60.1K

Verified Solution

Link Copied!

point(s) possible Assume Barton Springs Glass Company uses the perpetual Inventory system. The general ledger of Barton Springs Glass Company Includes the following selected accounts, along with their account numbers: (Click on the icon to view the accounts.) Sales and cash receipts transactions in July were as follows: (Click on the icon to view the transactions Read the requirements Number Account Number Account 11 Cash 18 Equipment Land 12 19 Accounts Receivable Notes Receivable 13 41 Sales Revenue 15 Merchandise Inventory 51 Cost of Goods Sold 16 Office Supplies Jul. 2 Jul. 3 Jul. 7 Jul. 9 Jul. 10 Jul. 11 Jul. 12 Sold merchandise inventory on credit, terms n/30, to Integrate, Inc., $1,800 (cost, $300). Sold office supplies to an employee at cost $90, receiving cash. Cash sales for the week totaled $2,100 (cost, $1,200). Sold merchandise inventory on account, terms n/30, to A. L. Prince, $7,320 (cost, $5,600). Sold land that cost $14,000 for cash of the same amount Sold merchandise inventory on account, terms n/30, to Smart Electric, $5,700 (cost, $3,200). Received cash from Integrate in full settlement of its account receivable from July 2. Cash sales for the week were $2,680 (cost, $1.750). Sold merchandise inventory on credit, terms n/30, to the partnership of Westin & Baker, $3,100 (cost, $2,200). Sold merchandise inventory on account, terms n/30, to Smart Electric, $750 (cost, $350). Cash sales for the week were $950 (cost, $680). Received $4,500 cash from A. L. Prince in partial settlement of his account receivable. Received cash from Westin & Baker for its account receivable from July 15. Jul. 14 Jul. 15 Jul. 20 Jul. 21 Jul. 22 Jul. 25 Jul. 10 Jul. 11 Jul. 12 Jul. 14 Jul. 15 Jul. 20 Jul. 21 Sold land that cost $14,000 for cash of the same amount Sold merchandise inventory on account, terms n/30, to Smart Electric, $5,700 (cost, $3,200), Received cash from Integrate in full settlement of its account receivable from July 2. Cash sales for the week were $2,680 (cost, $1,750). Sold merchandise inventory on credit, terms n/30, to the partnership of Westin & Baker, $3,100 (cost, $2,200) Sold merchandise inventory on account, terms n/30, to Smart Electric, $750 (cost, $350) Cash sales for the week were $950 (cost, $680). Received $4,500 cash from A. L. Prince in partial settlement of his account receivable, Received cash from Westin & Baker for its account receivable from July 15. Sold merchandise inventory on account, terms n/30, to Oliver Co., $1,530 (cost, $990). Collected $4,900 on a note receivable. There was no interest earned. Cash sales for the week totaled $3,800 (cost, $2,440). Sold merchandise inventory on account, terms n/30, to R. O. Bills, $220 (cost, $150). Received $2,120 cash on account from A. L. Prince. Jul. 22 Jul. 25 Jul. 25 Jul. 27 Jul. 28 Jul. 29 Jul. 31 Requirement 1, 2 and 3. Use the appropriate journal to record the preceding transactions in a sales joumal (omit the invoice No. column) and a cash receipts Journal (omit the Sales Discounts Forfeited column). Total each column of the sales journal and the cash receipts journal. Show that total debits equal total credits Show how postings would be made by entering the account numbers and check marks in the appropriate places in the journals. Begin with the sales journal. Enter the transactions and total the journal (Assume all postings are made to the applicable ledgers. It a box is not used in the Journal leave the box empty: do not select information and do not enter a zero.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref Sales Revenue CR Merchandise Inventory CR Jul Invoice Customer Post. Ref. Date Accounts Receivable DR Sales Revenue CR No. Account Debited Cost of Goods Sold DR Merchandise Inventory CR Jul. Jul. 31 Totals Show how total debits equal total credits. Total debits 11 Total credits Sales journal 11 Record the appropriate transactions in the cash receipts journal. (If a box is not used in the journal leave the box empty: do not select information and do not entera zero. Select "x" if the column total is not posted. Abbreviations used: Rec. = Receivables, Rox. - Ravenue. Aects Accounts. In Inventory Cash Receipts Journal Page Post Accounts Sales Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Acets CR Merchandise Inv. CR Jul Date Account Credited Ref. Cash DR Rec. CR Rev. CR Accts CR Merchandise Inv. CR Jul. Jul 31 Totals Show how total debits equal total credits. Total debits Total credits Cash receipts journal

Answer & Explanation Solved by verified expert

See Answer