Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of July 2019. All sales on account come with terms of 5/10, net 30. Jul 1 Received a loan from the bank for $20,000. Jul 5 Sold products for cash to Brock Retailer for $9,000. The products had a cost of $4,950. Jul 9 Sold products on account to Furniture Outlet for $10,200. The products had a cost of $6,120. Jul 11 Furniture Outlet paid the amount owing from Jul 9. Jul 19 Sold products on account to Brock Retailer for $6,700. The products had a cost of $3,685. Requireda) Record the above transactions in the sales journal and the cash receipts journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts receivable control account.Do not enter dollar signs or commas in the input boxes. Sales Journal Page 1 Date Account Invoice # Accounts Receivable / Sales (DR/CR) COGS/Merchandise Inventory (DR/CR) Jul 9 Furniture Outlet $Answer $Answer Jul 19 Brock Retailer $Answer $Answer Jul 31 Total $Answer $Answer Cash Receipts Journal Page 1 Date Account Cash (DR) Sales Discount (DR) Accounts Receivable (CR) Sales (CR) Other (CR) COGS/Merchandise Inventory (DR/CR) Jul 1 Bank Loan $Answer $Answer $Answer $Answer $Answer $Answer Jul 5 Cash Sales $Answer $Answer $Answer $Answer $Answer $Answer Jul 11 Furniture Outlet $Answer $Answer $Answer $Answer $Answer $Answer Jul 31 Total $Answer $Answer $Answer $Answer $Answer $Answer Account: Accounts Receivable GL No. 110 Date Description DR CR Balance Jul 31 Adjustment for sales $Answer $Answer $Answer AnswerDRCR Jul 31 Adjustment for cash receipts $Answer $Answer $Answer AnswerDRCR Account: Furniture Outlet Date DR CR Balance Jul 9 $Answer $Answer $Answer AnswerDRCR Jul 11 $Answer $Answer $Answer AnswerDRCR Account: Brock Retailer Date DR CR Balance Jul 19 $Answer $Answer $Answer AnswerDRCR
Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of July 2019. All sales on account come with terms of 5/10, net 30. Jul 1 Received a loan from the bank for $20,000. Jul 5 Sold products for cash to Brock Retailer for $9,000. The products had a cost of $4,950. Jul 9 Sold products on account to Furniture Outlet for $10,200. The products had a cost of $6,120. Jul 11 Furniture Outlet paid the amount owing from Jul 9. Jul 19 Sold products on account to Brock Retailer for $6,700. The products had a cost of $3,685. Requireda) Record the above transactions in the sales journal and the cash receipts journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts receivable control account.Do not enter dollar signs or commas in the input boxes. Sales Journal Page 1 Date Account Invoice # Accounts Receivable / Sales (DR/CR) COGS/Merchandise Inventory (DR/CR) Jul 9 Furniture Outlet $Answer $Answer Jul 19 Brock Retailer $Answer $Answer Jul 31 Total $Answer $Answer Cash Receipts Journal Page 1 Date Account Cash (DR) Sales Discount (DR) Accounts Receivable (CR) Sales (CR) Other (CR) COGS/Merchandise Inventory (DR/CR) Jul 1 Bank Loan $Answer $Answer $Answer $Answer $Answer $Answer Jul 5 Cash Sales $Answer $Answer $Answer $Answer $Answer $Answer Jul 11 Furniture Outlet $Answer $Answer $Answer $Answer $Answer $Answer Jul 31 Total $Answer $Answer $Answer $Answer $Answer $Answer Account: Accounts Receivable GL No. 110 Date Description DR CR Balance Jul 31 Adjustment for sales $Answer $Answer $Answer AnswerDRCR Jul 31 Adjustment for cash receipts $Answer $Answer $Answer AnswerDRCR Account: Furniture Outlet Date DR CR Balance Jul 9 $Answer $Answer $Answer AnswerDRCR Jul 11 $Answer $Answer $Answer AnswerDRCR Account: Brock Retailer Date DR CR Balance Jul 19 $Answer $Answer $Answer AnswerDRCR
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...
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Question
Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of July 2019. All sales on account come with terms of 5/10, net 30.
Jul 1 | Received a loan from the bank for $20,000. |
Jul 5 | Sold products for cash to Brock Retailer for $9,000. The products had a cost of $4,950. |
Jul 9 | Sold products on account to Furniture Outlet for $10,200. The products had a cost of $6,120. |
Jul 11 | Furniture Outlet paid the amount owing from Jul 9. |
Jul 19 | Sold products on account to Brock Retailer for $6,700. The products had a cost of $3,685. |
Required
a) Record the above transactions in the sales journal and the cash receipts journal.
b)
c) At the end of the month, total the journals and update the accounts receivable control account.
Do not enter dollar signs or commas in the input boxes.
Sales Journal | Page 1 | |||
Date | Account | Invoice # | Accounts Receivable / Sales (DR/CR) | COGS/Merchandise Inventory (DR/CR) |
Jul 9 | Furniture Outlet | $Answer | $Answer | |
Jul 19 | Brock Retailer | $Answer | $Answer | |
Jul 31 | Total | $Answer | $Answer |
Cash Receipts Journal | Page 1 | ||||||
Date | Account | Cash (DR) | Sales Discount (DR) | Accounts Receivable (CR) | Sales (CR) | Other (CR) | COGS/Merchandise Inventory (DR/CR) |
Jul 1 | Bank Loan | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
Jul 5 | Cash Sales | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
Jul 11 | Furniture Outlet | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
Jul 31 | Total | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
Account: Accounts Receivable | GL No. 110 | ||||
Date | Description | DR | CR | Balance | |
Jul 31 | Adjustment for sales | $Answer | $Answer | $Answer | AnswerDRCR |
Jul 31 | Adjustment for cash receipts | $Answer | $Answer | $Answer | AnswerDRCR |
Account: Furniture Outlet | ||||
Date | DR | CR | Balance | |
Jul 9 | $Answer | $Answer | $Answer | AnswerDRCR |
Jul 11 | $Answer | $Answer | $Answer | AnswerDRCR |
Account: Brock Retailer | ||||
Date | DR | CR | Balance | |
Jul 19 | $Answer | $Answer | $Answer | AnswerDRCR |
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