Answered: Prepare a journal entri | bartleby

Century 21 Accounting General Journal

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter3: Journalizing Transactions

Section: Chapter Questions

Problem 4.1AP

See similar textbooks

Related questions

Question

Prepare a journal entri

Periodic Method
101 Cash
110 Accounts Receivable
120 Supplies
130 Inventory
140 Office Equipment
210 Accounts Payable
220 Notes Payable
310 Villa, Capital
320 Villa, Drawings
330 Income Summary
400 Sales
410 Sales Discounts
420 Sales Returns and Allowances
510 Purchases
520 Purchases Discounts
530 Purchases Returns and Allowances
540 Freight In
610 Salaries Expense
620 Freight Out
630 Advertising Expense
640 Rent Expense
650
Utilities Expense

Serenity Villa opened SV Merchandising Store. The following transactions occurred during the
month of July 2018:
1-
Jul Villa invested P128,000 in the business.
2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note for
the remaining balance.
2 Acquired supplies for cash, P1,200.
3 Purchase P81,900 of merchandise from LOWKEY company on account.
Terms: FOB Destination, 2/10, n/30.
5 Sold merchandise to THORE for P48,600 on account.
Terms: FOB Destination, 2/10, n/30.
The cost of merchandise sold was P28,880.
Paid P550 freight on the same day.
7 Received collections from customers billed on sales of P48,600 on July 5.
9 Returned merchandise purchased from LOWKEY Company, P380.
11 Paid the amount due from July 3 transaction.
13 Purcha se merchandise P12,300 and additional supplies P450 for cash.
15 Paid 15th month salary, P8,000.
16 Received refund for poor quality of merchandise from a supplier on cash purchase
made on July 13, P870.
18 Sold merchandise to various customers, P24,300.
The cost of merchandise is P16,500.
19 Purchase 15,800 of merchandise from Eleonor Shop.
FOB Shipping point, terms, 2/10, n/30.
23 Receive sales returns, P3,800 from various customers. It's cost is P2,900.
24 Borrowed money from Town Bank, signed promissory note for P13,500.
24 Paid freight on July 21 purchase, P580.
26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. The
merchandise sold had a cost of P21,300.
28 Serenity Villa withdrew cash from the business, P9,000.
30 Paid Eleonor Shop in full.
31 Paid Salary to employees, P8,000.
31 Paid News Hub for 1-month advertisement of the store, P1,580.
31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively.

Expert Solution

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Blurred answer

Similar questions

Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of total expense Record the closing entries
Debit Credit Cash 67500 Accounts Receivable 46000 Allowance for Doubtful accounts 2000 Merchandise Inventory 60000 Office supplies 2800 Accounts payable 16000 Salaries payable 850 Common Stock 20000 Retained Earnings 60630 Sales 550000 Sales return and allowance 4500 Sales discounts 4250 COGS 382450 Salaries expense 44000 Advertising Expense 8150 Rent expense 24325 Other operating expense 450 Interest expense 5055 649480 649480 Above is the adjusted trail balance. What is the amount of net sales? What is the amount of total assets What is the amount of total liabilities What is the amount of net assets What is the amount of retained earnings after the closing entries have been posted? What is the amount of gross profit? What is the amount of total expense Record the closing entries in the
Question 4 a) You have collected the following information for Fishy Berhad. Item Beginning Ending Inventory RM20,700 RM43,00 Account rceivable RM9,900 RM11,500 Account payable RM16,500 RM22,700 Other information provided are credit sales RM210,000 and cost of goods sold RM198,000. Calculate: i) Operating cycle ii) Cash cycle
Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
110 Cash $ 63,600 112 Accounts Receivable 153,900 115 Merchandise Inventory 602,400 116 Prepaid Insurance 16,800 117 Store Supplies 11,400 123 Store Equipment 469,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Salaries Payable — 310 Rocky Hansen, Capital, August 1, 2009 555,300 311 Rocky Hansen, Drawing 135,000 312 Income Summary — 410 Sales 3,221,100 411 Sales Returns and Allowances 92,700 412 Sales Discounts 59,400 510 Cost of Merchandise Sold 1,623,000 520 Sales Salaries Expense 334,800 521 Advertising Expense 81,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 182,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 South…
Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 652,400 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 20Y6 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532 Insurance Expense — 539 Miscellaneous Administrative Expense 7,800 Part 1: Using the attached spreadsheet, journalize the transactions for May, the last month of the fiscal year, below. Part 2: Post the journal to the general ledger you created in Part 1, extending the month-end…
Details Debit Credit General expenses 11700 cash 5100 Salaries 9300 rent 1560 Account Payable 3575 Other income 2500 Net sales 150060 Cost of goods sold 99700 calculate net profit Select one: a.RO 34775 b. RO 30300 c. correct answer not available d.RO 31200 e.RO 39815
what is balance sheet? cash $14,785.00 A/R $100.00 Packing and office supplies $370.00 inventory $6,350.00 office forniture and equipment $1,100.00 AD:office furn and equipment $31.00 A/P $1,850.00 interest payable $133.00 unearned revenue $350.00 bank loan $5,000.00 equity $11,089.00 drawings $15.00 shoe sales revenue $7,180.00 sales returns $120.00 cost of sales $500.00 online store expenses $650.00 shipping costs $1,199.00 interest expense $133.00 inventory shrink $150.00 depreciation expense $31.00 supplies expense $130.00 25,633 25,633
GENERAL JOURNAL DR CR JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 TELEPHONE EXPENSE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting General Journal

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Cornerstones of Financial Accounting

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Century 21 Accounting General Journal

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

Cornerstones of Financial Accounting

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS