Accounting 20
Module 3
Assignment 12
Accounting 20
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Assignment 12
Accounting 20
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Assignment 12
Accounting 20
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Assignment 12
Accounting 20
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Assignment 12
Assignment 12
(20)
A.
Multiple Choice
B.
Problems
(30)
Problem 1 follows
(30)
Problem 2 follows
(20)
Problem 13-9, page 563 of the text
_____
(100)
In section (b) place an MP in the correct locations
to indicate where any monthly posting takes
place.
Problem 1
The accounts payable ledger and general ledger accounts of Topiary Company are given
below. The balances are recorded in the ledger accounts as of May 1 of the current year.
Accounts Payable Ledger
Creditor
Account Balance
Bonding Co, 826 Robie Street, Halifax, NS
Savage Furniture, 3433 Windsor St., Halifax, NS
Baker Company, 107 Main Street, Dartmouth, NS
Taylor Company, 163 King Street, Dartmouth, NS
Accounting 20
5
$1 258.00
2 903.00
830.00
1 793.00
Assignment 12
Partial General Ledger
Account Title
Cash
Supplies
Accounts Payable
GST Payable
Purchases
Purchases Discount
Delivery Expense
Advertising Expense
Account No.
Account Balance
101
105
201
202
501
502
603
604
$22 375
745
6 784
100
---------------------------------
Instructions:
1.
The following cash payments were made by Topiary Company during May of the
current year. Record these cash payments in the cash payments journal. Cheques
start with 102. All cash payments include GST, unless otherwise indicated.
May
1
Paid the local newspaper $600.00 including GST of $42.00. This was for
advertising in the month of April.
2
Paid on account to Savage Furniture, $1 440.60, covering invoice for
$1 470.00 less a 2% cash discount of $29.40.
4
Bought supplies for cash, $126.00 including GST of $8.82.
7
Paid on account to Taylor Company, $1 267.20, covering invoice for
$1 280.00 less a 1% cash discount of $12.80.
9
Paid delivery expense, $48.00 including GST of $3.36.
10
Purchased merchandise for cash, $385.00 including GST of $26.95.
15
Paid on account to Bonding Company, $1 258.00; there was no discount.
22
Bought supplies for cash, $93.00 including GST of $6.51.
25
Paid on account to Baker Company, $830.00; there was no discount.
28
Paid delivery expense, $26.00 including GST of $1.82.
Accounting 20
6
Assignment 12
Instructions:
2.
Post accounts payable amounts to the appropriate accounts in the accounts payable
ledger. Indicate whether each account has a DR or CR balance.
3.
Post the amounts in the general column to the appropriate general ledger accounts.
Indicate whether each account has a DR or CR balance.
4.
Total, prove, and rule the cash payments journal. Post the special column totals to
the appropriate general ledger accounts.
Problem 2
The accounts receivable ledger and general ledger accounts of Middleton Toys are given
below. The balances are recorded as of March 1 of the current year.
Accounts Receivable Ledger
Charge Customer
Account Balance
James Exley, 625 Union Street, Moncton, NB
Nora Smith, 1526 King Ave., Bathurst, NB
Glen Piper, 430 Water Street, Chatham, NB
Mardi Hanley, 2017 Main St., Moncton, NB
Connie Baker, 3610 Loch St., St. John, NB
$150
450
189
115
253
Partial General Ledger
Account Title
Acct. No.
Cash
Accounts Receivable
GST Payable
Sales
Sales Discount
101
103
202
401
402
Accounting 20
Acct. Balance
$7 752.50
1 157.00
----------------------
7
Assignment 12
Instructions
1.
The following cash receipts were received by Sally Biggen Toys during March of the
current year. Record these cash receipts on page 12 of the cash receipts journal
supplied. GST is 7% where applicable. Otherwise, it is already included.
Mar.
2
Received cash from James Exley in full payment of amount owed, $189.00.
5
Received cash from Nora Smith in partial payment of the amount owed,
$175.00.
10
Mardi Hanley sent a cheque for $112.70. The invoice was billed at $115.00.
She has taken a 2% discount of $2.30.
12
Recorded cash sales of $2 979.00 plus GST.
14
Recorded cash sales of $2 588.00 plus GST.
15
Received cash from James Exley in full payment of the amount owed,
$150.00.
18
Received cash from Connie Baker in partial payment of the amount owed,
$190.00.
25
Received cash from Nora Smith in partial payment of the amount owed,
$160.00.
31
Recorded cash sales of $2 686.00 plus GST.
31
Recorded cash sales of $2 534.00 plus GST.
Instructions:
2.
Post each amount in the Accounts Receivable Credit column to the accounts
receivable ledger. Indicate whether there is a dr. or cr. balance in each ledger
account.
