Foot Locker, Inc. is a retailer of athletic footwear and apparel. During a recent fiscal year, Foot Locker purchased merchandise inventory costing$4,047 ($ millions). Assume that Foot Locker makes all purchases on credit, and that its accounts payable is only used for inventory purchases. Thefollowing T-accounts reflect information contained in thecompany’s balance sheets ($ millions).What amount did Foot Locker pay in cash to its suppliers during the fiscal year? InventoriesBeg. Bal. 1,151End. Bal. 1,254Accounts Payable381 Beg. Bal.361 End. Bal.
Q: The general ledger of AXM, Inc., provides the following information relating to purchases of…
A: Cash payment to suppliers is the amount paid to the supplier of merchandise purchased on account.…
Q: Karla Company provided the following information for the current year: Purchases Purchase returns…
A: A firm, at the end of the period, prepares financial statements in which income statement is…
Q: The following information relates to a computer shop owner who makes all purchases on credit:…
A: Calculate the amount of total sales:
Q: The following were selected from among the transactions completed by Caldemeyer Co. during the…
A: Journal entry:Journal entry is a set of economic events which can be measured in monetary terms.…
Q: In performing accounting services for small businesses, you encounter the following situations…
A: In the 2nd point, $19,080 is inclusive of 6% sales tax. So Sales = $19,080 / 106% = $18,000 Sales…
Q: The company is a registered VAT Vendor and use a periodic system The following transactions took…
A: Under the Periodic inventory system of accounting, the inventories are not calculated on daily basis…
Q: Required:Prepare a corrected sales ledger control account bringing down the amended balance as at 1…
A: A sales ledger control account is a ledger account prepared in order to calculate the amount owed by…
Q: The Marchetti Soup company entered into the following transactions during the month of June:(1)…
A: Journal entries is the foremost and primary reporting of business transactions in the records or…
Q: Foot Locker, Inc. is a retailer of athletic footwear and apparel. During arecent fiscal year, Foot…
A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: he following were selected from among the transactions completed by Caldemeyer Co. during the…
A: Journal entries are a record of financial transactions.
Q: Described below are certain transactions of Cullumber Corporation. The company uses the periodic…
A: On February 2 , Purchase amount after discount = $ 68100 * 98% = $ 66738
Q: The following information was reported by three companies. When completing the requirements, assume…
A: working note: 1. $224 + $220 =$444
Q: During the months of January and February, Solitare Corporation sold goods to three customers. The…
A: Discount on Jan. 6 on paymentb received from Wizard Inc. = Amount receivables x rate of discount =…
Q: The following items were selected from among the transactions completed by O’Donnel Co. during the…
A: 1 )
Q: matilla Bank and Trust is considering giving Sage Hill Inc. a loan. Before doing so, it decides that…
A: Inventory valuation refers to the process of determining the value of the goods available with the…
Q: Described below are certain transactions of Edwardson Corporation. The company uses the periodic…
A:
Q: During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of…
A: A perpetual inventory system is an important category of inventory management. It is based on the…
Q: dger control account. In preparing the accounts for the year to 31 October 2019 the accountant…
A: April Shower Reconciliation Statement Amount Amount Balance in control account on 31 oct…
Q: In performing accounting services for small businesses, you encounter the following situations…
A: Calculation of Sales tax for Crane Company: Total amount = Sales revenue + Sales tax $23,850 = Sales…
Q: Edwardson Corporation’s year-end is December 31. Assuming that no adjusting entries relative to the…
A:
Q: The following items were selected from among the transactions completed by O'Donnel Co. during the…
A: 1. The journal entries to record the transactions are as follows
Q: The following items were selected from among the transactions completed by O’Donnel Co. during the…
A: Prepare journal entry (from January 10th - June 1st).
Q: The following information has been taken from the books of Lobelia Traders, a general trading shop…
A: Value added tax is the full form of VAT, It is the tax applicable on the sales made by a registered…
Q: The Marchetti Soup company entered into the following transactions during the month of June: (1)…
A: Answer:- Journal entry meaning:- A journal entry is the act of maintaining or producing records of…
Q: The following is the transaction of the trading company "Mars" in December 2020 • On 2 December 2020…
A: The transactions for sale and purchase of merchandise are to be recorded in the General Journal.
Q: The following were selected from among the transactions completed by Caldemeyer Co. during the…
A: Journal entries:
Q: Described below are certain transactions of Pharoah Corporation. The company uses the periodic…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Journalize the entries to record the transactions.
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: What is the ending balance of Allowance for Doubtful Accounts at December 31, 2018, after all…
A: Accounts Receivable: An accounts receivable is the money owed by the customers to the business for…
Q: Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the…
A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance…
Q: The following is a list of balances relating to Phiri Properties Ltd during 2010. The company…
A: Debtors refer to the dues that are receivable from the credit customers by the business..
Q: Aliena Trading, a VAT registered company, bought goods on account for Php22,400 from Marikina Shoe…
A: Formula: Total Invoice = Purchase price + VAT
Q: King Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of thecurrent…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Alpha company is a trading company that purchases and sales fruits and vegetables. During the year…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Tool Retailer operates in a city where HST 11% is charged on all goods and services. During June…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Alpha company is a trading company that purchases and sales fruits and vegetables. During the year…
A: Perpetual Inventory system:- It is a system in which inventory gets calculated on a continuous…
Q: The Marchetti Soup Company entered into the following transactions during the month of June: (1)…
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and…
Q: The following items were among those that appeared on Rubi Co.’s books at the end of year 1:…
A: Monetary assets are those assets whose value is stated or convertible into money terms. This is one…
Q: $200,000 Shipment from Home Office $444,000 The branch acquires all of its merchandise from the…
A: Given: To determine the branch profit adjust using the values as,
Q: United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have…
A: Closing Entries: A closing entry is a journal entry that is made at the end of an accounting period…
Q: Take me to the text The following information was taken from the financial records of Thornhill…
A: Cost of sales :— It represents cost of goods sold. It is the total cost of manufacturing of product…
Q: The Marchetti Soup company entered into the following transactions during the month of June:(1)…
A: Introduction; Journals: Recording of a business transactions in a chronological order. First step in…
Q: Queen Enterprises is a furniture wholesaler. Queen hired a new accounting clerk on January 1 of the…
A: Perpetual Inventory system: The inventory within this system has to be updated after every…
Foot Locker, Inc. is a retailer of athletic footwear and apparel. During a recent fiscal year, Foot Locker purchased merchandise inventory costing
$4,047 ($ millions). Assume that Foot Locker makes all purchases on credit, and that its accounts payable is only used for inventory purchases. The
following T-accounts reflect information contained in the
company’s balance sheets ($ millions).
What amount did Foot Locker pay in cash to its suppliers during the fiscal year?
Inventories
Beg. Bal. 1,151
End. Bal. 1,254
Accounts Payable
381 Beg. Bal.
361 End. Bal.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?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, $4,750The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Block Foods, a retail grocery store, has agreed to purchase all of its merchandise from Square Wholesalers. In return. Block receives a special discount on purchases. Over recent months, Square noticed that purchases by Block had been falling off. At first, Square simply thought that business might be down for Block and was hopeful that their purchases would pick up. When business with Block did not return to a normal level, Square requested financial statements from Block. Squares records indicate that Block purchased 300,000 worth of merchandise during 20-1, the most recent year. Selected information taken from Block's financial statements is as follows: REQUIRED Compute net purchases made by Block during 20-1. Does it appear that Block violated the agreement?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.
- Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.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.Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for July, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
