Acc225 Fundamental Accounting Principles: Serial Problem 7 (SP7) Assume that Santana Rey expands

Acc225 Fundamental Accounting Principles

Serial Problem 7 (SP7)
(This serial problem began in Chapter 1 and continues through most of the book. If previous chapter segments were not completed, the serial problem can begin at this point. It is helpful, but not necessary, to use the Working Papers that accompany the book.)

Assume that Santana Rey expands Business Solutions’ accounting system to include special journals.

1. Locate the transactions related to January through March 2012 for Business Solutions in Chapter 5.
2. Enter the Business Solutions transactions for January through March in a sales journal like that in Exhibit 7.5 (insert “n/a” in the Invoice column), a cash receipts journal like that in Exhibit 7.7, a purchases journal like that in Exhibit 7.9 (use Computer Supplies heading instead of Office Supplies), and a cash disbursements journal like that in Exhibit 7.11 (insert “n/a” in the Check Number column), or a general journal. Number journal pages as page 2. If the transaction does not specify the name of the payee, state “not specified” in the Payee column of the cash disbursements journal.
3. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24, and 29 (no entry required) and March 24. Do not record and post the adjusting entries for the end of March.
Powered by