Check Figures For Comprehensive Problem Cash Receipts 166573

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 Sheet 900 watt microwave: 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/ $79 $ watt microwave: 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/ $119 $ watt microwave: 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/ $239 $1,673 Ending Inventory Value: AR-SUB ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER (CUSTOMERS) Customer Name: Albert Co.

POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/20/12 SJ 5 3,,388 Customer Name: Marie Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/20/12 SJ Customer Name: Cameron Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/15/12 SJ Customer Name: McKenzie Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/27/12 SJ 5 1,,396 Customer Name: Briana Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE AP-SUB ACCOUNTS PAYABLE SUBSIDIARY LEDGER (VENDERS) Vendor Name: Prince Co.

POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/26/12 P Vendor Name: Joseph Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/16/12 P Vendor Name: Elisha Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/29/12 P Vendor Name: Matt Co. POST RUNNING DATE TRANSACTION REF DEBIT CREDIT BALANCE 11/28/12 P ,,497 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 Allowance for Doubtful Accounts ACCOUNT NO. 113 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 Randiddle, Capital ACCOUNT NO. 310 POST BALANCE DATE ITEM REF DEBIT CREDIT DEBIT CREDIT Randiddle, Withdrawals 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 Goods 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 Bad Debt Expense ACCOUNT NO. 533 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 Allow for Doubtful Accts Merchandise Inventory Prepaid Insurance Store Supplies Store Equipment Accm. Deprec-Store Eq.

Accounts Payable Salaries Payable Interest Payable Note Payable (Due Randiddle, Capital Randiddle, Withdrawals Sales Sales Returns & Allow. Sales Discounts Cost of Goods Sold Sales Salaries Exp. Advertising Exp. Depreciation Exp. Store Supplies Exp.

Miscellaneous Selling Exp. Office Salaries Exp. Rent Exp. Insurance Exp.

Bad Debt Exp. Misc. 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

Review the comprehensive financial data including the cash receipts journal, trial balances, inventory sheets, accounts receivable and payable subsidiary ledgers, general ledger balances, and the income statement. Focus on verifying that the check figures align with recorded transactions and account balances, ensuring the accuracy of totals such as the cash column, trial balance totals, net income, and post-closing balances.

Analyze detailed records of sales invoices, cash receipts, inventory purchases, and payments. Confirm that the recorded amounts for sales, inventory, discounts, and other accounts match the supporting documentation. Ensure the inventory control sheet reflects accurate units and costs for purchased goods, and verify ending inventory valuation.

Examine subsidiary ledgers for accounts receivable and accounts payable to ensure they reconcile with the general ledger totals. Review the post balances across all asset, liability, equity, and income statement accounts for consistency. Cross-verify ledger balances against trial balances and financial statements to confirm comprehensive accuracy of figures.

Paper For Above instruction

The financial verification process within a company's accounting system is critical to maintaining accurate and reliable financial records. The comprehensive problem described involves multiple accounting documents and procedures, including the cash receipts journal, inventory records, subsidiary ledgers, general ledger, and financial statements. Each component plays a vital role in ensuring the integrity of financial data, which is fundamental for effective decision-making, legal compliance, and financial reporting.

Firstly, the cash receipts journal and related figures are essential for verifying cash inflows. The given cash column total of $86,911 and the broader trial balance total of $954,125 serve as initial reference points. Reconciliation involves confirming that all recorded cash receipts match bank deposits and internal records. Discrepancies between the journal and cash accounts can indicate errors such as omissions or duplications. Accurate posting from the cash receipts journal to the ledger ensures the trial balance correctly reflects the company’s cash position. It is also necessary to verify that net income of $178,389 aligns with the income statement, which incorporates revenues and expenses related to cash transactions.

Inventory management is equally vital, especially in a retail or commerce setting. The inventory control sheet, which details purchases of 900-watt microwaves at specified units and costs, should be consistent with ledger entries. End-of-period inventory valuation (e.g., $1,673 for remaining inventory) impacts the calculation of cost of goods sold (COGS)—a crucial figure for profit determination. Proper valuation methods, such as FIFO or weighted-average, should be applied consistently. Reconciliation involves confirming that the ending inventory value in the inventory sheet agrees with the ledger balance and the trial balance's inventory account. Additionally, sales and purchases recorded in journals should correlate with the subsidiary ledgers for accounts receivable and payable.

The subsidiary ledgers provide detailed tracking of individual customer and vendor transactions. These include outstanding balances, payments, and credits. For example, customer accounts such as Albert Co. and Briana Co. are tracked with transaction dates, references, debits, credits, and balances. Accurate updates here are essential for assessing credit risk and managing receivables. Similarly, vendor ledgers such as Prince Co. and Joseph Co. detail purchase transactions and outstanding balances. Reconciliation of these ledgers with general ledger totals helps identify and prevent errors such as double entries, omissions, or incorrect postings.

In the context of financial statements, the balance sheet displays asset, liability, and equity balances. Confirming that these align with the ledger balances ensures the integrity of reported financial positions. For example, the cash account (account no. 110), accounts receivable (112), and inventory (115) should match the posted balances. Likewise, liabilities like accounts payable (210), salaries payable (211), and notes payable (220) should be consistent across all records. The owner’s equity accounts, such as capital and withdrawals, must reflect actual owner transactions.

The income statement provides a detailed view of revenue and expenses, including sales (410), cost of goods sold (510), and expenses like advertising, depreciation, and office salaries. The accuracy of these figures depends on correctly posting all relevant transactions from the journals and ledger accounts. The trial balance adjustments, whether for accruals or deferrals, should be reflected accurately, maintaining the balance between debits and credits. Discrepancies between trial balance totals and ledger balances require investigation and correction.

Furthermore, the schedule components like accounts receivable, payable, and inventory schedules serve as summaries that facilitate error detection. They help in verifying individual account balances against total figures in the general ledger. This step ensures completeness and accuracy before financial statements are finalized. The post-closing trial balance further confirms that all temporary accounts are closed properly, and only permanent accounts are carried forward into the next period.

Ensuring accuracy involves several steps: reconciling subsidiary ledgers with the general ledger, verifying journal entries against supporting documentation, and cross-checking trial balances with financial statements. Any discrepancies must be investigated, and corrections posted to prevent misstatements. Proper internal controls, such as segregation of duties and regular reconciliations, are vital to prevent errors and fraud.

In conclusion, thorough verification of all figures within the comprehensive accounting data is essential for reliable financial reporting. This process helps detect errors, prevent fraud, and provide an accurate picture of the company's financial health. Consistent application of accounting principles and diligent reconciliation practices underpin the accuracy of the financial data, supporting sound business decisions and compliance with accounting standards.

References

  • Horngren, C. T., Sundem, G. L., Elliott, J. A., & Philbrick, D. R. (2019). Introduction to Financial Accounting. Pearson.
  • Gelinas, U. J., Dull, R. B., & Wheeler, P. R. (2018). Financial Accounting. Cengage Learning.
  • Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate Accounting. Wiley.
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  • Schroeder, R. G., Clark, M. W., & Cathey, J. M. (2021). Financial Accounting Theory and Analysis. Wiley.
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  • Fraser, L. M., & Ormiston, A. (2017). Understanding Financial Statements. Pearson.
  • Accounting Standards Codification (ASC) 606. (2020). Revenue Recognition. Financial Accounting Standards Board.

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