Cogg Hill Practice Set


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Cogg Hill Camping Equipment Company Practice Set For Use with Fundamental Accounting Principles 19th Edition Wild, Shaw & Chiappetta Prepared by Leland Mansuetti Introduction The Cogg Hill Camping Equipment Company sells and rents camping equipment from its store in Denver, Colorado. It is a sole proprietorship and is owned and operated by Samuel Stephens. The company sells camping equipment and outdoor clothing. Cogg Hill maintains a perpetual inventory system. The company also rents tents and groups of assorted camping equipment (e.g., Type A, B, and C) to trail guides. Document Preview: Cogg Hill Camping Equipment Company Practice Set For Use with Fundamental Accounting Principles 19th Edition Wild, Shaw & Chiappetta Prepared by Leland Mansuetti Introduction The Cogg Hill Camping Equipment Company sells and rents camping equipment from its store in Denver, Colorado. It is a sole proprietorship and is owned and operated by Samuel Stephens. The company sells camping equipment and outdoor clothing. Cogg Hill maintains a perpetual inventory system. The company also rents tents and groups of assorted camping equipment (e.g., Type A, B, and C) to trail guides. The terms of all sales and all rentals are “net 30.” The company delivers the equipment to many of its customers. Some customers pick it up at the store. Mr. Stephens makes all deposits. He removes the cash from the cash register and lists all checks received on a deposit ticket. He then gives the duplicate deposit slip to you for recording. The company’s accounting system includes: Journals Ledgers Sales Journal General Ledger Purchases Journal Accounts Receivable Subsidiary Ledger Cash Receipts Journal Accounts Payable Subsidiary Ledger Cash Disbursements Journal General Journal The accounting files include: Name of File Business Papers to be Filed Sales and Rental Invoices Bookkeeper’s copy of sales invoices Bookkeeper’s copy of rental invoices Purchase Invoices Purchase invoices and credit memorandums Interoffice Memoranda Interoffice memoranda received from Mr. Stephens Checks to be signed Checks prepared for Mr. Stephens Duplicate Deposit Tickets Bookkeeper’s copy of deposit tickets The post-closing trial balance of the Cogg Hill Camping Equipment Company, as of May 31, was as follows: Cash $ 21,567.81 Accounts Receivable 11,492.00 Allowance for Doubtful Accounts $ 379.35 Interest Receivable 56.00 Notes Receivable – Emory Co. 9,870.40 (6-month, 8%, due August 15) Merchandise Inventory 174,985.00 Office… Attachments: fap-cogg-hill….doc

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