3.
Post the amounts in the general column to the accounts in the general ledger.
Indicate whether there is a dr. or cr. balance in each ledger account.
4.
Prove the equality of debits and credits for the cash receipts journal.
5.
Rule the cash receipts journal. Post the special column totals. Indicate whether
there is a dr. or cr. balance in each ledger account.
Accounting 20
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Assignment 12
A.
Insert 10 Multiple Choice
Problem 1
Cash Payments Journal
P age
Date
20__
Ac c o u n t
D e bit
Ch q. P o st .
N o . Re f.
Ge n e ra l
Le dg e r
D r.
Ac c o u n t s
P a ya ble
D r.
GS T
P a ya ble
D r.
P u rc h a se s
D isc o u n t
Cr.
4
Ca sh
Cr.
Key Figure to Check: total of Net Cash Cr. is $6 073.80.
Proof of Cash Payments Journal
Accounting 20
9
Assignment 12
Problem 1
Key Figure to Check: the balance for Savage Furniture is $1 433.00.
Remember: accounts in this ledger must be in correct alphabetical order.
Accounts Payable Ledger
Name
Addre s s
Date
20__
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Name
Addre s s
Date
20__
Name
Addre s s
Date
20__
Name
Addre s s
Date
20__
Accounting 20
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Assignment 12
Problem 1
General Ledger
Ac c o u n t N o .
Date
20__
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
Accounting 20
D e bit
11
Cre dit
B a la n c e
Assignment 12
Problem 1
Key Figure to Check: the balance in Supplies is $948.67.
General Ledger
Ac c o u n t N o .
Date
20__
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
Accounting 20
D e bit
12
Cre dit
B a la n c e
Assignment 12
Problem 2
Cash Receipts Journal
Date
20__
Ac c o u n t
Cre dit
P o st .
Re f.
Ge n e ra l
Le dg e r
Cr.
Ac c o u n t s
Re c e iv.
Cr.
S a le s
D isc o u n t
D r.
P age
GS T
P a ya ble
Cr.
Ca sh
D r.
Key Figure to Check: total Cash Dr. column is $12 518.79.
Cash Receipts Journal Proof
July 30, 20__
Accounting 20
13
Assignment 12
Problem 2
Key Figure to Check: balance for Nora Smith is $115.00.
Accounts must be in alphabetical order.
Accounts Receivable Ledger
Name
Addre s s
Date
20__
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Name
Addre s s
Date
20__
Name
Addre s s
Date
20__
Name
Addre s s
Date
20__
Accounting 20
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Assignment 12
Problem 2
Accounts Receivable Ledger
Name
Addre s s
Date
20__
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Extra Forms
Name
Addre s s
Date
20__
Name
Addre s s
Date
20__
Name
Addre s s
Date
20__
Accounting 20
15
Assignment 12
Problem 2
Key Figure to Check: the balance in Accounts Receivable is $178.00.
General Ledger
Ac c o u n t N o .
Date
20__
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
Accounting 20
D e bit
16
Cre dit
B a la n c e
Assignment 12
Problem 2
General Ledger
Ac c o u n t N o .
Date
20__
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
Expla n a t io n
P o st
Re f.
D e bit
Cre dit
B a la n c e
Extra Forms
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
D e bit
Cre dit
B a la n c e
Ac c o u n t N o .
Date
20__
Accounting 20
D e bit
17
Cre dit
B a la n c e
Assignment 12
P 13-9a, b, c Key Figure to Check: total of Cash Dr. column is $41 728.12. The total of
Accounts Receivable Cr. column is $3 899.00.
Correction: On p. 564 of the textbook in P 1309, the total amount owing for the February 12
transaction should be $1 071.43, not $1 070.
Cash Receipts Journal
P age
Date
20__
Ac c o u n t
Cre dit
P o st .
Re f.
Ge n e ra l
Le dg e r
Cr.
Ac c o u n t s
Re c e iv.
Cr.
S a le s
D isc o u n t
D r.
GS T
P a ya ble
Cr.
Ca sh
D r.
Cash Receipts Journal Proof
February 28, 20__
Accounting 20
18
Assignment 12
P 13-9a, b, c
Date
20__
Cash Payments Journal
Ac c o u n t
D e bit
Ch q. P o st .
N o . Re f.
Ge n e ra l
Le dg e r
D r.
Ac c o u n t s
P a ya ble
D r.
GS T
P a ya ble
D r.
P u rc h a se s
D isc o u n t
Cr.
P age
Net
Ca sh
Cr.
Key Figure to Check: total of Net Cash Cr. is $14 573.00.
Cash Payments Journal Proof
February 28, 20__
Accounting 20
19
Assignment 12