Using this chart of listed accounts, make a general ledger chart for each one including the account number, account balance and the account title. Account TitleAccount NumberAccount Balance15,000.0010,000.00Cash101Accounts Receivable - Just BatsAccounts Receivable Caps, Inc.Accounts Receivable Kinston Rec. Dept.1021035,000.001045,000.00Computer Equipment12014,800.00Store Fixture13010,000.003,000.00Accounts Payable - City MallAccounts Payable Sporting Goods 4 UAccounts Payable Gloves UnlimitedJoe Smith, CapitalSarah Smith, CapitalJoe Smith, Drawing20220313,000.0020435,000.0051,500.002,000.003,200.00301302303Sarah Smith, Drawing304T-Shirt Sales401Hat Sales40252013,500.00Salary ExpenseRent Expense52524,000.00

Journal entry is the process of recording the business transactions in the accounting books for the…

Account Title Account Number Account Balance Cash 101 15,000.00 Accounts Receivable - Just Bats Accounts Receivable Caps, Inc. Accounts Receivable Kinston Rec. Dept. 10,000.00 5,000.00 5,000.00 102 103 104 120 14,800.00 Computer Equipment Store Fixture 130 10,000.00 202 3,000.00 Accounts Payable - City Mall Accounts Payable Sporting Goods 4 U Accounts Payable Gloves Unlimited Joe Smith, Capital Sarah Smith, Capital Joe Smith, Drawing Sarah Smith, Drawing 203 13,000.00 204 35,000.00 51,500.00 301 302 303 2,000.00 304 3,200.00 T-Shirt Sales 401 Hat Sales 402 13,500.00 24,000.00 520 Salary Expense Rent Expense 525

Account Title Account Number Account Balance Cash 101 15,000.00 Accounts Receivable - Just Bats Accounts Receivable Caps, Inc. Accounts Receivable Kinston Rec. Dept. 10,000.00 5,000.00 5,000.00 102 103 104 120 14,800.00 Computer Equipment Store Fixture 130 10,000.00 202 3,000.00 Accounts Payable - City Mall Accounts Payable Sporting Goods 4 U Accounts Payable Gloves Unlimited Joe Smith, Capital Sarah Smith, Capital Joe Smith, Drawing Sarah Smith, Drawing 203 13,000.00 204 35,000.00 51,500.00 301 302 303 2,000.00 304 3,200.00 T-Shirt Sales 401 Hat Sales 402 13,500.00 24,000.00 520 Salary Expense Rent Expense 525

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 12SPA: SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a...

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ACCOUNTS RECEIVABLE LEDGER NAME: E. McKenzie ADDRESS: 4717 Erin St, Madison, WI 53713 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 3 J60 3,816.00 3,816.00 Aug. 18 J60 4,589.80 fill in the blank 1 J60 105.00 fill in the blank 2 ACCOUNTS RECEIVABLE LEDGER NAME: S. Rottier ADDRESS: 1008 S. 9TH St, Monona, WI 53715 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 7 J60 1,484.00 1,484.00 Aug. 10 J60 400.00 fill in the blank 3 ACCOUNTS RECEIVABLE LEDGER NAME: L. Franklin ADDRESS: 2815 Main St, Cottage Grove, WI 53711 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 1 J60 1,272.00 1,272.00 Aug. 22 J60 2,120.00 fill in the blank 4 Using the information from the ledgers, prepare a schedule of accounts receivable as of August 31. If required, round your intermediate and final answers to the nearest cent. Willis Spas and PoolsSchedule of Accounts ReceivableAugust 31, 20-- E. McKenzie $fill…
Fill in the missing amounts in the accounts receivable subsidiary ledgers for Willis Spas and Pools. If required, round your intermediate and final answers to the nearest cent. ACCOUNTS RECEIVABLE LEDGER NAME: E. McKenzie ADDRESS: 4717 Erin St, Madison, WI 53713 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 3 J60 3,816.00 3,816.00 Aug. 18 J60 4,589.80 fill in the blank 1 J60 105.00 fill in the blank 2
42.The following data were available for ABC Company, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P15,000Accounts Payable, end P10,000Inventory, beg P17,000Inventory, end P9,000Cash payment to creditors(net of 2% discount) 294,000Purchase returns, P5,000How much were the credit purchases during the period? 285,000 294,000 300,000 315,000
Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the following transactions: 20-1 REQUIRED Record the transactions in a general journal.
SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-11A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.
Create a Ledger for the Journal Entry General Journal Page 1 Date Description Post Ref. Dr Cr 2023 Mar. 2 Cash 750 Account Receivables 750 To record payment for AR 4 Cash 170 Account Receivables 170 To record payment for AR 6 Account Receivables 1755 Sales 1755 To record Sales 7 Account Receivables 620 Sales 620 To record Sales Cash 875 Sales 875 To record Sales Promotion 690 Cash 690 To record payment for promotion 8 Cash 215 Account Receivables 215 To record payment for AR Promotion 215 Cash 215 To record payment for promotion Purchase 2017 Cash 2017 To record purchase of tshirts w/df 9 Promotion 700 Cash 700 To record payment for promotion 10 Account…
What should i do? Record the Contracted services of $82,500 as performed. Note: Enter debits before credits. Transaction General Journal Debit Credit 6b
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 P56,000 11/29 84,720 Two Co. 83,680 09/02 48,000 08/20 35,680 Three Corp. 122,400 12/08 80,000 10/25 42,400 Four Co. 180,560 11/17 92,560 10/09 88,000 Five Co. 126,400 12/12 76,800 12/02 49,600 Six, Inc. 69,600 09/12 69,600 Total P723,360 P723,360 The estimated bad debt rates below are based on the Corporation’s receivable collection experience. Age of accounts Rate 0 – 30 days 1% 31 – 60 days 1.5% 61 – 90 days 3% 91 – 120 days 10% Over 120 days 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 1. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000