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Suggested Solution: Unit 7 – Subsidiary Ledger and Special Journals

EXERCISE 7-4

(a) $3,500 [$10,000 – ($4,000 + $2,500)].


(b) $12,000 [$10,000 + ($9,000 + $7,000 + $8,500) – ($8,000 + $2,500 + $9,000) –
$3,000].
(c) Bixler ($4,000 + $9,000 – $8,000) $ 5,000
Cuddyer ($2,500 + $7,000 – $2,500 – $3,000) 4,000
Freeze ($3,500 + $8,500 – $9,000) 3,000
$12,000
(d) The sales return ($3,000) would be recorded in the general journal instead
of
special journal.

EXERCISE 7-5

(a) $4,375 [$9,250 – ($3,000 + $1,875)].


(b) $10,750 [$9,250 + ($6,750 + $5,250 + $6,375) – ($6,000 + $1,875 + $6,750) –
$2,250].
(c) Hale ($3,000 + $6,750 – $6,000) $3,750
Janish ($1,875 + $5,250 – $1,875 – $2,250) 3,000
Valdez ($4,375 + $6,375 – $6,750) 4,000
$10,750
(d) The purchase return ($2,250) would be recorded in the general journal
instead of
special journal.

EXERCISE 7-6

(a) & (b)


GOMES COMPANY
Sales Journal S1
Account Invoice Accounts Receivable Dr. Cost of Goods Sold Dr.
Date Debited No. Ref. Sales Revenue Cr. Inventory Cr.
2017
Sept. 2 H. Drew 101 620 420
21 G. Holliday 102 800 480
1,420 900

GOMES COMPANY
Purchases Journal P1
Inventory Dr.
Date Account Credited Terms Ref. Accounts Payable Cr.
2017
Sept. 10 A. Pagan 2/10, n/30 650
25 D. Downs n/30 860
1,510

EXERCISE 7-7

(a) & (b)


R. SANTIAGO CO.
Cash Receipts Journal CR1
Cost of Goods Sold
Sales Accounts Sales Other Dr.
Account Cash Discounts Receivable Revenue Accounts Inventory
Date Credited Ref. Dr. Dr. Cr. Cr. Cr. Cr.
2017
May 1 Owner’s Cap. 40,000 40,000
2 6,300 6,300 4,200
22 M. Mangini 9,000 9,000
55,300 9,000 6,300 40,000 4,200
EXERCISE 7-7 (Continued)

R. SANTIAGO CO.
Cash Payments Journal CP1
Other Accounts
Ck. Accounts Payable Inventory Cash
Date No. Account Debited Ref. Dr. Dr. Cr. Cr.
2017
May 3 101 Inventory 7,700 7,700
14 102 Salaries and
Wages Expense 700 700
8,400 8,400

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