APPENDIX E SPECIAL JOURNALS AND SUBSIDIARY LEDGERS
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1 SPECIAL JOURNALS AND SUBSIDIARY LEDGERS EXERCISES Ex. E 1 1. General ledger accounts: (e) 2. Subsidiary ledger accounts: (a), (b), (c), (d) Ex. E 2 a. Cash receipts journal f. Cash receipts journal b. General journal g. General journal c. Cash receipts journal h. Cash receipts journal d. General journal (not a revenue transaction) i. Cash receipts journal e. Cash receipts journal j. Revenue journal Ex. E 3 a. General journal f. General journal b. Cash payments journal g. Purchases journal c. Cash payments journal h. Purchases journal d. Cash payments journal i. Purchases journal e. General journal j. Cash payments journal k. General journal Ex. E 4 Apr. 3. Provided service on account; posted from revenue journal page Granted an invoice adjustment or corrected an error related to sale of April 3; posted from general journal page 11. This does not represent a collection of cash, since the credit was not posted from the cash receipts journal. 24. Received cash for balance due; posted from cash receipts journal page 81. E-1 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2 Ex. E 5 1. General ledger account: (b), (f), (h), (j), (k), (l) 2. Subsidiary ledger account: (a), (c), (d), (e), (g), (i) 3. No posting required: (m) Ex. E 6 1. General ledger account: (a), (c), (e), (f), (g), (i), (k), (l) 2. Subsidiary ledger account: (b), (d), (h) 3. No posting required: (j) Ex. E 7 May 6. Purchased services, supplies, equipment, or other commodities on account; posted from purchases journal page Received an invoice adjustment or corrected an error related to purchase of May 6; posted from general journal page 12. (A payment would be recorded in the cash payments journal.) 16. Paid balance owed; posted from cash payments journal page 23. E-2 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3 Prob. E 1 1. and 2. PROBLEMS REVENUE JOURNAL Page 1 Invoice No. Account Debited May 21 1 J. Dunlop 22 2 K. Tisdale 24 3 T. Patrick 27 4 F. Mintz 30 5 D. Chase 30 6 K. Tisdale 31 7 T. Patrick 31 Accounts Rec. Fees Earned Cr ,020 (12) (41) JOURNAL Page 1 Description Debit Credit May 25 Supplies Fees Earned E-3 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
4 Prob. E 1 (Continued) D. Chase ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Item Debit Credit May 30 R J. Dunlop Item Debit Credit May 21 R F. Mintz Item Debit Credit May 27 R T. Patrick Item Debit Credit May 24 R R K. Tisdale Item Debit Credit May 22 R R E-4 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
5 Prob. E 1 (Concluded) GENERAL LEDGER Accounts Receivable Account No. 12 May 31 R1 1,020 1,020 Supplies Account No. 13 May 25 J Fees Earned Account No. 41 May 25 J R1 1,020 1, a. $1,020 ($145 + $90 + $190 + $160 + $435) b. $1, The computerized system is much more efficient. Each sales transaction would be entered into an electronic invoice form. The postings to the accounts receivable subsidiary and fees earned ledgers would be automatic. Also, all sums and totals in the subsidiary ledgers are calculated automatically. There would be no separate postings to an accounts receivable control account, because there would be no need to verify the accuracy of account totals. There would not be a math or posting error. The computerized system would also provide management current customer account balance information, since the postings are automatic. E-5 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
6 Prob. E 2 1. and 5. Cash GENERAL LEDGER Account No. 11 Sept. 1 11, CR36 33,650 45,000 Accounts Receivable Account No. 12 Sept. 1 14, J1 2,500 11, R40 24,350 36, CR36 21,680 14,510 Notes Receivable Account No. 14 Sept. 1 6, J1 2,500 8,500 Fees Earned Account No. 41 Sept. 30 R40 24,350 24, CR36 11,970 36,320 E-6 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
7 Prob. E 2 (Continued) 2. and 4. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Mendez Co. Item Debit Credit Sept. 1 8,230 5 CR36 8, R40 7,590 7,590 Nickle Co. Item Debit Credit Sept. 2 R40 5,200 5, CR36 5,200 Rahal Co. Item Debit Credit Sept. 1 6,110 6 R40 2,140 8, CR36 6,110 2, R40 6,000 8, CR36 2,140 6,000 Shilo Co. Item Debit Credit Sept. 13 R40 3,420 3, J1 2, E-7 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
