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Problems and Solutions (07-05A , P07-05 A ,06A, 07C ) final ACC

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P07-05A

				Student Name:
				Class:
					Problem 07-05A
CHOI ENTERPRISES
Sales Journal
					Cost of Goods
		Inv.	Trans.	A/R Debit	Sold Debit
Date	Account Debited	No.	No.	Sales Credit	Inventory Credit
Dec. 6	Marge Craig	913	3
12	Hanna Seppa	914	4
15	Bo Brown	915	5
16	Hanna Seppa	916	6
24	Shilo Jones	917	7
31	Totals
				0	0
CHOI ENTERPRISES
Purchases Journal
					Accounts		Office	Other
		Date of		Trans.	Payable	Purchases	Supplies	Accounts
Date	Account	Invoice	Terms	No.	Credit	Debit	Debit	Debit
Dec. 2	Funk Company	12/2	2/10, n/60	2
5	KK's Supply Co.	12/3	n/10 EOM	3
15	Funk Company	12/15	2/10, n/60	4
15	Crossland Company	12/15	2/10, n/60	5
17	KK's Supply Co.	12/16	n/10 EOM	6
21	Store Equip./KK's Supply Co.	12/21	n/10 EOM	7
26	Crossland Company	12/25	2/10, n/60	8
31	Totals
					0	0	0	0
CHOI ENTERPRISES
Cash Receipts Journal
					Sales	Accounts		Other	COGS
			Trans.	Cash	Discount	Recv.	Sales	Accounts	Debit
Date	Account Cr.	Explanation	No.	Debit	Debit	Credit	Credit	Credit	Inv. Credit
Dec. 2	Shilo Jones	Invoice 11/23	3
15	Sales	Cash sales	4
15	Marge Craig	Invoice 12/6	5
22	Hanna Seppa	Invoice 12/12	6
25	Bo Brown	Invoice 12/15	7
29	Office Supplies	Sold supplies	8
31	Sales	Cash sales	9
31	Totals
				0	0	0	0	0	0
CHOI ENTERPRISES
Cash Disbursements Journal
							Other	Accts.
	Check		Account	Trans.	Cash	Inventory	Accts.	Pay.
Date	No.	Payee	Debited	No.	Credit	Credit	Debit	Debit
Dec. 2	619	Omni Realty Co.	Rent Expense	4
6	620	Fireside Company	Fireside Company	5
12	621	Funk Company	Funk Company	6
15	622	Jamie Inman	Sales Salaries Exp.	7
23	623	Crossland Co.	Crossland Co.	8
24	624	Funk Company	Funk Company	9
30	625	Ken Choi	Ken Choi, Withdr.	10
31	626	Jamie Inman	Sales Salaries Exp.	11
31	627	Access Elec. Co.	Utilities Expense	12
31		Totals
					0	0	0	0
CHOI ENTERPRISES
General Journal
			Trans.
Date	Description		No.	Debit	Credit
Dec. 4	Accounts Payable-Fireside Company		2
	Inventory					0
9	Sales Returns and Allowances		3
	Accounts Receivable-Marge Craig					0
17	Accounts Payable-Funk Company		4
	Inventory					0
18	Accounts Payable-KK's Supply Co.		5
	Office Supplies					0
20	Sales Returns and Allowances		6
	Accounts Receivable-Bo Brown					0
CHOI ENTERPRISES
General Ledger
Cash				Account No.	101
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance
Dec. 31		CRJ
31		CDJ				0
Accounts Receivable				Account No.	106
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance
Dec. 9		GJ3
20		GJ6
31		SJ
31		CRJ				0
Merchandise Inventory				Account No.	119
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance
Dec. 4
Dec. 17
Dec. 31		CDJ
Dec. 31		PJ
Dec. 31		SJ
Dec. 31		CRJ				0
Office Supplies				Account No.	124
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance
Dec. 18		GJ5
29		CR8
31		PJ6				0
Store Supplies				Account No.	125
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance					0
Store Equipment				Account No.	165
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance
Dec. 21		PJ7				0
Accumulated Depr. - Store Equipment				Account No.	166
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance					0
Accounts Payable				Account No.	201
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance
Dec. 4		GJ2
17		GJ4
18		GJ5
31		PJ
31		CDJ				0
Ken Choi, Capital				Account No.	308
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance					0
Ken Choi, Withdrawals				Account No.	318
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 30		CD10				0
Sales				Account No.	413
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 31		SJ
31		CRJ				0
Sales Returns and Allowances				Account No.	414
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 31		GJ3
31		GJ6				0
Sales Discounts				Account No.	415
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 31		CRJ				0
Cost of Goods Sold				Account No.	502
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 31		CRJ
Dec. 31		SJ				0
Sales Salaries Expense				Account No.	621
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 15		CD7
31		CD11				0
Rent Expense				Account No.	640
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 2		CD4				0
Utilities Expense				Account No.	690
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 31		CD12				0
CHOI ENTERPRISES
Accounts Receivable Ledger
Marge Craig
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 6		SJ3
9		GJ3
15		CR5				0
Hanna Seppa
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 12		SJ4
16		SJ6
22		CR6				0
Shilo Jones
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 23
Dec. 2		CR3
24		SJ7				0
Bo Brown
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 15		SJ5
20		GJ6
25		CR7				0
CHOI ENTERPRISES
Accounts Payable Ledger
Fireside Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 28
Dec.4		GJ2
6		CD5				0
KK's Supply Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 5		PJ3
17		PJ6
18		GJ5
21		PJ7				0
Crossland Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 15		PJ5
23		CD8
26		PJ8				0
Funk Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 2		PJ2
12		CD6
15		PJ4
17		GJ4
24		CD9				0
CHOI ENTERPRISES
Trial Balance
December 31
			Debit	Credit
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Store equipment
Accumulated depreciation, store equipment
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
			0	0
CHOI ENTERPRISES
Schedule of Accounts Receivable
December 31
Hanna Seppa
Shilo Jones
Total accounts receivable
		0
CHOI ENTERPRISES
Schedule of Accounts Payable
December 31
KK's Supply Company
Crossland Company
Total accounts payable
		0

