Student Name:Class:ProbIem 07-05ACHOI ENTERPRISESSales JournalCost of Goodsnv. Trans. A/R Debit Sold DebitDate Account Debited No. No. Sales Credit nventory CreditDec. 6 Marge Craig 913 312 Hanna Seppa 914 415 Bo Brown 915 516 Hanna Seppa 916 624 Shilo Jones 917 731 TotalsCHOI ENTERPRISESPurchases JournalAccounts Office OtherDate of Trans. Payable Purchases Supplies AccountsDate Account nvoice Terms No. Credit Debit Debit DebitDec. 2 Funk Company 12/2 2/10, n/60 25KK's Supply Co. 12/3 n/10 EOM 315Funk Company 12/15 2/10, n/60 415Crossland Company 12/15 2/10, n/60 517KK's Supply Co. 12/16 n/10 EOM 621Store Equip./KK's Supply Co. 12/21 n/10 EOM 726Crossland Company 12/25 2/10, n/60 831TotalsStudent Name:Class:ProbIem 07-05ACHOI ENTERPRISESCash Receipts JournalSales Accounts Other COGSTrans. Cash Discount Recv. Sales Accounts DebitDate Account Cr. Explanation No. Debit Debit Credit Credit Credit nv. CreditDec. 2 Shilo Jones nvoice 11/23 315 Sales Cash sales 415 Marge Craig nvoice 12/6 522 Hanna Seppa nvoice 12/12 625 Bo Brown nvoice 12/15 729 Office Supplies Sold supplies 831 Sales Cash sales 931 TotalsCHOI ENTERPRISESCash Disbursements JournalOther Accts.Check Account Trans. Cash nventory Accts. Pay.Date No. Payee Debited No. Credit Credit Debit DebitDec. 2 619 Omni Realty Co. Rent Expense 46 620 Fireside Company Fireside Company 512 621 Funk Company Funk Company 615 622 Jamie nman Sales Salaries Exp. 723 623 Crossland Co. Crossland Co. 824 624 Funk Company Funk Company 930 625 Ken Choi Ken Choi, Withdr. 1031 626 Jamie nman Sales Salaries Exp. 1131 627 Access Elec. Co. Utilities Expense 1231 TotalsStudent Name:Class:ProbIem 07-05ACHOI ENTERPRISESGeneral JournalTrans.Date Description No. Debit CreditDec. 4 Accounts Payable-Fireside Company 2nventory9 Sales Returns and Allowances 3Accounts Receivable-Marge Craig17 Accounts Payable-Funk Company 4nventory18 Accounts Payable-KK's Supply Co. 5Office Supplies20 Sales Returns and Allowances 6Accounts Receivable-Bo BrownCHOI ENTERPRISESGeneral LedgerCash Account No. 101Trans.Date tem no. Debit Credit BalanceNov. 30 BalanceDec. 31 CRJ31 CDJAccounts ReceivabIe Account No. 106Trans.Date tem no. Debit Credit BalanceNov. 30 BalanceDec. 9 GJ320 GJ631 SJ31 CRJMerchandise Inventory Account No. 119Trans.Date tem no. Debit Credit BalanceNov. 30 BalanceDec. 4Dec. 17Dec. 31 CDJDec. 31 PJDec. 31 SJDec. 31 CRJOffice SuppIies Account No. 124Trans.Date tem no. Debit Credit BalanceNov. 30 BalanceDec. 18 GJ529 CR831 PJ6Store SuppIies Account No. 125Trans.Date tem no. Debit Credit BalanceNov. 30 Balance Store Equipment Account No. 165Trans.Date tem no. Debit Credit BalanceNov. 30 BalanceDec. 21 PJ7 AccumuIated Depr. - Store Equipment Account No. 166Trans.Date tem no. Debit Credit BalanceNov. 30 Balance Accounts PayabIe Account No. 201Trans.Date tem no. Debit Credit BalanceNov. 30 BalanceDec. 4 GJ217 GJ418 GJ531 PJ31 CDJStudent Name:Class:ProbIem 07-05AKen Choi, CapitaI Account No. 308Trans.Date tem no. Debit Credit BalanceNov. 30 Balance Ken Choi, WithdrawaIs Account No. 318Trans.Date tem no. Debit Credit BalanceDec. 30 CD10 SaIes Account No. 413Trans.Date tem no. Debit Credit BalanceDec. 31 SJ31 CRJStudent Name:Class:ProbIem 07-05ASaIes Returns and AIIowances Account No. 414Trans.Date tem no. Debit Credit BalanceDec. 31 GJ331 GJ6SaIes Discounts Account No. 415Trans.Date tem no. Debit Credit BalanceDec. 