
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Sales Transactions and T Accounts (first screen shot for #1 and 2. the second is for #3) Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. 1. no sales tax (a) Merchandise is sold for $230 cash. (b) Merchandise is sold on account for $220. (c) Payment is received for merchandise sold on account. 2. 6% sales tax.(a) Merchandise is sold for $230 cash plus sales tax.(b) Merchandise is sold on account for $220 plus sales tax.(c) Payment is received for merchandise sold on account. 3. Cash and credit sales, with returned merchandise. (a) Merchandise is sold for $498 cash. (b) $14 of merchandise sold for $498 is returned for a refund. (c) Merchandise is sold on account for $400. (d) $27 of merchandise sold for $400 is returned for a credit. (e) Payment is received for balance owed on merchandise sold on account.arrow_forwardCAN SOMEONE SHOW ME HOW TO DO A " CASH JOURNAL"? Selected accounts from the chart of accounts of Crane Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Crane completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $10,500. 4 Purchased supplies for cash $80. 4 Sold merchandise on account to Wheeler $5,670, invoice no. 371, terms 1/10, n/30. 5 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $3,800. 8 Purchased merchandise on account from Phegley Co. $5,000. 9 Sold…arrow_forwardCan I get some help on this table, thank you!arrow_forward
- Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.arrow_forwardhello please solve home workarrow_forwardJoey's Bike Shop sells new and used bicycle parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During Year 1, its first year of operations, Joey's Bike Shop experienced the following. Sales on account Cash sales Collections of accounts receivable Uncollectible accounts charged off during the year $288,300 696,700 273,885 1,413 Required a. Assume that Joey's Bike Shop uses the allowance method of accounting for uncollectible accounts and estimates that 1 percent of its sales on account will not be collected. Answer the following questions: (1) What is the Accounts Receivable balance at December 31, Year 1? (2) What is the ending balance of the Allowance for Doubtful Accounts at December 31, Year 1, after all entries and adjusting entries are posted? (3) What is the amount of uncollectible accounts expense for Year 1? (4) What is the net realizable value of accounts receivable at December 31, Year 1?arrow_forward
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