Record the following transactions into journal entries. June 5 Bought goods by cash from Juliana RM10,000. Received 5% discount. 10 Sold goods by credit to Patricia RM7,700. Gave a RM200 discount. 15 Bought goods by credit from Rosli RM15,500. Received 10% discount. 25 Paid Rosli in full by cheque. Received 8% discount.

Record the following transactions into journal entries. June 5 Bought goods by cash from Juliana RM10,000. Received 5% discount. 10 Sold goods by credit to Patricia RM7,700. Gave a RM200 discount. 15 Bought goods by credit from Rosli RM15,500. Received 10% discount. 25 Paid Rosli in full by cheque. Received 8% discount.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 22EA: Prepare journal entries to record the following transactions. A. March 1, purchased land for cash,...

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Purchases transactions Hoffman Company purchased merchandise on account from a supplier for 65,000, terms 1/10, n/30. Hoffman returned 7,500 of the merchandise and received full credit. A. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment? B. What account is debited by Hoffman Company to record the rerurn?
Prepare journal entries to record the following transactions. A. March 1, purchased land for cash, $20,000 B. March 11, purchased merchandise inventory, on account, $18,500 C. March 15, Sold merchandise to customer for cash, $555
TRANSACTION ANALYSIS Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 5,000. (b) Bought equipment for cash, 700. (c) Bought equipment on account, 600. (d) Paid cash on account for equipment purchased in transaction (c), 400. (e) Withdrew cash for personal use, 900.
Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.
TRANSACTION ANALYSIS Linda Kipp starred a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 5,000. (b) Bought equipment for cash, 700. (c) Bought equipment on account, 600. (d) Paid cash on account for equipment purchased in transaction (c), 400. (e) Withdrew cash for personal use, 900. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared Exercise 3-5A if necessary.
Michelle French owns and operates Books and More, a retail book store. Selected account balances on June 1 are as follows: The following purchases and cash payments transactions took place during the month of June: June 1 Purchased books on account from Irving Publishing Company, 2,100. Invoice No. 101, terms 2/10, n/30, FOB destination. 2 Issued Cheek No. 300 to Northeastern Publishing Co. for goods purchased on May 23, terms 2/10, n/30, 1,960 (the 2,000 invoice amount less the 2% discount). 3 Purchased books on account from Broadway Publishing, Inc., 2,880. Invoice No. 711, less a 20% trade discount, and invoice terms of 3/10, n/30, FOB shipping point. 3 Issued Cheek No. 301 to Mayday Shipping for delivery from Broadway Publishing, Inc., 250. 4 Issued Cheek No. 302 for June rent, 625. 8 Purchased books on account from Northeastern Publishing Co., 5,825. Invoice No. 268, terms 2/com, n/60, FOB destination. 10 Received a credit memo from Irving Publishing Company, 550. Books had been returned because the covers were on upside down. 13 Issued Check No. 304 to Broadway Publishing, Inc., for the purchase made on June 3. (Check No. 303 was voided because an error was made in preparing it.) 28 Made the following purchases: 30 Issued Cheek No. 305 to Taylor County Utility Co. for June utilities, 325. 30 French withdrew cash for personal use, 4,500. Issued Check No. 306. 30 Issued Cheek No. 307 to Irving Publishing Company for purchase made on June 1 less returns made on June 10. 30 Issued Check No. 308 to Northeastern Publishing Co. for purchase made on June 8. 30 Issued Check No. 309 for books purchased at an auction, 1,328. REQUIRED 1. Enter the transactions in a general journal (start with page 16). 2. Post from the journal to the general ledger accounts and the accounts payable ledger. Use general ledger account numbers as indicated in the chapter. 3. Prepare a schedule of accounts payable. 4. If merchandise inventory was 35,523 on January 1 and 42,100 as of June 30, prepare the cost of goods sold section of the income statement for the six months ended June 30,20--.
Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100.
J. Carrie established Carries Photo Tours during June of this year. The accountant prepared the following chart of accounts: The following transactions occurred during the month of June: a. Carrie deposited 30,000 cash in a bank account in the name of the business. b. Bought office equipment for cash, 1,850, Ck. No. 1001 c. Bought computer software from Moreys Computer Center, 640, paying 350 in cash and placing the balance on account, Ck. No. 1002. d. Paid current months rent, 950, Ck. No. 1003. e. Sold services for cash, 1,575. f. Bought a neon sign from The Sign Company, 1,335, paying 435 in cash and placing the balance on account, Ck. No. 1004. g. Received bill from The Gossiper for advertising, 445. h. Bought supplies on account from City Supply, 460. i. Received and paid the electric bill, 380, Ck. No. 1005. j. Paid on account to The Gossiper, 245, Ck. No. 1006. k. Sold services for cash, 3,474. l. Paid wages to an employee, 930, Ck. No. 1007. m. Carrie invested his personal computer with a fair market value of 1,000 in the business. n. Carrie withdrew cash for personal use, 800, Ck. No. 1008. o. Received and paid the bill for city business license, 75, Ck. No. 1009. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance, with a three-line heading, dated June 30, 20--.
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a ) Invested cash in the business, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared in Exercise 3-5B if necessary.
On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700