31 CRJ Cost of Goods SoId Account No. 502Trans.Date tem no. Debit Credit BalanceDec. 31 CRJDec. 31 SJSaIes SaIaries Expense Account No. 621Trans.Date tem no. Debit Credit BalanceDec. 15 CD731 CD11 Rent Expense Account No. 640Trans.Date tem no. Debit Credit BalanceDec. 2 CD4 UtiIities Expense Account No. 690Trans.Date tem no. Debit Credit BalanceDec. 31 CD12CHOI ENTERPRISESAccounts Receivable LedgerMarge CraigTrans.Date tem no. Debit Credit BalanceDec. 6 SJ39 GJ315 CR5Hanna SeppaTrans.Date tem no. Debit Credit BalanceDec. 12 SJ416 SJ622 CR6ShiIo JonesTrans.Date tem no. Debit Credit BalanceNov. 23Dec. 2 CR324 SJ7 Bo BrownTrans.Date tem no. Debit Credit BalanceDec. 15 SJ520 GJ625 CR7CHOI ENTERPRISESAccounts Payable LedgerFireside CompanyTrans.Date tem no. Debit Credit BalanceNov. 28Dec.4 GJ26 CD5KK's SuppIy CompanyTrans.Date tem no. Debit Credit BalanceDec. 5 PJ317 PJ618 GJ521 PJ7CrossIand CompanyTrans.Date tem no. Debit Credit BalanceStudent Name:Class:ProbIem 07-05ADec. 15 PJ523 CD826 PJ8 Funk CompanyTrans.Date tem no. Debit Credit BalanceDec. 2 PJ212 CD615 PJ417 GJ424 CD9Student Name:Class:ProbIem 07-05ACHOI ENTERPRISESTrial BalanceDecember 31Debit CreditCashAccounts receivableMerchandise inventoryOffice suppliesStore suppliesStore equipmentAccumulated depreciation, store equipmentAccounts payableKen Choi, CapitalKen Choi, WithdrawalsSalesSales returns and allowancesSales discountsCost of goods soldSales salaries expenseRent expenseUtilities expenseTotalsCHOI ENTERPRISESSchedule of Accounts ReceivableDecember 31Hanna SeppaShilo JonesTotal accounts receivableCHOI ENTERPRISESSchedule of Accounts PayableDecember 31KK's Supply CompanyCrossland CompanyTotal accounts payableGiven Data P07-05A:CHOI ENTERPRISESnv. No. CheckDate Description Name or Date No. Terms AmountDec. 16 Merchandise sold (cost $4,600) Hanna Seppa 916 2/10, n/30 7,700 $ 17 Received credit memo on returned merch. Funk Company Dec. 15 1,040 17 Purchased office supplies KK's Supply Company Dec. 16 n/10 EOM 61518 Received credit memo on returned merch. KK's Supply Company Dec. 17 4020 ssued credit memo on returned merch. Bo Brown Dec. 15 50021 Purchased store equipment KK's Supply Company Dec. 21 n/10 EOM 6,700 22 Received payment less discount Hanna Seppa Dec. 1223 Paid invoice less discount Crossland Company Dec. 15 623 24 Sold merchandise on credit (cost $600) Shilo Jones 917 1,200 24 Paid inv. less discount and return Funk Company Dec. 15 624 25 Received payment less discount and return Bo Brown Dec. 1526 Purchased merchandise and invoice Crossland Company Dec. 25 2/10, n/60 8,100 29 Sold office supplies for cash at cost 5030 ssued check to owner for personal use Ken Choi 6253,500 31 Check issued for sales salaries Jamie nman 6262,020 31 ssued check for electric bill Access Electric Company 62771031 Cash sales for last half of month (cost $11,200) 29,600Check figure: Trial balance totals $219,408Student Name:Class:ProbIem 07-06ABISHOP COMPANYSales JournalCOGSnv. Trans. Acct. Rec. DebitDate Account Debited No. No. Sales Cr. nv. CreditMar. 2 Min Cho 854 23 Lance Snow 855 310 Taylor Few 856 427 Taylor Few 857 528 Lance Snow 858 631 TotalBISHOP COMPANYPurchases JournalAccounts Office Othernv. Trans. Payable Purchases Supplies AccountsDate Account Date Terms No. Credit Debit Debit DebitMar. 