CP1
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30,283
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14,319
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Owner’s Capital
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No. 301
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 1
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CR1
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74,700
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74,700
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Owner’s Drawings
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No. 306
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 19
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J1
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2,519
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2,519
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Sales Revenue
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No. 401
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 31
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S1
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22,800
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22,800
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July 31
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CR1
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7,500
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30,300
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Sales Discounts
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No. 414
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 31
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Balance
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CR1
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110
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110
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Cost of Goods Sold
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No. 505
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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July 31
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S1
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14,820
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14,820
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July 31
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CR1
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4,875
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19,695
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Supplies Expense
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No. 631
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Adjusting Entry
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G1
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Rent Expense
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No. 729
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Date
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Explanation
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Ref
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Debit
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Credit
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Balance
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Adjusting Entry
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G1
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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Prepare an adjusted trial balance at July 31, 2014.
FORNELLI CO. Adjusted Trial Balance July 31, 2014
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Debit
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Credit
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![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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$![https://edugen.wileyplus.com/edugen/art2/common/pixel.gif](file:///C:/Users/EMIE02/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif)
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