College Accounting: CP2 TJ's Specialty Shop Part 2 (GENERAL JOURNAL & SPECIAL JOURNALS for Jan 20-2)

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College Accounting
Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 2
During the month of January 20-2, TJ’s Specialty Shop engaged in the following transactions:
Jan. 1 Sold merchandise on account to Anne Clark, $3,000, plus tax of $150.SaleNo. 643.
2 Issued Check No. 818 to Nathen Co. in payment of January 1 balance of $800, less 2% discount.
3 Purchased merchandise on account from West Wholesalers, $1,500. Invoice No. 678, dated January 3, terms 2/15, n/30.
4 Purchased merchandise on account from Owen Enterprises, $2,000. Invoice No. 767, dated January 4, terms 2/10, n/30.
4 Issued Check No. 819 in payment of telephone expense for the month of January, $180.
8 Sold merchandise for cash, $3,600, plus tax of $180.
9 Received payment from Lucy Greene in full settlement of account, $1,491.
10 Issued Check No. 820 to West Wholesalers in payment of January 1 balance of $1,200.
12 Sold merchandise on account to Martha Boyle, $1,000, plus tax of $50.SaleNo. 644.
12 Received payment from Anne Clark on account, $2,100.
12 Issued Check No. 821 in payment of wages (Wages Expense) for the two-week period ending January 11, $1,100.
13 Issued Check No. 822 to Owen Enterprises in payment of January 4 purchase. Invoice No. 767, less 2% discount.
13 Martha Boyle returned merchandise for a credit, $800, plus sales tax of $40.
17 Returned merchandise to Evans Essentials for credit, $300.
22 Received payment from John Dempsey on account, $2,121.
Jan. 26 Issued Check No. 823 in payment of wages (Wages Expense) for the two-week period ending January 25, $1,100.
27 Issued Check No. 824 in payment of utilities expense for the month of January, $630. 27 Sold merchandise on account to John Dempsey, $2,000, plus tax of $100. Sale No. 645.
Late in January, TJ’s agreed to sell the business to a competitor. To agree on a selling price, financial statements are needed as of January 31 and for the month of January 20-2. To prepare these financial statements, TJ’s must perform the same procedures it normally does at year-end.
At the end of January, the following adjustments (a)–(g) need to be made:
(a, b) Merchandise inventory as of January 31, $19,000.
(c) Unused supplies on hand, $115.
(d) Unexpired insurance on January 31, $968.
(e) Depreciation expense on the building for the month, $67.
(f) Depreciation expense on the store equipment for the month, $38.
(g) Wages earned but not paid as of January 31, $330.

REQUIRED—GENERAL JOURNAL
For those not using working papers:
1. If you are not using the working papers, open a general ledger, an accounts receivable ledger, and an accounts payable ledger as of January 1. Enter the January 1 balance of each of the accounts, with a check mark in the Posting Reference column. The beginning balances for Part 2 are the same as the balances from your solution to Part 1 of Comprehensive Problem 2. For working paper users and nonusers:
2. Enter transactions for the month of January in the general journal. Post immediately to the accounts receivable and accounts payable ledgers.
3. Post from the journal to the general ledger.
4. Prepare schedules of accounts receivable and accounts payable.
5. Prepare a month-end work sheet, income statement, statement of owner’s equity, and balance sheet. The mortgage payable includes $600 that is due within one year.
6. Journalize and post adjusting entries.
7. Journalize and post closing entries. 8. Prepare a post-closing trial balance.

REQUIRED—SPECIAL JOURNALS
For those not using working papers:
1. If you are not using the working papers, open a general ledger, an accounts receivable ledger, and an accounts payable ledger as of January 1. Enter the January 1 balance of each of the accounts, with a check mark in the Posting Reference column. The beginning balances for Part 2 are the same as the balances from your solution to Part 1 of Comprehensive Problem 2. For working paper users and nonusers:
2. Enter transactions for the month of January in the proper journals. Post immediately to the accounts receivable and accounts payable ledgers.
3. Post from the journals to the general ledger. Post the journals in the following order: general, sales, purchases, cash receipts, and cash payments.
4. Prepare schedules of accounts receivable and accounts payable.
5. Prepare a month-end work sheet, income statement, statement of owner’s equity, and balance sheet. The mortgage payable includes $600 that is due within one year.
6. Journalize and post adjusting entries.
7. Journalize and post closing entries. 8. Prepare a post-closing trial balance.
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