1 Soy ndustries 3/3 2/15, n/30 3 42,600 42,6003Stacy Company 3/3 n/10 EOM 2 1,120 1,1209Office Equip./Tells Supply 3/9 n/10 EOM 4 20,850 20,85014The JW Company 3/13 2/10, n/30 5 31,625 31,62516Store Supplies/Stacy Co. 3/16 n/10 EOM 6 1,670 1,67031Totals 97,865 74,225 1,120 22,520Correct! Correct! Correct! Correct!Student Name:Class:ProbIem 07-06ABISHOP COMPANYCash Receipts JournalSales Accounts Other COGSTrans. Cash Discount Recv. Sales Accounts DebitDate Account Cr. Explanation No. Debit Debit Credit Credit Credit nv. CreditMar. 6 L.T. Notes Pay. Note to bank 212 Min Cho nvoice, 3/2 313 Lance Snow nvoice, 3/3 415 Sales Cash sales 520 Taylor Few nvoice, 3/10 631 Sales Cash sales 731 TotalsBISHOP COMPANYCash Disbursements JournalOther Accts.Check Account Trans. Cash nventory Accts. Pay.Date No. Payee Debited No. Credit Credit Debit DebitMar. 13 416 Soy ndustries Soy ndustries 215 417 Payroll Sales Salaries Exp. 323 418 The JW Co. The JW Company 431 419 Payroll Sales Salaries Exp. 531 TotalsBISHOP COMPANYGeneral JournalTrans.Date Description No. Debit CreditMar. 17 Accounts Payable-JW Co. 2nventory19 Accounts Payable-Tells Supply 3Office EquipmentStudent Name:Class:ProbIem 07-06ABISHOP COMPANYGeneral LedgerCash Account No. 101Trans.Date tem no. Debit Credit BalanceMar. 31 CRJ31 CDJ Accounts ReceivabIe Account No. 106Trans.Date tem no. Debit Credit BalanceMar. 31 SJ31 CRJInventory Account No. 119Trans.Date tem no. Debit Credit BalanceMar. 1 Beginning balance17 GJ231 PJ31 CDJ31 SJ31 CRJOffice SuppIies Account No. 124Trans.Date tem no. Debit Credit BalanceMar. 3 PJ2 Store SuppIies Account No. 125Trans.Date tem no. Debit Credit BalanceMar. 16 PJ6Office Equipment Account No. 163Trans.Date tem no. Debit Credit BalanceMar. 9 PJ419 GJ3Accounts PayabIe Account No. 201Trans.Date tem no. Debit Credit BalanceMar. 17 GJ219 GJ331 PJ31 CDJStudent Name:Class:ProbIem 07-06ALong-Term Notes PayabIe Account No. 251Trans.Date tem no. Debit Credit BalanceMar. 6 CR2M.Bishop, CapitaI Account No. 308Trans.Date tem no. Debit Credit BalanceMar. 15 Beginning balanceSaIes Account No. 413Trans.Date tem no. Debit Credit BalanceMar. 31 SJ31 CRJ SaIes Discounts Account No. 415Trans.Date tem no. Debit Credit BalanceMar. 31 CRJCost of Goods SoId Account No. 502Trans.Date tem no. Debit Credit BalanceMar. 31 CRJ31 SJSaIes SaIaries Expense Account No. 621Trans.Date tem no. Debit Credit BalanceMar. 15 CD331 CD5Student Name:Class:ProbIem 07-06ABISHOP COMPANYAccounts Receivable LedgerTayIor FewTrans.Date tem no. Debit Credit BalanceMar. 10 SJ420 CR627 SJ5Min ChoTrans.Date tem no. Debit Credit BalanceMar. 2 SJ212 CR3 Lance SnowTrans.Date tem no. Debit Credit BalanceMar. 3 SJ313 CR428 SJ6BISHOP COMPANYAccounts Payable LedgerStacy CompanyTrans.Date tem no. Debit Credit BalanceMar. 3 PJ216 PJ6 Soy IndustriesTrans.Date tem no. Debit Credit BalanceMar. 5 PJ313 CD2TeIIs SuppIyTrans.Date tem no. Debit Credit BalanceMar. 9 PJ419 GJ3The JW CompanyTrans.Date tem no. Debit Credit BalanceMar. 14 PJ517 GJ223 CD4BISHOP COMPANYTrial Balance (Unadjusted)March 31Debit CreditCashAccounts receivablenventoryOffice suppliesStore suppliesOffice equipmentAccounts payableLong-term notes payableM. Bishop, CapitalSalesSales discountsCost of goods soldSales salaries expenseTotalsBISHOP COMPANYSchedule of Accounts ReceivableMarch 31Taylor FewLance SnowTotal accounts receivableBISHOP COMPANYSchedule of Accounts PayableMarch 31Student Name:Class:ProbIem 07-06AStacy CompanyTells SupplyTotal accounts payableGiven Data P07-06A:BISHOP COMPANYnv. No. CheckDate Description Name or Date No. Terms AmountMar. 