Accounting-his is a document on special journals and subsidiary ledgers

| January 30, 2017

Question
his is a document on special journals and subsidiary ledgers. There are 25 transactions, and they should be recorded in the appropriate journal

See Transactions & Additonal
at Bottom of Page
Cash
Accounts Receivable
Inventory
Prepaid Insurance
Land
Equipment
Accumulated depreciation, equip
Accounts Payable
Interest Payable
Notes Payable
Common Stock
Retained Earnings
Revenue
Cost of Goods Sold
Salary Expense
Wage Expense
Rent Expense
Depreciation expense
Telephone Expense
Insurance expense
Interest expense
Gain on sale
Loss on sale

Lucky Enterprises, Inc.
Trial Balance
as of March 31, 20XX

Cr

as of April 30, 20xx

31,368
21,125
13,800
1,400
15,000
33,000
4,125
13,000
312
25,000
50,000
12,800
65,000
32,500
7,500
10,600
1,200
1,032
800
600
312
170,237

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Db

170,237

1-Apr ck 96 Paid weekly wages of $1200
1-Apr ck 97 Paid April rent of $600
5-Apr Sold 10 kits @ $1500 each, at a cost of $750 each on account AYL invoice 141
6-Apr ck 98 paid 3000 on account JML
8-Apr ck 99 Paid weekly wages of $1200
8-Apr Purchased $8000 of kit inventory on account from KRU
11-Apr Received $8125 on account from AYL for invoice # 128
11-Apr Sold 6 kits @ $500 each, at a cost of $250 each on account MT inv 142
12-Apr Sold land holdings for $15,000
13-Apr Issue $25,000 stock to R. U. Lucky for cash
16-Apr ck 100 Paid weekly wages of $1200
17-Apr Sold 5 kits @ $1,500 each, at a cost of $750 each to MT (cash sale).
17-Apr Purchased $3000 of kit inventory on account from KRU invoice # 500
18-Apr ck 101 Purchased kit inventory for $750 from JML
23-Apr ck 102 Paid weekly wages of $1200
25-Apr Received $6000 on account from MT
26-Apr ck 103 Paid $10,000 on account KRU
28-Apr Received $7,000 on account from AYL
29-Apr Sold 3 kits @ $1,500, at a cost of $750 each to AYL (cash sale).
30-Apr ck 104 Paid weekly wages of $1200
30-Apr ck 105 Paid monthly salary $2500
30-Apr Received telephone bill of $300 for service provided in April
Additional :

a

previous note bears interest @ 5% per annum with balloon payment due in 5 years
b Seven months of insurance remained prepaid at the start of the month
c Equipment has an 8 year life with no salvage value

Requirements:
1.
2.
3.
4.
5.
6.

Record all of the transactions for April in the appropriate journals.
Prepare the trial balance at April 30, 20XX.
Prepare the income statement for Lucky for the four months ending April 30, 20XX.
Prepare a statement of retained earnings for the four month period ended April 30, 20XX.
Prepare a balance sheet as of April 30, 20XX.
Prepare a general journal for the month of April 30, 20XX.

Accounts Receivable
March 31, 20xx
Customer Invoice # Date
Amount Aging
AYL
128 03/08/XX
8125 0-30
AYL
132 03/13/xx
7000 0-30
Total AYL
15125
MT
MT
Total MT

129 03/13/XX
133 03/31/XX

Total Account Receivable

3000 0-30
3000
6000
21125

Accounts payable aging
March 31, 20XX
JML
Total JML
KRU

03/01/XX

3000

03/04/XX
03/31/XX

Total KRU

3000
7000
10000

Total Accounts payable

13000

Cash Receipts journal
Sales
Date

Accounts
Credited

Ref.

Accounts

Other

Cash

Discounts

Receivable

Accounts

Sales

COGS DR/

Dr.

Dr.

Cr.

Cr.

Cr.

Inv CR

Cash Payments Journal
Merchandis Merchandis
e
e

Other
Date

Ck.
No.

Accounts
Debited

Ref.

Accounts

Wage

Accounts

Payable

Expense

Inventory

Inventory

Cash

Dr.

Dr.

Dr.

Dr.

Cr.

Cr.

Sales Journal

Invoice
No.

Date

Account

Posting
Ref

Accounts
receivable
DR/Sales
CR

COGS
DR/Invent
ory CR

Purchases Journal

Date

Date of Invoice Invoice No Account

Terms

Post Ref

Other
DR

Inventory
DR

Accounts
Payable CR

General Journal
Date

Account/Description

DR

CR

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