following transactions took place during August of the current year. Please complete the Cash Payments Journal. I credits should be equal to total debits. Transactions: 1 Issued check #55 to Proper Promotions for $1,750.00 for August advertising. 7 Paid $286.00 to Progress Energy for the electric bill, check #56. 11 Paid $1,500.00 cash for merchandise, check #57. 18 Issued check #58 to The Gem Mine for $1,078.00 for merchandise bought on account on August 10th. Terms were 2/15, n/30. Original merchandise cost was $1,100.00. Took advantage of the 2% discount. 20 Paid $64.50 for office supplies, check #59 24 Paid Office Depot $175.00 for a filing cabinet purchased on account, check #60 31 Issued check #61 to The Gem Mine for $4,900.00 for payment on account of $5,000.00 taking advantage of a 2% discount. Cash Payments Journal Doc. Post Accounts Payable Purchases Discount General Debit Cash Credit No. Ref. Account Title Debit Credit

following transactions took place during August of the current year. Please complete the Cash Payments Journal. I credits should be equal to total debits. Transactions: 1 Issued check #55 to Proper Promotions for $1,750.00 for August advertising. 7 Paid $286.00 to Progress Energy for the electric bill, check #56. 11 Paid $1,500.00 cash for merchandise, check #57. 18 Issued check #58 to The Gem Mine for $1,078.00 for merchandise bought on account on August 10th. Terms were 2/15, n/30. Original merchandise cost was $1,100.00. Took advantage of the 2% discount. 20 Paid $64.50 for office supplies, check #59 24 Paid Office Depot $175.00 for a filing cabinet purchased on account, check #60 31 Issued check #61 to The Gem Mine for $4,900.00 for payment on account of $5,000.00 taking advantage of a 2% discount. Cash Payments Journal Doc. Post Accounts Payable Purchases Discount General Debit Cash Credit No. Ref. Account Title Debit Credit

Name: Fill in the cash payments journal using the transactions below also. M
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Fill in the cash payments journal using the transactions below also. Module Seven Lesson Two AssignmentDGJfollowing transactions took place during August of the current year. Please complete the Cash Payments Journal.I credits should be equal to tota

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 9GI

See similar textbooks

Similar questions

Define each of the following terms:i. Credit policy; credit period; credit standards; collection policy; cashdiscounts
Matching Select the term that best fits each of the following definitions and descriptions. a. Notes receivable b. Nontrade receivables c. Net realizable value d. Direct write-off method e. Interest-bearing note f. Maturity date g. Promissory note h. Factoring receivables i. Trade discount j. Present value k. Allowance method l. Sales discount m. Negotiable note n. Non-interest-bearing note o. Assignment of receivables p. Valuation date 11. A method of recognizing the actual losses from uncollectible accounts as expenses during the period in which the receivables are determined to be uncollectible. 12. The amount of cash expected to be received from the conversion of assets in the normal course of business. 13. The sale of receivables without recourse for cash to a third party, usually a bank or other financial institution. 14. Receivables that are evidenced by…
how to you calculate partial payments during cash discount time
Options purhcases cash disbursements sales cash receipts general
Compu/t/e the General Ledger, Account: Purchases Account: Sales returning allowance
Multiple Choice Questions Which of the following items decreases the balance in the accounts receivable? Cash paid to creditors Discounts received Credit sales discount allowed
Define Accounts Receivable (Trade Receivables, Receivables)
By the percent of sales method how determine the amount of the adjusted balance of accounts receivable ?
Allowance method Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:
Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.
Define and explain short-term and long-term accounts receivable.
What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances xx Receivable from factor xx b. Reveivable from Factor xx Factoring expense xx c. Sales returns and allowances xx Factoring expense xx d. Reveivable from factor xx Accounts receivable xx