Prepare a cash receipts journal and then record the following cash receipts transactions. July 1 The company borrowed $5,000 cash by signing a note payable to the bank. 2 C. Ming, the owner, contributed $1,000 cash to the company. 11 The company sold merchandise costing $100 to Mulan for $400 cash. 29 The company received $950 cash from Chan in payment of a July 7 purchase (where the company sold merchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount if paid by end of month).
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: The cash receipt journal is one of the accounting records where only cash receipts are recorded. It…
Q: Enter the following transactions in ledger accounts and extract a trial balance for the month ended…
A: Ledger: Transactions are recorded and grouped in the concerned account at one place. It shows the…
Q: Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash…
A: Journal entries indicates the recording of daily monetary activities takes place in the company
Q: Answer the questions below list of transactions: Jan 1 - Owner transferred cash by check from…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…
Q: 1-Saifi halwa shop sold RO 200 worth of halwa to customers for cash. Which of the following…
A: The Numerical has covered the concept of Journal Entry and Receipt Journal. The receipt Journal is a…
Q: Prepared ledger account for following transaction: 1- Jan Started business with $2,000 in the bank…
A: Ledger is a book which contains various accounts in which accounting transactions are recorded. In…
Q: The following is a summary from the cash book of a company for July 20X5: Opening balance 2,920…
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…
Q: Valley Hardware (Mr. M. Jordan is the sole proprietor) established a petty cash fund on January 1,…
A: A petty cash fund is established by a company to make small payments from it. It is not used for…
Q: Hunt Company enters all cash payments in the cash payments journal. On February 21, the company…
A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…
Q: Apply concept of financial accounting to prepare : Double entries, T Ac, Trial balance of above…
A: Journal entry refers to the recording of daily transactions in the books of accounts during the…
Q: Calculate the following: (a) Determine the cash receipts for May based on the following data:…
A: Cash account shows a summary of cash receipts and payments made during a period of time. Cash…
Q: Henry Johnson runs a book store. Henry receives his bookstore's bank statement for the month of…
A: As per nominal expense rule dedit all expenses
Q: THE WEALTHY Co. is a wholesaler of office and school supplies. The following are the transactions of…
A: Date Transaction Amount Business/bank form to be filed up Journal Journal entry July 1 Winnie Sy…
Q: As of November 5, Calexico had the following selected transactions Purchase of furniture on…
A: >Cash account is an asset account.>It has a normal DEBIT balance.>Its balance increases by…
Q: Directions: The following are transactions from Marvin Hernandez's book of account. Decide which…
A: Based on the transaction we need to classify the nature of the transactions.
Q: Tiger Trade has the following cash transactions for the period. Accounts…
A: Statement of cash flows: Cash flow statement is also known as statement of cash flows. It is a…
Q: Miranda Corp. received an order from a customer on October 1. The toys were shipped on October 15.…
A: The sales revenue is the revenue earned with the goods are sold and shipped to customers.
Q: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17 Paid $3,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Prepare: (iv) a statement of profit or loss (income statement) for the year to date; (v) a…
A: The income statement and the balance sheet are two of the major financial statements of any company.…
Q: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17 Paid $3,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: You are to write up a three-column cash book for Allen Electronics Inc. from the information given…
A: Cash book is prepared to record the cash transactions of the business.
Q: You have the following information about the operations of a company: 1- Selling goods for a sum of…
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts are given then first three sub parts are…
Q: The actual cash received from the day’s cash sales was $27,214, and the amount indicated by the cash…
A: Cash register record the amount of cash received in a given day and it should match with cash in…
Q: Ms. Ann Chavez, the owner of the business, transferred cash from personal bank account to the…
A: The income statement is one of the financial statements of the business which tells about the…
Q: Directions: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17…
A: Journal Entry is the first step of recording process. Journal Entry involve recording of…
Q: AngTindahan Co. is a wholesaler of office and school supplies. The e transactions of AngTindahan Co.…
A: The perpetual inventory system entails employing technology to keep inventory data up to date after…
Q: Enter the following transactions of an antiques shop in the accounts and extract a trial balance as…
A: Trial balance is a T shape account which is prepared to tally the debit and credit side balance of…
Q: Enter the following transactions in the accounts of L Linda: 20X7 a. July 1 Started in business with…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: MARCH 1 Started the business with sh. 80,000 in the bank. Bought goods on credit from Frank Sh.…
A: Journal entry Date Particular Debit Credit March 1 Bank A/c…
Q: Enter the following transactions, completing the double entry in the books for the month of May…
A: Journal Entries Double entry book system is an entry system in which one entry is made in two sided…
Q: 8 January Sue started the business with $10,000 in cash 9 January Borrowed a sum of $8,000 in cash…
A: Journal is the book of original entry in which transactions are recorded in a chronological order…
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: This journal is used for the treatment of receipts only.
