Question

Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Con which operates with monthly accounting periods. All of the company's accounting work is completed through the end of Apri ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and (terms for all its credit sales are 2/10, n/30 unless stated differently):

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Answer 1

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Please hit LIKE button if this helped. For any further explanation, please put your query in comment, will get back to you. Colo Con Date Account Debited 8 8 May 2 Hensel Co May 16 Hensel Co May 22 Lee Service May 26 | Crane Corp Sales Journal Invoice no Accounts Receivable Dr Sales or ,785 $ ,786 $ 8,787 $ 8,788 S 6,100 3,990 6,850 14,210 Cost of Goods Sold Dr Inventory Cr $ 4,100 $ 1,890 $ 4,990 $ 8,230 Total 31,150 $ 19,210 Purchase Journal Date Date of Invoice May 4 | May 10 May 11 May 17 May 24 May 25 Account Gear Supply Gear Supply Garcia Fink Corp Gear Supply Peyton Products Terms n/10 EOM n/10 EOM 2/10,n/30 2/10,n/60 n/10 EOM 2/10,n/30 Accounts Payable Cr Inventory Dr Office Supplies Dr Other Account Dr $ 37,729 $ 37,072S 83 $ 574 $ 4,074 $ 4,074 $ 8,800 $ 8,800 $ 13,650 $ 13,650 $ 9,030 $ 8,120 $ 280 $ 630 $ 3,080 $ 3,080 Total $ 76,363 % 61,922 $ 4,437 $ 10,004 Cash Dr Cash Receipt Journal Sales Discount Dr Accounts Receivable Cr Sales Cr 4,459 $ 91 $ 4,550 o ther Account Cr COGS Dr, Inv Cr 350 Date May 5 May 9 May 11 May 30 May 31 Account Credit Knox Company Store Supplies Hensel Co Lee Service Sale $ 350 5929 | 5,978 6,713 66,052 S $ 122 137 $ $ 6,100 6,850 $ $ | 66,052 $ $ 42,500 Total $ 83,552 $ 350 $ 17,500 $ 66,052 $ 350 $ 42,500 Date ck NO Inventory Cr Accounts Payble Dr 2,968 Other Account Dr 2,968 742 742 6,300 5,320 3,150 Cash Disbursment Journal Accounts Debited Cash Cr Rent Expense-Selling Space $ Rent Expense-Office Space Peyton Products Sales Salaries Expense $ Office Salaries Expense $ Garcia $ Fink Corp $ Perennial Power $ Jenny Colo, Drawing $ Sales Salaries Expense $ Office Salaries Expense $ May 1 May 1 May 8 Mar 15 Mar 15 May 19 May 23 May 26 May 29 Mar 30 Mar 30 $ Payee 3,410 S&P Management 3,410 S&P Management 3,411 Peyton Products 3,412 Payroll 3,412 Payroll 3,413 Garcia 3,414 Fink Corp 3,415 Perennial Power ,416 Jenney Colo ,417 Payroll 3,417 Payroll 6,174 $ 5,320 3,150 8,624 $ 13,377 $ 1,283 7,000 5,320 3,150 176 273 $ $ $ 8,800 13,650 1,283 3 3 $ $ $ 7,000 5,320 3,150 Total $ 53,398 $ 575$ 23,940 $ 30,033 General Journal Debit Date May 2 Sales return and allowance Accounts Receivable-Knox May 3 Accounts Payable-Peyton Inventory May 12 $ Accounts Payable-Gear Supply Office Equipment