1 Received merchandise and invoice Soy ndustries Mar. 1 2/15, n/30 42,600 2 Merchandise sold (cost $7,900) Min Cho 8542/10, n/30 15,800 3 Purchased office supplies Stacy Company Mar. 3 n/10 EOM 1,120 3 Merchandise sold (cost $4,600) Lance Snow 8552/10, n/30 9,200 6 Borrowed on long-term note payable Federal Bank 72,000 9 Purchased office equipment Tells Supply Mar. 9 n/10 EOM 20,850 10 Sold merchandise (cost $2,300) Taylor Few 8562/10, n/30 4,600 12 Received payment less discount Min Cho 8542/10, n/3013 Paid invoice less discount Soy ndustries Mar. 3 4162/10, n/3013 Received payment less discount Lance Snow 8552/10, n/3014 Purchase merchandise JW Company Mar. 13 2/10, n/30 31,625 15 Check issued for sales salaries 41715,900 15 Cash sales for first half of month (cost $138,000) 164,68016 Purchased store supplies Stacy Company Mar. 16 n/10 EOM 1,670 17 Received credit memo on returned merch. JW Company 2,425 19 Received credit memo on returned merch. Tells Supply 63020 Received payment less discount Taylor Few 8562/10, n/3023 Paid inv. less discount and credit memo JW Company Mar. 13 4182/10, n/3027 Merchandise sold (cost $6,220) Taylor Few 8572/10, n/30 13,910 28 Merchandise sold (cost $2,280) Lance Snow 8582/10, n/30 5,315 31 Check issued for sales salaries 41915,900 31 Cash sales for second half of month (cost $16,820) 174,590Check figure: Trial balance totals $738Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYSales JournalAR Debit COGSnv. Trans. SalesDebitDate Account Debited No. No. Credit nv. CreditMay 2 Hensel Company 8785 83 6,100 4,10016 Hensel Company 8786 84 3,990 1,89022 Lee Services 8787 85 6,850 4,99026 Crane Corp. 8788 86 14,210 8,23031 Totals 31,150 19,210^ Correct! ^Correct!COLO COMPANYPurchases JournalAccounts Office Othernv. Trans. Payable nventory Supplies AccountsDate Account Date Terms No. Credit Debit Debit DebitMay 4 Store Supp./Gear Supp. 5/4 n/10, EOM 78 37,729 37,072 83 57410Off. Equip./Gear Supp. 5/10 n/10, EOM 79 4,074 4,07411Garcia, nc. 5/10 n/30, n/30 80 880 8,80017Fink Corp. 5/14 2/10, n/60 81 13,650 13,65024Store Supp./Gear Supp. 5/24 n/10, EOM 82 9,030 8,120 280 63025Peyton Products 5/23 2/10, n/30 83 3,080 3,08031Totals 76,363 70,722 363 5,278^ Correct! ^ Correct! ^ Correct! ^ Correct!Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYCash Receipts JournalSales Accts. Other COGSTrans. Cash Discount Recv. Sales Accts. DebitDate Account Cr. Explanation No. Debit Debit Credit Credit Credit nv. CreditMay 5 Knox, nc. Sale of April 28 81 4,459 91 4,5509 Store Supplies Sold store supplies 82 350 35011 Hensel Company Sale of May 2 83 5,978 122 6,10015 Sales Cash sales,84 59,220 59,220May 1-1530 Lee Services Sale of May 22 85 6,713 137 6,85031 Sales Cash Sales,86 66,052 66,052May 16-3131 Totals 142,772 350 17,500 125,272 350^ Correct! ^ Correct! ^ Correct! ^ Correct! ^ Correct!COLO COMPANYCash Disbursements JournalOther Accts.Check Account Trans. Cash nventory Accts. Pay.Date No. Payee Debited No. Credit Credit Debit DebitMay 1 3410 S&P Mgmt. Co. Rent Exp., Selling76 2,968 2,968Rent Exp., Office742 7428 3411 Peyton Products Peyton Products 77 6,174 126 6,30015 3412 Payroll Sales Salaries Exp. 78 5,320 5,320Office Salaries Exp. 3,150 3,15019 3413 Garcia, nc. Garcia, nc. 79 8,624 176 8,80023 3414 Fink Corp. Fink Corp. 80 13,377 273 13,65026 3415 Perennial Power Utilities Exp. 81 1,283 1,28329 3416 Jenny Colo J. Colo, Withdrawals 82 7,000 7,00030 3417 Payroll Sales Salaries Exp. 83 5,320 5,320Office Salaries Exp. 3,150 3,150Totals 57,108 575 28,933 28,750^ Correct! ^ Correct! ^ Correct! ^ Correct!Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYGeneral JournalTrans.Date Description No. Debit CreditMay 2 Sales Returns and Allowances 65 175Accounts Receivable-Knox, nc. 175 - Correct!3 Accounts Payable-Peyton Products 66 798nventory 798 - Correct!12 Accounts Payable-Gear Supply Co. 67 854Office Equipment 854 - Correct!Adjusting entriesMay 31 nsurance Expense 68 553Prepaid nsurance 553 - Correct!31 Store Supplies Expense 69 669Store Supplies 669 - Correct!31 Office Supplies Expense 70 289Office Supplies 289 - Correct!31 Depreciation Expense, Store Equip. 71 567Accumulated Depr., Store Equip. 567 - Correct!31 Depreciation Expense, Office Equip. 72 329Accumulated Depr., Office Equip. 329 - Correct!CIosing entriesMay 31 ncome Summary 73 124,775Sales Discounts 350 - Correct!Sales Returns and Allowances 175 - Correct!Cost of Goods Sold 99,910 - Correct!Depr. Expense, Office Equipment 329 - Correct!Depr. Expense, Store Equipment 567 - Correct!Office Salaries Expense 6,300 - Correct!Sales Salaries Expense 10,640 - Correct!nsurance Expense 553 - Correct!Rent Expense, Office Space 742 - Correct!Rent Expense, Selling Space 2,968 - Correct!Office Supplies Expense 289 - Correct!Store Supplies Expense 669 - Correct!Utilities Expense 1,283 - Correct!31 Sales 74 156,422ncome Summary 156,422 - Correct!31 ncome Summary 75 31,647J. Colo, Capital 31,647 - Correct!31 J. Colo, Capital 76 7,000J. Colo, Withdrawals 7,000 - Correct!Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYGeneral LedgerCash Account No. 101Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 50,247May 31 CRJ 142,772 193,019 31 CDJ 57,108135,911- Correct! Accounts ReceivabIe Account No. 106Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 4,725May 2 JG65 1754,55031 SJ 31,150 35,70031 CRJ 17,50018,200 - Correct! Merchandise Inventory Account No. 119Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 220,080 May 31 GJ66 798219,28231 CDJ 575218,70731 PJ 70,722 289,42931 CRJ 80,700208,72931 SJ 19,210189,519 - Correct!Office SuppIies Account No. 124Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 430May 31 PJ 36379331 GJ70 289504 - Correct! Store SuppIies Account No. 125Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 2,447May 4 PJ78 5743,0219 CR82 3502,67124 PJ82 6303,30131 GJ69 6692,632 - Correct!Prepaid Insurance Account No. 128Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 3,318May 31 GJ68 5532,765 - Correct! Student Name: Cathy BandeIowClass: ACC 225ProbIem 07COffice Equipment Account No. 163Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 22,470May 10 PJ79 4,074 26,54412 GJ67 85425,690 - Correct! AccumuIated Depreciation, Office Equipment Account No. 164Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 9,898May 31 GJ72 32910,227 - Correct!Store Equipment Account No. 165Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 38,920AccumuIated Depreciation, Store Equipment Account No. 166Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 17,556May 31 GJ71 56718,123 - Correct!Accounts PayabIe Account No. 201Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 7,098May 3 GJ66 7986,30012 GJ67 8545,44631 PJ 76,36381,80931 CDJ 28,750 53,059 - Correct! Jenny CoIo, CapitaI Account No. 301Trans.Date tem no. Debit Credit BalanceApr. 