1 Prepare the journal entries and double entry accounts to record the following transactions. 1 June Goods sold on credit to Farzana for $230 9 June Goods sold on credit to Julien for $155 13 June Goods purchased on credit from Khamisi for $47 20 June Goods sold on credit to Farzana for $101 24 June Goods purchased on credit from Vendula for $95
Q: Doreen Woods owns a small variety store. The following transactions took place during March of the…
A: Solution : Under the perpetual inventory method each time there is a movement of inventories…
Q: Bill Blumberg owns an auto parts business called bill's auto parts. the following transactions took…
A: Under Periodic system of inventories, inventory counting and valuation of COGS is made periodically.…
Q: Journalize the above transactions. March 7 Purchase Merchandise from the Eman company for $7000…
A: The term 2/7, n/30 means if the payment is made within a period of 7 days them discount of 2% is…
Q: 1. The following transactions occurred during the month of November in the operation of Wonderful…
A: A Journal Entry is an accounting record which uses the Double Entry System of Accounting that is…
Q: Record the following transactions on the books of Galaxy Co. a. On July 1, Galaxy Co. sold…
A: 2/10, n/30 means that , if the amount due from customer is paid within 10 days , then the customer…
Q: Enter the information below in their respective journals {day books}, then post the items to the…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business…
A: Given the following information: May 2: Sold merchandise on account to James Koffsky, $250.00, plus…
Q: Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took…
A: 1. Prepare journal entries.
Q: Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Second Best Buy is a retailer of electronics. Record these transactions which occurred during the…
A: The accounting equation is the fundamental equation of the double-entry bookkeeping system.…
Q: January Transactions: Jan. 3 Purchased merchandise from Feng, $7,000. Invoice No. 416, dated January…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Record the following transactions on page 20 of the journal. Refer to the Chart of Accounts for…
A: Journal entry is defined as the records of the transactions of the business and it is the very first…
Q: Church Company completes these transactions and events during March of the current year (terms for…
A: A credit in accounting is an entry that documents a decline in assets or a rise in liabilities as…
Q: Journalizing Sales, Sales Returns and Allowances, and Cash Receipts Prepare journal entries for…
A: Sales returns and allowances account is described as the contra-sales account, which reduces the…
Q: On January 3rd, Gates Gems returned merchandise they purchased on account from Jewelry Wholesalers…
A: Answer) The correct option in the given question is: Debit Accounts Payable/ Jewelry Wholesalers $…
Q: Hi, I have to journalize and post the following transactions into the general journal, general…
A: It is assumed that full payment is not received from Inita Morewood balance of $500 still remain to…
Q: The following transactions occurred. Bigby (buyer) buys supplies from Super Coffee (seller). -…
A:
Q: Purchase ledger of Tata Motors company. PURCHASE LEDGER HEAVEN MOTORS ACCOUNT Date Details…
A: The correct answer of option 1. Is :- C. Tata motors purchased goods from heaven motors on credit.…
Q: 2. On December 6th, your company Cups Unlimited sold $600 worth of merchandise to one customer on…
A: In an accounting system, journal entries are considered as the first step of recording relevant…
Q: Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took…
A: Journal entry is a method to record the financial transaction in books of accounts.
Q: On December 1, Macy Company sold merchandise with a selling price of $10,000 on account to Mrs.…
A: Gross Method :— Under this method, sales and purchases are recorded at gross price or full price…
Q: Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took…
A: Given: Wheeler Warehouse, $4,300 Merchandise purchased, $230 Sold merchandise on account to Big Time…
Q: 1) prepare journal entries to record the following transactions March 1 purchased land for cash,…
A: Given, Prepare journal entries to record the following transactions March 1 purchased land for…
Q: Debbie Mueller owns a small retail business called Debbie's Doll House. The cash account has a…
A: What is meant by journal entries? It is the first step to record the financial transactions in the…
Q: O (Click the icon to view the transactions.) Mar. 3: Lucy sold $63,000 of women's clothes on…
A: Journal entries refers to the process of systematic documentation of the financial transactions of a…
Q: B. Journalize the following selected transactions of Maria Cruz Trading for the month of July.…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: une June 3 Credit sales: H. Henry, $660; N. Neita, $250; P Pitter, $43. June 4 Goods bought for…
A: Accounting is the process by which the business records the transactions undertaken by it in a…
Q: JANE MARSHALL – LEDGER ACCOUNTS AND TRIAL BALANCE Jane Marshall has set up trading on 5 June…
A: Accounting is the detailed process of maintaining books of accounts. It includes several steps like…
Q: Bill Blumberg owns an auto parts business called bill's auto parts. the following transactions took…
A: Definition: Perpetual inventory system: The method or system of maintaining, recording, and…
Q: Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business…
A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…
Q: On January 12th, Gates Gems returned merchandise they received on account from Gem Warehouse in the…
A: Here in this question, we are required to pass journal entry to reverse purchase made previously.…
