Accounting Review
Instructions:
1. Journalize the following transactions for December of the current year in the journals provided. Journal page numbers are CP-5, CR-4, G-3, P-6, and S-2. Use the number of each transaction as the day of the month.
1 Mrs. Holtmeyer invested $20,000.00 of her own money into the workshop. R40
2 Mrs. Holtmeyer needed $300.43 of repairs to her sleigh. C23
3 Mrs. Holtmeyer withdrew cash for personal use $50.00, C24.
4 Mrs. Holtmeyer bought merchandise on account from Supplies.com for $156.63. P17
5 Mrs. Holtmeyer bought supplies for the shop, $25.00 C25
6 Mrs. Holtmeyer paid her water bill for $85.68. C26
7 Paid on account to Toys ‘R Us for $326.95. C27
8 Sold merchandise on account to Travis Piper, $325.00, plus sales tax, $19.50; total $344.50, S35
9 Mrs. Holtmeyer bought insurance for her car for $207.62. C28
10 Mrs. Holtmeyer took out $500.00 for personal use. C29
11 Reimbursed the Petty Cash Fund for $327.77; Supplies 103.52; Advertising Expense, 127.36; Credit Card Fee Expense, $50.22; Miscellaneous Expense, $46.67. C30
12 Mrs. Holtmeyer paid her rent for $1,000.00. C31
13 Purchased supplies on account from Supplies.com, $75.00, M41
14 Purchased merchandise on account from Photo Supplies Store, $75, P18.
15 Received cash on account from John Doe, $50. R41
16 Mrs. Holtmeyer made a mistake in November and recorded $217.86 to Repair Expense instead of Miscellaneous Expense. Create an entry to correct that error. M42
17 Mrs. Holtmeyer sold some of last year’s yearbooks while appearing at the mall in St. Joseph. Recorded cash and credit card sales for $2,000.93. (non-profit organization so she doesn’t have to pay sales tax) T17
18 Sold merchandise on account to Jane Little, $75, Sales tax, $5.80, Total, $80.80. S36
19 Mrs. Holtmeyer bought a new camera (miscellaneous expense) for $3,056.71 with cash. C32
24 Mrs. Holtmeyer bought new lens (supplies) for her camera at the Photo Supplies Store for $50.56 on account. M43
24 Mrs. Holtmeyer paid for gas (utilities expense) for her car for $26.86. C33
24 Leah Bobbie bought merchandise on account, $150, sales tax payable, $10.50, total 160.50. S37
24 Received cash on account from Jane Little, $80.80, R42.
24 Recorded cash and credit card sales from last minute shoppers, $2,680.00, plus sales tax, $160.80; total, $2,840.80, T24
24 Mrs. Holtmeyer withdrew merchandise for personal use $50.00, M44.
2. Prove and rule the sales journal.
3. Prove and rule the purchases journal.
4. Prove and rule the cash receipts journal.
5. Prove and rule the cash payments journal.