8 Prob. E 2 (Continued) 3., 4., and 5. REVENUE JOURNAL Page 40 Sept. Invoice No. Account Debited Nickle Co Rahal Co Shilo Co Rahal Co Mendez Co. 30 Accounts Rec. Fees Earned Cr. 5,200 2,140 3,420 6,000 7,590 24,350 (12) (41) CASH RECEIPTS JOURNAL Page 36 Sept. Account Credited Fees Earned Cr. Accts. Rec. Cr. Cash 5 Mendez Co. 8,230 8, Rahal Co. 6,110 6, Nickle Co. 5,200 5, Rahal Co. 2,140 2, Fees Earned 11,970 11, ,970 (41) 21,680 (12) 33,650 (11) JOURNAL Page 1 Sept. Description Debit Credit 25 Notes Receivable 14 2,500 Accounts Receivable Shilo Co. 12/ 2,500 The subsidiary account of Shilo Co. must also be posted for a $2,500 credit. E-8 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
9 Prob. E 2 (Concluded) 6. The sum of the customer balances is in agreement with the controlling account. Both have balances of $14,510 ($7,590 + $6,000 + $920). 7. In an automated system, individual sales transactions are posted automatically to the general ledger at the time of the original transaction. Thus, there is no need to post summary totals to the general ledger accounts. The accounts receivable account reported on the balance sheet is often merely the sum of the individual customer accounts. E-9 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
10 Prob. E 3 1. and 4. Field Supplies GENERAL LEDGER Account No. 14 Oct. 1 5, P30 11,930 17,850 Office Supplies Account No. 15 Oct P30 1,030 1,780 Office Equipment Account No. 18 Oct. 1 12,300 5 P30 3,980 16,280 Accounts Payable Account No. 21 Oct. 1 1, P30 16,940 18,110 E-10 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
11 Prob. E 3 (Continued) 2. and 3. ACCOUNTS PAYABLE SUBSIDIARY LEDGER Executive Office Supply Co. Item Debit Credit Oct P P ,020 Meade Co. Item Debit Credit Oct P ,180 Omni Co. Item Debit Credit Oct. 14 P30 2,940 2, P30 3,880 6, P30 1,800 8,620 Peach Computers Co. Item Debit Credit Oct. 5 P30 3,980 3,980 Yamura Co. Item Debit Credit Oct. 13 P30 1,420 1, P30 1,890 3,310 E-11 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
12 Prob. E 3 (Concluded) 3. and 4. PURCHASES JOURNAL Page 30 Account Credited Accounts Payable Cr. Field Supplies Office Supplies Other Accounts Oct. 2 Meade Co Peach Computers Co. 3,980 Office Equipment 18 3,980 9 Executive Office Supply Co Yamura Co. 1,420 1, Omni Co. 2,940 2, Yamura Co. 1,890 1, Omni Co. 3,880 3, Executive Office Supply Co Omni Co. 1,800 1, ,940 11,930 1,030 3,980 (21) (14) (15) ( ) Amount 5. a. $18,110 ($1,020 + $1,180 + $8,620 + $3,980 + $3,310) b. $18, Supply chain management e-commerce applications are used to plan and coordinate transactions with suppliers. E-12 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
13 Prob. E 4 1., 2., and 3. PURCHASES JOURNAL Page 1 June Account Credited Accounts Payable Cr. Field Supplies Office Supplies Other Accounts 16 Hydro Supply Co. 4,920 4, Pure Aqua Equipment Co. 19,500 Field Equipment 17 19, Best Office Supply Co Best Office Supply Co Hydro Supply Co. 7,300 7, Pure Aqua Equipment Co. 5,600 1,200 Field Equipment 17 4, ,405 13,420 1,085 23,900 (21) (14) (15) ( ) Amount E-13 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
14 Prob. E 4 (Continued) CASH PAYMENTS JOURNAL Page 1 Ck. No. Account Debited Other Accounts Accounts Payable Cash Cr. June 16 1 Rent Expense 71 2,900 2, Field Supplies 14 3,080 3,080 Office Supplies Land , , Hydro Supply Co. 4,920 4, Pure Aqua Equip. Co. 19,500 19, Best Office Supply Co Salary Expense 61 26,800 26, Total 153,130 24, ,015 ( ) (21) (11) 1. and 2. JOURNAL Page 1 Description Debit Credit June 30 Land 19 10,000 Field Equipment 17 10,000 E-14 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
15 Prob. E 4 (Continued) 1. ACCOUNTS PAYABLE SUBSIDIARY LEDGER Best Office Supply Co. Item Debit Credit June 17 P P , CP Hydro Supply Co. Item Debit Credit June 16 P1 4,920 4, CP1 4, P1 7,300 7,300 Pure Aqua Equipment Co. Item Debit Credit June 16 P1 19,500 19, CP1 19, P1 5,600 5,600 E-15 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
16 Prob. E 4 (Continued) 2. and 3. Cash GENERAL LEDGER Account No. 11 June 30 CP1 178, ,015 Field Supplies Account No. 14 June 19 CP1 3,080 3, P1 13,420 16,500 Office Supplies Account No. 15 June 19 CP P1 1,085 1,435 Field Equipment Account No. 17 June 16 P1 19,500 19, P1 4,400 23, J1 10,000 13,900 Land Account No. 19 June 23 CP1 120, , J1 10, ,000 E-16 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