Enter appropriate data in yellow cells. Your entries for "Totals" will be verified.

Enter appropriate data in yellow cells. Your entries for "Totals" will be verified.

Enter appropriate data in yellow cells. Your entries for "Totals" will be verified.

Enter appropriate data in yellow cells. Your Credit entries will be verified.

Enter appropriate data in yellow cells. Your ending balances will be verified.

Enter appropriate data in yellow cells. Your ending balances will be verified.

Enter appropriate data in yellow cells. Your entries for "Totals" will be verified.

Enter appropriate data in yellow cells. Your totals will be verified.

Given P07-05A

Given Data P07-05A:
CHOI ENTERPRISES
			Inv. No.	Check
Date	Description	Name	or Date	No.	Terms	Amount
Dec. 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	615
18	Received credit memo on returned merch.	KK's Supply Company	Dec. 17			40
20	Issued credit memo on returned merch.	Bo Brown	Dec. 15			500
21	Purchased store equipment	KK's Supply Company	Dec. 21		n/10 EOM	6,700
22	Received payment less discount	Hanna Seppa	Dec. 12
23	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. 15
26	Purchased merchandise and invoice	Crossland Company	Dec. 25		2/10, n/60	8,100
29	Sold office supplies for cash at cost					50
30	Issued check to owner for personal use	Ken Choi		625		3,500
31	Check issued for sales salaries	Jamie Inman		626		2,020
31	Issued check for electric bill	Access Electric Company		627		710
31	Cash sales for last half of month (cost $11,200)					29,600
Check figure: Trial balance totals		$219,408

