inciples of Accounts - Chapter 182007MarMarMarPaounts: accounts: R. Burton, $140; E. Taylor, $220; R. Harris, $300Mar 10 Paid motor expenses in cash, $44Mar 15 Paid wages in cash, $160Mar 18 The following paid their accounts by cheque, in each case deducting 5% cashdiscount: C, Winston, $260; R. Wilson and Son, $ 340; H. Winter, $460Mar 21 Cash withdrawn from the bank $350 for business useMar 24 Cash drawings, $120Mar 29 Bought fixtures paying by cheque, $650Mar 31 Received commission by cheque, $88ne off at the end of the month

Cash book (CB) refers to the financial journal which is prepared by companies as it states all the…

A three-column cash book is to be written the relevant discount accounts in the general ledger. 2007 Mar Mar Mar Mar Mar 4 Paid rent by cheque, $120 6 J. Cotton lent us $1,000 paying by cheque ° We paid the following accounts by cheque in each case deducting a 2/2% cas discount: N. Black, $360; P Towers, $480; C. Rowse, $800 lar H. Hankins paid his account of $77 by cheque $74, deducting $3 cash discou Mar 15 Paid wages in cash, $160 Mar 10 Paid motor expenses in cash, $44 cheque, in each case deducting 5% cash I intonr $460

A three-column cash book is to be written the relevant discount accounts in the general ledger. 2007 Mar Mar Mar Mar Mar 4 Paid rent by cheque, $120 6 J. Cotton lent us $1,000 paying by cheque ° We paid the following accounts by cheque in each case deducting a 2/2% cas discount: N. Black, $360; P Towers, $480; C. Rowse, $800 lar H. Hankins paid his account of $77 by cheque $74, deducting $3 cash discou Mar 15 Paid wages in cash, $160 Mar 10 Paid motor expenses in cash, $44 cheque, in each case deducting 5% cash I intonr $460

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 3AP

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Provide journal entries to record each of the following transactions. For each, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). A. Paid $22,000 cash on bonds payable. B. Collected $12,600 cash for a note receivable. C. Declared a dividend to shareholders for $16,000, to be paid in the future. D. Paid $26,500 to suppliers for purchases on account. E. Purchased treasury stock for $18,000 cash.
Collection of Amounts Previously Written Off Customer Rob Hufnagel owes Kellman Corp. $1,250. Kellman determines that the total amount is uncollectible and writes off all of Hufnagels debt. Hufnagel later pays $350 to Kellman. Required: Make the appropriate journal entries (if any) to record the receipt of $350 by Kellman.
c. The receipt of cash on account of $4,500 was recorded as a debit to Cash for $9,000 and a credit to Accounts Receivable for $4,500 The payment of $2,050 on account was debited to Accounts Payable for for $230 and credited to Cash for $2,050. Indicate whether the debit or credit total is higher and by how much.
Beginning balances were: Cash, $91,000; Taxes Receivable, $186,500; Accounts Payable, $50,750; and Fund Balance, $226,750. Note: Enter debits before credits. Transaction General Journal Debit Credit 01 .
Write up a three column cash book from the following details: March 1 Balances brought forward: Cash in hand GHS 4,500 Cash at Bank GHS 40,000 3 Paid each of the following accounts by cheque, deducting 5% discount in each case; M. Adama GHS 800; B. Bonsu GHS 3,000; A Adu GHS 560 5 Received cheque from k. Mensah in settlement of his debt GHS 1,900 6 Cash sales paid direct into the bank GHS 2,500 8 Paid Rent by cash GHS 1,500 10 Paid Motor expenses by cash GHS 800 12 The following persons paid us their account by cheque, in each case deducting a discount of 3%. A. Arhin GHS 1,800; K. Ananse GHS 7,400; K. Ntiamoah GHS 6,600. 17 Cash sales GHS 2,000 18 Paid for stationery by cheque GHS 450 25…
1) Write up a two-column cash book for Sam Trading LLC from the following: (4 Marks) Date Transactions 1-11-2020 Sam puts capital into a bank account for the business, OMR 25000. 12-11-2020 Withdrew OMR 1400 from the bank for private use. 14-11-2020 Withdrew OMR 2000 from the bank for business use. 17-11-2020 Paid rent by cheque OMR 300. 18-11-2020 Received interest by cheque OMR 400. 25-11-2020 Cash sales OMR 12000. 28-11-2020 Paid wages by cheque OMR 5000.
Al Jaffar LLC had accounts receivable for RO 25000. They sold the accounts receivable to the Factor for a service charge of 2%. The amount of cash to be recorded in the accounts is a. RO 25500 b. RO 24000 c. RO 24500 d. RO 25000
Cash receipts totaled $875,000 for property taxes and $292,500 from other revenue. Note: Enter debits before credits. Transaction General Journal Debit Credit 04 .
Mar. 17 Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as uncollectible. July 29 Reinstated the account of Shawn McNeely and received $1,000 cash in full payment. Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account title Chart of Accounts: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Shawn McNeely 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…
Account Name Adjusted Trial Balance Debit Credit Cash ₱80,000.00 Accounts Receivable ₱100,000.00 Allowance for Doubtful Accounts ₱44,200.00 Notes Receivable ₱130,000.00 Interest Receivable ₱3,900.00 Merchandise Inventory, beg. ₱ 80,000.00 Prepaid Insurance ₱50,000.00 Prepaid Rent ₱70,000.00 Office Equipment ₱500,000.00 Accumulated Depreciation ₱150,000.00 Accounts Payable ₱30,000.00 Salaries Payable Ya Man, Capital ₱822,000.00 Ya Man, Drawings ₱10,000.00 Sales ₱500,000.00 Sales Returns and Allowances ₱10,000.00 Purchases ₱320,000.00 Freight In ₱3,000.00 Purchase Returns and Allowances ₱10,000.00 Salary Expense ₱40,000.00 Rent Expense ₱14,000.00 Doubtful Accounts Expense ₱39,200.00 Interest Income ₱3,900.00 Insurance Expense ₱10,000.00…