Need Help with Colo Company-P07C

L.U.N.O , Wednesday, 11th of August 2010 08:32:08 AM

How do you set up the cash disbursements journal, general ledger, and

L.U.N.O

accounts payable ledger?
Using the given data create these journals:

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sales journal, purchases journal, cash receipts journal, cash

Joined: Sunday, 30th of May 2010, 22:32:45

disbursements journal, general journal, general ledger, accounts

Posts: 683

receivable ledger, accounts payable ledger, worksheet, income statement,

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statement of owner is equity, balance sheet, post-closing trial balance,
and schedule of accounts receivable and payable.

Given Data
P07C:

COLO COMPANY
Inv. No. Check
Date Description
Name or Date No. Terms Amount
May1 Paid rent (80% selling space, 20%
office space) S&P Management Co. 3410 $3,710
2 Sold merchandise on
credit (cost $4,100) Hensel Company 8785 2/10, n/60 6,100
2 Issued
credit memo on returned merch. Knox, Inc. Apr. 28 175
Total selling
price (gross) Knox, Inc. Apr. 28 4,725
3 Received credit memo on
returned merch. Peyton Products Apr. 29 798
4 Purchased merchandise
on credit Gear Supply Co. May 4 n/10 EOM 37,072
Purchased store
supplies on credit Gear Supply Co. May 4 n/10 EOM 574
Purchased
office supplies on credit Gear Supply Co. May 4 n/10 EOM 83
5
Received payment less discount and return Knox, Inc. Apr. 28 n/10 EOM ?/>8 Paid inv. less 2 % discount and May 3 return Peyton Products Apr. 29
3411 ?
9 Sold store supplies for cash at cost 350
10 Purchased
office equipment on credit Gear Supply Co. May 10 n/10 EOM 4,074
11
Received payment less discount Hensel Company May 2 ?
11 Purchased
merchandise on credit Garcia, Inc. May 10 2/10, n/60 8,800
12
Received credit memo on returned merch. Gear Supply Co. May 10 854
15
Check issued for sales salaries Payroll 3412 5,320
Check issued for
office salaries Payroll 3412 3,150
15 Cash sales for first half of
month (cost $38,200) 59,220
16 Sold merchandise on credit (cost
$1,890) Hensel Company 8786 2/10, n/60 3,990
17 Purchased merchandise
on credit Fink Corp. May 14 2/10, n/60 13,650
19 Paid invoice less
discount Garcia, Inc. May 10 3413
22 Sold merchandise on credit (cost
$4,990) Lee Services 8787 2/10, n/60 6,850
23 Paid invoice less
discount Fink Corp. May 14 3414 ?
24 Purchased merchandise on credit
Gear Supply Co. May 23 n/10 EOM 8,120
Purchased store supplies on
credit Gear Supply Co. May 23 n/10 EOM 630
Purchased office supplies
on credit Gear Supply Co. May 23 n/10 EOM 280
25 Purchased
merchandise on credit Peyton Products May 23 2/10, n/30 3,080
26 Sold
merchandise on credit (cost $8,230) Crane Corp. 8788 2/10, n/60 14,210/>26 Paid April electric bill Perennial Power 3415 1,283
29 Issued
check to owner for personal use Jenny Colo 3416 7,000
30 Received
payment less discount Lee Services May 22 ?
30 Check issued for sales
salaries Payroll 3417 5,320
Check issued for office salaries Payroll
3417 3,150
31 Cash sales for second half of month (cost $42,500)
66,052

Additional information:
a. Expired insurance
$553
b. Ending store supplies inventory 2,632
c. Ending office
supplies inventory 504
d. Estimated depreciation of store equipment
567
e. Estimated depreciation of office equipment 329

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