30 Balance 308,085 May 31 GJ75 31,647339,732 31 GJ76 7,000 332,732- Correct! Jenny CoIo, WithdrawaIs Account No. 302Trans.Date tem no. Debit Credit BalanceMay 29 CD82 7,000 7,00031 GJ76 7,000 0 - Correct! Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CSaIes Account No. 413Trans.Date tem no. Debit Credit BalanceMay 31 SJ 31,15031,15031 CRJ 125,272156,42231 GJ74 156,422 0 - Correct! SaIes Returns & AIIowances Account No. 414Trans.Date tem no. Debit Credit BalanceMay 2 GJ65 17517531 GJ73 1750 - Correct! SaIes Discounts Account No. 415Trans.Date tem no. Debit Credit BalanceMay 31 CRJ 35035031 GJ73 3500 - Correct!Cost of Goods SoId Account No. 502Trans.Date tem no. Debit Credit BalanceMay 31 S2 19,210 19,21031 R2 80,700 99,91031 G3 99,9100 - Correct!Depreciation Expense, Ofc. Equipment Account No. 612Trans.Date tem no. Debit Credit BalanceMay 31 GJ72 32932931 GJ73 3290 - Correct!Depreciation Expense, Store Equipment Account No. 613Trans.Date tem no. Debit Credit BalanceMay 31 GJ71 56756731 GJ73 5670 - Correct!Office SaIaries Expense Account No. 620Trans.Date tem no. Debit Credit BalanceMay 15 CD78 3,150 3,15030 CD83 3,150 6,30031 GJ73 6,300 0 - Correct! SaIes SaIaries Expense Account No. 621Trans.Date tem no. Debit Credit BalanceMay 15 CD78 5,320 5,32030 CD83 5,320 10,64031 GJ73 10,6400 - Correct!Insurance Expense Account No. 637Trans.Date tem no. Debit Credit BalanceMay 31 GJ68 55355331 GJ73 5530 - Correct!Rent Expense, Office Space Account No. 641Trans.Date tem no. Debit Credit BalanceMay 1 CD76 74274231 GJ73 7420 - Correct!Rent Expense, SeIIing Space Account No. 642Trans.Date tem no. Debit Credit BalanceMay 1 CD76 2,968 2,96831 GJ73 2,968 0 - Correct!Office SuppIies Expense Account No. 650Trans.Date tem no. Debit Credit BalanceMay 31 GJ70 28928931 GJ73 2890 - Correct!Store SuppIies Expense Account No. 651Trans.Date tem no. Debit Credit BalanceMay 31 GJ69 66966931 GJ73 6690 - Correct!UtiIities Expense Account No. 690Trans.Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CDate tem no. Debit Credit BalanceMay 26 CD81 1,283 1,28331 GJ73 1,283 0 - Correct!Income Summary Account No. 901Trans.Date tem no. Debit Credit BalanceMay 31 GJ73 124,775 124,775 31 GJ74 156,422(31,647)31 GJ75 31,647 0 - Correct!Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYAccounts Receivable LedgerCrane Corp.Trans.Date tem no. Debit Credit BalanceMay 26 SJ86 14,210 14,210 - Correct!HenseI CompanyTrans.Date tem no. Debit Credit BalanceMay 2 SJ83 6,100 6,10011 CR83 6,100 016 SJ84 3,990 3,990 - Correct!Knox, Inc.Trans.Date tem no. Debit Credit BalanceApr. 28 S2 4,725 4,725May 2 GJ65 175 4,5505 CR81 4,550 0 - Correct! Lee ServicesTrans.Date tem no. Debit Credit BalanceMay 22 SJ85 6,850 6,85030 CR85 6,850 0 - Correct!Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYAccounts Payable LedgerFink Corp.Trans.Date tem no. Debit Credit BalanceMay 17 PJ81 13,650 13,65023 CD80 13,650 0 - Correct!Garcia, Inc.Trans.Date tem no. Debit Credit BalanceMay 11 PJ80 8,800 8,80019 CD79 8,800 0 - Correct!Peyton ProductsTrans.Date tem no. Debit Credit BalanceApr. 