Accounting assignment

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Answered Same Day May 08, 2021

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Akash answered on May 09 2021

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    Name _________________________________                                     BSAD B53a Final Exam
    You are the accountant for The Final Company. The Final Company is a retailer and it utilizes a perpetual inventory system. In your role as accountant you are responsible for:
1. Journalizing the transactions below (no descriptions necessary).
2. Use the General Journal to post the journal entries to the General Ledger.
3. Record the appropriate transactions to the accounts receivable and accounts payable subsidiary ledgers
and update the General Journal accordingly.
4. Prepare the schedule of accounts receivable and schedule of accounts payable for the end of April.
    April 1    Issued Check No 554 for April Rent $1500.
    April 2    Purchased merchandise on account $400 from Smith Company. Terms, 2/10 n/30.
    April 3    Sold merchandise on account to Mendoza Company $1200, issued invoice #401. Terms 3/10 n/30. The cost of the merchandise sold was $1000
    April 6    Issued check number 555 to Smith Company for FULL payment on their account.
    April 8    Sold merchandise on account to Johnson Company $3200, issued invoice #402. Terms 3/10 n/30. The cost of the merchandise sold was $2800
    April 11    Issued Credit Memo #234 to Mendoza Company for $240 for merchandise returned. The cost of the merchandise was $200.
    April 15    Collected $600 from Mendoza Company for payment on their account, invoice #401.
    April 19    Purchased merchandise on account from Prescott Company $2350. Terms, n/30.
    April 20    Received $1500 from Johnson Company for partial payment on their accountm invoice #402.
    April 23    Paid freight on April 19 purchase, $150.
    April 24    Issued Check No 556 for April Utilities $900.
    April 30    Cash sales for the month were $3000; the cost of the merchandise sold was $2200.
    CHART OF ACCOUNTS
    ASSETS                    REVENUE
    110    CASH                400    SALES
    112    ACCOUNTS RECEIVABLE                412    SALES RETURNS AND ALLOWANCES
    120    MERCHANDISE INVENTORY
                        EXPENSES
    LIABILITIES                    500    COST OF GOODS SOLD
    201    ACCOUNTS PAYABLE                600    RENT EXPENSE
                        610    UTILITIES EXPENSE
Chart of Accounts
    Number    Account Description    Acccount...

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Accounting assignment

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