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Pidgeon73 · May 3, 2012, 04:10 PM

What journal to post to?
Pidgeon73 Pidgeon73 is online now (16 Posts) Asked Yesterday, 02:33 PM — 218 Views Report
During the month of June the following transactions were completed:

June

1 Edward Beezer invested $20,000 in the business.CASH RECEIPTS JOURNAL 20,000

1 Purchased merchandise from Zipay Brothers on account, $2,500; terms 2/10, n/30.PURCHASE JOURNAL2500

2 Purchased store equipment on account from Dante Company, $520.
General 250

2 Purchased merchandise for cash, $1,500. Purchases general 1500

3 Purchased merchandise from the IAC Company on account, $5,500; 1/10, n/30. Purchases gerenal 5500

4 Sold merchandise to D. Nazar Associated on account, $725; invoice No. 1000; terms 2/10, n/30. sales journal 725

4 Paid $85 for office supplies.CASH PAYMENT JOURNAL 85

4 Sold merchandise to H. Franklin, Inc. on account, $625; invoice No. 1001; terms 2/10, n/30.Sales journal 625

5 Cash sales for week, $920.cash receipts journal 920

5 Returned part of merchandise purchased from Zipay Brothers, who agreed to issue credit memorandum for $230.CASH RECIEPTS JOURNAL 230

8 Purchased merchandise from Roosevelt Company on account $1,100; terms
1/10,n/30sales journal 1100

8 Received payment from D. Nazar Associates for invoice No. 1000, less discount.cash payment 580

9 Sold merchandise to T. Connors & Sons on account, $2,000; invoice No. 1002, terms 2/10, n/30.sales journal 2000

9 Paid Zipay Brothers for invoice of June 1, less merchandise returned and discount taken.cash payment 1816

10 Paid for three months' advertising expense in advance, $600.cash payment 600

11 Paid IAC Company invoice of June 3, less discount.cash receipts 4950

12 Cash sales for week, $3,140. sales journal 3140

12 Sold merchandise to Leonards Home Builders on account, $2,240; invoice No. 1003; terms 2/10, n/30.sales journal 2240

15 Paid salaries for first half of month, $640. Paid Dante Company one-half the amount due.(cash payment640, cash payment 260)

16 Purchased merchandise on account from the Bosak Company, $4,200; terms 2/10, n/30.sales journal 4200

17 Paid Roosevelt Company invoice of June 8, less discount.cash receipts journal 990

17 Leonards Home Builders returned merchandise in the amount of $360. Credit was given.general journal 360

18 Sold merchandise to Pollocks Hardware Store on account, $1,910; invoice No. 1004, terms 2/10, n/30.sales journal 1910

19 Received payment from T. Connors & Sons for invoice No. 1002, less discount.cash receipts journal1600

19 Cash sales for week, $2,720.sales journal 2720

22 Received payment from Leonards Home Builders for invoice No. 1003, less merchandise returned and discount taken.cash receipts journal1432

22 Paid balance due to Dante Company.cash payment 260

23 Paid transportation charges on merchandise received from Bosak Company, $95.cash payment 95

24 Sold merchandise to C. Vingsen on account, $1,720; invoice No. 1005; terms 2/10, n/30.sales journal1720

25 Purchased merchandise on account from the Big M Supply House, $8,200; terms 2/10, n/30.purchase journal 8200

25 Paid Bosak Company invoice of June 16, less discount.cash receipts 3360

26 Cash sales for week, $2,220.cash receipts journal 2220

26 Received payment from Pollocks Hardware Store for invoice No. 1004, less discount.cash receipts journal 1528

29 Paid Utility bill of $65.cash payment 65

30 Paid salaries for second half of the month, $640.cash payment 640

30 Received amount due from H. Franklin, Inc.cash receipts 500

30 Edward Beezer withdrew $700 from the business for his personal use.general journal 700

REQUIRED: Record the preceding transactions, using the five journals provided on at the back of this unit, and then answer questions 4-8.
CASH PAYMENT JOURNAL
CASH RECEIPTS JOURNAL
SALES JOURNAL
GENERAL JOURNAL
PURCHASE JOURNAL

4. The total of the purchases journal on June 30 is A. $23,520. C. $22,020. B. $23,000. D. $21,500. ( I got B which was wrong)

5. The total of the sales discount in the cash receipts journal is A. $92.10. C. $137.50. B. $130.30. D. $195.40. (I got B and was right)

6. Entries were recorded in the general journal for transactions on A. June 1, 5, and 17. C. June 1, 2, and 30. B. June 2, 17, and 30. D. June 2, 5, and 17.
I got B and was wrong

7. How many entries were made in the Other Accounts column of the cash payments journal?
A. 5 C. 7 B. 6 D. 8
I got D and was wrong

8. On June 30, the totals of the purchases journal and the Accounts Payable column of the cash payments journal are posted to the Accounts Payable general ledger account. In addition, individual postings are made from the general journal. After these entries have been posted to the general ledger from the journals, the balance in the accounts payable account is
A. $21,500. C. $8,200. B. $8,430. D. $7,680.
I got A and was wrong

What am I getting wrong?

paraclete · May 4, 2012, 06:36 AM

Originally Posted by Pidgeon73

what journal to post to?
Pidgeon73 Pidgeon73 is online now (16 Posts) Asked Yesterday, 02:33 PM — 218 Views Report
During the month of June the following transactions were completed:

June

1 Edward Beezer invested $20,000 in the business.CASH RECEIPTS JOURNAL 20,000

1 Purchased merchandise from Zipay Brothers on account, $2,500; terms 2/10, n/30.PURCHASE JOURNAL2500

2 Purchased store equipment on account from Dante Company, $520.
General 250

2 Purchased merchandise for cash, $1,500. Purchases general 1500

3 Purchased merchandise from the IAC Company on account, $5,500; 1/10, n/30. Purchases gerenal 5500

4 Sold merchandise to D. Nazar Associated on account, $725; invoice No. 1000; terms 2/10, n/30. sales journal 725

4 Paid $85 for office supplies.CASH PAYMENT JOURNAL 85

4 Sold merchandise to H. Franklin, Inc. on account, $625; invoice No. 1001; terms 2/10, n/30.Sales journal 625

5 Cash sales for week, $920.cash receipts journal 920

5 Returned part of merchandise purchased from Zipay Brothers, who agreed to issue credit memorandum for $230.CASH RECIEPTS JOURNAL 230

8 Purchased merchandise from Roosevelt Company on account $1,100; terms
1/10,n/30sales journal 1100

8 Received payment from D. Nazar Associates for invoice No. 1000, less discount.cash payment 580

9 Sold merchandise to T. Connors & Sons on account, $2,000; invoice No. 1002, terms 2/10, n/30.sales journal 2000

9 Paid Zipay Brothers for invoice of June 1, less merchandise returned and discount taken.cash payment 1816

10 Paid for three months' advertising expense in advance, $600.cash payment 600

11 Paid IAC Company invoice of June 3, less discount.cash receipts 4950

12 Cash sales for week, $3,140. sales journal 3140

12 Sold merchandise to Leonards Home Builders on account, $2,240; invoice No. 1003; terms 2/10, n/30.sales journal 2240

15 Paid salaries for first half of month, $640. Paid Dante Company one-half the amount due.(cash payment640, cash payment 260)

16 Purchased merchandise on account from the Bosak Company, $4,200; terms 2/10, n/30.sales journal 4200

17 Paid Roosevelt Company invoice of June 8, less discount.cash receipts journal 990

17 Leonards Home Builders returned merchandise in the amount of $360. Credit was given.general journal 360

18 Sold merchandise to Pollocks Hardware Store on account, $1,910; invoice No. 1004, terms 2/10, n/30.sales journal 1910

19 Received payment from T. Connors & Sons for invoice No. 1002, less discount.cash receipts journal1600

19 Cash sales for week, $2,720.sales journal 2720

22 Received payment from Leonards Home Builders for invoice No. 1003, less merchandise returned and discount taken.cash receipts journal1432

22 Paid balance due to Dante Company.cash payment 260

23 Paid transportation charges on merchandise received from Bosak Company, $95.cash payment 95

24 Sold merchandise to C. Vingsen on account, $1,720; invoice No. 1005; terms 2/10, n/30.sales journal1720

25 Purchased merchandise on account from the Big M Supply House, $8,200; terms 2/10, n/30.purchase journal 8200

25 Paid Bosak Company invoice of June 16, less discount.cash receipts 3360

26 Cash sales for week, $2,220.cash receipts journal 2220

26 Received payment from Pollocks Hardware Store for invoice No. 1004, less discount.cash receipts journal 1528

29 Paid Utility bill of $65.cash payment 65

30 Paid salaries for second half of the month, $640.cash payment 640

30 Received amount due from H. Franklin, Inc.cash receipts 500

30 Edward Beezer withdrew $700 from the business for his personal use.general journal 700

REQUIRED: Record the preceding transactions, using the five journals provided on at the back of this unit, and then answer questions 4-8.
CASH PAYMENT JOURNAL
CASH RECEIPTS JOURNAL
SALES JOURNAL
GENERAL JOURNAL
PURCHASE JOURNAL

4. The total of the purchases journal on June 30 is A. $23,520. C. $22,020. B. $23,000. D. $21,500. ( I got B which was wrong)

5. The total of the sales discount in the cash receipts journal is A. $92.10. C. $137.50. B. $130.30. D. $195.40. (I got B and was right)

6. Entries were recorded in the general journal for transactions on A. June 1, 5, and 17. C. June 1, 2, and 30. B. June 2, 17, and 30. D. June 2, 5, and 17.
I got B and was wrong

7. How many entries were made in the Other Accounts column of the cash payments journal?
A. 5 C. 7 B. 6 D. 8
I got D and was wrong

8. On June 30, the totals of the purchases journal and the Accounts Payable column of the cash payments journal are posted to the Accounts Payable general ledger account. In addition, individual postings are made from the general journal. After these entries have been posted to the general ledger from the journals, the balance in the accounts payable account is
A. $21,500. C. $8,200. B. $8,430. D. $7,680.
I got A and was wrong

What am I getting wrong??

Without seeing all your workings I cannot say. I have no intention of doing your assignment
So it is unlikely than I can present you with a definative answer

You need to review the classifications you are making as apparently you are misidentifying some of the transactions you only have to misidentify a few transactions to have totals wrong in more than one journal i.e. when you pay cash it is a cash payment, when you receive cash it is a cash receipt, when you purchase something for credit it is a purchase, etc don't be fooled by the terminology. One of the techniques for reconciliation is to work out how far your calculation is incorrect and see if there is a transaction that matches it

Pidgeon73 · May 4, 2012, 06:57 PM

This is not doing my home seeing that is already done and marked. These here I had wrong and I can't figure out why