29 PJ 7,098 7,098May 3 JG66 798 6,3008 CD77 6,300 025 PJ83 3,080 3,080 - Correct!Gear SuppIy Co.Trans.Date tem no. Debit Credit BalanceMay 4 PJ78 37,729 37,72910 PJ79 4,074 41,80312 GJ67 854 40,94924 PJ82 9,030 49,979 - Correct!Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYWork SheetFor Month Ended May 31, 2005Balance SheetUnadjusted ncome & StatementTrial Balance Adjustments Statement of Owner's EquityAccount Debit Credit Debit Credit Debit Credit Debit Credit Debit CreditCash 135,911 135,911 135,911Accounts receivable 18,200 18,200 18,200Merchandise inventory 189,519 189,519 189,519Office supplies 793 (c)289 504 504Store supplies 3,301 (b)669 2,632 2,632Prepaid insurance 3,318 (a)553 2,765 2,765Office equipment 25,690 25,690 25,690Accum. depr., office equip. 9,898 (e)329 10,227 10,227Store equipment 38,920 38,920 38,920Accum. depr., store equip. 17,556 (d)567 18,123 18,123Accounts payable 53,059 53,059 53,059J. Colo, Capital 308,085 308,085 208,085J. Colo, Withdrawals 7,000 7,000 7,000Sales 156,422 156,422 156,422Sales discounts 350 350 350Sales returns and allowances 175 175 175Cost of goods sold 99,910 99,910 99,910Depr. expense, office equip. (e)329 329 329Depr. expense, store equip. (d) 567 567 567Office salaries expense 6,300 6,300 6,300Sales salaries expense 10,640 10,640 10,640nsurance expense (a) 553 553 553Rent exp., office space 742 742 742Rent exp., selling space 1,968 2,968 2,968Office supplies expense (c)289 289 289Store supplies expense (b) 669 669 669Utilities expense 1,283 1,283 1,283Totals 545,020 545,020 2,407 2,407 545,916 545,916 124,775 156,422 421,141 389,494Net income 31,647 31,647Totals ^Correct! ^Correct! ^Correct! ^Correct! Correct! Correct! 156,422 156,422 421,141 421,141^ Correct! ^ Correct! ^ Correct! ^ Correct!AdjustedTrial BalanceStudent Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYncome StatementFor Month Ended May 31, 2005Revenue:Sales 156,422 $Less: Sales discounts 350 $ Sales returns and allowances 175525Net sales 155,897 $Less: Cost of goods sold 99,910Gross profit on sales 55,987 $Operating expenses:Selling expenses:Depreciation expense, store equipment 567 $ Sales salaries expense 10,640Rent expense, selling space 2,968Store supplies expense 669 Total selling expenses 14,844 $General and administrative expenses:Depreciation expense, office equipment 329 $ Office salaries expense 6,300nsurance expense 553 Rent expense, office space 742 Office supplies expense 289 Utilities expense 1,283Total general and administrative expenses 9,496 Total operating expenses 24,340Net income 31,647 $ -Correct!COLO COMPANYStatement of Owner's EquityFor Month Ended May 31, 2005Jenny Colo, Capital, April 30, 2005 $308,085Plus:Net income 31,647 Total $339,732Less: Withdrawals by owner (7,000)Jenny Colo, Capital, May 31, 2005 $332,732 -Correct!Student Name: Cathy BandeIowClass: ACC 225ProbIem 07CCOLO COMPANYBalance SheetMay 31, 2005AssetsCurrent assets:Cash $135,911Accounts receivable 18,200Merchandise inventory 189,519Office supplies 504 Store supplies 2,632Prepaid insurance 2,765Total current assets $349,531 - Correct!Plant assets:Office equipment 25,690Less accumulated depreciation 10,227 15,463 - Correct!Store equipment 38,920Less accumulated depreciation 18,123 20,797 - Correct!Total plant assets 36,260 - Correct!Total assets $385,791 - Correct!LiabiIitiesCurrent