the post closing trial balance for rivera co is as follows 543535
The post-closing trial balance for Rivera Co. is as follows.
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the post closing trial balance for rivera co is as follows 543535
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Debit |
Credit |
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Cash |
$41,500 |
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Accounts Receivable |
15,000 |
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Notes Receivable |
45,000 |
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Merchandise Inventory |
23,000 |
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Equipment |
6,450 |
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Accumulated Depreciation—Equipment |
$1,500 |
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Accounts Payable |
43,000 |
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Common Stock |
86,450 |
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$130,950 |
$130,950 |
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The subsidiary ledgers contain the following information: (1) accounts receivable—
N. Alspar $2,500, B. Cole $7,500, S. Devine $5,000; (2) accounts payable—S. Field $10,000,
A. Gantler $18,000, and D. Harms $15,000. The cost of all merchandise sold was 65% of the sales price.
The transactions for January 2013 are as follows.
Jan. 3 Sell merchandise to B. Terrel $4,000, terms 2/10, n/30.
5 Purchase merchandise from S. Warren $2,500, terms 2/10, n/30.
7 Receive a check from S. Devine $3,500.
11 Pay freight on merchandise purchased $300.
12 Pay rent of $1,000 for January.
13 Receive payment in full from B. Terrel.
14 Post all entries to the subsidiary ledgers. Issue a credit memo to acknowledge receipt of damaged merchandise of $700 returned by N. Alspar.
15 Send D. Harms a check for $14,850 in full payment of account, discount $150.
17 Purchase merchandise from D. Milton $1,600, terms 2/10, n/30.
18 Pay salaries of $4,300.
20 Give A. Gantler a 60-day note for $18,000 in full payment of account payable.
23 Total cash sales amount to $8,600.
24 Post all entries to the subsidiary ledgers. Sell merchandise on account to B. Cole $7,700, terms 1/10, n/30.
27 Send S. Warren a check for $950.
29 Receive payment on a note of $40,000 from S. Lava (short-term, non-interest-bearing note).
30 Return merchandise of $500 to D. Milton for credit. Post all journals to the subsidiary ledger.
Instructions
(a) Open general and subsidiary ledger accounts for the following.
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101 Cash |
311 Common Stock |
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112 Accounts Receivable |
401 Sales |
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115 Notes Receivable |
412 Sales Returns and Allowances |
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120 Merchandise Inventory |
414 Sales Discounts |
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157 Equipment |
505 Cost of Goods Sold |
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158 Accumulated Depreciation—Equipment |
726 Salaries and Wages Expense |
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200 Notes Payable |
727 Office Salaries Expense |
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201 Accounts Payable |
729 Rent Expense |
(b) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal (see Illustration G-8), a cash payments journal (see Illustration G-15), and a general journal.
(c) Post the appropriate amounts to the general ledger.
(d) Prepare a trial balance at January 31, 2013.
(e) Determine whether the subsidiary ledgers agree with controlling accounts in the general ledger.
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