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Mini Practice Set 5 ■ 501
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Mini Practice Set 5 ■ 501
MINI PRACTICE SET 5 Name Date Class
Go Fly a Kite Inc.
CHART OF ACCOUNTS
ASSETS101 Cash in Bank105 Accounts Receivable110 Merchandise Inventory115 Supplies120 Prepaid Insurance125 Office Equipment130 Store Equipment
LIABILITIES201 Accounts Payable205 Federal Corp. Income Tax Payable210 Sales Tax Payable
STOCKHOLDERS’ EQUITY301 Capital Stock305 Retained Earnings310 Income Summary
Accounts Receivable Subsidiary Ledger BES Best ToyLAR Lars’ SpecialtiesSER Serendipity ShopSMA Small Town ToysTOY The Toy Store
REVENUE401 Sales405 Sales Discounts410 Sales Returns and Allowances
COST OF MERCHANDISE501 Purchases505 Transportation In510 Purchases Discounts515 Purchases Returns and Allowances
EXPENSES605 Advertising Expense610 Bankcard Fees Expense615 Insurance Expense620 Miscellaneous Expense625 Rent Expense630 Salaries Expense635 Supplies Expense640 Utilities Expense650 Federal Corp. Income Tax Expense
Accounts Payable Subsidiary LedgerBRA Brad Kites Ltd.CRE Creative Kites Inc.EAS Easy Glide Co.RED Reddi-Bright ManufacturingSTA Stars Kites OutletTAY Taylor Office Supplies
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502 ■ Mini Practice Set 5
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Name Date Class
Mini Practice Set 5 (textbook p. 778)
Instructions: Use the following source documents to record the transactions for this practice set.
TO
DATE:ORDER NO.:
SHIPPED BY:TERMS:
QTY. ITEM UNIT PRICE TOTAL
Go Fly a Kite Inc.112 Ashby DriveAtlanta, GA 30308
General merchandise $1,475.00
Dec. 16, 20– –
INVOICE NO. 410Reddi-Bright MANUFACTURING127 Hill Street, #5000Druid Hills, GA 30333
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
610
United States Treasury
December 16 ––
Michael Ramspart
One thousand fifty and 00/100
1,050.00
�62124571� 2323 1112� 0610
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
Qtrly. fed. inc. tax
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
611
Brad Kites, Ltd.
December 16 ––
Michael Ramspart#112 $2600 less disc.
Two thousand five hundred forty-eight and 00/100
2,548.00
�62124571� 2323 1112� 0611
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
612
Sanwa Bank
December 17 ––
Michael RamspartMonthly payroll
Four thousand seven hundred fifty and 00/100
4,750.00
�62124571� 2323 1112� 0612
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
TO
DATE:ORDER NO.:
SHIPPED BY:TERMS:
QTY. ITEM UNIT PRICE TOTAL
Go Fly a Kite Inc.112 Ashby DriveAtlanta, GA 30308
2 Calendar/Planner $40.00 $80.00
December 17, 20 – –
INVOICE NO. 830Taylor Office Supplies212 Morningside Drive
Atlanta, GA 30305
RECEIVED FROM $
DOLLARS
FOR
RECEIPT
RECEIVED BY
20 ––
Best Toys 1,965.60
One thousand nine hundred sixty-five and 60/100
Sales slip #479 for $2,003.40, less $37.80 discount
Michael Ramspart
December 17
No. 358
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DATE: NO.
SOLDTO
UNITPRICEDESCRIPTION
CASHCLERK CHARGE TERMS
QTY. AMOUNT
SUBTOTAL
SALES TAX
TOTALThank You!
