Kimball Company is a small retail business that uses a

Kimball Company is a small retail business that uses a manual data processing system similar
to the one described in the chapter. Among its special-purpose journals are multicolumn cash
receipts and cash payments journals. The cash transactions for Kimball Company during the
month of November follow.Nov. 1 Paid November rent to R. Carello, $1,000, with check no.
782.3 Paid Stavos Wholesale on account, $2,300 less a 2 percent discount, check no. 783.4
Received payment on account of $1,000, within the 2 percent discount period, from J. Walker.5
Cash sales, $2,632.8 Paid Moving Freight on account, $598, with check no. 784.9 The owner,
Fred Kimball, invested an additional $10,000 in cash and a truck valued at $14,000 in the
business.11 Paid Escobedo Supply on account, $284, with check no. 785.14 Cash sales,
$2,834.15 Paid Moving Freight $310 for the freight on a shipment of merchandise received
today, with check no. 786.16 Paid Ludman Company on account, $1,600 less a 2 percent
discount, with check no. 787.17 Received payment on account from P. Sivula, $120.18 Cash
sales, $1,974.19 Received payment on a note receivable, $1,800 plus $36 interest.20
Purchased office supplies from Escobedo Supply, $108, with check no. 788.Nov.21 Paid a note
payable in full to Kenington Bank, $4,100 including $100 interest, with check no. 789.24 Cash
sales, $2,964.25 Paid $500 less a 2 percent discount to Stavos Wholesale, with check no.
790.26 Paid sales clerk Tracy Dye $1,100 for her monthly salary, with check no. 791.27
Purchased equipment from Standard Corporation for $16,000, paying $4,000 with check no.
792 and signing a note payable for the difference.30 Fred Kimball withdrew $1,200 from the
business, using check no. 793.Required1. Enter these transactions in the cash receipts and
cash payments journals.2. Foot and crossfoot the journals.3. If a manager wanted to know the
total sales for the accounting period, where else would the manager need to refer to obtain the
data needed?View Solution:
Kimball Company is a small retail business that uses a
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