Financial Accounting

Jan. 4 The company paid cash to Lyn Addie for five days work at the rate of $125 per day. Four of the five days relate to wages payable that were accrued in the prior year.

5 Adria Lopez invested an additional $25,000 cash in the company. 7 The company purchased $5800 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7.

9 The company received $2,668 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alexs Engineering Co. and billed it $5,50, which is the total price of $7000 less the advance payment of $1500.

13 The company sold merchandise with a retail value of $5200 and a cost of $3,560 to Liu Corp., invoice dated January 13.

15 The company paid $600 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,000 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $500 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $220 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.)

22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise.

24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $496.

26 The company purchased $9,000 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB destination, invoice dated January 26.

26 The company sold merchandise with a $4,640 cost for $5,800 on credit to KC, Inc., invoice dated January 26. 29 The company received a $496 credit memorandum from Kansas Corp. concerning the merchandise returned on January 24.

31 The company paid cash to Lyn Addie for 10 days work at $125 per day. Feb. 1 The company paid $2,475 cash to Hillside Mall for another three months’ rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $496 amount in the credit memorandum.

5 The company paid $600 cash to the local newspaper for an advertising insert in today’s paper. 11 The company received the balance due from Alex’s Engineering Co. for fees billed on January 11.

15 Adria Lopez withdrew $4,800 cash from the company for personal use. 23 The company sold merchandise with a $2,660 cost for $3,220 on credit to Delta Co., invoice dated February 23.

26 The company paid cash to Lyn Addie for eight days’ work at $125 per day. 27 The company reimbursed Adria Lopez for business automobile mileage (600 miles at $0.32 per mile).

Mar. 8 The company purchased $2,730 of computer supplies from Harris Office Products on credit, invoice dated March 8.

9 The company received the balance due from Delta Co. for merchandise sold on February 23.

11 The company paid $960 cash for minor repairs to the company’s computer. 16 The company received $5,260 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,100) and March 8.

24 The company billed Easy Leasing for $8900 of computing services provided. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25.

30 The company sold merchandise with a $1,100 cost for $2,220 on credit to IFM Company, invoice dated March 30.

31 The company reimbursed Adria Lopez for business automobile mileage (400 miles at $0.32 per mile).

Assume that Adria Lopez expands Success Systems accounting system to include special journals.

Required:*
2.* Enter the Success Systems transactions for January through March in a sales journal, a cash receipts journal, a purchases journal, and a cash disbursements journal or a general journal. If the transaction does not specify the name of the payee, state not specified in the Payee column of the cash disbursements journal. The transactions on the following dates should be journalized in the general journal: January 5, 11, 20, 24, 29 and March 24. Do not post the adjusting entries for the end of March.
I need to show the Sales Journal, Cash Receipts Journal, Purchases Journal, Cash Disbursements Journal and a Journal Entry Worksheet for this homework problem.