17 Prob. E 4 (Concluded) Accounts Payable Account No. 21 June 30 P1 38,405 38, CP1 24,885 13,520 Salary Expense Account No. 61 June 30 CP1 26,800 26,800 Rent Expense Account No. 71 June 16 CP1 2,900 2, SWEETWATER WATER TESTING SERVICE Accounts Payable Creditor s June 30, Best Office Supply Co. $ 620 Hydro Supply Co. 7,300 Pure Aqua Equipment Co. 5,600 Total accounts payable* $13,520 * The total of the schedule of accounts payable is equal to the balance of the accounts payable control account. 5. A subsidiary ledger for the field equipment would allow the company to track each individual piece of equipment with respect to cost, location, useful life, and other data. Such information would be useful for safeguarding equipment and determining depreciation. E-17 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
18 Prob. E 5 1., 3., and 4. Cash GENERAL LEDGER Account No , CR31 57, , CP34 125,350 92,980 Accounts Receivable Account No , R35 21,920 35, CR31 16,030 19,940 Maintenance Supplies Account No , J1 3,600 7, P37 3,250 10,500 Office Supplies Account No , CP , P ,975 Office Equipment Account No ,500 6 P37 4,800 33,300 E-18 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
19 Prob. E 5 (Continued) Accumulated Depreciation Office Equipment Account No ,900 Vehicles Account No ,900 5 P37 39, , CP34 40, ,300 Accumulated Depreciation Vehicles Account No ,700 Accounts Payable Account No , P37 48,315 52, CP34 48,550 4,015 S. Holmes, Capital Account No ,250 S. Holmes, Drawing Account No CP34 3,200 3,200 E-19 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
20 Prob. E 5 (Continued) Fees Earned Account No CR31 21,700 21, CR31 19,700 41, R35 21,920 63,320 Driver Salaries Expense Account No CP34 16,900 16,900 Maintenance Supplies Expense Account No J1 3,600 3,600 Fuel Expense Account No CP Office Salaries Expense Account No CP34 7,600 7,600 Rent Expense Account No CP34 4,500 4,500 E-20 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
21 Prob. E 5 (Continued) Advertising Expense Account No CP34 1,990 1,990 Miscellaneous Administrative Expense Account No CP E-21 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
22 Prob. E 5 (Continued) 2. and 4. PURCHASES JOURNAL Page 37 Account Credited Accounts Payable Cr. Maintenance Supplies Office Supplies Other Accounts 5 Boston Transportation 39,500 Vehicles 18 39,500 6 Austin Computer Co. 4,800 Office Equipment 16 4, Essential Supply Co. 1,750 1, McClain Co. 1,825 1, Office To Go Inc ,315 3, ,300 (21) (14) (15) ( ) Amount CASH RECEIPTS JOURNAL Page 31 Account Credited Other Accounts Cr. Accounts Receivable Cr. Cash 3 Trimble Co. 5,100 5, Sing Co. 4,850 4, Capps Co. 1,980 1, Fees Earned 41 21,700 21, Trimble Co. 4,100 4, Fees Earned 41 19,700 19, ,400 ( ) 16,030 (12) 57,430 (11) E-22 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
23 Prob. E 5 (Continued) 2. and 4. REVENUE JOURNAL Page 35 Invoice No. Account Debited Capps Co Dawar Co Joy Co Sing Co Dawar Co. 31 Accounts Rec. Fees Earned Cr. 1,980 5,680 2,140 6,400 5,720 21,920 (12) (41) CASH PAYMENTS JOURNAL Page 34 Ck. No. Account Debited Other Accounts Accounts Payable Cash Cr Rent Expense 62 4,500 4, Fuel Expense Office To Go Inc Essential Supply Co. 3,240 3, Porter Co Boston Transportation 39,500 39, Vehicles 18 40,900 40, Misc. Admin. Expense Advertising Expense 63 1,990 1, S. Holmes, Drawing 32 3,200 3, Austin Computer Co. 4,800 4, Driver Salaries Exp ,900 16,900 Office Salaries Exp. 61 7,600 7, Office Supplies ,800 48, ,350 ( ) (21) (11) E-23 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
24 Prob. E 5 (Concluded) 3. JOURNAL Page 1 Description Debit Credit 20 Maintenance Supplies Expense 52 3,600 Maintenance Supplies 14 3, REVERE COURIER COMPANY Unadjusted Trial December 31, Debit Credit s s Cash 92,980 Accounts Receivable 19,940 Maintenance Supplies 10,500 Office Supplies 5,975 Office Equipment 33,300 Accumulated Depreciation Office Equipment 6,900 Vehicles 176,300 Accumulated Depreciation Vehicles 14,700 Accounts Payable 4,015 S. Holmes, Capital 289,250 S. Holmes, Drawing 3,200 Fees Earned 63,320 Driver Salaries Expense 16,900 Office Salaries Expense 7,600 Rent Expense 4,500 Maintenance Supplies Expense 3,600 Advertising Expense 1,990 Fuel Expense 800 Miscellaneous Administrative Expense , ,185 E-24 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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