P07-06A

				Student Name:
				Class:
					Problem 07-06A
BISHOP COMPANY
Sales Journal
					COGS
		Inv.	Trans.	Acct. Rec.	Debit
Date	Account Debited	No.	No.	Sales Cr.	Inv. Credit
Mar. 2	Min Cho	854	2
3	Lance Snow	855	3
10	Taylor Few	856	4
27	Taylor Few	857	5
28	Lance Snow	858	6
31	Total
				0	0
BISHOP COMPANY
Purchases Journal
					Accounts		Office	Other
		Inv.		Trans.	Payable	Purchases	Supplies	Accounts
Date	Account	Date	Terms	No.	Credit	Debit	Debit	Debit
Mar. 1	Soy Industries	3/3	2/15, n/30	3	42,600	42,600
3	Stacy Company	3/3	n/10 EOM	2	1,120		1,120
9	Office Equip./Tells Supply	3/9	n/10 EOM	4	20,850			20,850
14	The JW Company	3/13	2/10, n/30	5	31,625	31,625
16	Store Supplies/Stacy Co.	3/16	n/10 EOM	6	1,670			1,670
31	Totals				97,865	74,225	1,120	22,520
					Correct!	Correct!	Correct!	Correct!
BISHOP COMPANY
Cash Receipts Journal
					Sales	Accounts		Other	COGS
			Trans.	Cash	Discount	Recv.	Sales	Accounts	Debit
Date	Account Cr.	Explanation	No.	Debit	Debit	Credit	Credit	Credit	Inv. Credit
Mar. 6	L.T. Notes Pay.	Note to bank	2
12	Min Cho	Invoice, 3/2	3
13	Lance Snow	Invoice, 3/3	4
15	Sales	Cash sales	5
20	Taylor Few	Invoice, 3/10	6
31	Sales	Cash sales	7
31	Totals
				0	0	0	0	0	0
BISHOP COMPANY
Cash Disbursements Journal
							Other	Accts.
	Check		Account	Trans.	Cash	Inventory	Accts.	Pay.
Date	No.	Payee	Debited	No.	Credit	Credit	Debit	Debit
Mar. 13	416	Soy Industries	Soy Industries	2
15	417	Payroll	Sales Salaries Exp.	3
23	418	The JW Co.	The JW Company	4
31	419	Payroll	Sales Salaries Exp.	5
31		Totals
					0	0	0	0
BISHOP COMPANY
General Journal
			Trans.
Date	Description		No.	Debit	Credit
Mar. 17	Accounts Payable-JW Co.		2
	Inventory					0
19	Accounts Payable-Tells Supply		3
	Office Equipment					0
BISHOP COMPANY
General Ledger
Cash				Account No.	101
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 31		CRJ
31		CDJ				0
Accounts Receivable				Account No.	106
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 31		SJ
31		CRJ				0
Inventory				Account No.	119
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 1	Beginning balance
17		GJ2
31		PJ
31		CDJ
31		SJ
31		CRJ				0
Office Supplies				Account No.	124
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 3		PJ2				0
Store Supplies				Account No.	125
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 16		PJ6				0
Office Equipment				Account No.	163
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 9		PJ4
19		GJ3				0
Accounts Payable				Account No.	201
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 17		GJ2
19		GJ3
31		PJ
31		CDJ				0
Long-Term Notes Payable				Account No.	251
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 6		CR2				0
M.Bishop, Capital				Account No.	308
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 15	Beginning balance					0
Sales				Account No.	413
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 31		SJ
31		CRJ				0
Sales Discounts				Account No.	415
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 31		CRJ				0
Cost of Goods Sold				Account No.	502
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 31		CRJ
31		SJ				0
Sales Salaries Expense				Account No.	621
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 15		CD3
31		CD5				0
BISHOP COMPANY
Accounts Receivable Ledger
Taylor Few
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 10		SJ4
20		CR6
27		SJ5				0
Min Cho
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 2		SJ2
12		CR3				0
Lance Snow
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 3		SJ3
13		CR4
28		SJ6				0
BISHOP COMPANY
Accounts Payable Ledger
Stacy Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 3		PJ2
16		PJ6				0
Soy Industries
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 5		PJ3
13		CD2				0
Tells Supply
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 9		PJ4
19		GJ3				0
The JW Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Mar. 14		PJ5
17		GJ2
23		CD4				0
BISHOP COMPANY
Trial Balance (Unadjusted)
March 31
			Debit	Credit
Cash
Accounts receivable
Inventory
Office supplies
Store supplies
Office equipment
Accounts payable
Long-term notes payable
M. Bishop, Capital
Sales
Sales discounts
Cost of goods sold
Sales salaries expense
Totals
			0	0
BISHOP COMPANY
Schedule of Accounts Receivable
March 31
Taylor Few
Lance Snow
Total accounts receivable
			0
BISHOP COMPANY
Schedule of Accounts Payable
March 31
Stacy Company
Tells Supply
Total accounts payable
			0

Enter appropriate data in yellow cells. Your entries for "Totals" will be verified.

Enter appropriate data in yellow cells. Your entries for "Totals" will be verified.

Enter appropriate data in yellow cells. Your Credit entries will be verified.

Enter appropriate data in yellow cells. Your ending balances will be verified.

Enter appropriate data in yellow cells. Your ending balances will be verified.

Enter appropriate data in yellow cells. Your entries for "Totals" will be verified.

Enter appropriate data in yellow cells. Your totals will be verified.

