Accounting Homework is attached in a Excel file.

lesson_07_assignment--problems_07-01.xls

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Given P07-01


Given Data P07-01:
You have just taken over the accounting for Choi Enterprises, whose annual accounting period ends December 31.
The company's previous accountant journalized its transactions through December 15 and posted all
items that required posting as individual amounts (see the journals and ledgers). The company's
transactions beginning on December 16 follow (terms for all its credit sales are 2/10, n/30):
CHOI ENTERPRISES							Required:
			Inv. No.	Check
Date	Description	Name	or Date	No.	Terms	Amount	1. Record the transactions in the
Dec. 16	Merchandise sold on account (cost $4,600)	Hanna Seppa	916		2/10, n/30	$ 7,700	journal.
17	Received credit memo on returned merch.	Funk Company	Dec. 15			1,040	2. Verify that amounts which should
17	Purchased office supplies	KK's Supply Company	Dec. 16		n/10 EOM	615	be posted as individual amounts
18	Received credit memo on returned merch.	KK's Supply Company	Dec. 17			40	to the general ledger accounts
20	Issued credit memo on returned merch.	Bo Brown	Dec. 15			500	have been posted, including
21	Purchased store equipment	KK's Supply Company	Dec. 21		n/10 EOM	6,700	posting to the customer and
22	Received payment less discount	Hanna Seppa	Dec. 12				creditor accounts. (Such items
23	Paid invoice less discount	Crossland Company	Dec. 15	623			are immediately posted.) Foot
24	Sold merchandise on credit (cost $600)	Shilo Jones	917		2/10, n/30	1,200	and crossfoot the journals and
24	Paid inv. less discount and return	Funk Company	Dec. 15	624			make the month-end postings.
25	Received payment less discount and return	Bo Brown	Dec. 15				3. Prepare a December 31 trial
26	Purchased merchandise and invoice	Crossland Company	Dec. 25		2/10, n/60	8,100	balance and prove the accuracy
29	Sold office supplies for cash at cost					50	of the subsidiary ledgers by
30	Issued check to owner for personal use	Ken Choi		625		2,500	preparing schedules of both
31	Check issued for sales salaries	Jamie Inman		626		2,020	accounts receivable and accounts
31	Issued check for electric bill	Access Electric Company		627		710	payable.
31	Cash sales for last half of month (cost $11,200)					29,600

Forms P07-01

Problem 07-01
				Student Name:
				Class:
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	3,300	1,500
12	Hanna Seppa	914	4	3,650	2,850
15	Bo Brown	915	5	3,100	1,800
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	Inventory	Supplies	Accounts
Date	Account	Invoice	Terms	No.	Credit	Debit	Debit	Debit
Dec. 2	Funk Company	12/2	2/10, n/60	2	3,200	3,200
5	KK's Supply Co.	12/3	n/10 EOM	3	1,300	1,300
15	Funk Company	12/15	2/10, n/60	4	3,990	3,990
15	Crossland Company	12/15	2/10, n/60	5	2,650	2,650
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	4,116	84	4,200
15	Sales	Cash sales	4	38,830			38,830		19,800
15	Marge Craig	Invoice 12/6	5	2,401	49	2,450
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	2,250		2,250
6	620	Fireside Company	Fireside Company	5	3,724	76		3,800
12	621	Funk Company	Funk Company	6	3,136	64		3,200
15	622	Jamie Inman	Sales Salaries Exp.	7	2,020		2,020
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	460
	Inventory				460	«- Correct!
9	Sales Returns and Allowances		3	850
	Accounts Receivable-Marge Craig				850	«- Correct!
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				5,361
Dec. 31		CRJ
31		CDJ				0
Accounts Receivable				Account No.	106
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance				4,200
Dec. 9		GJ3		850	3,350
20		GJ6
31		SJ
31		CRJ				0
Merchandise Inventory				Account No.	119
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance				66,970
Dec. 4				460	66,510
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				607
Dec. 18		GJ5
29		CR8
31		PJ6				0
Store Supplies				Account No.	125
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance				346	«- Correct!
Store Equipment				Account No.	165
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance				42,129
Dec. 21		PJ7				0
Accumulated Depr. - Store Equipment				Account No.	166
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance				9,153	«- Correct!
Accounts Payable				Account No.	201
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 30	Balance				4,260
Dec. 4		GJ2	460		3,800
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				106,200	«- Correct!
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. 9		GJ3	850		850
20		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	2,020		2,020
31		CD11				0
Rent Expense				Account No.	640
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 2		CD4	2,250		2,250	«- Correct!
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	3,300		3,300
9		GJ3		850	2,450
15		CR5		2,459	0	«- Correct!
Hanna Seppa
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 12		SJ4	3,650		3,650
16		SJ6
22		CR6				0
Shilo Jones
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 23			4,200		4,200
Dec. 2		CR3		4,200	0
24		SJ7				0
Bo Brown
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 15		SJ5	3,100		3,100
20		GJ6
25		CR7				0
CHOI ENTERPRISES
Accounts Payable Ledger
Fireside Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Nov. 28				4,260	4,260
Dec.4		GJ2	460		3,800
6		CD5	3,800		0	«- Correct!
KK's Supply Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 5		PJ3		1,300	1,300
17		PJ6
18		GJ5
21		PJ7				0
Crossland Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 15		PJ5		2,650	2,650
23		CD8
26		PJ8				0
Funk Company
		Trans.
Date	Item	no.	Debit	Credit	Balance
Dec. 2		PJ2		3,200	3,200
12		CD6	3,200		0
15		PJ4		3,990	3,990
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 Credit entries 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.