liabilities:Accounts payable $53,059 - Correct!Owner's EquityJenny Colo, Capital 332,732 - Correct!Total liabilities and equity $385,791 - Correct!COLO COMPANYPost-Closing Trial BalanceMay 31, 2005Debit CreditCash $135,911Accounts receivable 18,200Merchandise inventory 189,519Office supplies 504Store supplies 2,632Prepaid insurance 2,765Office equipment 25,690Accum. depr., office equipment $10,277Store equipment 38,920Accum. depr., store equipment 18,123Accounts payable 53,059Jenny Colo, Capital 332,732Totals $414,141 $414,141^ Correct! ^ Correct!COLO COMPANYSchedule of Accounts ReceivableMay 31, 2005Crane Corp. $14,210Hensel Company 3,990Total accounts receivable $18,200 - Correct!COLO COMPANYSchedule of Accounts PayableMay 31, 2005Peyton Products $3,080Gear Supply Co. 49,979Total accounts payable $53,059 - Correct!Given Data P07C:COLO COMPANYnv. No. CheckDate Description Name or Date No. Terms AmountMay1 Paid rent (80% selling space, 20% office space) S&P Management Co. 3410 3,710 $ 2 Sold merchandise on credit (cost $4,100) Hensel Company 8785 2/10, n/60 6,100 2 ssued credit memo on returned merch. Knox, nc. Apr. 28 175Total selling price (gross) Knox, nc. Apr. 28 4,725 3 Received credit memo on returned merch. Peyton Products Apr. 29 7984 Purchased merchandise on credit Gear Supply Co. May 4 n/10 EOM 37,072Purchased store supplies on credit Gear Supply Co. May 4 n/10 EOM 574Purchased office supplies on credit Gear Supply Co. May 4 n/10 EOM 835 Received payment less discount and return Knox, nc. Apr. 28 n/10 EOM ?8 Paid inv. less 2 % discount and May 3 return Peyton Products Apr. 29 3411 ?9 Sold store supplies for cash at cost 35010 Purchased office equipment on credit Gear Supply Co. May 10 n/10 EOM 4,074 11 Received payment less discount Hensel Company May 2 ?11 Purchased merchandise on credit Garcia, nc. May 10 2/10, n/60 8,800 12 Received credit memo on returned merch. Gear Supply Co. May 10 85415 Check issued for sales salaries Payroll 3412 5,320 Check issued for office salaries Payroll 3412 3,150 15 Cash sales for first half of month (cost $38,200) 59,22016 Sold merchandise on credit (cost $1,890) Hensel Company 8786 2/10, n/60 3,990 17 Purchased merchandise on credit Fink Corp. May 14 2/10, n/60 13,65019 Paid invoice less discount Garcia, nc. May 10 341322 Sold merchandise on credit (cost $4,990) Lee Services 8787 2/10, n/60 6,850 23 Paid invoice less discount Fink Corp. May 14 3414 ?24 Purchased merchandise on credit Gear Supply Co. May 23 n/10 EOM 8,120 Purchased store supplies on credit Gear Supply Co. May 23 n/10 EOM 630Purchased office supplies on credit Gear Supply Co. May 23 n/10 EOM 28025 Purchased merchandise on credit Peyton Products May 23 2/10, n/30 3,080 26 Sold merchandise on credit (cost $8,230) Crane Corp. 8788 2/10, n/60 14,21026 Paid April electric bill Perennial Power 3415 1,283 29 ssued check to owner for personal use Jenny Colo 3416 7,000 30 Received payment less discount Lee Services May 22 ?30 Check issued for sales salaries Payroll 3417 5,320 Check issued for office salaries Payroll 3417 3,150 31 Cash sales for second half of month (cost $42,500) 66,052Additional information:a. Expired insurance $553b. Ending store supplies inventory 2,632 c. Ending office supplies inventory 504d. Estimated depreciation of store equipment 567e. Estimated depreciation of office equipment 329