Given P07-06A

Given Data P07-06A:
BISHOP COMPANY
			Inv. No.	Check
Date	Description	Name	or Date	No.	Terms	Amount
Mar. 1	Received merchandise and invoice	Soy Industries	Mar. 1		2/15, n/30	42,600
2	Merchandise sold (cost $7,900)	Min Cho	854		2/10, 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	855		2/10, 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	856		2/10, n/30	4,600
12	Received payment less discount	Min Cho	854		2/10, n/30
13	Paid invoice less discount	Soy Industries	Mar. 3	416	2/10, n/30
13	Received payment less discount	Lance Snow	855		2/10, n/30
14	Purchase merchandise	JW Company	Mar. 13		2/10, n/30	31,625
15	Check issued for sales salaries			417		15,900
15	Cash sales for first half of month (cost $138,000)					164,680
16	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				630
20	Received payment less discount	Taylor Few	856		2/10, n/30
23	Paid inv. less discount and credit memo	JW Company	Mar. 13	418	2/10, n/30
27	Merchandise sold (cost $6,220)	Taylor Few	857		2/10, n/30	13,910
28	Merchandise sold (cost $2,280)	Lance Snow	858		2/10, n/30	5,315
31	Check issued for sales salaries			419		15,900
31	Cash sales for second half of month (cost $16,820)					174,590
Check figure: Trial balance totals		$738

