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(solution) Brief Exercise 8-9 On March 20, Dody's petty cash fund of $120


Brief Exercise 8-9

On March 20, Dody?s petty cash fund of $120 is replenished when the fund contains $7 in cash and receipts for postage $46, freight-out $14, and travel expense $48.

Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Mar. 20


Show List of Accounts

Brief Exercise 8-13

At July 31, Ramirez Company has the following bank information: cash balance per bank $8,348, outstanding checks $690, deposits in transit $1,354, and a bank service charge $25.

Determine the adjusted cash balance per bank at July 31.

The adjusted cash balance per bank

$

Exercise 8-7

Setterstrom Company established a petty cash fund on May 1, cashing a check for $120.00. The company reimbursed the fund on June 1 and July 1 with the following results.

June 1: Cash in fund $3.75.

Receipts: delivery expense $26.50; postage expense $37.25; and miscellaneous expense $49.80.

July 1: Cash in fund $5.25.

Receipts: delivery expense $20.00; entertainment expense $46.50; and miscellaneous expense $48.25.


On July 10, Setterstrom increased the fund from $120.00 to $150.00.

Prepare journal entries for Setterstrom Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

May 1

June 1

July 1

July 10

Brief Exercise 9-5

At the end of 2014, Carpenter Co. has accounts receivable of $788,730 and an allowance for doubtful accounts of $71,460. On January 24, 2015, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $5,840. On March 4, 2015, Carpenter Co. receives payment of $5,840 in full from Megan Gray.

Prepare the journal entries to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation

Debit

Credit

(To reverse write-off)

(To record collection from Gray)

Brief Exercise 9-10

Presented below are data on three promissory notes.

Determine the missing amounts. (Use 360 days for calculation.)

Date of
Note


Terms

Maturity
Date


Principal

Annual
Interest Rate

Total
Interest

(a)

April 1

60 days

$603,600

5

%

$

(b)

July 2

30 days

65,520

%

$546

(c)

March 7

6 months

123,800

9

%

$

Exercise 9-9

Colaw Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.

Jan. 15

Made Colaw credit card sales totaling $25,800. (There were no balances prior to January 15.)

20

Made Visa credit card sales (service charge fee 4%) totaling $5,900.

Feb. 10

Collected $13,300 on Colaw credit card sales.

15

Added finance charges of 3% to Colaw credit card account balances.


(a)

Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 15

Jan. 20

Feb. 10

Feb. 15

Exercise 9-10

Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014. The company does not make entries to accrue interest except at December 31.

Nov. 1

Loaned $24,000 cash to Manny Lopez on a 12-month, 8% note.

Dec. 11

Sold goods to Ralph Kremer, Inc., receiving a $60,000, 90-day, 6% note.

16

Received a $29,120, 180 day, 15% note in exchange for Joe Fernetti?s outstanding accounts receivable.

31

Accrued interest revenue on all notes receivable.

Journalize the transactions for Elburn Supply Co. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation. Round answers to 0 decimal places, e.g. 5,275.)

Date

Account Titles and Explanation

Debit

Credit


Show List of Accounts

Link to Text

Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for calculation.)

Date

Account Titles and Explanation

Debit

Credit


Show List of Accounts

Link to Text

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Brief Exercise 8-9

 

On March 20, Dody?s petty cash fund of $120 is replenished when the fund contains $7 in cash

 

and receipts for postage $46, freight-out $14, and travel expense $48.

 

Prepare the journal entry to record the replenishment of the petty cash fund. (Credit account

 

titles are automatically indented when amount is entered. Do not indent manually.)

 

Date Account Titles and

 

Explanation Debit Credit Mar. 20 Show List of Accounts Brief Exercise 8-13

 

At July 31, Ramirez Company has the following bank information: cash balance per bank

 

$8,348, outstanding checks $690, deposits in transit $1,354, and a bank service charge $25.

 

Determine the adjusted cash balance per bank at July 31.

