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- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Use the following excerpts from Huckleberry Companys financial statements to determine cash paid to suppliers for inventory in 2018.
- My Aunts Closet Store collects 60% of its accounts receivable in the month of sale and 35% in the month after the sale. Given the following sales, how much cash will be collected in March?Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $36,500. A. purchased merchandise inventory on account, $16,000 B. paid vendors for part of inventory purchased earlier in month, $12,000 C. purchased merchandise inventory for cash, $10,500Use the following excerpts from Jasper Companys financial statements to determine cash paid to suppliers for inventory in 2018.
- Under the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) SalesSmoltz Company reported the following information for the current year: cost of goods sold, $252,500; increase in inventory, $21,700; and increase in accounts payable, $12,200. What is the amount of cash paid to suppliers that Smoltz would report on its statement of cash flows under the direct method? a. $218,600 c. $262,000 b. $243,000 d. $286,400Resco, a local retail establishment, expects to make inventory purchases as follows for the firstquarter of the year: January, $5,500; February, $6,500; and March, $8,000. Prior experience showsthat 25% of a given month’s purchases are paid in the month of purchase with the balance paid inthe following month. No purchase discounts apply. What is the total expected cash disbursement forFebruary? For March?
- Royal Gorge Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of October was $58,500. The following information for the month of November was available from company records: Purchases $110,000Freight-in 3,000Sales 180,000Sales returns 5,000Purchases returns 4,000 In addition, the controller is aware of $8,000 of inventory that was stolen during November from one of the company’s warehouses. Required:1. Calculate the estimated inventory at the end of November, assuming a gross profit ratio of 40%.2. Calculate the…CAN SOMEONE HELP ME WITH THIS WORD PROBLEM? Selected account balances for Pharoah Company at January 1, 2020, are presented below. Accounts Payable $13,200 Accounts Receivable 22,600 Cash 16,400 Inventory 13,800 Pharoah’s sales journal for January shows a total of $110,000 in the selling-price column, and its one-column purchases journal for January shows a total of $77,700.The column totals in Pharoah’s cash receipts journal are Cash Dr. $60,900; Sales Discounts Dr. $2,500; Accounts Receivable Cr. $45,400; Sales Revenue Cr. $6,300; and Other Accounts Cr. $11,700.The column totals in Pharoah's cash payments journal for January are Cash Cr. $55,900; Inventory Cr. $1,800; Accounts Payable Dr. $46,700; and Other Accounts Dr. $11,000. Hulse’s total cost of goods sold for January is $63,900.Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the Other Accounts column in either the cash receipts or cash payments…Yosko expects total sales of $368,000 in January and $400,000 in February. Assume that Yosko's sales are collected as follows: 1(Click the icon to view the collections.) November sales totaled $330,000, and December sales were $350,000. Prepare a schedule of cash receipts from customers for January and February, including the calculation for the Net Accounts Receivable balance on February 28. Round answers to the nearest dollar. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Prepare a schedule of cash receipts from customers for January and February. (If an input field is not used in the table leave the input field empty; do not enter a zero.) Cash Receipts from Customers January February Total sales $368,000 $400,000 January February Cash Receipts from Customers: Nov.—Credit sales, collection of Nov. sales in Jan. $19,800 Dec.—Credit…
