Prepare a schedule of accounts payable for Elijah's Clothing and verify that the total of the schedule equals the amount in the controlling account. Assume the perpetual inventory system.For more info see attached screen shots Prepare a schedule of accounts payable for Elijah's Clothing and verify that the total of the schedule equals the amount in the controlling account. Assume the perpetual inventory system.(Click the icon to view the accounts payable subsidiary ledger.)(Click the icon to view the completed Accounts Payable T account.)ReferencePrepare the schedule of accounts payable. (Include only non-zero balances in the schedule.)Accounts Payable 210Elijah's ClothingApril1,400 Bal.2,850Schedule of Accounts Payable15400April 30, 201X1,050Bal.PrintDoneTotal Accounts PayableThe schedule of accounts payable at April 30, 201XV the accounts payable account at April 30, 201X.- XReferenceAccounts Payable Subsidiary LedgerA. JohnsonJ. ClarkApr11,400 Bal.1,400Bal.900900Bal.Bal.B. MooreB. StewartApr.15400 Bal.400Bal.150150Bal.Bal.PrintDone

The amount that a business is liable to pay off in future to its creditors for purchasing some goods…

Prepare a schedule of accounts payable for Elijah's Clothing and verify that the total of the schedule equals the amount in the controlling account. Assume the perpetual inventory system. E(Click the icon to view the accounts payable subsidiary ledger.) E(Click the icon to view the completed Accounts Payable T account.) O Reference - X Prepare the schedule of accounts payable. (Include only non-zero balances in the schedule.) Accounts Payable 210 Elijah's Clothing April 1,400 Bal 2,850 1 Schedule of Accounts Payable 15 400 April 30, 201X 1,050 Bal. Print Done Total Accounts Payable The schedule of accounts payable at April 30, 201X the accounts payable account at April 30, 201X. O Reference %3 Accounts Payable Subsidiary Ledger A. Johnson J. Clark Apr. 1.400 Bal. 1 1,400 Bal. 900 900 Bal. Bal. B. Moore B. Stewart Apr. 400 Bal. Bal. 15 400 150 150 Bal Bal. Print Done

Prepare a schedule of accounts payable for Elijah's Clothing and verify that the total of the schedule equals the amount in the controlling account. Assume the perpetual inventory system. E(Click the icon to view the accounts payable subsidiary ledger.) E(Click the icon to view the completed Accounts Payable T account.) O Reference - X Prepare the schedule of accounts payable. (Include only non-zero balances in the schedule.) Accounts Payable 210 Elijah's Clothing April 1,400 Bal 2,850 1 Schedule of Accounts Payable 15 400 April 30, 201X 1,050 Bal. Print Done Total Accounts Payable The schedule of accounts payable at April 30, 201X the accounts payable account at April 30, 201X. O Reference %3 Accounts Payable Subsidiary Ledger A. Johnson J. Clark Apr. 1.400 Bal. 1 1,400 Bal. 900 900 Bal. Bal. B. Moore B. Stewart Apr. 400 Bal. Bal. 15 400 150 150 Bal Bal. Print Done

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 1COP: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...

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Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
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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.
Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. DR…
Using the accounts listed below, review the following transactions for Birdy Birdhouses and record any required journal entries. Birdy Birdhouses uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sep. 6: Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. DR CR Sep. 8: Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. DR CR Sep. 10: Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. DR CR Sep. 10: Birdy also discovers…
Monty Company has the following account balances: Sales Revenue $240,400, Sales Discounts $3,510, Cost of Goods Sold $139,200, and Inventory $45,300.Prepare the entries to record the closing of these items to Income Summary under the perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit…
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Every entry should have narration please Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $583. July 3 Paid $130 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,300 for $2,700 cash. July 9 Purchased…
Riverbed Company had the following account balances at year-end: Cost of Goods Sold $62,380, Inventory $14,410, Utilities Expense $32,500, Sales Revenue $126,790, Sales Discounts $1,170, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,360. They use the perpetual inventory system. (a) Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b) Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically…
What accounts are used to recognize a retailer's purchase from a manufacturer on credit? Assume the perpetual inventory system is used. A.Accounts Payable, Merchandise Inventory B.Sales, Accounts Receivable C.Accounts Receivable, Merchandise Inventory D.Accounts Payable, Cash
Assume that a perpetual inventory system using the NET METHOD is in use. Which of the following statements regarding the journal entries prepared is correct? A) When a customer returns inventory, the seller debits Customer Refunds Payable. B) Shipping costs associated with sales with terms FOB, destination should be included in Cost of Merchandise Inventory. C) When a company receives payment from a customer for a sale, Cash is debited and Accounts Payable is credited. D) When a company sells merchandise with terms 2/10, n 30, the company will credit Merchandise Inventory for the amount of the discount of 2 percent of sales. Why is the answer A and not D?
Here are some possible relevant accounts for the journal entries that follow: Cash Merchandise Inventory Interest Expense Accounts Payable Accounts Receivable Interest Income Sales Short-Term Notes Payable PLEASE NOTE: You will enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345). Follow the textbook format for the order of accounts in the journal entries. Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. Record the journal entries to recognize the initial purchase, the conversion, and the payment On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. DR CR On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a…
Prepare the journal entries to record the following transactions on Carla Vista Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. (b) On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. (c) On March 12, Carla Vista Company received the balance due from Tamarisk Company.