Hit The Slopes: Chart of Accounts Cash, Accounts Receivable, Supplies, Merchandise Inventory, Estimated Returns Inventory, Equipment, Accumulated Depreciation, ACcounts Payable, Refunds Payable, Common Stock, Retained Earnings, Sales Revenue, Sales Discount Forfeited, Cost of Goods Sold, Salary Expense, Rent Expense, Depreciation Expense Prepare journal entries for the following: Oct 3 Purchased 30 pairs of skis at $40 each for cash. Oct 5 Sold 10 pairs of skis at $90 each on account. (Our cost $400) Oct 6 Returned 1 pair of skis from the Oct 3 purchase. Oct 8 Purchased 40 pairs of skis at $40 each on account. Terms 2/10, n/30. Oct 9 Customer from Oct 5 pays in full. Oct 10 Paid for skis purchased on Oct 8

Hit The Slopes: Chart of Accounts Cash, Accounts Receivable, Supplies, Merchandise Inventory, Estimated Returns Inventory, Equipment, Accumulated Depreciation, ACcounts Payable, Refunds Payable, Common Stock, Retained Earnings, Sales Revenue, Sales Discount Forfeited, Cost of Goods Sold, Salary Expense, Rent Expense, Depreciation Expense Prepare journal entries for the following: Oct 3 Purchased 30 pairs of skis at $40 each for cash. Oct 5 Sold 10 pairs of skis at $90 each on account. (Our cost $400) Oct 6 Returned 1 pair of skis from the Oct 3 purchase. Oct 8 Purchased 40 pairs of skis at $40 each on account. Terms 2/10, n/30. Oct 9 Customer from Oct 5 pays in full. Oct 10 Paid for skis purchased on Oct 8

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Description: Hit The Slopes: Chart of AccountsCash, Accounts Receivable, Supplies, Merchandise Inventory, Estimated Returns Inventory, Equipment,Accumulated Depreciation, ACcounts Payable, Refunds Payable, Common Stock, Retained Earnings, SalesRevenue, Sales Dis

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 15PA: Prepare journal entries to record the following transactions. Create a T-account for Accounts...

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Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Prepare journal entries to record the following transactions. Create a T-account for Supplies, post any entries that affect the account, and tally ending balance for the account (assume Supplies beginning balance of $6,550). A. January 26, purchased additional supplies for cash, $9,500 B. December 31, actual count of supplies, $8,500
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Prepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
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.
Prepare a journal entry for the purchase of a truck on April 4 for $63,730, paying $5,300 cash and the remainder on account. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Office Supplies 14 Prepaid Insurance 15 Land 16 Office Equipment 17 Building 18 Truck LIABILITIES 21 Accounts Payable 22 Unearned Revenue 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Maintenance Expense 59 Miscellaneous Expense
prepare a balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00 Intereest Expense 1,805.00 Tax Expense…
You are given the following account balances as at year-end: Accounts Payable: ₱39,000 Accounts Receivable: ₱36,000 Accrued Interest Expense: ₱3,000 Accumulated Depreciation – Furniture and Equipment: ₱13,750 Allowance for Doubtful Accounts: ₱1,800 Cash: ₱132,357 Furniture and Equipment: ₱44,000 Merchandise Inventory: ₱23,608 Notes Payable: ₱80,000 Prepaid Expenses: ₱60,000 Unearned Sales Revenue: ₱30,138 How much is owner’s equity at year-end?
Prepare and income statement, statement of owners equity and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable (solve) Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00…
Here are the accounts in the ledger of Misha’s Jewel Box, with the balances as of December 31, the end of its fiscal year. Cash $ 13,242 Accounts Receivable 3,984 Merchandise Inventory 126,540 Supplies 2,484 Prepaid Insurance 2,655 Land 18,000 Building 97,000 Accumulated Depreciation, Building 38,240 Store Equipment 46,170 Accumulated Depreciation, Store Equipment 16,250 Accounts Payable 8,270 Sales Tax Payable 2,371 Mortgage Payable 77,871 M. Beloit, Capital 185,000 M. Beloit, Drawing 48,000 Sales 379,354 Sales Returns and Allowances 3,892 Cost of Goods Sold 279,198 Salary Expense 54,400 Advertising Expense 3,526 Utilities Expense 2,538 Property Tax Expense 1,162 Miscellaneous Expense 1,613 Interest Expense 2,952 Here are the data for the adjustments. Assume that Misha’s Jewel Box uses the perpetual inventory system. a. Merchandise Inventory at December 31, $124,630. b. Insurance expired during the year, $1,294. c.…
As of November 5, Calexico had the following selected transactions Purchase of furniture on account: 24,000 Purchase of steel trash bin for cash: 1,800 Sales of merchandise for 40,000 less than 10 on terms 30% down and the balance 2/10 n/30 Paid for the repair of one air-conditioning unit: 3,280 Collected a customer's account: 15,880 How much was the total amount debited to Cash?