In need of answers for numbers 1-15. Thank you! Exercise 13Direction: Below are the selected transactions of Casey's Bookstore. Indicate by means ofletters the journals to be used: A. sales journal B. cash disbursements journal C.Purchases journal D. cash receipts journal E general journal where each of thefollowing transactions should be recorded. Give the journal entries in each book1. Mr. Casey made additional investments: cash of P50,000 and furniture worth P15,000.2. Office equipment was purchased on account, P10,000.. Merchandise purchases amounted to P15,000. Terms: P5,000 down, balance 2/10, n/30.4. Sales on account amounted to P12,000.3. Account purchases in No. 3 was paid within the discount period. 6. A credit memo for P1.000 was issued to a customer in No. 4.7. Cash sales amounted to P5,000.8. Operating expenses paid P3,000.9. Borrowed P10,000 from the bank and issued a promissory note.10. P10,000 was collected from the account sales in No. 4.11. Sold to a customer who gave a promissory note, P2,500.12. Purchased office supplies on account, P150.13. Received a telephone bill for P300.14. Note of customer in No. 11 was dishonored.15. Cash purchases amounted to P15,000.

Journal entires is defined as recording the transactions of the business into the books of accounts…

Below are the selected transactions óf Casey's letters the journals to be used: A. sales journal B. cash disbursements Purchases journal D. cash receipts journal E general journal where ea following transactions should be recorded. Give the journal entries in ea. sey made additional investments: cash of P50,000 and furniture worth PF mont wog nurchased on account P10.000,

Below are the selected transactions óf Casey's letters the journals to be used: A. sales journal B. cash disbursements Purchases journal D. cash receipts journal E general journal where ea following transactions should be recorded. Give the journal entries in ea. sey made additional investments: cash of P50,000 and furniture worth PF mont wog nurchased on account P10.000,

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter3: The Double-entry Framework

Section: Chapter Questions

Problem 5SEB: TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following...

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Purchases discounts and accounts payable Rustic Furniture Co. is owned and operated by Cam Pfeifer. The following is an excerpt from a conversation between Cam Pfeifer and Mitzi Wheeler, the chief accountant for Rustic Furniture Co.: Cam: Mitzi, Ive got a question about this recent balance sheet. Mitzi: Sure, whats your question? Cam: Well, as you know, Im applying for a bank loan to finance our new store In Garden Grove, and I noticed that the accounts payable are listed as 320,000. Mitzi: Thats right. Approximately 275,030 of that represents amounts due our suppliers, and the remainder is miscellaneous payables to creditors for utilities, office equipment, supplies, etc. Cam: Thats what I thought. But as you know, we normally receive a 2% discount from our suppliers for earlier payment, and we always try to take the discount. Mitzi: Thats right. I cant remember the last time we missed a discount. Cam: Well, in that case, it seems to me the accounts payable should be listed minus the 2% discount. Lets list the accounts payable due suppliers as 310,500 rather than 320,000. Every little bit helps. You never know. It might make the difference between getting and not getting the loan. How would you respond to Cam Pfeifers request?
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