Best Toys
484December 19, 20––
26 Kites $100.00 $2,600 00
$2,600 00
156 00
$2,756 00
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
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Mini Practice Set 5 ■ 503
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Mini Practice Set 5 (continued)
RECEIVED FROM $
DOLLARS
FOR
RECEIPT
RECEIVED BY
20 ––
Lars’ Specialties 1,716.00
One thousand seven hundred sixteen and 00/100
Payment of sales slip #480 for $1,749, less $33 discount
Michael Ramspart
December 19
No. 359
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
TO
DATE:ORDER NO.:
SHIPPED BY:TERMS:
QTY. ITEM UNIT PRICE TOTAL
Go Fly a Kite Inc.112 Ashby DriveAtlanta, GA 30308
50 Kites $31.20 $1,560.00
Dec. 20, 20– –
INVOICE NO. 215Brad Kites, Ltd.633 Louise StreetAtlanta, GA 30303
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
613
Creative Kites, Inc.
December 20 ––
Michael Ramsparton account
Three hundred seventy-five and 00/100
375.00
�62124571� 2323 1112� 0613
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DATE:
NAME:
CUSTOMER SIGNATURE
CREDIT MEMORANDUM
ADDRESS:
ORIGINALSALES DATE
ORIGINALSALES SLIP
APPROVAL
SUBTOTAL
SALESTAX
TOTAL
DESCRIPTIONQTY.
REASON FOR RETURN
THE TOTAL SHOWN AT THE RIGHT WILL BE CREDITEDTO YOUR ACCOUNT.
AMOUNT
MDSERET
NO.
$
$
$
Best Toys
December 21, 20––
Katie Sims
100 00
100 00
6 00
106 00
1 Kite
damaged
Dec. 19, 20 – – 484 M.R.
44Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DATE: NO.
SOLDTO
UNITPRICEDESCRIPTION
CASHCLERK CHARGE TERMS
QTY. AMOUNT
SUBTOTAL
SALES TAX
TOTALThank You!
Lars’ Specialties
485December 23, 20––
100 Kites $15.80 $1,580 00
$1,580 00
94 80
$1,674 80
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
RECEIVED FROM $
DOLLARS
FOR
RECEIPT
RECEIVED BY
20 ––
Serendipity Shop 300.00
Three hundred and 00/100
Payment on account
Michael Ramspart
December 23
No. 360
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
614
Easy Glide Co.
December 23 ––
Michael Ramspart#326 $1890 less disc.
One thousand eight hundred fifty-two and 20/100
1,852.20
�62124571� 2323 1112� 0614
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
RECEIVED FROM $
DOLLARS
FOR
RECEIPT
RECEIVED BY
20 ––
The Toy Store 1,102.40
One thousand one hundred two and 40/100
Sales slip #483 for $1,123.60, less $21.20 discount
Michael Ramspart
December 26
No. 361
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
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504 ■ Mini Practice Set 5
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Name Date Class
Mini Practice Set 5 (continued)
To:
Date:
Invoice No.:
Quantity Item Unit Price
This day we have debited youraccount as follows:
Total
DEBIT MEMORANDUM
Brad Kites, Ltd.633 Louise StreetAtlanta, GA 30303
December 26, 20––215
1 $150.00 $150.00misc. merchandise
No. 28
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
TO
DATE:ORDER NO.:
SHIPPED BY:TERMS:
QTY. ITEM UNIT PRICE TOTAL
Go Fly a Kite Inc.112 Ashby DriveAtlanta, GA 30308
Specialty kites $1,630.00
Dec. 26, 20– –
INVOICE NO. 335EASY GLIDE CO.124 Merric Blvd., #2AAtlanta, GA 30301
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
615
Daily Examiner
December 28 ––
Michael Ramspartmonthly advertising
One hundred twenty and 00/100
120.00
�62124571� 2323 1112� 0615
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
RECEIVED FROM $
DOLLARS
FOR
RECEIPT
RECEIVED BY
20 ––
Small Town Toys 450.00
Four hundred fifty and 00/100
Payment on account
Michael Ramspart
December 28
No. 362
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
616
Stars Kites Outlet
December 29 ––
Michael Ramsparton account
One thousand six hundred twenty-five and 00/100
1,625.00
�62124571� 2323 1112� 0616
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DATE: NO.
SOLDTO
UNITPRICEDESCRIPTION
CASHCLERK CHARGE TERMS
QTY. AMOUNT
SUBTOTAL
SALES TAX
TOTALThank You!
