this is how it woks

Topics: Generally Accepted Accounting Principles, Balance sheet, Accounts receivable Pages: 33 (886 words) Published: January 5, 2014

BYP 7-1FINANCIAL REPORTING PROBLEM — A MINI PRACTICE SET

(a)
Sales Journal
S1

Date

Account
Debited

Invoice
No.

Ref.
Accounts Receivable Dr.
Sales Cr.
Cost of Sales Dr.
Inventory Cr.

Purchases Journal
P1

Date

Account Credited

Terms

Ref.

Inventory Dr.
Accounts Payable Cr.



Cash Receipts Journal
CR1

Date

Account
Credited

Ref.

Cash
Dr.
Sales Disc’
Dr.

Accounts
Receivable
Cr.

Sales
Cr.

Other
Accounts
Cr.
Cost of Sales
Dr.
Inventory
Cr.







BYP 7-1 (continued)

Cash Payments Journal
CP1

Date

Account Debited

Ref.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Office
Supplies
Dr.
Discount Received
Cr.

Cash
Cr.

(a) & (e)
General Journal
G1
Date
Account Titles and Explanations
Ref.
Debit
Credit
Jan.9

18

21

31

31

31

31

31

BYP 7-1 (continued)

General Journal
G1
Date
Account Titles and Explanations
Ref.
Debit
Credit
Jan.31

31

31

(b) & (e)General Ledger

CashNo. 101
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1
31
31

Balance


 35 750

Accounts ReceivableNo. 112
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1
31
31
9

Balance


 13 000


Notes ReceivableNo. 115
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1

Balance


39 000

BYP 7-1 (continued)

InventoryNo. 120
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1
31
31
31
9
18

Balance


18 000

Office SuppliesNo. 125
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1
31
31

Balance


 1 000

Prepaid InsuranceNo. 130
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1
31

Balance


  

 2 000

EquipmentNo. 157
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1

Balance


 6 450

Accumulated Depreciation — EquipmentNo. 158
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1
31

Balance


  

 1 500


Notes PayableNo. 200
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.21

G1

15 000

15 000

Accounts PayableNo. 201
Date

Explanation
Ref.

Debit

Credit

Balance
Jan.1
31
31
18
21

Balance


35 000

Interest PayableNo. 230
Date

Explanation
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