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BYP 7-1 FINANCIAL REPORTING PROBLEM — A MINI PRACTICE SET
(a) Sales Journal S1
Date
Account
Debited
Invoice
No.
Ref.
Accounts Receivable Dr.
Sales Cr.
Cost of Sales Dr.
Inventory Cr.
Purchases Journal P1
Date
Account Credited
Terms
Ref.
Inventory Dr.
Accounts Payable Cr.
Cash Receipts Journal CR1
Date
Account
Credited
Ref.
Cash
Dr.
Sales Disc’
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accounts
Cr.
Cost of Sales
Dr.
Inventory
Cr.
BYP 7-1 (continued)
Cash Payments Journal CP1
Date
Account Debited
Ref.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Office
Supplies
Dr.
Discount Received
Cr.
Cash
Cr.
(a) & (e) General Journal G1
Date
Account Titles and Explanations
Ref.
Debit
Credit
Jan. 9
18
21
31
31
31
31
31
BYP 7-1 (continued)
General Journal G1
Date
Account Titles and Explanations
Ref.
Debit
Credit
Jan. 31
31
31
(b) & (e) General Ledger
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1 31 31
Balance
35 750
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1 31 31 9
Balance
13 000
Notes Receivable No. 115
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1
Balance
39
(a) Sales Journal S1
Date
Account
Debited
Invoice
No.
Ref.
Accounts Receivable Dr.
Sales Cr.
Cost of Sales Dr.
Inventory Cr.
Purchases Journal P1
Date
Account Credited
Terms
Ref.
Inventory Dr.
Accounts Payable Cr.
Cash Receipts Journal CR1
Date
Account
Credited
Ref.
Cash
Dr.
Sales Disc’
Dr.
Accounts
Receivable
Cr.
Sales
Cr.
Other
Accounts
Cr.
Cost of Sales
Dr.
Inventory
Cr.
BYP 7-1 (continued)
Cash Payments Journal CP1
Date
Account Debited
Ref.
Other
Accounts
Dr.
Accounts
Payable
Dr.
Office
Supplies
Dr.
Discount Received
Cr.
Cash
Cr.
(a) & (e) General Journal G1
Date
Account Titles and Explanations
Ref.
Debit
Credit
Jan. 9
18
21
31
31
31
31
31
BYP 7-1 (continued)
General Journal G1
Date
Account Titles and Explanations
Ref.
Debit
Credit
Jan. 31
31
31
(b) & (e) General Ledger
Cash No. 101
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1 31 31
Balance
35 750
Accounts Receivable No. 112
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1 31 31 9
Balance
13 000
Notes Receivable No. 115
Date
Explanation
Ref.
Debit
Credit
Balance
Jan. 1
Balance
39