The Toy Store
486December 29, 20––
50 Kites Variety Pack $39.80 $1,990 00
$1,990 00
119 40
$2,109 40
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
617
Reddi-Bright Manufacturing
December 30 ––
Michael Ramsparton account
Seven hundred and 00/100
700.00
�62124571� 2323 1112� 0617
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
DATE: NO.
SOLDTO
UNITPRICEDESCRIPTION
CASHCLERK CHARGE TERMS
QTY. AMOUNT
SUBTOTAL
SALES TAX
TOTALThank You!
Serendipity Shop
487December 30, 20––
28 Kites $20.00 $560 00
$560 00
33 60
$593 60
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
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Mini Practice Set 5 ■ 505
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Name Date Class
Mini Practice Set 5 (continued)
Dollars Cents
$
Date
To
For
20
Balance brought forward
Total
Less this check
Balance carried forward
10 00
150 00
No. 618 December 31 ––
Less Bank Svc. Chg.
Less Bankcard fee
DOLLARS
PAY TO THEORDER OF
DATE 20
$
MEMO
618
Remote Trucking Co.
December 31 ––
Michael Ramsparttransport. charges
Fifty-one and 60/100
51.60
62124571 2323 1112 0618
4-5716212
Sanwa Bank
Go Fly a Kite Inc. 112 Ashby Drive Atlanta, GA 30308
3,995.10 CA239.71 TX
4,234.81 TTL
1,736.27 CA104.18 TX
1,840.45 TTL
Dec 31Tape 41
Dollars Cents
Balance brought forward
Add deposits
Total
Less this check
Balance carried forward
$
Date
To
For
20
4,234 81
1,840 45
No. 619 December 31 ––
12/31/– – (T41)
12/31/– – (T41)
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Notes
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Mini Practice Set 5 ■ 507
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Name Date Class
Mini Practice Set 5 (continued)
(1), (4)
SALES JOURNAL
DATESALESSLIPNO.
CUSTOMER’S ACCOUNT DEBITED POST.REF.
SALESCREDIT
SALES TAXPAYABLECREDIT
ACCOUNTSRECEIVABLE
DEBIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
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PAGE 22
20–– Dec. 7 479 Best Toys ✓ 189000 11340 200340 9 480 Lars’ Specialties ✓ 165000 9900 174900 9 481 Serendipity Shop ✓ 121900 7314 129214 12 482 Small Town Toys ✓ 87500 5250 92750 15 483 The Toy Store ✓ 106000 6360 112360
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Mini Practice Set 5 (continued)
CA
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IN B
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IT
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
CA
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12
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1
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11
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Mini Practice Set 5 ■ 509
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Mini Practice Set 5 (continued)
INV
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 21
20
––
D
ec.
3 C
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1
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510 ■ Mini Practice Set 5
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Name Date Class
Mini Practice Set 5 (continued)C
AS
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1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
CA
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ars
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Mini Practice Set 5 (continued)
(1), (13), (14)
GENERAL JOURNAL
DATE DESCRIPTION POST..
REF.DEBIT CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
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36
11
1
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3
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PAGE 12
20–– Dec. 3 Purchases 501 150000 Merchandise Inventory 110 150000 Memo 30 5 Sales Returns and Allowances 410 12000 Sales Tax Payable 210 7 20 Accts. Rec./Small Town Toys 105
✓ 127 20 Credit Memo 43
12 Accts. Pay./Reddi-Bright Mfg. 201✓ 8000
Purchases Returns and Allowances 515 8000 Debit Memo 27
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Name Date Class
Mini Practice Set 5 (continued)
(1)
GENERAL JOURNAL
DATE DESCRIPTION POST..