Q: July 1 Started in business with £20,000 in the bank. 2 RHughes lent us £5,000 in cash. 3 Bought…
A: Journal entry is recording of business transaction within the accounting system of an organization.…
Q: On 1 May 20X9 Marshall's cash book showed a cash balance of $224 and an overdraft of $336. During…
A: We have the following information: On 1 May 20X9 Marshall's cash book showed a cash balance of $224…
Q: Prepare a cash payments journal and then record the following cash payments transactions. July 5…
A: Journal Entry means an entry to be recorded in the accounting books of the company for all the…
Q: Enter the following transactions in the accounts: 20X9 May 1 Started in business with £18,000 in…
A: Journal entries are used to record the transactions into the business.
Q: May 1 Started in business with £18,000 in the bank. may 2 Bought goods on credit from B Hind…
A: Ledgers are the separate accounts of each of the nominal, personal or real accounts dealt by a…
Q: GENERAL LEDGER ACCOUNT TITLE CASH ACCOUNT…
A: A ledger is an account where all the entries recorded in the Journal are transferred and posted. A…
Q: Enter the following transactions in the appropriate accounts: 20X6 Aug 1 Started in business with…
A: As posted multiple sub parts we are answering only first part kindly repost the unanswered question…
Q: following transactions took place during August of the current year. Please complete the Cash…
A: Cash Payment Journal Date Doc. No. Post. Ref. Account Title General Debit Accounts Payable Debit…
Q: Enter the following transactions of an antiques shop in the accounts and extract a trial balance as…
A: Journal entries records the transactions related to the firm. If any monetary transaction takes…
Q: Enter the following transactions, completing the double entry in the books for the month of May…
A: Answer: Journal entries for the above transactions
Q: Enter the following transactions in the accounts of L Linda: 20X7 July == == == == == == == == == ==…
A: Journal entry: It is also called as book of original entry. All financial transactions occurred in a…
Q: Below are the accounts and transaction details for the month of July from a Sweets & Snacks…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Journalize the following transactions and prepare cash account 1 Started business with 50,000,…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: On October 1, the accounts payable ledger of XYZ Company showed the following balances: Dora Company…
A: Introduction Accounts payable control: Accounts payable control account is an account maintained in…
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: Sales discount = Sales x discount rate = $1,715 x 2% = $34.30 Cash received = Sales - Sales…
Q: Answer the questions below list of transactions: Jan 1 - Owner transferred cash by check from…
A: Since you have posted a question with multiple sub-parts we will do the first three sub-parts for…
Prepare a cash receipts journal and then record the following cash receipts
transactions.
July 1 The company borrowed $5,000 cash by signing a note payable to the bank.
2 C. Ming, the owner, contributed $1,000 cash to the company.
11 The company sold merchandise costing $100 to Mulan for $400 cash.
29 The company received $950 cash from Chan in payment of a July 7 purchase (where the company
sold merchandise costing $700 on credit to Chan for $1,000, subject to a $50 sales discount
if paid by end of month).
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Enter the following transactions in a cash payments journal like the one illustrated in the chapter: Aug. 2 Issued Check No. 193 in payment of August rent (Rent Expense), 2,200. 6 Issued Check No. 194 to Mason Hardware in payment of merchandise purchased on account, 1,700, less 2% discount. The check was written for 1,666. 10 Issued Check No. 195 to Augies Wholesale for cash purchase of merchandise, 2,730.Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $37,400. A. May 12, collected balance due from customers on account, $16,000 B. June 10, purchased supplies for cash, $4,444Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loanInner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.
- 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?Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
- Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.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?
