Financial Accounting Operating Statement And Journals Homework Help
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Following are the transactions for the month of May.
May1 Check # in the amount of $45 was issued to pay phone bill for April.
May3 Check # in the amount of $342 was issued to Electrifying Bulb Co. for payment of April invoice (The bulbs were purchased in April for resale.)
May 4 Julie Adams bought $230 worth of lamps, which were charged to her account. Invoice # 123 was issued.
May5 Alice (the store owner) decided to write off Ed Miller’s long overdue account for the amount of $ 34. She sends you a memo, dated May 4th, requesting you to do so. (Hint: This is a Bad Debts Expense)
May6 Check#81 is issued in the amount of $31 to Paper Works for office supplies, bought while at the store.
May 7 Weekly cash register summary received showing: Total sales for week: $4853, Sales Tax: $147 and Cash received $5000.
May 9 Check # 82 in the amount of $55 was issued to pay utility bill for April.
May 10 Check # 83 in the amount of $85 was issued to Paper Works for payment of April invoice. (In April, the office supplies were bought on account.)
May 12 Alice purchased $420 worth of bulbs from Electrifying Bulb Co. on account. The bulbs will be resold. Invoice #421 was issued to Alice by Electrifying Bulb Co.
May 14 Weekly cash register summary received showing: Total sales for week: $3642; Sales tax: $98; Cash received: $3740.
May15 Check #84 in the amount of $2,000 was issued to the payroll account to cover the bimonthly salaries.
May 17 Check # 85 in the amount of $125 was issued to Alice Peterson as a personal draw on the Drawing account.
May 19 Alice purchase $1000 worth of lamps for resale from Light House Supply and put the amount on her account. Invoice #384 was issued to Alice.
May 20 Check #86 in the amount of $1,200 was issued to make the mortgage payment.
May 21 Weekly cash register summary received showing: Total sales for week: $1,423; Sales tax: $27; Cash received: $1,450.
May22 A check is received from customer Julie Adams in the amount of $150 for last month’s purchases. Credit invoice (receipt) #42 was issued.
May 25 Check #87 in the amount of $200 was issued to make the payment on a note for the month of May.
May 27 Alice returned some of the bulbs she had purchased earlier from Electrifying Bulb Co. Electrifying Bulb Co. credited Alice’s account for the amount of $200 and gave her credit invoice #18. (Hint: This is a Purchase Returns and Allowances transaction.)
May 31 Weekly cash register summary received showing: Total sales for week: $2,546; Sales tax: $134; Cash received: $2,680.
May 31 Check #88 in the amount of $3,000 was issued to the payroll account to cover the second half of the bimonthly payroll.
May 31 Check #89 was issued to a customer who returned a defective lamp for the amount of $56. The sales tax on the lamp was $3. (Hint: Sales returns and allowances=$53; sales tax payable =$3; cash=$56.) Sales returns slip # 21 was issued.
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a. Journalize the above transactions.
b.Post the above transactions to general Ledger.
c.Prepare the Operating Statement for the month of May
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