 

The adjusted cash balance per

 

bank $ Exercise 8-7

 

Setterstrom Company established a petty cash fund on May 1, cashing a check for $120.00. The

 

company reimbursed the fund on June 1 and July 1 with the following results. June 1: Cash in fund

 

$3.75.

 

July 1: Cash in fund

 

$5.25. Receipts: delivery expense $26.50; postage expense $37.25; and

 

miscellaneous expense $49.80.

 

Receipts: delivery expense $20.00; entertainment expense $46.50; and

 

miscellaneous expense $48.25. On July 10, Setterstrom increased the fund from $120.00 to $150.00.

 

Prepare journal entries for Setterstrom Company. (Credit account titles are automatically

 

indented when amount is entered. Do not indent manually.)

 

Date

 

May 1 June 1 July 1 July 10 Account Titles and

 

Explanation Debit Credit Brief Exercise 9-5

 

At the end of 2014, Carpenter Co. has accounts receivable of $788,730 and an allowance for

 

doubtful accounts of $71,460. On January 24, 2015, the company learns that its receivable from

 

Megan Gray is not collectible, and management authorizes a write-off of $5,840. On March 4,

 

2015, Carpenter Co. receives payment of $5,840 in full from Megan Gray.

 

Prepare the journal entries to record this transaction. (Credit account titles are automatically

 

indented when amount is entered. Do not indent manually.)

 

Account Titles and

 

Explanation Debit Credit (To reverse write-off) (To record collection from

 

Gray) Brief Exercise 9-10

 

Presented below are data on three promissory notes.

 

Determine the missing amounts. (Use 360 days for calculation.)

 

Date

 

of

 

Note

 

April

 

(a)

 

1 Annual

 

Total

 

Interest Rate Interest $ 5%

 

July 2 65,52

 

0 Principa

 

l 60 days $603,600

 

(b

 

) Maturity

 

Date Terms 30

 

days

 

% $546 March

 

7 (c) 123,800 9 % 6 months

 

$ Exercise 9-9

 

Colaw Stores accepts both its own and national credit cards. During the year, the following

 

selected summary transactions occurred.

 

Jan.

 

15

 

20

 

Feb.

 

10

 

15 Made Colaw credit card sales totaling $25,800. (There were no balances prior to January

 

15.)

 

Made Visa credit card sales (service charge fee 4%) totaling $5,900.

 

Collected $13,300 on Colaw credit card sales.

 

Added finance charges of 3% to Colaw credit card account balances. (a)

 

Journalize the transactions for Colaw Stores. (Credit account titles are automatically indented

 

when amount is entered. Do not indent manually.)

 

Date

 

Jan. 15 Jan. 20 Feb. 10 Feb. 15 Account Titles and Explanation Debit Credit Exercise 9-10

 

Elburn Supply Co. has the following transactions related to notes receivable during the

 

last 2 months of 2014. The company does not make entries to accrue interest except at

 

December 31.

 

Nov.

 

Loaned $24,000 cash to Manny Lopez on a 12-month, 8% note.

 

1

 

Dec.

 

Sold goods to Ralph Kremer, Inc., receiving a $60,000, 90-day, 6% note.

 

11

 

Received a $29,120, 180 day, 15% note in exchange for Joe Fernetti?s

 

16

 

outstanding accounts receivable.

 

31 Accrued interest revenue on all notes receivable. Journalize the transactions for Elburn Supply Co. (Record journal entries in the order

 

presented in the problem. Credit account titles are automatically indented when amount is

 

entered. Do not indent manually. Use 360 days for calculation. Round answers to 0

 

decimal places, e.g. 5,275.)

 

Dat Account Titles and

 

e Explanation Debi Credi

 

t

 

t Show List of Accounts

 

Link to Text Record the collection of the Lopez note at its maturity in 2015. (Credit account titles are

 

automatically indented when amount is entered. Do not indent manually. Use 360 days for

 

calculation.)

 

Dat Account Titles and

 

e Explanation Debi Credi

 

t

 

t Show List of Accounts

 

Link to Text Question Attempts: 0 of 3 used Save

 

Submit

 

for

 

Answer

 

later

 


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