P07C

					Student Name:
					Class:
						Problem 07C
COLO COMPANY
Sales Journal
				AR Debit	COGS
		Inv.	Trans.	Sales	Debit
Date	Account Debited	No.	No.	Credit	Inv. Credit
May 2	Hensel Company	8785	83
16	Hensel Company	8786	84
22	Lee Services	8787	85
26	Crane Corp.	8788	86
31	Totals
				0	0
COLO COMPANY
Purchases Journal
					Accounts		Office	Other
		Inv.		Trans.	Payable	Inventory	Supplies	Accounts
Date	Account	Date	Terms	No.	Credit	Debit	Debit	Debit
May 4	Store Supp./Gear Supp.	5/4	n/10, EOM	78
10	Off. Equip./Gear Supp.	5/10	n/10, EOM	79
11	Garcia, Inc.	5/10	n/30, n/30	80
17	Fink Corp.	5/14	2/10, n/60	81
24	Store Supp./Gear Supp.	5/24	n/10, EOM	82
25	Peyton Products	5/23	2/10, n/30	83
31	Totals
					0	0	0	0
COLO COMPANY
Cash Receipts Journal
					Sales	Accts.		Other	COGS
			Trans.	Cash	Discount	Recv.	Sales	Accts.	Debit
Date	Account Cr.	Explanation	No.	Debit	Debit	Credit	Credit	Credit	Inv. Credit
May 5	Knox, Inc.	Sale of April 28	81
9	Store Supplies	Sold store supplies	82
11	Hensel Company	Sale of May 2	83
15	Sales	Cash sales,	84
		May 1-15
30	Lee Services	Sale of May 22	85
31	Sales	Cash Sales,	86
		May 16-31
31	Totals
				0	0	0	0	0	0
COLO COMPANY
Cash Disbursements Journal
							Other	Accts.
	Check		Account	Trans.	Cash	Inventory	Accts.	Pay.
Date	No.	Payee	Debited	No.	Credit	Credit	Debit	Debit
May 1	3410	S&P Mgmt. Co.	Rent Exp., Selling	76
			Rent Exp., Office
8	3411	Peyton Products	Peyton Products	77
15	3412	Payroll	Sales Salaries Exp.	78
			Office Salaries Exp.
19	3413	Garcia, Inc.	Garcia, Inc.	79
23	3414	Fink Corp.	Fink Corp.	80
26	3415	Perennial Power	Utilities Exp.	81
29	3416	Jenny Colo	J. Colo, Withdrawals	82
30	3417	Payroll	Sales Salaries Exp.	83
			Office Salaries Exp.
		Totals
					0	0	0	0
COLO COMPANY
General Journal
			Trans.
Date	Description		No.	Debit	Credit
May 2	Sales Returns and Allowances		65
	Accounts Receivable-Knox, Inc.					0
3	Accounts Payable-Peyton Products		66
	Inventory					0
12	Accounts Payable-Gear Supply Co.		67
	Office Equipment					0
	Adjusting entries
May 31	Insurance Expense		68
	Prepaid Insurance					0
31	Store Supplies Expense		69
	Store Supplies					0
31	Office Supplies Expense		70
	Office Supplies					0
31	Depreciation Expense, Store Equip.		71
	Accumulated Depr., Store Equip.					0
31	Depreciation Expense, Office Equip.		72
	Accumulated Depr., Office Equip.					0
	Closing entries
May 31	Income Summary		73
	Sales Discounts					0
	Sales Returns and Allowances					0
	Cost of Goods Sold					0
	Depr. Expense, Office Equipment					0
	Depr. Expense, Store Equipment					0
	Office Salaries Expense					0
	Sales Salaries Expense					0
	Insurance Expense					0
	Rent Expense, Office Space					0
	Rent Expense, Selling Space					0
	Office Supplies Expense					0
	Store Supplies Expense					0
	Utilities Expense					0
31	Sales		74
	Income Summary					0
31	Income Summary		75
	J. Colo, Capital					0
31	J. Colo, Capital		76
	J. Colo, Withdrawals					0
COLO COMPANY
General Ledger
Cash				Account No.	101
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				50,247
May 31		CRJ
31		CDJ				0
Accounts Receivable				Account No.	106
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				4,725
May 2		JG65
31		SJ
31		CRJ				0
Merchandise Inventory				Account No.	119
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				220,080
May 31		GJ66
31		CDJ
31		PJ
31		CRJ
31		SJ				0
Office Supplies				Account No.	124
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				430
May 31		PJ
31		GJ70				0
Store Supplies				Account No.	125
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				2,447
May 4		PJ78
9		CR82
24		PJ82
31		GJ69				0
Prepaid Insurance				Account No.	128
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				3,318
May 31		GJ68				0
Office Equipment				Account No.	163
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				22,470
May 10		PJ79
12		GJ67				0
Accumulated Depreciation, Office Equipment				Account No.	164
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				9,898
May 31		GJ72				0
Store Equipment				Account No.	165
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				38,920
Accumulated Depreciation, Store Equipment				Account No.	166
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				17,556
May 31		GJ71				0
Accounts Payable				Account No.	201
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				7,098
May 3		GJ66
12		GJ67
31		PJ
31		CDJ				0
Jenny Colo, Capital				Account No.	301
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 30	Balance				308,085
May 31		GJ75
31		GJ76				0
Jenny Colo, Withdrawals				Account No.	302
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 29		CD82
31		GJ76				0
Sales				Account No.	413
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		SJ
31		CRJ
31		GJ74				0
Sales Returns & Allowances				Account No.	414
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 2		GJ65
31		GJ73				0
Sales Discounts				Account No.	415
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		CRJ
31		GJ73				0
Cost of Goods Sold				Account No.	502
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		S2
31		R2
31		G3				0
Depreciation Expense, Ofc. Equipment				Account No.	612
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		GJ72
31		GJ73				0
Depreciation Expense, Store Equipment				Account No.	613
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		GJ71
31		GJ73				0
Office Salaries Expense				Account No.	620
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 15		CD78
30		CD83
31		GJ73				0
Sales Salaries Expense				Account No.	621
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 15		CD78
30		CD83
31		GJ73				0
Insurance Expense				Account No.	637
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		GJ68
31		GJ73				0
Rent Expense, Office Space				Account No.	641
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 1		CD76
31		GJ73				0
Rent Expense, Selling Space				Account No.	642
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 1		CD76
31		GJ73				0
Office Supplies Expense				Account No.	650
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		GJ70
31		GJ73				0
Store Supplies Expense				Account No.	651
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		GJ69
31		GJ73				0
Utilities Expense				Account No.	690
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 26		CD81
31		GJ73				0
Income Summary				Account No.	901
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 31		GJ73
31		GJ74
31		GJ75				0
COLO COMPANY
Accounts Receivable Ledger
Crane Corp.
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 26		SJ86				0
Hensel Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 2		SJ83
11		CR83
16		SJ84				0
Knox, Inc.
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 28		S2	4,725		4,725
May 2		GJ65
5		CR81				0
Lee Services
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 22		SJ85
30		CR85				0
COLO COMPANY
Accounts Payable Ledger
Fink Corp.
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 17		PJ81
23		CD80				0
Garcia, Inc.
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 11		PJ80
19		CD79				0
Peyton Products
		Trans.
Date	Item	no.	Debit	Credit	Balance
Apr. 29		PJ		7,098	7,098
May 3		JG66
8		CD77
25		PJ83				0
Gear Supply Co.
		Trans.
Date	Item	no.	Debit	Credit	Balance
May 4		PJ78
10		PJ79
12		GJ67
24		PJ82				0
COLO COMPANY
Work Sheet
For Month Ended May 31, 2005
										Balance Sheet
		Unadjusted				Adjusted		Income		& Statement
		Trial Balance		Adjustments		Trial Balance		Statement		of Owner's Equity
Account		Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Prepaid insurance
Office equipment
Accum. depr., office equip.
Store equipment
Accum. depr., store equip.
Accounts payable
J. Colo, Capital
J. Colo, Withdrawals
Sales
Sales discounts
Sales returns and allowances
Cost of goods sold
Depr. expense, office equip.
Depr. expense, store equip.
Office salaries expense
Sales salaries expense
Insurance expense
Rent exp., office space
Rent exp., selling space
Office supplies expense
Store supplies expense
Utilities expense
Totals
Net income
Totals		0	0	0	0	0	0
								0	0	0	0
COLO COMPANY
Income Statement
For Month Ended May 31, 2005
Revenue:
Sales
Less: Sales discounts
Sales returns and allowances
Net sales
Less: Cost of goods sold
Gross profit on sales
Operating expenses:
Selling expenses:
Depreciation expense, store equipment
Sales salaries expense
Rent expense, selling space
Store supplies expense
Total selling expenses
General and administrative expenses:
Depreciation expense, office equipment
Office salaries expense
Insurance expense
Rent expense, office space
Office supplies expense
Utilities expense
Total general and administrative expenses
Total operating expenses
Net income					0
COLO COMPANY
Statement of Owner's Equity
For Month Ended May 31, 2005
Jenny Colo, Capital, April 30, 2005
Plus: Net income
Total
Less: Withdrawals by owner
Jenny Colo, Capital, May 31, 2005				0
COLO COMPANY
Balance Sheet
May 31, 2005
Assets
Current assets:
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Prepaid insurance
Total current assets					0
Plant assets:
Office equipment
Less accumulated depreciation					0
Store equipment
Less accumulated depreciation					0
Total plant assets					0
Total assets					0
Liabilities
Current liabilities:
Accounts payable					0
Owner's Equity
Jenny Colo, Capital					0
Total liabilities and equity					0
COLO COMPANY
Post-Closing Trial Balance
May 31, 2005
		Debit	Credit
Cash
Accounts receivable
Merchandise inventory
Office supplies
Store supplies
Prepaid insurance
Office equipment
Accum. depr., office equipment
Store equipment
Accum. depr., store equipment
Accounts payable
Jenny Colo, Capital
Totals
		0	0
COLO COMPANY
Schedule of Accounts Receivable
May 31, 2005
Crane Corp.
Hensel Company
Total accounts receivable			0
COLO COMPANY
Schedule of Accounts Payable
May 31, 2005
Peyton Products
Gear Supply Co.
Total accounts payable			0

