Record the following purchase transactions of Money Office Supplies.
Q: sources of input data may include all of the following business documents except : a- sales invoice…
A: Sources of input data is the the invoice or any other form of data from which data of a transaction…
Q: What is the purpose of the cash receipts journal?
A: MEANING : PURPOSE: It is used to track the sales of items while cash is being received, by…
Q: Make cash receipts jounal
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by…
Q: QuickBooks: For a purchase and the subsequent payment for the purchase, indicate which business…
A: QuickBooks: The QuickBooks is accounting software, which helps the small businesses to manage their…
Q: Journalizing Purchases Transactions
A: Above all purchase transactions are on Credit. journal entries will be as follows.
Q: On a journal entry with a debit to Cost of Goods Sold you would expect a credit to…
A: In the Double Entry System, its must that Every Debit will have the Credit and its also necessary…
Q: In the expanded purchases journal, debits are made in which columns? choices: Accounts Payable,…
A: Answer : Merchandise inventory ,office supplies ,and store supplies.
Q: a) Prepare Cash Book
A:
Q: Describe and use the cash receipts journal. List theree items of information about each cash receipt…
A: Cash Receipts Journal: It is a special book where only cash receipts transactions that are…
Q: In Quickbooks, for a purchase on account and the subsequent payment for the purchase, which business…
A: To require: In Quickbooks, for a purchase on account and the subsequent payment for the purchase,…
Q: hree debit and credit Rules for Merchandising Accounts
A: The Golden Rules of Accounting Debit The Receiver, Credit The Giver This principle is used in…
Q: Which document helps to ensure that the receiving clerks actually count the number of goods…
A: Option b is the answer
Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…
A: Purchasing process refers to the process of procurement of goods or inventory. It starts with the…
Q: Demonstrate, using practical example how to prepare accounts from the Sales day book and Sales…
A: The sales day book is a manually-maintained ledger in which is recorded the key detailed information…
Q: Entries in the purchases journal are posted to the a. general ledger only. b. accounts payable…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…
A:
Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL
A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…
Q: posting from a sales journal to an accounts receivable ledger?
A: Sales journal is also referred as sales book or sales day book. All the credit sales are recorded…
Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…
A: The person responsible for releasing an order is the material planner.
Q: Identify the entry below that records the purchase of office supplies on account. debit Office…
A: Office supplies refers to small items used by office of a company such as staples, paper, files etc.…
Q: Drawing from your basic accounting knowledge, list the relevant data attributes that constitute the…
A: Accounting Information system: The Accounting Information System is a system that a business uses…
Q: Read the following statements carefully: Recalculate the allowance of accounts receivables.…
A: Type of Audit Procedures It is preliminary assessment an auditor is required to identify and…
Q: An automobile parts retailer purchases merchandise inventory for cash. When using a manual…
A: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a retailer, or a…
Q: the entry to record the purchase of supplies on account includes a credit to what?
A: Journal entries are prepared to record the financial and non-financial transactions of the business.
Q: Sale of goods for cash would be recorded in the _______________ Select one: A. purchase journal B.…
A: Correct option is D i.e. cash receipts journal
Q: Employee purchases of supplies with a company-issued credit card is typically recorded with a credit…
A: Accounting: Accounting is a system, or a process of collecting and organizing economic…
Q: What journal entry is required to record goods taken from inventory by the owner of a business for…
A: We have the following question: What journal entry is required to record goods taken from inventory…
Q: Describe and use the purchase journal. What steps are followed in posting from the purchases journal…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: Explain the posting process of the cash payments journal.
A: Cash payment Journal: A journal which is used to record cash payments by check and cash for the…
Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry
A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…
Q: Compute the balance of the Home Office account
A: In order to calculate balance of home office account we will do assets-liabilities.
Q: Goods returned by customer will be debited to which account?
A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…
Q: What general ledger journal entries does the purchases system trigger? From which departments do…
A: Purchasing System: The identification and procurement of the inventory needs for the organization is…
Q: The individual amounts in the “Accounts Payable" column of the purchases journal are posted to the…
A: Answer: Option C Accounts Payable Subsidiary ledger is Correct.
Q: what are the entries for the cash receipt journal and general journal.
A: Cash receipt journal is the journal which has been used by the company which are used to record as…
Q: Prepare Cash Disbursement for purchases
A: Cash disbursement can be defined as the outflow of cash from the business. It arises due to…
Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…
A: The Answer:
Q: Describe and use the cash receips journal. What steps are followed in posting from the cash receipts…
A: Cash Receipts Journal: It is a special book where only cash receipts transactions that are…
Q: How do you journalize the purchase of office equipment into credit?