REF.DEBIT CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
11
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PAGE
(2)
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Best Toys
13400 Midway Road, Dallas, TX 75244
20–– Dec. 1 Balance ✓ 319590 2 CR23 319590 ———— 7 S22 2 00340 2 00340
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Mini Practice Set 5 (continued)
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
Lars’ Specialties
601 O’Hara Road, Arlington, TX 76010
20–– Dec. 1 Balance ✓ 189740 6 CR23 189740 ———— 9 S22 174900 174900
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
Small Town Toys
103 Cedar Park, Dallas, TX 75244
20–– Dec. 1 Balance ✓ 141200 5 G12 12720 128480 10 CR23 128480 ———— 12 S22 92750 92750
Serendipity Shop
835 Coronado Drive, Corpus Christi, TX 78403
20–– Dec. 1 Balance ✓ 76360 8 CR23 76360 ———— 9 S22 129214 129214
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514 ■ Mini Practice Set 5
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Name Date Class
Mini Practice Set 5 (continued)
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER
The Toy Store
70 South Washington Street, Fort Worth, TX 76101
20–– Dec. 1 Balance ✓ 124020 12 CR23 124020 ———— 15 S22 112360 112360
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Brad Kites Ltd.
633 Louise Street NW, Atlanta, GA 30303
20–– Dec. 1 Balance ✓ 137500 5 CP24 137500 ———— 7 P21 2 60000 2 60000
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
Creative Kites Inc.
1900 Talman Avenue North, Chicago, IL 60647
20–– Dec. 1 Balance ✓ 109000 3 P21 150000 2 59000 9 CP24 109000 150000
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Name Date Class
Mini Practice Set 5 (continued)
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Easy Glide Co.
124 Merric Blvd. #2A, Atlanta, GA 30301
20–– Dec. 1 Balance ✓ 123500 11 CP24 123500 ———— 14 P21 189000 189000
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
Reddi-Bright Manufacturing
127 Hill Street #5000, Druid Hills, GA 30333
20–– Dec. 1 Balance ✓ 2 36000 12 G12 8000 2 28000 14 CP24 2 28000 ————
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
Stars Kites Outlet
150 Vista Avenue, St. Louis, MO 63110
20–– Dec. 1 Balance ✓ 147000 6 CP24 147000 ———— 11 P21 325000 325000
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Mini Practice Set 5 (continued)
(3)
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO.
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
GENERAL LEDGERACCOUNT ACCOUNT NO. Cash in Bank 101
20–– Dec. 1 Balance ✓ 18 48029
Accounts Receivable 105
20–– Dec. 1 Balance ✓ 8 50910 5 G12 12720 8 38190
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Merchandise Inventory 110
20–– Dec. 1 Balance ✓ 3176698 3 G12 150000 30 26698
BALANCECREDITDEBITPOST.REF.
DESCRIPTIONDATE
Name
Address
ACCOUNTS PAYABLE SUBSIDIARY LEDGER
Taylor Offi ce Supplies
212 Morningside Drive, Atlanta, GA 30305
20–– Dec. 4 P21 12500 12500 15 CP24 12500 ————
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Mini Practice Set 5 (continued)
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Supplies 115
20–– Dec. 1 Balance ✓ 125146 13 CR23 3000 122146
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Accounts Payable 201
20–– Dec. 1 Balance ✓ 753000 12 G12 8000 745000
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Prepaid Insurance 120
20–– Dec. 1 Balance ✓ 246000
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Offi ce Equipment 125
20–– Dec. 1 Balance ✓ 660000 4 P21 12500 672500
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Store Equipment 130
20–– Dec. 1 Balance ✓ 1080000 3 CR23 20000 1060000
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Mini Practice Set 5 (continued)
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Sales Tax Payable 210
20–– Dec. 1 Balance ✓ 89580 5 G12 720 88860
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Income Summary 310
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Federal Corporate Income Tax Payable 205
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Capital Stock 301
20–– Dec. 1 Balance ✓ 2500000
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Retained Earnings 305
20–– Dec. 1 Balance ✓ 1300000
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Mini Practice Set 5 (continued)
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Sales 401
20–– Dec. 1 Balance ✓ 10815139
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Sales Discounts 405
20–– Dec. 1 Balance ✓ 21000
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Sales Returns and Allowances 410
20–– Dec. 1 Balance ✓ 17540 5 G12 12000 29540
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Purchases 501
20–– Dec. 1 Balance ✓ 2376113 3 G12 150000 2526113
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Mini Practice Set 5 (continued)
