Assume Barton Springs Glass Company uses the perpetual inventory system. The general ledger of Barton...

90.2K

Verified Solution

Question

Accounting

image
image
image
image
Assume Barton Springs Glass Company uses the perpetual inventory system. The general ledger of Barton Springs Glass Company includes the following selected accounts, along with their account numbers (Click on the icon to view the accounts.) Sales and cash receipts transactions in July were as follows. (Click on the icon to view the transactions.) Read the requirements. Requirement 1,2, and 3. Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts joumal (omit the Sales Discounts Forfeited column). Total each column of the sales journal and the cash receipts joumal. Show that total debits equal total credits. Show how postings would be made by entering the account numbers and check marks in the appropriate places in the journals. Begin with the sales journal. Enter the transactions and total the journal. (Assume all postings are made to the applicable ledgers. If a box is not used in the journal leave the box empty. do not select information and do not enter a zero.) Record the appropriate transactions in the cash receipts journal (If a box is not used in the journal leave the box empty; do not select information and do not enter a zero. Select " X " if the column total is not posted. Abbreviations used: Rec. = More info Data table Requirements 1. Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts journal (omit the Sales Discounts Forfeited column). 2. Total each column of the sales journal and the cash receipts journal. Show that total debits equal total credits. 3. Show how postings would be made by entering the account numbers and check marks in the appropriate places in the journals. (Assume all postings are made to the applicable ledgers.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students