Purchased $4,200 worth of cleaning supplies on account from Eastern Dry Cleaning Suppliers Ltd. What would be the best description and correct source document?
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Purchased $4,200 worth of cleaning supplies on account from Eastern Dry Cleaning Suppliers Ltd. What would be the best description and correct source document?
The company purchases supplies on cash or credit.
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- Purchased $4,200 worth of cleaning supplies on account from Eastern Dry Cleaning Suppliers Ltd. What would be the correct entry into the General Journal?Purchased $1,390 worth of cleaning supplies on account. What would be the correct entry into the General Journal?Complete the following requirements using the information provided.Use the proper format to record entries and prepare statementsThe Lightening Shop opened January 1, 2020and reported the following transactions:Jan 1 Purchased 20,000 Umbrellas on account for $12.50 eachJan 15 Purchased 25,000 umbrellas on account for $12.75 eachJan 20 Sold on account 33,000 umbrellas for $18.25 eachJan 23 Purchased 10,000 umbrellas on account for $12.85eachJan 25 Paid for the purchases made on Jan 1Jan 27 Collected $ 125,000 from customers on accountJan 30 Telephone bill arrived for $550 due on Feb 15 and paid salaries of $11,000The company uses the perpetual inventory method and pays 35% income tax.Requirements:1. Compute the company's gross profit percentage and theinventory turnover for the month. How does this companycompare with the industy average of 25% for the gross profitand an inventory turnover of 2.3 times? Round to one decimal place.2 Assume instead that the company uses the weighted…
- Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.Received $1,200 from the local hockey team for uniform cleaning. What would be the correct General Ledger Entry?On January 2, Dixie, Incorporated, pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000. Complete the necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. On January 2, Dixie, Inc., pays a salvage company $1,000 to haul away a machine costing $28,000 with accumulated depreciation of $28,000.
- In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.Presented below are the transactions of Weirdo Beauty Salon for the month of January. 2020 Jan. 5 Received P25,500 from various customers as salon income 7 Purchased salon equipment on account, P7,500 8 Bought salon chairs and reception table from Plums Trading on account, P12,000 10 Returned defective chair to Plums Trading valued at P1,000 11 Made partial payment to Plums Trading P2,500 12 Purchased salon supplies paying P3,000 cash 15 The owner, Ms. Matutina, invested a table worth P1,750 Required: (a) Prepare the journal entries. (b) Prepare the T-Accounts.USE MS EXCEL AND SHOW FORMULAS USED
- Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Orange Designs.ORANGE DESIGNS Adjusted Trial Balance December 31, 2021 Accounts Debits Credits Cash $ 6,000 Accounts Receivable 5,000 Supplies 3,000 Prepaid Rent 7,000 Buildings 120,000 Accumulated Depreciation $ 22,000 Accounts Payable 4,000 Salaries Payable 5,000 Utilities Payable 1,100 Notes Payable (due in four years) 30,000 Common Stock…Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home décor, including window treatments, carpet and wood flooring, paint colors, furniture, and much more. Below is the year-end adjusted trial balance of Orange Designs. Accounts Debits Credits Cash $ 4,300 Accounts Receivable 3,300 Supplies 1,300 Prepaid Rent 5,300 Buildings 103,000 Accumulated Depreciation $ 20,300 Accounts Payable 2,300 Salaries Payable 3,300 Utilities Payable 1,200 Notes Payable (due in four years) 13,000 Common Stock 43,000 Retained Earnings 14,300 Service Revenues 116,900 Salaries Expense 41,300 Rent Expense 17,300 Depreciation Expense 6,300 Supplies Expense…Following are the transactions of Sustain Company. June 1 T. James, owner, invested $12,500 cash in Sustain Company. June 2 The company purchased $5,500 of furniture made from reclaimed wood on credit. June 3 The company paid $900 cash for a 12-month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $4,500 for sustainability services provided. June 12 The company paid $5,500 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $4,500 cash for services billed on June 4. June 21 T. James invested an additional $11,500 cash in Sustain Company. June 30 The company received $6,500 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions.