Check Figures For Comprehensive Problem Cash Receipts Journa

Check Figures For Comprehensive Problemcash Receipts Journal Cash Co

Check Figures for Comprehensive Problem: Cash Receipts Journal; Cash Column: 86,911 Unadjusted Trial Balance Total: 954,125 Net Income: 178,389 Post Closing Trial Balance: 322,866 SJ SALES JOURNAL INVOICE POST ACCTS. REC. DR. COST OF SALE DR. DATE NO.

ACCOUNT DEBITED REF SALES CR. INVENTORY CR. CRJ CASH RECEIPTS JOURNAL POST OTHER ACCOUNTS COST/SOLD DR. SALES CASH DATE ACCOUNT CREDITED REF ACCTS - CR. SALES - CR REC. - CR.

INVENTORY CR. DISC. - DR. DR. PJ PURCHASES JOURNAL POST OTHER ACCOUNTS STORE MERCH. DATE ACCOUNT CREDITED REF (SUNDRY) PAYABLE SUPPLIES INVENORY ACCTS - DR. CR. DR. DR. CPJ CASH PAYMENTS JOURNAL 8 CK. POST OTHER ACCOUNTS MERCH. DATE NO. ACCOUNT DEBITED REF (SUNDRY) PAYABLE INVENTORY CASH ACCTS - DR. DR. CR. CR.

Journal JOURNAL POST DATE DESCRIPTION REF DEBIT CREDIT. JOURNAL POST DATE DESCRIPTION REF DEBIT CREDIT Inventory Inventory Control TV A: 52 inch Flat Screen Television Purchases Cost of Goods Sold (Sales) INVENTORY Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount 11/30/ $2,000 $50,000 TV B: 68 inch Flat Screen Television Purchases Cost of Goods Sold (Sales) INVENTORY Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount 11/30/ $3,000 $30,000 TV C: 72 inch Flat Screen Television Purchases Cost of Goods Sold (Sales) INVENTORY Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount 11/30/ $3,500 $28,000 PS D: 6 foot x 10 foot Projector System Purchases Cost of Goods Sold (Sales) INVENTORY Date Units cost per unit Amount Units cost per unit Amount Units cost per unit Amount 11/30/ $5,180 $25,900 AR-SUB ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER (CUSTOMERS) Customer Name: Albert Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/20/12 SJ 5 5,,800 Customer Name: Marie Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/20/12 SJ 5 7,,500 Customer Name: Cameron Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/15/12 SJ 5 8,,700 Customer Name: McKenzie Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/27/12 SJ 5 11,,750 Customer Name: Randall Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/16/12 SJ AP-SUB ACCOUNTS PAYABLE SUBSIDIARY LEDGER (VENDERS) Vendor Name: Prince Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/26/12 PJ ,,700 Vendor Name: Joseph Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/16/12 PJ ,,100 Vendor Name: Elisha Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/29/12 PJ ,,650 Vendor Name: Matt Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE Vendor Name: POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE SCH-SUB Schedule of Accounts Receivable Total Accounts Receivable Schedule of Accounts Payable Total Accounts Payable B-S Ledger GENERAL LEDGER Balance Sheet Accounts Cash ACCOUNT NO. 110 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Accounts Receivable ACCOUNT NO. 112 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Merchandise Inventory ACCOUNT NO. 115 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Prepaid Insurance ACCOUNT NO. 116 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Store Supplies ACCOUNT NO. 117 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Store Equipment ACCOUNT NO. 123 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Accumulated Depreciation-Store Equipment ACCOUNT NO. 124 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Accounts Payable ACCOUNT NO. 210 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Salaries Payable ACCOUNT NO. 211 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Interest Payable ACCOUNT NO. 218 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Note Payable ACCOUNT NO. 220 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT P. Williams, Capital ACCOUNT NO. 310 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT P. Williams, Drawing ACCOUNT NO. 311 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Income Summary ACCOUNT NO. 312 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT I-S Ledger GENERAL LEDGER Income Statement Accounts Sales ACCOUNT NO. 410 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Sales Returns and Allowances ACCOUNT NO. 411 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Sales Discounts ACCOUNT NO. 412 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Cost of Merchandise Sold ACCOUNT NO. 510 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Sales Salaries Expense ACCOUNT NO. 520 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Advertising Expense ACCOUNT NO. 521 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Depreciation Expense ACCOUNT NO. 522 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Store Supplies Expense ACCOUNT NO. 523 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Miscellaneous Selling Expense ACCOUNT NO. 529 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Office Salaries Expense ACCOUNT NO. 530 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Rent Expense ACCOUNT NO. 531 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Insurance Expense ACCOUNT NO. 532 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Miscellaneous Administrative Expense ACCOUNT NO. 539 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Interest Expense ACCOUNT NO. 550 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT WkSheet Worksheet Unadjusted Adjusted Income Equity Statement Account Title Trial Balance Adjustments Trial Balance Statement and Balance Sheet Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 1 Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accm. Deprec-Store Eq. Accounts Payable Salaries Payable Interest Payable Note Payable (Due P. Williams, Capital P. Williams, Drawing Sales Sales Returns & Allow. Sales Discounts Cost of Merchandise Sold Sales Salaries Exp. Advertising Exp. Depreciation Exp. Store Supplies Exp. Miscellaneous Selling Exp. Office Salaries Exp. Rent Exp. Insurance Exp. Miscellaneous Administrative Exp. Interest Expense Income Stmt Income Statement Stmt Equity Statement of Owner's Equity Bal Sheet Balance Sheet Post Trial Post-Closing Trial Balance ACCOUNT TITLE DEBIT CREDIT

Check Figures For Comprehensive Problemcash Receipts Journal Cash Co

This assignment involves analyzing and verifying financial figures through various accounting statements, journals, and ledgers provided for a comprehensive problem scenario. It requires understanding of the cash receipts journal, trial balances, postings to ledgers, inventory records, accounts receivable and payable subsidiary ledgers, and financial statement preparation including income statements, balance sheets, and owner’s equity statements. The task demands a detailed review of transactional data, adjusting entries, and final account balances to ensure accuracy and consistency across all financial reports.

Paper For Above instruction

The assignment entails a thorough examination of an extensive set of financial data derived from transactions recorded through various accounting processes for a business operation. The core of this task is to verify the integrity and accuracy of the financial figures presented in the cash receipts journal, various ledgers, and financial statements, ensuring that all components align correctly, and to prepare an accurate depiction of the company's financial position and performance.

First, the cash receipts journal is central to the analysis, with the given cash column totaling $86,911, and the unadjusted trial balance summing to $954,125. The net income reported is $178,389, and the post-closing trial balance stands at $322,866. These figures provide a foundation for cross-verification, ensuring that the journal entries correspond with balance sheet accounts and the trial balances reflect all financial activities accurately. The process involves auditing the cash receipts, verifying cash collections against entries in accounts receivable, and confirming that the total cash collected aligns with postings in the general ledger.

Subsequently, the detailed subsidiary ledgers for accounts receivable and accounts payable need to be examined. For example, the subsidiary ledger for accounts receivable shows transactions for customers such as Albert Co., Marie Co., Cameron Co., McKenzie Co., and Randall Co., with running balances indicating the amounts owed by each. These balances should be summed and compared with the total accounts receivable balance reported in the general ledger to verify correctness. Similarly, the accounts payable ledger details transactions with vendors including Prince Co., Joseph Co., Elisha Co., and Matt Co., with their respective balances to be verified against the general ledger totals.

The inventory accounts reveal purchases of different assets, such as televisions and projectors, with costs documented at specific unit costs and total amounts. These must be checked against the inventory ledger and the cost of goods sold calculations, which are vital for accurate income statement preparation. Additionally, the inventory adjustments and depreciation calculations (e.g., accumulated depreciation for store equipment) need verification with supporting documentation.

The trial balances, both unadjusted and adjusted, should be reviewed to ensure the inclusion and correct posting of all transactions, adjusting entries, and the final balances in each account. The trial balance summaries are essential for preparing financial statements: the income statement, reflecting revenues and expenses, and the balance sheet, which presents assets, liabilities, and owner’s equity. The detailed schedule of accounts receivable and payable facilitates confirming the aging and total amount due, providing insight into liquidity and operational efficiency.

Finally, reconciling all data involves ensuring that the sum of individual account balances, transactional postings, and adjustments align with reported totals in the final statements. The income statement ultimately confirms net income, which should match the figure derived from revenues minus expenses, and the balance sheet must balance, with total assets equaling total liabilities plus owner’s equity. This comprehensive review, verification, and reconciliation process ensures robustness and reliability in financial reporting.

References

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