Peachtree Company uses sales journal, purchases journal, ournal, and general journal. Journalize the following tran he purchases journal.
Q: What is the posting procedure for the sales journal?
A: Sales journal is used to record the entries related to only credit sales includes goods and services…
Q: When a customer returns goods, the merchandiser will:
A: Inventory: Inventory refers to the raw materials, work-in process, and the finished goods…
Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…
A: Answer a: Sales order is created by using a document formed by SAP.
Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…
A: In the Double Entry System, its must that Every Debit will have the Credit and its also necessary…
Q: Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr.
A: Accounts receivable is an asset account that is debited when a debtor is created. When a sale is…
Q: Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…
A: Special Journals are used by the accountants to record the journal entries into the specific…
Q: Briefly explain the following terms
A: 1. Matching principle : The income recognition theory in accrual reporting specifies that earnings…
Q: Business incurred travelling cost of OMR 50. Which of the following specialized journals will record…
A: The answer is option (d.) [ cash payment journal] Refer step 2 for explanation
Q: wing accounts would appear on a worksheet for a mechandising e periodic inventory system? sold ary…
A: All of the accounts will be presented and considered on a worksheet for a merchandising entity Cost…
Q: Fiona Sporty uses a purchases journal, a cash payments journal, a sales journal, a cash receipts…
A: In order to record specific high volume transactions, five special journals are used. They are 1.…
Q: Put the following into the correct order for processing a sale on account with QuickBooks®. A.…
A: When sales are made on account, firstly, the sales order is recorded, then the payments are…
Q: What is the correct journal entry to record when transfer the total of the purchase daybook the…
A: Option:: Payables ledger control account Dr:::XXX.. To purchases account XXXX....
Q: Proving the postings of a one-column purchases journal would involve comparing the…
A: General Ledger: A general ledger is a bookkeeping ledger of the company that is a central repository…
Q: Entries in the purchases journal are posted to the a. general ledger only. b. accounts payable…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…
A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…
Q: What is another name for the bill that the seller sends to the buyer when the buyer purchases…
A: Solution: Purchase order is prepared and sent by buyer to seller while placing an order. Receiving…
Q: The periodic total of sales return journal is posted to :(i) Sales account(ii) Goods account(iii)…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: What are the columns that are typically used in the purchases journal?
A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…
Q: b. Debits: Accounts Receivable, Cost of Goods Sold; credits: Sales options correctly expresses the…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: hich of the following accounts is a contra account? Select one: a. Drawing b. Transportation In c.…
A: Solution: A contra account is related to a main account and used in a general ledger to reduce the…
Q: Villar Co. uses special journals and a general journal. Identify the journal in which each of the…
A: Purchases journal -A special journal in which all purchases of merchandise on account are…
Q: In a perpetual system, what would be the journal entry for a sales return. (a) Dr. Sales return and…
A: Journal entry is a process of recording the business transactions in the books of accounts for the…
Q: Which of the following accounts is closed by debiting the account? Purchases Purchase Returns and…
A: For purchases(cash) entry will be Purchases A/C Dr Cash A/c. Cr
Q: Smith's General Store purchased Supplies on account. Which columns in the Purchases Journal will Mr.…
A: Solution: Mr. Smith will use "The Accounts Payable column and the Purchases column" to record…
Q: Sales invoices are first entered in The Sales Account The Purchases Journal O The Cash Book O The…
A: 1) Correct option is 'The sales journal' Reason :- Sales invoices are first entered in the sales…
Q: What journal entry is required to record goods taken from inventory by the owner of a business for…
A: We have the following question: What journal entry is required to record goods taken from inventory…
Q: Describe and use the purchase journal. What steps are followed in posting from the purchases journal…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: If merchandise purchased on account is returned, the buyer can inform the seller of the details by…
A: An invoice refers to a bill that is issued by a seller to the buyer. It specifies details related to…
Q: For a Credit Invoice Received, which entry should be made? debit to sales returns and…
A: Journal entry is the process of recording the business transactions in the books of accounts for the…
Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…
A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.
