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Question:
This is a comprehensive question, using all the journals, posting to general ledger and subsidiary accounts receivable and accounts payable ledgers and reconciling the subsidiary ledgers with the control accounts in the general ledger.
 
Answer: 

CASH PAYMENTS JOURNAL

Date

Account

Cheq no

Post Ref

Debits

Credits

Accounts Payable

Inventory

Salary expense

Other Accounts

Cash at Bank

Discount Received*

Mar

5

Furniture

473

151

 

 

 

1080.00

1,080.00

 

Mar

10

Inventory

474

118

 

770.00

 

 

770.00

 

Mar

13

Delwood Plaza

475

211

5,900.00

 

 

 

5,723.00

177.00

Mar

22

Prepaid Insurance

476

117

 

 

 

1,345.00

1,345.00

 

Mar

25

Electricity and gas expense

477

541

 

 

 

380.00

380.00

 

Mar

30

Houghton Supplies

478

211

680.00

 

 

 

680.00

 

Mar

31

Salary expense

479

531

 

 

1,100.00

 

1,100.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,580.00

770.00

1,100.00

2,805.00

11,078.00

177.00

Post Balances to General Ledger accounts

211

118

531

X

111

414

 

 

 

 

 

 

 

11,255.00

 

11,255.00

 

 

 

 

 

 

 

 

 

 

 

 

* This account has been created additionally as no corresponding account exist for discount received.

 

 

 

 

SALES JOURNAL

Date

Account

Invoice Number

Post Ref

Terms

Accounts Receivable

Cost of Sales

Mar

2

L. E. Wooten

191

112 (c)

2/10, n/30

2,350.00

1,390.00

Mar

9

Canberra Associates

192

112 (a)

2/10, n/30

6,250.00

3,300.00

Mar

15

J. R. Wakeland

193

112 (b)

2/10, n/30

740.00

410.00

Mar

18

L. E. Wooten

194

112 (c)

2/10, n/30

1,825.00

970.00

Mar

29

Canberra Associates

195

112 (a)

2/10, n/30

1,800.00

1,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,965.00

7,070.00

Post Balances to General Ledger accounts

112 / 411

511 / 118

 

 

PURCHASES JOURNAL

Date

Account

Terms

Post Ref

Accounts Payable

Mar

3

Delwood Plaza

3/10, n/60

211 (a)

5,900.00

Mar

20

Jasper Sales

net 30

211 (c)

2,150.00

Mar

28

Houghton Supplies

2/10, n/30

211 (b)

420.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,470.00

Post Balances to General Ledger accounts

118 / 211

  

GENERAL JOURNAL

Date

Details

Post Ref

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

Mar

13

Supplies

116

                   680.00

 

 

 

Houghton Supplies

211

 

                     680.00

 

 

(Supplies purchased on credit, terms net end of month)

 

 

 

 

 

 

 

 

 

Mar

17

Sales returns and allowances

413

                   740.00

 

 

 

J. R. Wakeland

112

 

                     740.00

 

 

(Credit note issued for return of goods)

 

 

 

 

 

 

 

 

 

Mar

17

Inventory

118

                   410.00

 

 

 

Cost of Sales

511

 

                     410.00

 

 

(Cost of sales reversed on return)

 

 

 

 

 

 

 

 

 

Mar

22

Furniture

151

                   775.00

 

 

 

Delwood Plaza

211

 

                     775.00

 

 

(Purchase of furniture at credit term 3/10, n/60)

 

 

 

 

 

 

 

 

 

Mar

29

Houghton Supplies

211

                   420.00

 

 

 

Inventory

118

 

                     420.00

 

 

(Returned defective inventory)

 

 

 

 

 

 

 

 

 

General Ledger 

DEBIT

CREDIT

Date

Details

Amt. $

Date

Details

Amt. $

 

 

Cash at Bank A/c 111

 

 

31st Mar

Total from cash receipt journal

13,863.00

31st Mar

Total from cash payment journal

11,078.00

 

 

 

31st Mar

Closing balance

2,785.00

 

 

 

 

 

 

 

