Required Prepare: (iii) a trial balance;
Q: Concord Depot sells mobile devices and accessories. During September, the following transactions…
A: Definition: The sale of gift cards creates an obligation to sell goods in the future. Therefore, it…
Q: Mr. Lopez opened a mini grocery store with business name Lopez Fiesta Mart. Operations began on…
A: Journal entries (JE) refer to reporting of transactions into the books of accounts of company or…
Q: Enter the following transactions, completing the double entry in the books for the month of May…
A: Double Entry system - It is a system of accounting accepted by all worldly. It basically means…
Q: Coolidge Company owes $1,000 for merchandise inventory purchased from Ross Company during April. The…
A: The question is based on the concept of Financial Accounting. As per the Bartelby guidelines we are…
Q: Co. for $ 6,290 cash. The cost of the merchandise sold was $ 4,760. 3 Purchased merchandise for…
A: When an entity receives cash from an external source, such as a client, an investor, or a bank, it…
Q: 2 March Dana paid $750 into the business 16 March Purchased supplies for $300 24 March Paid…
A: Answer: Statement of profit or loss (income statement) for the year to date:
Q: 1 January Grigory paid $5,000 into the business 2 January Bought a motor van for $600 on credit 3…
A: A journal is a book in which transaction is recorded, transactions are journalized using double…
Q: The following are selected transactions of Blanco Company. Blanco prepares financial statements…
A: Accrued Interest- March 31 = 30,000 x 9% x (2/12) = 450 Accrued Interest- September 30 = 60,000 x…
Q: 1 March Olga started the business with $30,000 in cash 2 March Bought goods for cash $2,900 3 March…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Date Transaction May 1 Made cash sales of $8,500, the cost of the inventory was $4,000. 5 Purchased…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Directions: Analyze the following transactions below and write the proper account name on the…
A: Journal is a book where transactions are originally recorded in an orderly manner. Journal entry: A…
Q: Prepare the journal entry for the following transactions using periodic inventory system: Jan. 2…
A: The inventory system under which each sale and purchase is not recorded or updated is periodic…
Q: Larson Company on July 15 sells merchandise on account to Stuart Company for $1,000 credit terms of…
A: Cash receivable from Larson Company on July 24 = $1,000 - $400 = $600
Q: As of November 5, Calexico had the following selected transactions Purchase of furniture on…
A: >Cash account is an asset account.>It has a normal DEBIT balance.>Its balance increases by…
Q: Prepare the adjusting entries at the end of the month based on the given merchandise transactions…
A: Adjusting entries are the type of journal entries which are prepared after the preparation of the…
Q: T Morgan, a sole Trader extracted the following trial balance from his books at the close of…
A: Statement of profit or loss: It is also known as Income Statement or Trading and Profit & loss…
Q: 2 March Dana paid $750 into the business 16 March Purchased supplies for $300 24 March Paid…
A: Journal- Journal is the primary books of accounts, in which transactions are first recorded in…
Q: The following are selected transactions of Andreu Company. Andreu prepares financial statements…
A: Bookkeeping exchanges allude to any business movement that outcomes in an immediate impact on the…
Q: Purchased OR 9,200 of inventory on account. 2. Paid monthly salaries, OR 1,200. 3. Recorded OR13,900…
A: Journal entry: It is the method of recording the business and financial transactions and has two…
Q: Pastina Company sells various types of pasta to grocery chains as private label brands. The…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Dan Watson started a small merchandising business in Year 1. The business experienced the following…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: eneral journal for the transactions
A: Meaning of General Journal All the transactions in a general journal are recorded from various…
Q: Pan Shoe Inc., sells luxury shoes. On May 17th, Pan Shoe Inc., sold $1,000 worth of shoes on…
A: Journal Entry :— it is the Technique of Recording Financial Transaction Related to Business and NoN…
Q: ite Shoes was involved in the transactions described below. Purchased $8,200 of inventory on…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in…
Q: The following are selected transactions of Andreu Company. Andreu prepares financial statements…
A: General ledger accounts are those accounts which are used for classification and posting of recorded…
Q: Farah Youssef operates as a sole trader. Below is a trial balance extracted from her books as at 31…
A: Note: Since you have posted a question with multiple sub-parts we will solve the first three…
Q: R. Crane Co. uses special journals and a general journal. The following transactions occurred during…
A: In a cash receipts journal, we record only cash receipts. In a cash payments journal, we record cash…
Q: 2 March Dana paid $750 into the business 16 March Purchased supplies for $300 24 March Paid…
A: Statement of profit and loss (income statement) is a part of financial statements in which the…
Q: 1 January Grigory paid $5,000 into the business 2 January Bought a motor van for $600 on credit 3…
A: A business firm record its day to day entries in its Journal. Later on Prepare Profit and loss…
Q: The following information is available about the entity's business transactions in May 2019. May1…
A: Journal: Recording of a business transactions in a chronological order.
Q: ERIODIC INVENTORY SYSTEM - FINANCIAL POSITION Mr. Lopez opened a mini grocery store with business…
A: In periodic oinventory system, the accounting for inventory is done at the end of the period.