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The journal entry recorded for the sale of office equipment includes:
A: When an office equipment is sold out, then Equipment account is decreased and hence credited and…
Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?
A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…
Q: Describe the flow of data in the purchasing process that is initiated when the purchasing…
A: A data flow diagram is a flow of data that analyzes the beginning criteria and end results of a…
Q: Match each document in a voucher system with its description. Document 1. Purchase requisition 2.…
A: Since there are multi sub-parts, we will solve first three for you. To get the remaining sub-parts…
Q: A furniture store debits purchases for a purchase of a
A: In any business, Purchases Account is debited for the purchases of those goods that are meant to be…
Q: Explain how to record the purchase of supplies.
A: Supplies are the consumable assets, which are ordinarily consumed in an organization. Supplies…
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- E7.5 (LO 2) (Recording Sales Gross and Net) On June 3, Bolton plc sold toArquette Company merchandise having a sales price of £2,000 with terms of 2/10,n/60. An invoice totaling £90, terms n/30, was received by Arquette on June 8 fromJohn Booth Transport Service for the freight cost. On June 12, the company received acheck for the balance due from Arquette Company.Instructionsa. Prepare journal entries on the Bolton plc books to record sales and receivables forall the events noted above under each of the following bases.1. Sales and receivables are entered at gross selling price.2. Sales and receivables are entered at net of cash discounts.b. Prepare the journal entry under basis (a)(2), assuming that Arquette Companydid not remit payment until July 29.PA6. Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Dish Mart purchases 26 sets of dishes for $460 per set with cash. Nov. 9 Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Nov. 13 Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Nov. 14 Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Nov. 15 Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish…(5) The company "Z" displays in its accounting records the following costs for the goods purchased to reach safely its warehouses: Invoice value of goods 150.000€, discounts given on the invoice value of the purchase of 11.000 €, transport paid for the transport of goods from the warehouse of the supplier to the premises of the buyer 2.500 €, insurance premiums of goods 3.150 € were paid, packing costs for the transport 8.450 €, fees and customs clearance costs 7.780 €, commissions purchases 4.140 €, administrative expenses 5.550 €, salaries and wages 6.750 €, light-water-phone 3.150€, advertising-promotion costs 3.550€ and financial interest (debit) 1.485€. Requested: To determine the cost of purchase of the quantities purchased.
- Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Aug. 3 Shipping charges Aug. 7 Purchase with cash Aug. 12 PaymentPA8.) Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell.Mar. 5 Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart.Mar. 9 Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 5/15, n/60, invoice date March 9.Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $435 per set.Mar. 14 Dish Mart sells 6 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $450 per set. Terms of the sale are 5/10, n/60, invoice date March 14.Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March 5 sale are missing a few dishes, but…PA8. Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 13 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 9 Dish Mart sold 23 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $435 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $435 per set. Mar. 14 Dish Mart sells 6 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $450 per set. Terms of the sale are 5/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March…
- Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 30 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $5 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 22 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $3.50 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Merchandise Inventory Merchandise Inventory Accounts Payable Accounts Payable Aug. 3 Shipping charges Merchandise Inventory Merchandise Inventory Cash Cash Aug. 7 Purchase with cash Merchandise Inventory Merchandise Inventory Cash Cash Aug. 12…PA1. Record journal entries for the following transactions of Furniture Warehouse. 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. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash.Honesty purchased an item with a catalog price of P10,000. The invoice dated March 1 indicates a term of 20%, 2/10, n/30. The invoice also indicates that the term of the shipment is FOB shipping point. The seller paid the freight of P1,000 since the shipping company refuses to load the cargo unless the freight is prepaid. How much is the invoice amount of the purchase? P7,840 P8,000 P10,000 P9,000
- E8.8 (LO 2) (Purchases Recorded, Gross Method) Cruise Industries purchased $10,800 of merchandise on February 1, 2020, subject to a trade discount of 10% and with credit terms of 3/15, n/60. It returned $2,500 (gross price before trade or cash discount) on February 4. The invoice was paid on February 13. Instructions a. Assuming that Cruise uses the perpetual method for recording merchandise transactions, record the purchase, return, and payment using the gross method. b. Assuming that Cruise uses the periodic method for recording merchandise transactions, record the purchase, return, and payment using the gross method. c. At what amount would the purchase on February 1 be recorded if the net method were used?A store purchased canned goods at an invoice price of $2,000 and terms of 2/10, n/30. Half of the goods had been mislabeled and were returned immediately to the supplier. If AllNight pays the invoice within the discount period, the amount paid should be: a $960. b $980. c 1,960. d 2,000.On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective goods. On November 13, the customer made a partial payment of P80,000. The account was finally paid in full on November 23. How much cash was received by FDN Trading on November 23?