Q: Journalise the following transactions in the books of Mr.K: 2020 March 01-Sold goods on credit to…
A: Journal entries are used to record accounting transactions of the business and involves an debit…
Q: Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business…
A: 1.Sales journal All the sales transactions done on a credit basis are recorded in the sales journal.…
Q: 1. 1992 SL. March 01 Shakeel started business with cash Rs. 50,000 05 Purchased goods for cash for…
A: Journal entries: A journal entry is recorded for every business transaction. It is the first step in…
Q: On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the…
A: JOURNAL ENTRY IS USED TO RECORD THE BUSINESS TRANSACTIONS . TO RECORD RETURNS WE USE PURCHASE…
Q: Recording the following transactions with double entry system. - 1. A kitchen appliances retailer…
A: Journal entry means the entry in prime book with chronological order. Journal entry should have…
Q: 1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15…
A: The companies record all the transactions, primarily in the books of the general journals. Journal…
Q: Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The following transactions took place during August of the current year. Please complete the…
A: The purchases journal is a special journal prepared to record all the information related to goods
Q: Ayayai Depot sells mobile devices and accessories. During September, the following transactions…
A: Journal entries refers to the systematic documentation of the financial transactions of a company in…
Q: Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took…
A: Periodic inventory system is the techniques in which the recording of sale and purchase is made at…
Q: Record the following transactions into journal entries. June 5 Bought goods by cash from Juliana…
A: Date General journal Debit Credit June 5 Inventory [RM10,000 - (RM10,000 * 5%)] RM9,500…
Q: On July 9, Elijah Company sells goods on credit to Miley Company for $7,000, terms 1/10, n/60.…
A: Account receivables: Accounts receivables are also called an A/R, Accounts receivables are the…
Q: credit to cash w
A: The purchase term with Emma is 1/10, n/30. It means that 1% discount is available for payment within…
Step by step
Solved in 2 steps
- Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.Michelle French owns and operates Books and More, a retail book store. Selected account balances on June 1 are as follows: The following purchases and cash payments transactions took place during the month of June: June 1 Purchased books on account from Irving Publishing Company, 2,100. Invoice No. 101, terms 2/10, n/30, FOB destination. 2 Issued Cheek No. 300 to Northeastern Publishing Co. for goods purchased on May 23, terms 2/10, n/30, 1,960 (the 2,000 invoice amount less the 2% discount). 3 Purchased books on account from Broadway Publishing, Inc., 2,880. Invoice No. 711, less a 20% trade discount, and invoice terms of 3/10, n/30, FOB shipping point. 3 Issued Cheek No. 301 to Mayday Shipping for delivery from Broadway Publishing, Inc., 250. 4 Issued Cheek No. 302 for June rent, 625. 8 Purchased books on account from Northeastern Publishing Co., 5,825. Invoice No. 268, terms 2/com, n/60, FOB destination. 10 Received a credit memo from Irving Publishing Company, 550. Books had been returned because the covers were on upside down. 13 Issued Check No. 304 to Broadway Publishing, Inc., for the purchase made on June 3. (Check No. 303 was voided because an error was made in preparing it.) 28 Made the following purchases: 30 Issued Cheek No. 305 to Taylor County Utility Co. for June utilities, 325. 30 French withdrew cash for personal use, 4,500. Issued Check No. 306. 30 Issued Cheek No. 307 to Irving Publishing Company for purchase made on June 1 less returns made on June 10. 30 Issued Check No. 308 to Northeastern Publishing Co. for purchase made on June 8. 30 Issued Check No. 309 for books purchased at an auction, 1,328. REQUIRED 1. Enter the transactions in a general journal (start with page 16). 2. Post from the journal to the general ledger accounts and the accounts payable ledger. Use general ledger account numbers as indicated in the chapter. 3. Prepare a schedule of accounts payable. 4. If merchandise inventory was 35,523 on January 1 and 42,100 as of June 30, prepare the cost of goods sold section of the income statement for the six months ended June 30,20--.
- Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
- Record journal entries for the following purchase transactions of Flower Company. A. On October 13, Flower Company purchased 85 bushels of flowers with cash for $1,300. B. On October 20, Flower Company purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase were 5/10, n/30, invoice dated October 20. C. On October 30, Flower Company paid its account in full for the October 20 purchase.The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Bhakti Games is a chain of board game stores. Record entries for the following transactions related to Bhaktis purchase of inventory. A. On October 5, Bhakti purchases and receives inventory from XYZ Entertainment for $5,000 with credit terms of 2/10 net 30. B. On October 7, Bhakti returns $1,000 worth of the inventory purchased from XYZ. C. Bhakti makes payment in full on its purchase from XYZ on October 14.
- PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND GENERAL JOURNAL Debbie Mueller owns a small retail business called Debbies Doll House. The cash account has a balance of 20,000 on July 1. The following transactions occurred during July: REQUIRED 1. Record the transactions in the purchases journal, cash payments journal, and general journal. Total and rule the purchases and cash payments journals. Prove the cash payments journal. 2. Post from the journals to the general ledger and accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.