Record the transactions for Donaldson Inc. in the proper subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc.
Q: CPA Co. started business at the beginning of the current year. The entity established an allowance…
A: The allowance for doubtful account is established to record the bad debt expense for the firm. The…
Q: Presented below are transactions related to Splish Brothers Inc.. 1. On December 3, Splish…
A: 4% discount offered by the supplier if the buyer pays within 10 days, and full payment is required…
Q: Journalize the transactions. Journalize the adjusting entry for each of the following accrued…
A:
Q: The following items were selected from among the transactions completed by Sherwood Co. during the…
A: Journal entries: These are prepared to record the financial and non-financial transactions of the…
Q: ccurred between Garfield Company and MiKi, Inc.: (a) On August 1, Garfield Company sold merchandise…
A: Journal Entries The act of recording or keeping track of any financial or non-financial action is…
Q: Happy Breakup Corp.'s accounts receivable subsidiary ledger shows the following information: ACCOUNT…
A: Under aging method of accounts receivable, allowance for accounts receivable is calculated on the…
Q: The following transactions occurred for Donaldson Inc. during the month of July. Record the…
A:
Q: The following items were selected from among the transactions completed by Shin Co. during the…
A: Accounting for notes payable : A note payable is a written promise that promises to pay a specific…
Q: JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home…
A: Net Income:- Net Income is defined as those income which shows the net earnings of a particular…
Q: The following items were selected from among the transactions completed by Sherwood Co. during the…
A: General Journal…
Q: Record the following transactions on the books of Galaxy Co. a. On July 1, Galaxy Co. sold…
A: 2/10, n/30 means that , if the amount due from customer is paid within 10 days , then the customer…
Q: Prepare journal entries on the Basim plc books to record sales and receivables all the events noted…
A:
Q: Crane Company has a balance in its Accounts Payable control account of $ 8,020 on January 1, 2022.…
A: Working Notes: (1.) January 1 balance in the Valdez Company subsidiary account = Beginning balance…
Q: e interoffice account between the home office of Ayala and cember 31 of last year. The transactions…
A: In this question, we have to solve the unadjusted balances of home office and investment in branch.
Q: The following items were selected from among the transactions completed by Sherwood Co. during the…
A: Journal entries:
Q: The following items were selected from among the transactions completed by O'Donnel Co. during the…
A: Note Payable :— Note Payable is Liability in nature sometimes Note payable are Long term Borrowing…
Q: On December 31, 20x10, the Investment in Branch account in the home office’s books has a balance of…
A: SOLUTION- TAKE NOTE THAT THE HOME OFFICE ACCOUNT IN THE BOOKS OF BRANCH WILL NOT APPEAR IN…
Q: What amount should be reported as sales on account? What is the net realizable value of accounts…
A: Sales on account is the amount of sales which are made on credit. It increases the balance of…
Q: Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger.…
A: . please like the answer your response matters Sales Journal Date Account Invoice no. ref Cash…
Q: The accounts receivable subsidiary ledger of Olarita Corporation shows the following information:…
A: Allowance for doubtful accounts is the provision prepared by the entity for the estimated amount of…
Q: The following transactions are for Carla Vista Company. 1. On December 3, Carla Vista Company…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: The following transactions are for Skysong Company. 1. On December 3, Skysong Company sold…
A: Journalize the given entries:
Q: Using the same information above, determine the branch current account in the Home Office books on…
A: The transactions at branch of Main Corporation in Cavite are summarized in the trial balance given…
Q: The following information are extracted from the books and records of the Company and its branch.…
A: Balances in branch books : Sales P 720,000 Expenses P 240,000 Shipment from home office P 432,000
Q: The following data were selected from the records of Sykes Company for the year ended December 31,…
A: Assumed as journal
Q: The following items were selected from among the transactions completed by O'Donnel Co. during the…
A: 1. The journal entries to record the transactions are as follows
Q: Directions: Read the statements carefully. Record the following business transactions in The General…
A: Journal To make the journal entry into the business transaction to separate the transaction in form…
Q: repare journal entries on the Basim plc books to record sales and receivables all the events noted…
A:
Q: Your answer is partially correct. Try again. Presented below is information related to…
A: Account Receivable:Account Receivable are legally enforceable claims for Payment held by a business…
Q: The following items were selected from among the transactions completed by Shin Co. during the…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: The following items were selected from among the transactions completed by Sherwood Co. during the…
A: Journal entries
Q: owed on April 1 Apr. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Delta Company sold goods to wholesalers on terms 2/15, n/30. The entity had no cash sales but 50% of…
A: Net realizable value of accounts receivable = Gross Accounts receivable - Allowance for sales…
Q: On September 1, 2021, Lily Company had an initial accounts receivable contro account balance of…
A: Subsidiary ledger balance is affected by the transaction that occurred during the year. The control…
Q: the proper special journal and subsidiary ledger for the following transactions: Jul 1 Sold 50…
A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS
Q: PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION
A: Income statement and statement of owner's equity are the financial statements which are prepared for…
Q: The following items were selected from among the transactions completed by Sherwood Co. during the…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: On September 1, the balance of the Accounts Receivable control account in the general ledger of…
A: The subsidiary ledger for account receivables provides details for account for all customers, with…
Q: This information relates to Kingbird Co. 1. On April 5, purchased merchandise from Blossom…
A: a.Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books.…
Q: The following items were selected from among the transactions completed by Sherwood Co. during the…
A: Journal Entries date Accounting titles & Explanations Debit Credit…
Q: The following items were selected from among the transactions completed by Sherwood Co. during the…
A: 1. Journalize the transactions: Date Accounts title and explanation Debit ($) Credit ($)…
Q: Directions: Read the statements carefully. Record the following business transactions in The General…
A: In the given question, we are provided with 6 transactions and we are required to pass necessary…
Q: The following items were selected from among the transactions completed by Pioneer Co. during the…
A: Journal entry: The book of primary entry is the general journal. All transaction that occur during a…
Q: JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home…
A: The branch account in the books of the home office shows a debit balance representing the investment…
Q: The following data were selected from the records of Sykes Company for the year ended December 31,…
A: Net sales revenue=Sales revenue-Sales returns and allowances+Sales discounts
Q: Following is information from Jesper Company for its first month of business. 1. Identify the…
A:
Record the transactions for Donaldson Inc. in the proper subsidiary ledger.
Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312
Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13
Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178
Jul. 9 Received payment from Palm Springs Inc.
Jul. 22 Received payment from Smith Mfg. after expiration of the discount period
Step by step
Solved in 2 steps
- Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journal
- Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 230 are as follows: Post revenue and collections to the accounts receivable subsidiary ledger. Instructions 1. Insert the following balances in the general ledger as of April 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of April 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for April. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount periodThe following transactions occurred for Donaldson Inc. during the month of July. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount periodI am trying to figure out how to book the transaction into the proper special journal and subsidiary ledger for the following transactions: Jul 1 Sold 50 items to Palm Sprins Inc. and offered terms 2/10, n/30 $4,000 on July 1, and issued invoice #12 on account #312 Jul 5 Sold 20 thing-a-jigs to Miami Inc for $2,150 cash on July 5th and issued invoice #13 Jul 8 Sold 30 what-is to Smith Mfg for $5,000 and offered terms of 2/10, n/30, issued invoice #14 on account number #178 Jul 9 Recieved payment from Plam Springs Jul 22 Recieved payment from Smith Mfg. after expiration of discount period
