EX 51 Identify postings from revenue journal Using the follo

EX 5-1 Identify postings from revenue journal Using the following revenue journal for Zeta Services Inc., identify each references, indicat or (2) posting to subsidiary ledger accounts: ed by a letter, as representing OBJ. 2 (1) posting to general ledger accounts REVENUE JOURNAL DateInvoice 2016 Mar. 1 112 Hazmat Safety Co. Post. Accounts Rec. Dr. Ref. Fees Earned Cr Account Debited 10 20 114 Eco-Systems 27 115 Sunrise Enterprises 30 113 Masco Co. 2875 980 1,700 1,240 $6,795 EX 5-2 Accounts receivable ledger Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a s4so beg balance. In addition, there were no collections during the period. a. Set up a T account for Accounts Receivable and T accounts for the four accounts ts oBJ. 2 inning needed in the customer ledger. b. Post to the T accounts. c. Determine the balance in the accounts. d. Prepare a listing of the accounts receivable customer balances as of March 31, 2016. lantify journals 081. 2 EX Assim.. :ne use of a two-column (all-purpose) general iournal, a revenue ¡ournal, and a cash receipts journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded a. Closing of drawing account at the end of the year. b. Providing services for cash. c. Sale of office supplies on account, at cost, to a neighboring business. d. Receipt of cash from sale of office equipment e. Receipt of cash for rent. f. Receipt of cash on account from a customer. g. Providing services on account. h. Investment of additional cash in the business by the owner. i. Receipt of cash refund from overpayment of taxes. i. Adjustment to record accrued salaries at the end of the year. OBJ. 2 EX 5-4 Identify journals Assuming the use of a two-column (all purpose) general journal, a purchases journal, and a cash payments journal as illustrated in this chapter, indicate the journal in which each of the following transactions should be recorded a. Purchase of office supplies for cash. b. Advance payment of a one-year fire insurance policy on the office c. Purchase of office equipment for cash. d. Adjustment to prepaid insura nce at the end of the month.

Solution

Ex 5-3

There are 7 types of journal:

sales journal [record credit sales of merchandise]

purchase journal   [[record credit purchase of merchandise]

sales return   [record return of credit sales of merchandise]

purchase return [record return of credit purchase of merchandise]

cash receipt   [record cash receipts]

cash disbursement [record cash payment]

general journal [enteries other than above]

	Type of journal
a	General journal /Journal proper
b	cash receipt journal
c	General journal
d	cash receipt
e	cash disbursement
f	cash receipt
g	sales journal
h	cash receipt
i	cash receipt
j	general journal