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Question Description
The transactions completed by
Lightening Express Delivery Company during July 2008, the first month of the
fiscal year, were as follows:
July 1. Issued Check No. 610 for July rent, $6,400.
2. Issued Invoice No. 940 to Capps Co., $2,420.
3. Received check for $5,400 from Perkins Co. in payment of account.
5. Purchased a vehicle on account from Browning Transportation, $31,600.
6. Purchased office equipment on account from Bell Computer Co., $4,200.
6. Issued Invoice No. 941 to Darr Co., $5,920.
9. Issued Check No. 611 for fuel expense, $850.
10. Received check from Shingo Co. in payment of $4,050 invoice.
10. Issued Check No. 612 for $905 to Office To Go Inc. in payment of invoice.
10. Issued Invoice No. 942 to Joy Co., $1,260.
11. Issued Check No. 613 for $3,605 to Crowne Supply Co. in payment of account.
11. Issued Check No. 614 for $805 to Porter Co. in payment of account.
12. Received check from Capps Co. in payment of $2,420 invoice.
13. Issued Check No. 615 to Browning Transportation in payment of $31,600
balance.
16. Issued Check No. 616 for $38,900 for cash purchase of a vehicle.
16. Cash fees earned for July 1-16, $17,800.
17. Issued Check No. 617 for miscellaneous administrative expense, $260.
18. Purchased maintenance supplies on account from Crowne Supply Co., $1,730.
19. Purchased the following on account from McClain Co.: maintenance supplies,
$1,980; office supplies, $430.
20. Issued Check No. 618 in payment of advertising expense, $1,700.
20. Used $3,500 maintenance supplies to repair delivery vehicles.
23. Purchased office supplies on account from Office To Go Inc., $600.
24. Issued Invoice No. 943 to Shingo Co., $5,070.
24. Issued Check No. 619 to K. Rivera as a personal withdrawal, $3,000.
25. Issued Invoice No. 944 to Darr Co., $6,200.
25. Received check for $3,950 from Perkins Co. in payment of balance.
26. Issued Check No. 620 to Bell Computer Co. in payment of $4,200 invoice of
July 6.
30. Issued Check No. 621 for monthly salaries as follows: driver salaries,
$16,500; office salaries, $8,200.
31. Cash fees earned for July 17-31, $18,940.
31. Issued Check No. 622 in payment for office supplies, $800.
Instructions
11 cash 158965
12 accounts recievable13400
14 maintenance recievable9300
15 office supplies4500
16 office equipemnt24300
17 accumulated depreciation
- Office equipement4500
18 vehicles84600
19 Accumulated depreciation- vehicles 12300
21 accounts payable 5315
31 k. rivera, capital 272950
32 k. rivera drawing
41 fees earned
51 driver salaries expense
52 maintenece supplys expense
53 fuel expense
61 office salaries expense
62 rent expense
63 advertiseing expense
64 miscellaneous administrative expense
2. Journalize the transactions for July 2008, using the following journals
similar to those illustrated in this chapter: cash receipts journal, purchases
journal (with columns for Accounts Payable, Maintenance Supplies, Office
Supplies, and Other Accounts), single-column revenue journal, cash payments
journal, and two-column general journal. Assume that the daily postings to the
individual accounts in the accounts payable ledger and the accounts receivable
ledger have been made.
3. Post the appropriate individual entries to the general ledger.
4. Total each of the columns of the special journals, and post the appropriate
totals to the general ledger; insert the account balances.
5. Prepare a trial balance.
6. Verify the agreement of each subsidiary ledger with its control account. The
sum of the balances of the accounts in the subsidiary ledgers as of July 31
are:
Accounts Receivable ……………… $18,450
Accounts Payable …………………. 4,740
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