Brief Exercise 8-9
On March 20, Dody’s petty cash fund of $120 is replenished when the fund contains $14 in cash and
receipts for postage $50, freight-out $16, and travel expense $35.
Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles
are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Mar. 20
Brief Exercise 8-13
At July 31, Ramirez Company has the following bank information: cash balance per bank $7,917,
outstanding checks $693, deposits in transit $1,465, and a bank service charge $23.
Determine the adjusted cash balance per bank at July 31.
The adjusted cash balance per bank
$
Exercise 8-7
Setterstrom Company established a petty cash fund on May 1, cashing a check for $115.00. The
company reimbursed the fund on June 1 and July 1 with the following results.
June 1: Cash in fund
$2.50.
July 1: Cash in fund
$5.75.
Receipts: delivery expense $31.25; postage expense $38.75; and
miscellaneous expense $40.20.
Receipts: delivery expense $20.25; entertainment expense $50.75; and
miscellaneous expense $38.25.
On July 10, Setterstrom increased the fund from $115.00 to $145.00.
Prepare journal entries for Setterstrom Company. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
May 1
June 1
Account Titles and Explanation
Debit
Credit
July 1
July 10
Brief Exercise 9-5
At the end of 2014, Carpenter Co. has accounts receivable of $746,300 and an allowance for
doubtful accounts of $63,780. On January 24, 2015, the company learns that its receivable from
Megan Gray is not collectible, and management authorizes a write-off of $7,260. On March 4,
2015, Carpenter Co. receives payment of $7,260 in full from Megan Gray.
Prepare the journal entries to record this transaction. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
(To reverse write-off)
(To record collection from Gray)
Brief Exercise 9-10
Presented below are data on three promissory notes.
Determine the missing amounts. (Use 360 days for calculation.)
Date
of
Note
Terms
(a)
April 1
60 days
$606,000
6%
(b)
July 2
30 days
61,440
%
(c)
March
7
6 months
131,400
9%
Maturity
Date
Principal
Annual
Interest Rate
Total
Interest
$
$512
$
Exercise 9-9
Colaw Stores accepts both its own and national credit cards. During the year, the following selected
summary transactions occurred.
Jan.
15
Made Colaw credit card sales totaling $34,400. (There were no balances prior to January 15.)
20
Feb.
10
15
Made Visa credit card sales (service charge fee 3%) totaling $4,900.
Collected $13,500 on Colaw credit card sales.
Added finance charges of 2% to Colaw credit card account balances.
(a)
Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented
when amount is entered. Do not indent manually.)
Date
Account Titles and
Explanation
Debit
Credit
Jan.
15
Jan.
20
Feb.
10
Feb.
15
Exercise 9-10
Elburn Supply Co. has the following transactions related to
notes receivable during the last 2 months of 2014. The
company does not make entries to accrue interest except at
December 31.
Nov. 1
Dec.
11
Loaned $12,000 cash to Manny Lopez on a 12month, 12% note.
Sold goods to Ralph Kremer, Inc., receiving a
$25,200, 90-day, 10% note.
16
Received a $20,160, 180 day, 15% note in exchange
for Joe Fernetti’s outstanding accounts receivable.
31
Accrued interest revenue on all notes receivable.
Journalize the transactions for Elburn Supply Co. (Record journal entries in the order
presented in the problem. Credit account titles are automatically indented when
amount is entered. Do not indent manually. Use 360 days for calculation. Round
answers to 0 decimal places, e.g. 5,275.)
Date
Account Titles and Explanation
Debit
Credit
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Record the collection of the Lopez note at its
maturity in 2015. (Credit account titles
are automatically indented when
amount is entered. Do not indent
manually. Use 360 days for calculation.)
Date
Exercise 4-9 (Part level Submission)
The adjusted trial balance for Plevin Company.
PLEVIN COMPANY
Adjusted Trial Balance
Account
Titles and
Explanati
on
Debit
Credit
July 31, 2014
No.
Account Titles
Debit
Credit
101
Cash
$8,833
112
Accounts Receivable
157
Equipment
158
Accumulated Depreciation-Equip.
201
Accounts Payable
4,481
208
Unearned Rent Revenue
1,768
301
Owner’s Capital
306
Owner’s Drawings
400
Service Revenue
429
Rent Revenue
711
Depreciation Expense
726
Salaries and Wages Expense
55,821
732
Utilities Expense
15,119
9,363
15,563
$7,674
44,121
16,108
63,869
6,021
7,127
$127,934
(a1)
Your answer is correct.
Prepare an income statement for the year.
$127,934
PLEVIN COMPANY
Income Statement
For the Year Ended July 31, 2014
$
$
$
$
Attempts: 3 of 3 used
(a2)
Prepare an owner’s equity statement for the year. Plevin did not make any capital investments
during the year. (List items that increase owner's equity first.)
PLEVIN COMPANY
Owner’s Equity Statement
For the Year Ended July 31, 2014
$
:
$
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