Percy Company is engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non- cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable - trade Notes receivable - trade 370,000 increase 200,000 decrease 150,000 decrease 200,000 increase 300,000 increase 80,000 20,000 80,000 35,000 60,000 18,000 300,000 250,000 1,500,000 1,200,000 Accounts payable - trade Notes payable – trade Notes payable - bank Sales returns (P50,000 was refunded) Sales discounts Purchase returns (P30,000 was refunded) Purchase discounts Accounts written off Recovery of accounts previously written off Cash sales Cash purchases Cash received from account customers Cash payment to trade creditors

Percy Company is engaged in a small export business. The company maintains limited records. Most of the company's transactions are summarized in a cash journal; non- cash transactions are recorded by making memo entries. The following are abstracted from the company's records: Accounts receivable - trade Notes receivable - trade 370,000 increase 200,000 decrease 150,000 decrease 200,000 increase 300,000 increase 80,000 20,000 80,000 35,000 60,000 18,000 300,000 250,000 1,500,000 1,200,000 Accounts payable - trade Notes payable – trade Notes payable - bank Sales returns (P50,000 was refunded) Sales discounts Purchase returns (P30,000 was refunded) Purchase discounts Accounts written off Recovery of accounts previously written off Cash sales Cash purchases Cash received from account customers Cash payment to trade creditors

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 4AP

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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 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?
The following transactions were completed by Yang Restaurant Equipment during January, 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. Yang Restaurant Equipment 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. 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 Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts? If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.
The following transactions were completed by Yang Restaurant Equipment during January, 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. Yang Restaurant Equipment 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 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. 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?
Gangnam Corp is engaged in a small export business. The company maintain limited records. Most of the company’s transactions are summarized in a cash journal; non cash transactions are recorded by making memo entries. The following are abstracted from the company’s records:· Accounts receivable- P350,000 increase· Accounts payable- P200,000 decrease· Notes payable (Trade)- P150,000 decrease· Sales returns (50,000 was refunded)- P100,000· Sales discounts- P10,000· Purchase return (30,000 was refunded)- P80,000· Purchase discount- P15,000· Accounts written off- P60,000· Cash sales- P350,000· Cash purchases- P150,000· Cash received from account customers- P1,800,000· Cash payment to trade creditors- P1,300,000What is the amount of gross purchase?
Yeontan Company is engaged in a small export business. The company maintain limited records. Most of the company’s transactions are summarized in a cash journal; non cash transactions are recorded by making memo entries. The following are abstracted from the company’s records:· Accounts receivable- P350,000 increase· Accounts payable- P200,000 decrease· Notes payable (Trade)- P150,000 decrease· Sales returns (50,000 was refunded)- P100,000· Sales discounts- P10,000· Purchase return (30,000 was refunded)- P80,000· Purchase discount- P15,000· Accounts written off- P60,000· Cash sales- P350,000· Cash purchases- P150,000· Cash received from account customers- P1,800,000· Cash payment to trade creditors- P1,300,000What is the amount of gross purchase? A. 1,015,000 B. 1,195,000 C. 1,165,000 D. 1,315,000
9. Yeontan Company is engaged in a small export business. The company maintain limited records. Most of the company’s transactions are summarized in a cash journal; non cash transactions are recorded by making memo entries. The following are abstracted from the company’s records:· Accounts receivable- P350,000 increase· Accounts payable- P200,000 decrease· Notes payable (Trade)- P150,000 decrease· Sales returns (50,000 was refunded)- P100,000· Sales discounts- P10,000· Purchase return (30,000 was refunded)- P80,000· Purchase discount- P15,000· Accounts written off- P60,000· Cash sales- P350,000· Cash purchases- P150,000· Cash received from account customers- P1,800,000· Cash payment to trade creditors- P1,300,000What is the amount of gross purchase? CHOICES: P1,015,000 P1,195,000 P1,165,000 P1,315,000
Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April. 1. On April 1, it established a petty cash fund in the amount of $200. 2. A summary of the petty cash expenditures made by the petty cash custodian as of April 10 is as follows. Delivery charges paid on merchandise purchased $60.00 Supplies purchased and used 25.00 Postage expense 33.00 I.O.U. from employees 17.00 Miscellaneous expense 36.00 The petty cash fund was replenished on April 10. The balance in the fund was $27. 3. The petty cash fund balance was increased $100 to $300 on April 20. Instructions Prepare the journal entries to record transactions related to petty cash for the month of April.
During March, Anderson Company engaged in the following transactions involving its petty cash fund: On March 1, Anderson Company established the petty cash fund by issuing a check for $1,500 to the fund custodian. On March 4, the custodian paid $85 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment. On March 12, the custodian paid $140 out of petty cash for supplies. Anderson expenses supplies purchases as supplies expense. On March 22, the custodian paid $25 out of petty cash for express mail services for reports sent to the Environmental Protection Agency. This is considered a miscellaneous expense. On March 25, the custodian filed a claim for reimbursement of petty cash expenditures during the month totaling $250. On March 31, Anderson issued a check for $250 to the custodian, replenishing the fund for expenditures during the month. Required: Hide Prepare the journal entries required to record the…
During March, Anderson Company engaged in the following transactions involving its petty cash fund: On March 1, Anderson Company established the petty cash fund by issuing a check for $1,500 to the fund custodian. On March 4, the custodian paid $90 out of petty cash for freight charges on new equipment. This amount is properly classified as equipment. On March 12, the custodian paid $140 out of petty cash for office supplies. Anderson expenses supplies purchases as supplies expense. On March 22, the custodian paid $29 out of petty cash for express mail services for reports sent to the Environmental Protection Agency. This is considered a miscellaneous expense. On March 25, the custodian filed a claim for reimbursement of petty cash expenditures during the month totaling $259. On March 31, Anderson issued a check for $259 to the custodian, replenishing the fund for expenditures during the month. Required: Prepare the journal entries required to record the petty cash account…
VKS Company reported an imprest petty cash fund of P51,100 with the following details· Currencies- P21,000· Coins- P2,100· Petty cash vouchers: Ø Gasoline payments for delivery equipment- P3,000 Ø Medical supplies for employees- P1,000 Ø Repairs of office equipment- P1,500 Ø Loans of employees- P3,500· A check drawn by the entity payable to the order of Grace dela Cruz, petty cash custodian, Representing her salary- P11,000· An employee’s check returned by the bank for insufficiency of funds- P3,000· A sheet of paper with names of several employees together with contribution for a birthday gift of a co-employee. Attached to sheet of paper is a currency- P5,000What amount of petty cash fund should be reported in the statement of financial position?
Fick Corp. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April: a. On April 1, Fick established a petty cash fund in the amount of $11,000 b. A summary of petty Cash Expenditures made by the petty cash custodian as of April 10 is as follows: Delivery Charges on merchandised purchased, $2,500 Supplies purchased and used, $2450 Postage expense, $1,000 IOU from employees, $750 Miscellaneous expenses, $2,000 c. The fund was replenished and increased to $17,000 on this date. The balance in the fund was $800. Compute for the Cash shortage.