Q: View transaction list Journal entry worksheet 1 2 Record the entry to write inventory down to LC
A: Items Per unit Total LCNRV applied to Unit on Hand (a) Cost (b) NRV ( C) Total Cost (d=a x…
Q: If merchandise sold on account is returned to the seller the seller may inform the customer of the…
A: Concept introduction: An organization can be manufacturing, servicing of merchandising type. For a…
Q: Journalize the transactions shown below in the two-column general journal that follows. Calculate…
A: Answer:
Q: Which of the following accounts has a normal debit balance. (Choose all that apply)
A: Assets, expenses, losses, and the owner's drawing account will normally have debit balances. Their…
Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Give the journal entry for the following service/merchandising business transactions without the…
A: Journal entries refer to recording and classifying the business transaction into books of accounts…
Q: Nguyen Company uses a single-column purchases journal to record transactions with its suppliers. The…
A: Given that, Nguyen company uses a single-column purchases journal to record transactions with its…
Q: INVENTORY SYSTEMS INFORMATION Gugu started her own bu Hairdo uses the Periodic I The following…
A: The periodic inventory system appears to be a stock valuation approach for accounting reasons that…
Q: Villar Co. uses special journals and a general journal. Identify the journal in which each of the…
A: Purchases & Sales on account are recorded in Purchases Journal & Sales Journal respectively.…
Q: The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and…
A: Answer: Purchase returns account.
Q: Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: True or False: The posting of purchase transactions to the general ledger is done in the same manner…
A: Purchase transactions are the transactions relating to the procurement of goods from the party…
Q: Which of the following business uses perpetual inventory system? a. Pharmacy b. Barber c. Tailor…
A: The perpetual inventory system records the inventory change with each and every transaction. So in…
Q: A furniture store debits purchases for a purchase of a
A: In any business, Purchases Account is debited for the purchases of those goods that are meant to be…
Q: Identify the special journal(s) in which the following column headings appear. Column Headings…
A: Special journal is a journal which record similar type of transactions such as sales, purchases,…
Q: Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
A: Merchandise Inventory Journal Entry There are mainly two types of merchandise inventory system are…
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- Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), 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.
- C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.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.Shirleys Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Shirleys Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 3Bought 30 Mango Bath and Shower Gels from Madden, Inc., 660, invoice no. 3487, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 125.43 (total 785.43). 4Bought ten Beauty Candle Travel Sets from Calhoun Candles, Inc., 420, invoice no. 4513, dated January 1; terms net 45; FOB destination. 12Sold four Mango Bath and Shower Gels on account to R. Kielman, sales slip no. 1456, 120, plus sales tax of 9.60, total 129.60. 13Received credit memo no. 8715 from Calhoun Candles, Inc., for merchandise returned, 84. 21Bought five Winter Skin Essentials Kits from Whitney and Waters, 197.50, invoice no. A875, dated January 18; terms 2/15, n/45; FOB destination. 25Sold three Winter Skin Essentials on account to A. Benner, sales slip no. 1457, 135.75, plus sales tax of 10.86, total 146.61. 27Issued credit memo no. 33 to A. Benner for merchandise returned, 45.25 plus 3.62 sales tax, total 48.87. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: A. Benner, 45.77; R. Kielman, 175.39. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., 355.23; Madden, Inc., 573.15; Whitney and Waters, 50.25. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 221.16; Accounts Payable 212 controlling account, 978.63; Sales Tax Payable 214, 128.45. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 25. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.
- Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.Mays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.A customer just charged $150 of merchandise using MasterCard. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting information system with special journals. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalToby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND GENERAL JOURNAL Debbie Mueller owns a small retail business called Debbies Doll House. The cash account has a balance of 20,000 on July 1. The following transactions occurred during July: REQUIRED 1. Record the transactions in the purchases journal, cash payments journal, and general journal. Total and rule the purchases and cash payments journals. Prove the cash payments journal. 2. Post from the journals to the general ledger and accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.