View Full Version : Moeder Co. Journal entries
carriebeth
Oct 6, 2009, 04:34 AM
I have no idea where to begin. Could someone please help!
Moeder Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
Journal, and a general journal. The following transactions occur in the month of November.
Nov. 3 Purchased $3,100 of merchandise on credit from Hargrave Co. terms n20.
7 Sold merchandise costing $840 on credit to J. York for $900, subject to a $18 sales discount
If paid by the end of the month.
9 Borrowed $2,750 cash by signing a note payable to the bank.
13 J. Emling, the owner, contributed $4,000 cash to the company.
18 Sold merchandise costing $130 to B. Box for $230 cash.
22 Paid Hargrave Co. $3,100 cash for the merchandise purchased on November 3.
ArcSine
Oct 6, 2009, 05:37 AM
It appears that it's just asking you to show the journal entry for each of these transactions. Since it specifically mentions the different journals which are used by Moeder, it probably wants you to name the appropriate journal for each of these entries.
So, for each transaction, show the journal entry (with the proper date), and indicate which journal the JE should be recorded into.
rehmanvohra
Oct 6, 2009, 05:37 AM
It would help us to guide you if you were to post your attempt. However as a guidance:
1. Draw up various journals. Take help from your text book for the required columns
2. Select which of the items belong to which journal
3. Post the transaction in that journal.
Please remember:
1. Sales Journal is used for only credit sales
2. Purchase journal records only credit purchases
3. Cash Receipts Journal is used to record all cash receipts
4. Cash Disbursement Journal is meant for cash payments
5. General Journal is used where the other jpurnal can not be used.
carriebeth
Oct 6, 2009, 08:31 AM
I am sorry. I did not post all of it. The following is the remainder of the question: 27 Received $882 cash from J. York in payment of the November 7 purchase.
30 Paid salaries of $1,600 in cash.
Prepare headings for a cash receipts journal like the one in Exhibit 7.7. Journalize the November transactions that should be recorded in the cash receipts journal.
So, do I just do a cash receipts journal? In exhibit 7.7 from the text it shows a cash receipt journal, accounts receivable journal, as well as a general ledger.
The following is what I have so far:
4-Jul
Cash receipt journal
Date account credited explanation pr cash dr. sales discount dr accounts recievable cr sales cr other accounts cr cogs dr. inventory cr.
3-Nov merchandise credit $3,100
7-Nov J York sold merch. 900 18 882
9-Nov acc. Receivable borrowed 2,750
13-Nov J Emiling capital 4000 4000
18-Nov b box sold merch. 230 130
22-Nov hargrove co payment 3,100 3,100
ArcSine
Oct 6, 2009, 10:34 AM
Carrie, from the instructions it does sound as if you are only to prepare a cash receipts journal, and to select from the November transactions only those that properly belong to a cash receipts journal. You'd then enter those transactions in the journal in the form of actual journal entries (debits and credits and all that fun stuff).
But from a number of other posts you've made with nearly identical layout, I'm speculating that maybe there's a larger issuer here... and that would be that you're unclear on the actual process and basics of journal entry preparation.
If that's the case, that's an issue that really can't be handled efficiently in a back-and-forth exchange of a forum. The whole topic of "how to prepare journal entries" is the main subject of entire bookkeeping courses, and covers a lot of ground.
The good news is that it's really not too difficult, as journal entries almost always square up with common sense, once you understand basic bookkeeping.
On the other hand, if you've already reached the point of having a good grasp of bookkeeping fundamentals--and preparing journal entries--then check back in with more specific information about what you're unsure of in these JE problems you're working on.
Good luck, and be persistent in your studies!
carriebeth
Oct 6, 2009, 01:19 PM
Thank you for all of your help. It is greatly appreciated.
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