Question
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$1.00 Accounting
- From Business: Accounting
- Closed, but you can still post tutorials
- Due on Jul. 05, 2009
- Asked on Jul 04, 2009 at 3:44:47PM
Q:Exercise #2
Instructions
(a) Determine the missing amounts in the special journals.
(b) Determine the balances in the general ledger accounts (Cash, Accounts Receivable, and Accounts Payable) at the end of November.
Kiner Company uses four special journals, (cash receipts, cash payments, sales, and purchases journal) in addition to a general journal. On November 1, 2008, the control accounts in the general ledger had the following balances: Cash $12,000, Accounts Receivable $200,000 and Accounts Payable $42,000. Selected information on the final line of the special journals for the month of November is presented below:
Cash Receipts Journal:
Sales Accounts Other Accounts
Cash Discount Receivable Sales Cr. C. of G. S. Dr.
Dr. Dr. Cr. Cr. Acct. Ref. Amount Mer. Inv. Cr.
$6,000 $600 $5,400 $29,000 (X) $1,000 $17,400
Cash Payments Journal:
Other Accounts Accounts Office Store Merchandise
Dr. Payable Supplies Supplies Inventory Cash
Acct. Ref. Amount Dr. Dr. Dr. Cr. Cr.
(X) $1,600 ? $1,300 $1,100 $700 $17,600
Purchases Journal:
Accounts Merchandise Office Store Other Accounts
Payable Inventory Supplies Supplies Dr.
Cr. Dr. Dr. Dr. Acct. Ref. Amount
? $35,000 $800 $650 (X) $3,300
Additional Data:
The Sales Journal totaled $41,000. A customer returned merchandise for credit for $360 and Kiner Company returned store supplies to a supplier for credit for $400.