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Given P07C

Given Data P07C:
COLO COMPANY
			Inv. No.	Check
Date	Description	Name	or Date	No.	Terms	Amount
May1	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	Issued credit memo on returned merch.	Knox, Inc.	Apr. 28			175
	Total selling price (gross)	Knox, Inc.	Apr. 28			4,725
3	Received credit memo on returned merch.	Peyton Products	Apr. 29			798
4	Purchased merchandise on credit	Gear Supply Co.	May 4		n/10 EOM	37,072
	Purchased store supplies on credit	Gear Supply Co.	May 4		n/10 EOM	574
	Purchased office supplies on credit	Gear Supply Co.	May 4		n/10 EOM	83
5	Received payment less discount and return	Knox, Inc.	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					350
10	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, Inc.	May 10		2/10, n/60	8,800
12	Received credit memo on returned merch.	Gear Supply Co.	May 10			854
15	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)					59,220
16	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	13,650
19	Paid invoice less discount	Garcia, Inc.	May 10	3413
22	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	630
	Purchased office supplies on credit	Gear Supply Co.	May 23		n/10 EOM	280
25	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	14,210
26	Paid April electric bill	Perennial Power		3415		1,283
29	Issued 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)					66,052
	Additional information:
	a. Expired insurance	$553
	b. Ending store supplies inventory	2,632
	c. Ending office supplies inventory	504
	d. Estimated depreciation of store equipment	567
	e. Estimated depreciation of office equipment	329