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Transportation In 505
20–– Dec. 1 Balance ✓ 127580 7 CP24 3720 131300
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Purchases Discounts 510
20–– Dec. 1 Balance ✓ 41575
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Purchases Returns and Allowances 515
20–– Dec. 1 Balance ✓ 39085 12 G12 8000 47085
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Advertising Expense 605
20–– Dec. 1 Balance ✓ 43000
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Bankcard Fees Expense 610
20–– Dec. 1 Balance ✓ 142057
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Mini Practice Set 5 (continued)
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Insurance Expense 615
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Miscellaneous Expense 620
20–– Dec. 1 Balance ✓ 24752
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Rent Expense 625
20–– Dec. 1 Balance ✓ 770000 2 CP24 70000 840000
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Salaries Expense 630
20–– Dec. 1 Balance ✓ 3487118
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Supplies Expense 635
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Mini Practice Set 5 (continued)
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Utilities Expense 640
20–– Dec. 1 Balance ✓ 227436 15 CP24 16500 243936
DATE DESCRIPTION POST.REF. DEBIT CREDIT
BALANCEDEBIT CREDIT
ACCOUNT ACCOUNT NO. Federal Corporate Income Tax Expense 650
20–– Dec. 1 Balance ✓ 315000
(6)
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Mini Practice Set 5 (continued)
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(7)
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Mini Practice Set 5 (continued)
(8), (9)
ADJUSTMENTSCREDITDEBIT
TRIAL BALANCECREDITDEBIT
ACCOUNT NAMEACCT.NO.
1
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1
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BALANCE SHEETINCOME STATEMENTADJUSTED TRIAL BALANCECREDITDEBITCREDITDEBITCREDITDEBIT
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Mini Practice Set 5 (continued)
(11)
(12)
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Mini Practice Set 5 (continued)
(10)
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Mini Practice Set 5 (continued)
(15)
Analyze:
1.
2.
3.
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Mini Practice Set 5 ■ 529
MINI PRACTICE SET 5 Name Date Class
Go Fly a Kite Inc.
Audit TestDirections: Use your completed solutions to answer the following questions.
Write the answer in the space to the left of each question.
Answer
1. What is the total of debits and credits in the Sales journal at the end of December?
2. What is the total of debits and credits in the Cash Receipts journal at the end of December?
3. What is the total of debits and credits in the Purchases journal at the end of December?
4. What is the total of debits and credits in the Cash Payments journal at the end of December?
5. For the fi rst transaction on December 26, which account was credited?
6. What amount was credited to the Merchandise Inventory account as an adjustment to inventory?
7. What amount was debited to the Income Summary account to close the expense accounts for the month?
8. What is the ending balance of theBest Toys accounts receivable sub-sidiary ledger account?
9. What is the ending balance for theAccounts Receivable general ledger account? Does the balance agree with the total of the subsidiary ledger accounts?
10. What is the ending balance for the Reddi-Bright Manufacturing accounts payable subsidiary ledger account?
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Name Date Class
11. What is the ending balance for the Accounts Payable general ledger account? Does the balance agree with the total of the subsidiary ledger accounts?
12. How many transactions during the month of December affected the Cash in Bank account?
13. Has the amount owed to Stars Kites Outlet been paid off by the end of December?
14. How many checks were issued by the business in December?
15. What was the total amount creditedto Sales for the month?
16. What was the date of the trial balance?
17. How many accounts were affected by adjusting entries?
18. What was the total of operating expenses for the period?
19. What is the ending balance for Retained Earnings for the period?
20. What is the amount of total assets for the business at December 31?
21. How many accounts are listed on the trial balance?
22. How many accounts on the trial balance have debit balances?
23. Which account on the trial balance has the largest balance?
24. What is the amount of total liabili-ties for the business at December 31?
25. How many accounts are listed on the post-closing trial balance?
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