Current Attempt in Progress Record the following transactions on the books of Vaughn Manufacturing (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) On July 1, Vaughn Manufacturing sold merchandise on account to Stacey Inc. for $22,600, terms 3/10, n/30. On July 8, Stacey Inc. returned merchandise worth $2,500 to Vaughn Manufacturing. On July 11, Stacey Inc. paid for the merchandise. (a) (b) (c) No. Date Account Titles and Explanation Debit Credit (a) (b) (c) July 11
Q: Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: On June 3, Sandhill Company sold to Chester Company merchandise having a sale price of $2,200 with…
A: Sales discount = Invoice amount x discount rate = $2200 x 4% = $88
Q: The following are two independent situations. Instructions 1. On January 6, Brumbaugh Co. sells…
A: Journal entries are used to keep track of costs transactions. To create a journal entry, you enter…
Q: Use the perpetual system only for these transactions, show journal entries to record the following:…
A: Perpetual inventory system is an inventory system in which all purchase and sale of inventories will…
Q: On June 3, Pearl Company sold to Chester Company merchandise having a sale price of $5,500 with…
A: Gross Method: Under the gross method, the sales transaction is recorded at a gross price i.e.,…
Q: (a) Use the above account balances along with the additional information, prepare the adjusting…
A:
Q: 1. The following transactions occurred during the month of November in the operation of Wonderful…
A: A Journal Entry is an accounting record which uses the Double Entry System of Accounting that is…
Q: Record the following transactions on the books of Wildhorse Co.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Record the following transactions on the books of Galaxy Co. a. On July 1, Galaxy Co. sold…
A: 2/10, n/30 means that , if the amount due from customer is paid within 10 days , then the customer…
Q: On March 6, Cheyenne Company returned $92,900 of the merchandise purchased on March 2. The cost of…
A: Goods returned are recorded on sales amount in account receivable and further cost of goods sold is…
Q: The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue…
A: Closing entries are used to close the temporary accounts. These are expense revenue accounts.
Q: Prepare the journal entries for the following transactions. Use Peso (Php) sign. July 1. Scully…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: how do i prepare the journal entry ? Assume that Sunland Company received the balance due from…
A: Credit terms 2/10, n/30 means customer will get discount of 2%, if payment is made within 10 days of…
Q: Vera Manufacturing has the November transactions below. Post them to T-acco For Accounts Payable and…
A: Solution: Accounts payable 0 beg, Bal. 22000 a. b. 14000 8000…
Q: In July, the following selected transactions were completed. All purchases and sales were on…
A: A journal entry is used to record a business transaction within the accounting records of a…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The following transactions are for Larkspur Company. On December 3, Larkspur Company sold $512,700…
A: Financial transactions are recorded via journal entries. You insert transaction details into your…
Q: Mathis Company and Reece Company use the periodic system. The following transactions occurred during…
A: 1. Journal entry to record the April 1 purchase of merchandise and payment of freight by Mathis will…
Q: Church Company completes these transactions and events during March of the current year (terms for…
A: A credit in accounting is an entry that documents a decline in assets or a rise in liabilities as…
Q: The following transactions are for Carla Vista Company. 1. On December 3, Carla Vista Company…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Flounder Company had the following adjusted account balances at year-end: Cost of Goods Sold…
A: Closing entries are those journal entries which are made at the end of the accounting years that…
Q: Pepper Company completed the following selected transactions and events during March of this year.…
A: General Ledger Cash Acct. No 101 Date PR Debit Credit Balance Mar-31 R3 187140…
Q: On December 1, Macy Company sold merchandise with a selling price of $8,000 on account to Mrs…
A: Account receivable means the debtor from whom we have to collect the payment for sale of the product…
Q: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,…
A: Let us prepare journal entries for all transactions: Sl no. Account journal Debit $ Credit $ A…
Q: Jl's wholesale House uses the direct write-off method in accounting for uncollectible accounts.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms…
A: Introduction Journal entry may be defined as a process of recording business transactions into the…
Q: Presented below are two independent situations. (Credit account titles are automatically indented…
A: Date Particulars Debit Credit Jan 6 Account receivable Pryor Inc. 13,500 Sales 13,500…
Q: Record these sales of merchandise on account in the sales journal. If using Working Papers, use page…
A:
Q: Pepper Company completed the following selected transactions and events during March of this year.…
A: The General ledgers are the books of the Company which are prepared to record the financial…
Q: Sales and Purchase-Related Transactions for Seller and Buyer The following selected transactions…
A: SOLUTION- DATE ASSETS = LIABILITIES +…
Q: Use the above account balances along with the additional information, prepare the adjusting entries.…
A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…
Q: On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5,…
A: Journal Entry: It is the method involved with making records of any exchanges either monetary or…
Q: On January 10, 2020, Cullumber Co. sold merchandise on account to Robertsen Co. for $16,600, n/30.…
A: >Notes receivables are the notes issued by the customer or borrower and accepted by the lendor or…
Q: Record the following transactions on the books of Bramble Corp. (Omit cost of goods sold entries.)…
A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…
Q: Hinds Company sold merchandise to Peter Company on account for $146,000 with credit terms of ?/10,…
A: Cost of good sold returned = (Cost of good sold / Sales)*Sales return = ($86,140 / $146,000)*$6,000…
Q: The following list includes selected permanent accounts and all of the temporary accounts from the…
A: Definition of Adjustment entries and Closing Entries: Adjustment Entries are recorded to update…
Q: Journalizes transactions using the allowance method assuming the account's credit balance started at…
A: GIVEN DETA Journalizes transactions using the allowance method assuming the account's credit…
Q: Record the following transactions on the books of Vaughn Manufacturing (Omit cost of goods sold…
A: Sales discount = Amount payable x rate of discount = $20,100 x 3% = $603
Q: Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___…
A: Journal Entry is the Primary recording of business transactions in the books of accounts.
Q: This information relates to Kingbird Co. 1. On April 5, purchased merchandise from Blossom…
A: a.Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books.…
Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Record the following transactions on the books of Wildhorse Co. (Omit cost of goods sold entries.)…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Prepare separate entries for each transaction for Taylor Company. The merchandise purchased by Diaz…
A: Inventory: It is the goods and material a business hold to sell. There are two methods for recording…
Q: Pepper Company completed the following selected transactions and events during March of this year.…
A: Answer - Part 1 - SALES JOURNAL Date Account Debited Inc No PR Acc…
Q: Journalize the following transactions in the accounts of BBH inc., a wholesaler of arcade cabinets…
A: Journal: Recording of a business transactions in a chronological order.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.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 $21,220. A. purchased merchandise inventory on account, $9,900 B. paid vendors for part of inventory purchased earlier in month, $6,500 C. purchased merchandise inventory for cash, $4,750Toby 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.
- Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.
- 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.The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.The 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.
- 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.Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows. Assume that Markeys Mountain Shop uses the perpetual inventory system. a. Merchandise Inventory at December 31, 140,357. b. Store supplies inventory (on hand) at December 31, 540. c. Depreciation of building, 3,400. d. Depreciation of store equipment, 3,800. e. Salaries accrued at December 31, 1,250. f. Insurance expired during the year, 1,480. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.