Q: Halogen Laminated Products Company began business on January 1, 2016. During January, the following…
A: Journalizing is a process identifying and recording the transactions of business in the books of…
Q: Mr. Evans Otabil has been in business for a number of years. In the past year, he has been busy…
A: The income statement or a statement of profit and loss is a statement that encompasses all the…
Q: 2 March Dana paid $750 into the business 16 March Purchased supplies for $300 24 March Paid…
A: Recording journal entries is the first and basic step in the accounting process. It follows the…
Q: FDN Trading had the following selected transactions on November 5: Purchase of furniture on account,…
A: Gross sales = Sales - trade discount = 34000 - 34000*10% = P30600
Q: DN Trading had the following selected transactions on November 5: Purchase of furniture on account,…
A: The total amount credited to cash account would consist of all payments made
Q: Keiasia Coates Company sold merchandise for $2,000. The cost of the merchandise was $1,500. Five…
A: Balance sheet: A statement shows the status of all assets, liabilities and shareholder’s equity of…
Q: 1 January Grigory paid $5,000 into the business 2 January Bought a motor van for $600 on credit 3…
A: Journal entry: It is also called as book of original entry. It is used to record a financial…
Q: This question also relates to extended trial balances (see Exhibit 28.2) From the following trial…
A: Definition:
Q: s. Cai Monel owned a business named CAI'S GENERAL MERCHANDISE and had the following ansactions for…
A: Perpetual inventory system: Perpetual inventory system is one of the method that evaluates the…
Q: Save-Mart was a retail store. Its account balances on February 28 (the end of its fiscal year),…
A: Hi, since you have asked for 3rd and 4th subparts we are solving only 3rd and 4th subparts. But for…
Q: Perspective Company uses special journals to record its transactions. The following occurred during…
A: The following transactions are journalized in the records of Perspective Company.
Q: heffield Depot sells mobile devices and accessories. During September, the following transactions…
A: Gift cards are sold to the customers and the business establishes a liability to supply goods in…
Q: Farah Youssef operates as a sole trader. Below is a trial balance extracted from her books as at 31…
A: Adjusting Entries : These entries are required at the end of the particular financial year to…
Q: The following are trial balance and adjustment data for Zubair's Shop on December 31,2010…
A: Income Statement of the business shows all income and expenses of the business and at the end it…
Q: The following are selected transactions of Andreu Company. Andreu prepares financial statements…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: credit to cash w
A: The purchase term with Emma is 1/10, n/30. It means that 1% discount is available for payment within…
2 March Dana paid $750 into the business
16 March Purchased supplies for $300
24 March Paid miscellaneous expenses $60
29 March Cash from customers $450
6 April Received $450 from Radok as a loan repayable in two months time 8 April Purchased supplies $300
9 April Receipts from customers $225
22 April Paid rent on premises $75
30 April Receipts from customers $450.
Dana held no inventory at 30 April.
Required
Prepare:
(iii) a
BUT WE HAVE COMPLETED ONLY 9 CHAPTERS IN PRINCIPLES OF ACCOUNTING BY Marian Powers, Susan V Crosson, Belverd E Needles, so assuming this information we have to create general journal
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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?Transaction Analysis Pollys Cards $ Gifts Shop had the following transactions during the year: Pollys purchased inventory on account from a supplier for $8,000. Assume that Pollys uses a periodic inventory system. On May 1, land was purchased for $44,500. A 20% down payment was made, and an 18-month, 8% note was signed for the remainder. Pollys returned $450 worth of inventory purchased in (a), which was found broken when the inventory was received. Pollys paid the balance due on the purchase of inventory. On June 1, Polly signed a one-year, $15,000 note to First State Bank and received $13,800. Pollys sold 200 gift certificates for $25 each for cash. Sales of gift certificates are recorded as a liability. At year-end, 35% of the gift certificates had been redeemed. Sales for the year were $120,000, of which 90% were for cash. State sales tax of 6% applied to all sales must be remitted to the state by January 31. Required Record all necessary journal entries relating to these transactions. Assume that Pollys accounting year ends on December 31. Prepare any necessary adjusting journal entries. What is the total of the current liabilities at the end of the year?The following transactions were completed by Yang Restaurant Equipment during January, 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. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, 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?
- The following transactions were completed by Yang Restaurant Equipment during January, 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. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. 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?Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $36,500. A. purchased merchandise inventory on account, $16,000 B. paid vendors for part of inventory purchased earlier in month, $12,000 C. purchased merchandise inventory for cash, $10,500
- Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 8% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment.Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). A. purchased merchandise inventory on account, $22,000 B. paid vendors for part of inventory purchased earlier in month, $14,000 C. purchased merchandise inventory for cash, $6,500On 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
- The trial balance of Jillson Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab. Merchandise Inventory at December 31, 54,845.00. c. Store supplies inventory (on hand), 488.50. d. Insurance expired, 680. e. Salaries accrued, 692. f. Depreciation of store equipment, 3,760. Required Complete the work sheet after entering the account names and balances onto the work sheet.The trial balance of Hadden Company as of December 31, the end of its current fiscal year, is as follows: Here are the data for the adjustments. ab.Merchandise Inventory at December 31, 64,742.80. c.Store supplies inventory (on hand), 420.20. d.Insurance expired, 738. e.Salaries accrued, 684.50. f.Depreciation of store equipment, 3,620. Required Complete the work sheet after entering the account names and balances onto the work sheet.Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.