On August 1, 2016, Stephanie Ram, a sole proprietor, started a new business, Ram Wholesale Company. The company sells refrigerators (merchandise) to various retail stores and uses the periodic inventory system. At the end of August, the company’s Post-Closing Trial Balance showed the following accounts and balances:
Credit
Ram Wholesale Company
Post-Closing Trial Balance
August 31, 2016
Account Titles
Debit
Cash
$152,900
Accounts ReceivablSept.
1
2
3
6
Stephanie Ram, the proprietor of the business, invested $89,000 cash and Office Supplies valued at $1,800 into17
20
Purchased a Delivery Truck for $70,000 in cash.
Received payment (before any applicable discounts) from the following c23
24
25
26
Stephanie Ram withdrew $4,300 in cash for her personal use.
Sold several refrigerators and received $216,000 cashDate Account Titles
Debit
Credit
2016
Sept. 1 Cash
89,000
Office Supplies
1,800
Stephanie Ram, Capital
90,800
2 Petty Cash Fu15 Store Supplies
6,600
Accounts Payable/Lisa Supplies Co.
1,200
Accounts Payable/Wiley Retailers
1,800
Accounts Payable/Farg25 Accounts Receivable/Dora Franklin
91,000
Cash
Purchases Discounts
>
26 Utilities Expense
<
7,900
Cash
7,900
27 Forklift
32
Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts Receivable and Accounts Payable should be posted as a total amount to the Accounts Receivable and Accounts Payable accounts in the General Ledger. (Post the General Journal entries in chronological order to the respective accounts in the Ledgers below. Calculate the running balances for each account after each posting. Do not use dollar signs ($) when entering amounts. Only recalculate the ending balances to Ledger accounts where amounts were posted. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
Cash
Date
Debit
Credit
Balance
Aug. 31 Balance
152,900
Sept. 1 v
89,000
241,900
2.
5,500
236,400
3
3,400
233,000
6
184,800
12Petty Cash Fund
Date
Debit
Credit
Balance
Accounts Receivable
Date
Debit
Credit
Balance
Aug. 31 Balance
15,800
Merchandise InLand
Date
Debit
Credit
Balance
Aug. 31 Balance
35,000
Forklift
Date
Debit
Credit
Balance
Delivery Truck
Date
Debit
Credit
BalNotes Payable
Date
Debit
Credit
Balance
Aug. 31 Balance
62,500
Stephanie Ram, Capital
Date
Debit
Credit
Balance
Aug. 31 BalanPurchases Discounts
Date
Debit
Credit
Balance
Purchases Returns and Allowances
Date
Debit
Credit
Balance
Freight-In
Date
DebiRent Expense
Date
Debit
Credit
Balance
Cash Short & Over
Date
Debit
Credit
Balance
Accounts Receivable Subsidiary Ledger
JoseDora Franklin
Date
Item
Debit
Credit
Balance
3/10; N/60
Accounts Payable Subsidiary Ledger
Wiley Retailers
Date
Item
Debit
CrMason Retailers
Date
Item
Debit
Credit
Balance
Aug. 26 Balance
1/20; N/45
3,900
4/20; N/45
Lincoln Wholesale
Date
Item
Debit
Prepare a Trial Balance using the account names and balances from the General Ledger. (Do not list those accounts that have zero ending balance. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
Debit
Credit
$
Totals
Using the information from the Accounts Receivable Subsidiary Ledger, prepare a Schedule of Accounts Receivable. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.)
>
>
$
<
Total
$
Using the information from the Accounts Payable Subsidiary Ledger, prepare a Schedule of Accounts Payable. (Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter your answers with commas.
$
>
Total
$
