*Purchased on 11/30 of the current year Required: 1. For Super Duper Deli: plese determine the correct balance of cash and cash equivalents to be reported in the current asset section of the current year balance sheet. 2. For each of the items not included in your answer to requirement 1, select the correct classification of the item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each of the items not included in your answer to requirement 1, select the correct classification of the item. U.S. Treasury bills (mature in six months) U.S. Treasury bills (mature in 60 days) Restricted cash Current investments < Required 1 Required 2 >

*Purchased on 11/30 of the current year Required: 1. For Super Duper Deli: plese determine the correct balance of cash and cash equivalents to be reported in the current asset section of the current year balance sheet. 2. For each of the items not included in your answer to requirement 1, select the correct classification of the item. Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each of the items not included in your answer to requirement 1, select the correct classification of the item. U.S. Treasury bills (mature in six months) U.S. Treasury bills (mature in 60 days) Restricted cash Current investments < Required 1 Required 2 >

Name: A delicatessen, or in short, a "deli," is a store where people can go
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Description: A delicatessen, or in short, a "deli," is a store where people can go to buy ready-to-eat items such as cold cut meats, sliced cheeses,sandwiches, breads, salads and more. Super Duper Deli, based in Queens, NY, operates 5 deli stores in NYC and has

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 10SPB: CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a...

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The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of merchandise sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards,…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3 Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4 Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5 Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American Express cards,…
Chicken Wings Company is engaged in buying and selling of office equipment which caters both cash and on account sales to customers. The following are the transactions that affect accounts receivable during 2021:Sales (cash and on account), P591,050Cash received from cash customers, P205,175Cash received from credit customers (281,300 was received from customers who took advantage of the discount feature of the company’s credit term 3/10, n/30, P320,800Accounts written of as worthless, P4,955Credit memoranda issued to credit customers for sales returns and allowances, P26,275Cash refunds given to cash customers for sales returns and allowances, P16,972Recoveries on accounts written off as uncollectible in prior periods (not included in cash collections stated above), P6,615An aging of the receivables indicates that P17,300 of the accounts receivable balance are deemed uncollectible.The following balances were taken from the December 31, 2020 statement of financial position:Accounts…
Aglife Genetics Ltd of Lancashire spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2021, the company’s Cash account per its general ledger showed the following balance. CASH NO.101 Date Explanation Ref. Debit Credit Balance May 31Balance13,287 The bank statement from Lancashire Bank on that data showed the following balance. Lancaster Bank Check and Debits Deposits and Credits Daily Balance XXXXXX5/31 12,648 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of £35 for the printing of additional company checks. 2. Cash sales of £1,720 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for £1,820. The bank credited Aglife Genetics for the correct amount. 3. Outstanding checks at May 31 totaled £1,425. Deposits in transit were £2,100. 4. On May 18, the company issued check No. 1181 for…
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers. Record on page 10 of the journal Mar. 2 Sold merchandise on account to Equinox Co., $19,300, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $14,120. 3 Sold merchandise for $12,200 plus 6% sales tax to retail cash customers. The cost of merchandise sold was $6,930. 4 Sold merchandise on account to Empire Co., $58,930, terms FOB shipping point, n/eom. The cost of merchandise sold was $32,340. 5 Sold merchandise for $30,400 plus 6% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $20,610. 12 Received check for amount due from Equinox Co. for sale on March 2. 14 Sold merchandise to customers who used American…
1. You were hired by Mr. Agosto to prepare his sari-sari store’s Statement of Financial Position. In order to prepare the statement, you were given the following: a. His sari-sari store has cash deposited in a bank account amounting to P53,000 b. His sari-sari store had a lot of uncollected sales from customers amounting to P72,510 c. The total amount of merchandise left inside the store is P30,025 d. He already paid six month’s rent in advance amounting to P12,350 e. The value of all the sari-sari store’s equipment amounted to P110,000 f. He bought merchandise from his supplier amounting to P23,120 and the supplier agreed that payment can be made 3 months after year-end g. SSS, Philhealth and Pag-ibig Payables for his one employee totaled P5,160 h. The sari-sari store had outstanding liabilities to PLDT and water district amounting to P3,159 i. The store had a loan from the bank amounting to P55,000 to be paid in 3 years Required: Prepare a Statement of Financial Position for the…
Sandhill Co. of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company’s Cash account per its general ledger showed a balance of $6,833.90.The bank statement from Emporia State Bank on that date showed the following balance. EMPORIA STATE BANK Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 7,063.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $59.00 for the printing of additional company checks. 2. Cash sales of $902.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $952.15. The bank credited Sandhill Co. for the correct amount. 3. Outstanding checks at May 31 totaled $285.25, and deposits in transit were $1,899.15. 4. On May 18, the company issued check No. 1181 for $684.00 to H.…
An unhappy customer just returned $50 of the items he purchased yesterday when he charged the goods to the companys store credit card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
For each of the following, indicate if the statement reflects an input component, output component, or storage component of the accounting information system for a bank. A. Online customer check ordering system. B. Approved loan applications. C. Report of customers with savings accounts over $5,000. D. Desktop hard drive on computer used by bank presidents administrative assistant. E. List of the amount of money withdrawn from all of the banks ATMs on a given day.
CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows: The following transactions are related to cash payments for the month of May: May 1Issued Check No. 326 in payment of May rent (Rent Expense), 2,600. 4Issued Check No. 327 to Cortez Distributors in payment of merchandise purchased on account, 4,200, less a 3% discount. Check was written for 4,074. 7Issued Check No. 328 to Indra Velga in partial payment of merchandise purchased on account, 6,200. A cash discount was not allowed. 11Issued Check No. 329 to Toy Corner for merchandise purchased on account, 4,600, less a 1% discount. Check was written for 4,554. 15Issued Check No. 330 to County Power and Light (Utilities Expense), 1,500. 19Issued Check No. 331 to Builders Warehouse for a cash purchase of merchandise, 3,500. 25Issued Check No. 332 to Troutman Outlet for merchandise purchased on account, 4,400, less a 2% discount. Check was written for 4,312. May 30Issued Check No. 333 to Rapid Transit Company for freight charges on merchandise purchased (Freight-In), 800. 31Issued Check No. 334 to City Merchants for a cash purchase of merchandise, 2,350. Required 1. Enter the transactions starting with page 9 of a general journal. 2. Post from the general journal to the general ledger and the accounts payable ledger. Use general ledger account numbers as shown in the chapter.
AngTindahan Co. is a wholesaler of office and school supplies. The following are the transactions of AngTindahan Co. for the first month of its operations. All cash disbursements are made by bank check. Assume perpetual inventory method is used.