b. Journalize the above transactions for Scout Systems assuming a perpetual system. View transaction list Journal entry worksheet 1. 3 4 5 6 7 8 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30.
Q: Use the journals and ledgers that follow. Total the journals. Post the transactions to the…
A: Accounts receivable represents the amount that has been earned by the company but the customer has…
Q: siness and Managem -Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021.…
A: Adjusting Entries- An adjusting journal entry is one that occurs in a company's general ledger at…
Q: The debits and credits from two transactions are presented in the following creditor's (supplier's)…
A: Accounts payable control account and subsidiary ledger: Accounts payable account and subsidiary…
Q: Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash…
A: Special Journals : Besides the original books of accounts, there are specialized journal…
Q: Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: Hi, I'm having trouble with number of days sales in receivables. Can someone help me?
A: Number of days sales in receivables is computed by dividing the average account receivables by total…
Q: Use the information provided in the journal entry to post the transaction to the t-account. Post in…
A: Ledger is prepared in a T- format with the help of journal entries . It records all the transaction…
Q: wo transactions were posted to the following creditor's account: NAME Windsurf, Inc. ADDRESS 343…
A: Creditors- Creditors refers to the firm or organization or individual person to whom the firm is…
Q: Selected transactions for Pharoah Company are presented below in journal form (without…
A: Cash May-12 1340 May-15 2120
Q: Balance is prepared, the total för böth Debits and Credits . Posting and trial balance information:…
A: A trial balance is a list of all general ledger accounts included in the ledger of a business. In…
Q: Prepare general journal entries for the above transactions. View transaction list Journal entry…
A: Office Supplies Account is an asset, increased by $1,758 and therefore it is debited. Cash account…
Q: Multiple choice 1. A list showing the amount due to each supplier as of a specified date is known as…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: 1. Record each of the transactions listed above. (If no entry is required for a particular…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The debits and credits from two transactions are presented in the following customer account: NAME…
A: Posting of transactions: The process of transferring the journalized transactions into the accounts…
Q: b. and d. Enter a debit balance of $840 as of September 1, 2019 in the supplies general ledger…
A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…
Q: Please see below. Please be sure to use exact terms and dates for this. Need asap please and thank…
A: T-accounts are also called the general ledger account. Left side of a T-Account, is the debit and…
Q: Question 4 Westin Supply sold store supplies on account to Kayla's Gift Shop for $256 and Kayla's…
A: In the general journal, a simple transaction requires three lines—two to list the accounts and one…
Q: Prepare journal entries to record the following transactions entered into by the Wildhorse Co.:…
A: A journal entry is prepared by the company to record the non-economic & economic transactions of…
Q: 16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from…
A: A Journal is a book in which all business transactions are recorded in chronological order, all…
Q: The journal entry to purchase equipment on account includes a: Oa. debit to Accounts Payable. Ob.…
A: Equipment Purchase Transaction: In the purchase of equipment on account, there are two accounts that…
Q: Directions: Post each journal entry to its corresponding ledger. Write your answers on a separate…
A: The T-accounts are prepared to post the transactions to the specific accounts of the business.
Q: Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the…
A: The correct answer would be Debit Supplies - Store $220; Credit Accounts Payable/Shoe Shack, $220
Q: Journal entry worksheet 2 3 4 Sold merchandise for $8,400 and accepted the customer's Suntrust Bank…
A:
Q: Account Name: ACCOUNTS PAYABLE Account No. 210 Balance Date Particulars Post Debit Credit Debit…
A: Accounts Payable refers to the account in general ledger where amount which are to be paid to…
Q: Al Hosni traders return goods worth $200 to Mac Donald. What journal entry will be recorded by Al…
A: Al Hosni Traders is buyer who returned the goods purchased before.
Q: Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the…
A: Accounts payable control account and subsidiary ledger: Accounts payable account and subsidiary…
Q: FIII In the Blank Questlon A company purchased $300 of supplies on account. This transaction would…
A: Supplies is a current asset with a normal debit balance. When a company purchases on account, the…
Q: a customer, Gwen Rowe. On December 9, it received an $750 payment from Rowe. a. Make the appropriate…
A: Journal entries are passed using the golden rule of accounting Debit all assets and expenses…
Q: Required: (a) Prepare store ledger card for the month of April 2018 to record the transactions…
A: a (i)
Q: Debit and Credit Procedures A list of accounts for Montgomery Inc. appears below. Required: Complete…
A: Completion of the accounts in the table by classifying them with type of accounts, normal balance…
Q: a. Prepare a statement correcting the balance at 31 January 2018 on the Purchases Ledger Control…
A: The main difference between Purchase Ledger and Purchase Ledger Control a/c is that the Purchase…
Q: 1 (Click the icon to view the transactions.) Purchases Journal Other Acco Vendor Post. Accounts…
A: purchase Journal…
Q: Week 6 Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash…
A: Journal: Journal is considered as a book of original entry because all the transactions that have…
Q: urnalize the transactions for Williams Market during December of the current year. Use page 12 of a…
A: Step 1 Journal is the Part of Book Keeping.
Q: T-Account Formulas Please provide the formulas (Typed out and not in an Excel Sheet) and answers to…
A: Hey, since there are two questions posted, we will answer only first question. If you want any…
Q: Two transactions were posted to the following creditor's account: NAME Windsurf, Inc.ADDRESS 343…
A: In a ledger balance of a creditor, if any amount is posted on the debit side, generally it pertains…
Q: The debits and credits from two transactions are presented in the following creditor's (supplier's)…
A: Posting of transactions: The process of transferring the journalized transactions into the accounts…
Q: Journalize the following transactions for a perpetual company: a. Issued credit memo no. 2,…
A: Merchandise are the goods in which the firm deals in daily course of business. Purchase or sale of…
Q: From the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto…
A: Accounts Receivable Schedule: It is a report showing the list of customers along with the amount…
Q: E6-2B. From the following transactions for Maggie Co., when appropriate, journalize, record, post,…
A: June 2 Cash 6,000 Maggie G.,…
Q: Identify Transactions in Accounts Receivable Subsidiary Ledger The debits and credits from three…
A: Subsidiary ledger: Subsidiary ledger refers to the ledger that provides the detailed information of…
Q: Instructions: Give its Financial Statements, Preparation of Closing Entries & Posting to ledger,…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: The debits and credits from two transactions are presented in the following customer account: NAME…
A: Accounts receivable subsidiary ledger: Account receivable subsidiary ledger is the ledger which is…
Only 1B question. Thanks!
Step by step
Solved in 2 steps
- Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.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.
- A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods soldPrepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado. Nov. 3Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, 2,482.51. The cost of the merchandise was 1,961.18. 5Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, 287.45. The cost of the merchandise was 227.09. 7Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, 3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, 135 (total 3,989.16). 9Bought merchandise on account from Lozano, Inc., invoice no. 8755, 426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, 67 (total 493.65). 12Received credit memo no. 542 to Lozano, Inc., for merchandise returned, 102.20. 17Sold merchandise on account to Jacks Golfing Shop, invoice no. 5421, 486.35. The cost of the merchandise was 432.85. 23Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, 2,465.99. The cost of the merchandise was 1,972.79. 28Bought merchandise on account from Fields, Inc., invoice no. 4599, 441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, 102 (total 543.29). Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.
- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Record the following transactions in general journal form. a. Sold merchandise on account to A. Bauer, 680 plus 54.40 sales tax (invoice no. D446). b. Bauer returned 105.50 of the merchandise. Issued credit memo no. 114 for 113.94 (105.50 for the amount of the sale plus 8.44 for the amount of the sales tax).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.
- Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldThe 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.