EXAM 2 (PART 2)EXERCISE (All exercise would be saved in one record)1. Journalize the following transactions for the month of February 1:a.Sold merchandise on account for $10,000 (other income, other receivable,); Cost of GoodsSold $3,000 (Inventory, Cost of Sale)b. Received the utilities bill for $250.00 (accrued expense, utilities expense)C. Salaries for the week are $3,300 (salaries expense, wages payable)d.Received an invoice of $100 for advertising.2.Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000.Prepare the Customer List Report only for your account, include a column for term conditionsand credit limits. (February 5)3. Prepare a sales order (15 units of any product). In the Sales Order Register include acolumn with the name of the vendor. (February 7)4. The invoice from the sales order above was delivered completely (February 9)

In addressing the provided exercises, we start by journalizing a series of transactions, including…

Answered: EXAM 2 (PART 2) EXERCISE (All exercise…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...

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1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
Sales taxes collected from customers are sent to the state at the end of each month. What journal entry is prepared? A. debit Sales Taxes Payable and credit Cash OB. debit Sales Tax Payable and credit Sales OC. debit Accounts Receivable and credit Sales O D. debit Accounts Payable and credit Cash
Prepare the following journal entries. a. sales on account are $ 8,200. b.customer returns $ 1,200.
EXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28)…
Prepare journal entries to record the following transactions. Create a T-account for AccountsPayable, post any entries that affect the account, and calculate the ending balance for the account. Assume anAccounts Payable beginning balance of $7,500.A. May 12, purchased merchandise inventory on account. $9,200B. June 10, paid creditor for part of previous month’s purchase, $11,350
Journalize the selected transactions. Assume 360 days per year. Description choices are: Accounts Payable, Cash, Merchandise Inventory, No Entry Required, Purchases. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account. Description Debit Credit Aug. 1: Received amount owed on June 2 note plus interest at the maturity date. Description Debit Credit Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.) Description Debit Credit Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. Description Debit Credit…
Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.
Journalize the entries to record the following selected transactions: i. Sold $900 of merchandise on account, subject to 7% sales tax. The cost of the merchandise sold 0. was $510. ii. Paid $436 to the state sales tax department for taxes collected. Date Description Post. Debit Credit Ref. -C 121 Review Bununo
A credit sale of $1,400 is made on July 15, terms 2/10, n/30, on which a return of $100 is granted on July 18. What amount is received as payment in full on July 24? $1,400 16. $1,274 c. $1,350 d. $1,372 Assume that you are the seller. Prepare the journal entry for the July 24th payment received.
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snhu December 10: Paid Novembertelephone bill. December 11: Purchased baking supplies in amount of $7.000 from vendor on account. December 13: Paid on supplies vendor account in amount of $5,000. December 15: Accrued emplovee wages for period of December 1 through December 15. December 15: Paid rent on bakery space $1,500. December 15: Recorded merchandise sales transaction. See the "Inventory Valuation" tab for details. December 15: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. December 20: Paid employee for period ending December 15. December 20: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 24: Recorded sales of merchandise to customers. See the "Inventory Valuation" tab for details. December 24: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. December 30: Purchased merchandise…

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