Feb. 2, 2024 Recorded credit sales of $110,000. Ignore Cost of Goods Sold Date Accounts and Explanation Debit Credit 2024 Feb. 2 More info Nov. 1, 2024. Loaned $18.000 to Tess Parker, an executive with the company, on a one-year, 7% note 2024 Date Accounts and Explanation Debit Credit Feb. 2 Recorded credit sales of $110,000. Ignore Cost of Goods Sold. 2024 Nov. 1 Loaned $18,000 to Tess Parker, an executive with the company, on a one-year, 7% note Nov. 1 Dec. 31 Accrued interest revenue on the Parker note 2025 Nov. 1 Collected the maturity value of the Parker note Dec. 31, 2024 Accrued interest revenue on the Parker note Print Done Date Accounts and Explanation Debit Credit 2024 Dec. 31

Feb. 2, 2024 Recorded credit sales of $110,000. Ignore Cost of Goods Sold Date Accounts and Explanation Debit Credit 2024 Feb. 2 More info Nov. 1, 2024. Loaned $18.000 to Tess Parker, an executive with the company, on a one-year, 7% note 2024 Date Accounts and Explanation Debit Credit Feb. 2 Recorded credit sales of $110,000. Ignore Cost of Goods Sold. 2024 Nov. 1 Loaned $18,000 to Tess Parker, an executive with the company, on a one-year, 7% note Nov. 1 Dec. 31 Accrued interest revenue on the Parker note 2025 Nov. 1 Collected the maturity value of the Parker note Dec. 31, 2024 Accrued interest revenue on the Parker note Print Done Date Accounts and Explanation Debit Credit 2024 Dec. 31

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 1CP

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Similar questions

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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.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.
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Record the following transactions in the sales journal: Jan. 15 Invoice #325, sold goods on credit for $2,600, to Maroon 4, account #4501. Jan. 22 Invoice #326, sold goods on credit for $4,000 to BTS, account #5032. Jan. 27 Invoice #327, sold goods on credit for $1,450 to Imagine Fireflies, account #3896. If an amount box does not require an entry, leave it blank.
Mega stores limited provides goods and services to O & M Enterprises Located at 101 Brunswick street, spanish town. The following transactions took place during May 2022. 2 May: Balance on account was $2,500.00 O & M Enterprises made the following payments: 6 May: Cheque #101 $750.00 9 May: Cheque #102 $250.00 16 May: Issued Credit Note #10 ($45.00) for the return of defective goods. 20 May: Issued Invoice #25 for items purchased, valued at $1800.00 23 May: Issued Invoice #26 for items purchased, valued at $1200.00 A 10% special discount is given if payment is made before 30 June 2022. required Prepare a statement of account for O & M Enterprises. Using the terms provided on statement, calculate the amount that O & M Enterprises would be required to pay if the account is settled before 15 June 2022. (show all working)
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Pina Company had the following adjusted account balances at year-end: Cost of Goods Sold $60,410, Inventory $15,010, Operating Expenses $29,380, Sales Revenue $126,580, Sales Discounts $1,340, and Sales Returns and Allowances $2,090.Prepare closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit balances enter a debit amount…