 

13,863.00

 

 

13,863.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts Receivable A/c  112

 

 

31st Mar

Total from sales journal

12,965.00

17th Mar

Credit note issued

              740.00

 

 

 

31st Mar

Total from cash receipt journal

10,425.00

 

 

 

31st Mar

Closing balance

           1,800.00

 

 

12,965.00

 

 

12,965.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplies A/c  116

 

 

13th Mar

Purchase on credit

                       680.00

24th Mar

Supplies sold

80

 

 

 

31st Mar

Closing balance

600.00

 

 

 

 

 

 

 

 

680.00

 

 

680.00

 

 

 

 

 

 

 

 

Prepaid Insurance a/c  117

 

 

22nd Mar

Insurance purchased

1,345.00

 

 

 

 

 

 

31st Mar

Closing balance

1,345.00

 

 

 

 

 

 

 

 

1,345.00

 

 

1,345.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inventory A/c 118

 

 

17th Mar

Inventory returned by client

                       410.00

29th Mar

Inventory returned by us

              420.00

31st Mar

Total from cash payment journal

770.00

31st Mar

Total from cash receipt journal

1,820.00

31st Mar

Total from purchase journal

8,470.00

31st Mar

Total from sales journal

7,070.00

 

 

 

31st Mar

Closing balance

340.00

 

 

 

 

 

 

 

 

9,650.00

 

 

9,650.00

 

 

 

 

 

 

 

 

Furniture A/C  151

 

 

5th Mar

Purchased furniture for cash

1080.00

 

 

 

22nd Mar

Purchased furniture on credit

                       775.00

31st Mar

Closing balance

1,855.00

 

 

 

 

 

 

 

 

1855.00

 

 

1,855.00

 

 

 

 

 

 

 

 

Accounts Payable A/c  211

 

 

29th Mar

Inventory returned

                       420.00

13th Mar

Purchase on credit

              680.00

31st Mar

Total from cash payment journal

6,580.00

22nd Mar

Purchased furniture on credit

              775.00

31st Mar

Closing balance

                    2,925.00

31st Mar

Total from purchase journal

8,470.00

 

 

                    9,925.00

 

 

           9,925.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Revenue a/c 411

 

 

 

 

 

31st Mar

Total from cash receipt journal

3,410.00

31st Mar

Closing balance

16,375.00

31st Mar

Total from sales journal

12,965.00

 

 

 

 

 

 

 

 

16,375.00

 

 

16,375.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Sales discounts  412

 

 

31st Mar

Total from cash receipt journal

172.00

31st Mar

Closing balance

172.00

 

 

 

 

 

 

 

 

172.00

 

 

172.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Returns and Allowances    413

 

 

17th Mar

Credit note issued

                       740.00

31st Mar

Closing balance

740.00

 

 

 

 

 

 

 

 

                       740.00

 

 

740.00

 

 

 

 

 

 

 

 

Discount received - 414

 

 

31st Mar

Closing balance

177.00

31st Mar

Total from cash payment journal

177.00

 

 

 

 

 

 

 

 

177.00

 

 

177.00

 

 

 

 

 

 

 

 

Interest Revenue A/c 419

 

 

31st Mar

Closing balance

120.00

8th Mar

Interest received

120

 

 

 

 

 

 

 

 

120.00

 

 

120

 

 

 

 

 

 

 

 

Cost of Sales A/c 511

 

 

31st Mar

Total from cash receipt journal

1,820.00

17th Mar

Inventory returned

              410.00

31st Mar

Total from sales journal

7,070.00

31st Mar

Closing balance

           8,480.00

 

 

 

 

 

 

 

 

8,890.00

 

 

8,890.00

 

 

 

 

 

 

 

 

Salary expense  531

 

 

31st Mar

Total from cash payment journal

1,100.00

31st Mar

Closing balance

           1,100.00

 

 

 

 

 

 

 

 

1,100.00

 

 

1,100.00

 

 

 

 

 

 

 

 

Electricity and Gas expense     541

 

 

25th Mar

Expesnes paid

380.00

31st Mar

Closing balance

              380.00

 

