Recording Transactions in the Cash Receipts and Cash Payments JournalsSpecial and Combination Journals, and Voucher System 481June 2015. The company uses cash receipts and cash payments journal.Borrowed P60,000 from the V. Espiritu Bank by issuing a 12%, 60-dayThe following cash transactions of the Papa Distributors occurred during the month ofNAME:SCORE:SECTION:PROFESSOR:Problem #4Borrowed P60,000 from the y Espiritu Bank by issuing a 12%, 60-daynote payable.Purchased merchandise, P47.000. Issued check no. 71.Sold merchandise, P62,000.June 19.Paid an invoice amounting to P28.000 to Y. Filamor Company less 270discount. Issued check no. 72.7Collected amount due less 3% discount on an invoice of P29,000 fromD. Sandoval Company.10Collected amount due less 3% discount on an invoice of P22,000 fromD. Mallari Supplies.Paid freight chárges on sales, P1,000. Issued check no. 73.Paid for advertising, P3,000. Issued check no. 74.Paid salaries, P12,000. Issued check no. 75.Sold merchandise, P33,000.12141518Paid an invoice amounting to P29,000 to the C. Gonzaga Company less2% discount. Issued check no. 76.19Collected P26,000 past due invoice from R. Reyes Company.Purchased merchandise, P9,000. Issued check no. 77.Paid past due invoice to D. Ramos, Inc., P32,000. Issued check no. 78.V. Abulencia, the owner, withdrew P30,000 from the business. Issued20232628check no. 79.Required:Record the transactions in the cash receipts and cash payments journals. Foot andcrossfoot the journals.eas246

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Description: Recording Transactions in the Cash Receipts and Cash Payments JournalsSpecial and Combination Journals, and Voucher System 481June 2015. The company uses cash receipts and cash payments journal.Borrowed P60,000 from the V. Espiritu Bank by issuing a

Cash receipt and cash payment journals are the specific types of journals prepared during the entire…

Answered: Record the transactions in the cash…

Business

Accounting

Record the transactions in the cash receipts and cash payments journals. Foot and crossfoot the journals.

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 10SPA: CASH PAYMENTS TR ANS ACTIONS Sam Santiago operates a retail variety store. The books include a...

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CASH PAYMENTS TR ANS ACTIONS Sam Santiago 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 are the transactions related to cash payments for the month of May: May 1Issued Check No. 426 in payment of May rent (Rent Expense), 2,400. 3Issued Check No. 427 to Muellers Distributors in payment of merchandise purchased on account, 3,600, less a 3% discount. Check was written for 3,492. 7Issued Check No. 428 to Van Kooning in partial payment of merchandise purchased on account, 5,500. A cash discount was not allowed. 12Issued Check No. 429 to Fantastic Toys for merchandise purchased on account, 5,200, less a 1% discount. Check was written for 5,148. 15Issued Check No. 430 to City Power and Light (Utilities Expense), 1,720. 18Issued Check No. 431 to A-1 Warehouse for a cash purchase of merchandise, 4,800. 26Issued Check No. 432 to Goya Outlet for merchandise purchased on account, 3,800, less a 2% discount. Check was written for 3,724. 30Issued Check No. 433 to Mercury Transit Company for freight charges on merchandise purchased (Freight-In), 1,200. 31Issued Check No. 434 to Town Merchants for a cash purchase of merchandise, 3,000. 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.
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.
Accounts Receivable Balance XYZ Corp sells widgets to consumers for $20 each. Its beginning accounts receivable balance was $24,975, and it sold 12,376 widgets throughout the year. The total cash collections for the year amounted to $217,750. Required: Calculate the ending accounts receivable balance.
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?