Chapter Sales and Cash Receipts Journal Review Lesson

Chapter Sales and Cash Receipts Journal Review

Lesson 11 -1 Buying Supplies on Account December 2. Bought store supplies on account from Estes Supply, $165. 25. Memorandum No. 42. Supplies—Store 165. 25 Accounts Payable 165. 25

Journalizing Purchases Returns and Allowances—Which Journal? Lesson 11 -1 December 8. Returned merchandise to Mobley Tools, $43. 90, covering Purchase Invoice No. 528. Debit Memorandum No. 38. Accounts Payable 43. 90 Purchases Returns and Allowances 43. 90

Lesson 11 -1 Posting from a General Journal to an Accounts Payable Ledger 1 Post to Accounts Payable journal

Lesson 11 -1 Posting from a General Journal to a General Ledger Need to post to Supplies—Store and Accounts Payable accounts * *

Lesson 11 -2 Journalizing Sales Returns and Allowances December 16. Granted credit to Lake Automotive for merchandise returned, $65. 85, plus sales tax, $3. 95, from S 500; total, $69. 80. Credit Memorandum No. 14. Sales Returns and Allowances 65. 85 Sales Tax Payable 3. 95 Accounts Receivable 69. 80

Posting from a General Journal to an Accounts Receivable Ledger Date 1 Journal Page Number 2 Customer Number 5 3 Credit 4 Account Balance Lesson 11 -2

Correcting Errors in Subsidiary Ledger Accounts December 26. Found that a sale on account to Skinner College was incorrectly charged to the account of Wells Apartments, $334. 00. Memorandum No. 44. Accounts are correct after posting the correcting entry. Lesson 11 -2

Stockholders’ Equity Accounts Used by a Corporation (3000) STOCKHOLDERS’ EQUITY 3110 3120 Capital Stock Paid-In Capital in Excess of Par 3130 Retained Earnings 3140 Dividends 3150 Income Summary Lesson 11 -3

Lesson 11 -3 Declaring a Dividend December 15. Three. Green’s board of directors declared a quarterly dividend of $0. 05 per share; capital stock issued is 75, 000 shares; total dividend, $3, 750. 00. Date of payment is January 15. Memorandum No. 43. Dividends 3, 750. 00 Dividends Payable 3, 750. 00

Lesson 11 -3 Paying Declared Dividends January 15. Paid cash for quarterly dividend declared column. Dividends Payable 04/15 Paid 07/15 Paid 10/15 Paid 01/15 Paid 3, 750. 00 Cash 03/15 Paid 06/15 Paid 09/15 Paid 12/15 Paid 3, 750. 00 01/15 Paid 3, 750. 00

Thank you for trying… more.