 

 

 

 

 

 

 

380.00

 

 

380.00

Accounts Receivable Subsidiary Ledger 

DEBIT

CREDIT

Date

Details

Amt. $

Date

Details

Amt. $

 

 

Canberra Associates (a)

 

 

9th Mar

Sales on credit

6,250.00

19th Mar

Cash received

6250.00

29th Mar

Sales on credit

1,800.00

31st Mar

Closing balance

1800.00

 

 

 

 

 

 

 

 

8,050.00

 

 

8050.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JR Wakeland (b)

 

 

15th Mar

Sales on credit

740.00

17th Mar

Credit note issued

740.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

740.00

 

 

740.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

L E Wooten (c)

 

 

2nd Mar

Sales on credit

2,350.00

12th Mar

Cash received

2350.00

18th Mar

Sales on credit

1,825.00

31st Mar

Cash received

1825.00

 

 

 

 

 

 

 

 

4,175.00

 

 

4,175.00

Accounts Payable Subsidiary Ledger

DEBIT

CREDIT

Date

Details

Amt. $

Date

Details

Amt. $

 

 

Delwood Plaza (a)

 

 

13th Mar

Cash paid

5,900.00

3rd Mar

Purchase on credit

5,900.00

31st Mar

Closing balance

775.00

22nd Mar

Purchased furniture on credit

                 775.00

 

 

 

 

 

 

 

 

6,675.00

 

 

6,675.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Houghton Supplies (b)

 

 

29th Mar

Inventory returned

                     420.00

13th Mar

Purchase on credit

                 680.00

30th Mar

Cash paid

680.00

28th Mar

Purchase on credit

                 420.00

 

 

 

 

 

 

 

 

                 1,100.00

 

 

              1,100.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jasper Sales (c)

 

 

31st Mar

Closing balance

2,150.00

20th Mar

Purchase on credit

2,150.00

 

 

 

 

 

 

 

 

2,150.00

 

 

2,150.00

 

 

 

 

 

 

 

 

Reconciliation of subsidiary Accounts Receivable Ledger with General Ledger Control Account for Accounts Receivable

 

Account name

Balance at month end

Canberra Associates (a)

1800.00

JR Wakeland (b)

0

L E Wooten (c)

0

 

 

Balance at month end

1800.00

 

 

 

 

as per Accounts Receivable Control Account in the General Ledger

                        1,800.00

Reconciliation of subsidiary Accounts Payable Ledger with General Ledger Control Account for Accounts payable 

Account name

Balance at month end

Delwood Plaza (a)

775.00

Houghton Supplies (b)

0

Jasper Sales (c)

2,150.00

 

 

Balance at month end

2925.00

 

 

 

 

 

 

as per Accounts Payable Control Account in the General Ledger

                        2,925.00

 

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help. (2020). Comprehensive Journal Posting And Reconciliation. Retrieved from https://myassignmenthelp.com/free-samples/bz102-accounting-principles-for-reconciliation-of-subsidiary-accounts-payable.

"Comprehensive Journal Posting And Reconciliation." My Assignment Help, 2020, https://myassignmenthelp.com/free-samples/bz102-accounting-principles-for-reconciliation-of-subsidiary-accounts-payable.

My Assignment Help (2020) Comprehensive Journal Posting And Reconciliation [Online]. Available from: https://myassignmenthelp.com/free-samples/bz102-accounting-principles-for-reconciliation-of-subsidiary-accounts-payable
[Accessed 12 July 2024].

My Assignment Help. 'Comprehensive Journal Posting And Reconciliation' (My Assignment Help, 2020) <https://myassignmenthelp.com/free-samples/bz102-accounting-principles-for-reconciliation-of-subsidiary-accounts-payable> accessed 12 July 2024.

My Assignment Help. Comprehensive Journal Posting And Reconciliation [Internet]. My Assignment Help. 2020 [cited 12 July 2024]. Available from: https://myassignmenthelp.com/free-samples/bz102-accounting-principles-for-reconciliation-of-subsidiary-accounts-payable.

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