Sandren & Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren & Co. would record this transaction in the?
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Sandren & Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren & Co. would record this transaction in the?
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- 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 journalHere are the accounts in the ledger of Mishas Jewel Box, with the balances as of December 31, the end of its fiscal year. Here are the data for the adjustments. Assume that Mishas Jewel Box uses the perpetual inventory system. a. Merchandise Inventory at December 31, 124,630. b. Insurance expired during the year, 1,294. c. Depreciation of building, 3,300. d. Depreciation of store equipment, 6,470. e. Salaries accrued at December 31, 2,470. f. Store supplies inventory (on hand) at December 31, 1,959. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows. Assume that Markeys Mountain Shop uses the perpetual inventory system. a. Merchandise Inventory at December 31, 140,357. b. Store supplies inventory (on hand) at December 31, 540. c. Depreciation of building, 3,400. d. Depreciation of store equipment, 3,800. e. Salaries accrued at December 31, 1,250. f. Insurance expired during the year, 1,480. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.
- 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?AB Inc. purchased inventory on account from YZ Inc. The amount was $500. AB Inc. uses an accounting information system with special journals. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalThe debits and credits for four related entries for a purchase of 40,000, terms 2/10, n/30, are presented in the following T accounts. Describe each transaction.
- Bhakti Games is a chain of board game stores. Record entries for the following transactions related to Bhaktis purchase of inventory. A. On October 5, Bhakti purchases and receives inventory from XYZ Entertainment for $5,000 with credit terms of 2/10 net 30. B. On October 7, Bhakti returns $1,000 worth of the inventory purchased from XYZ. C. Bhakti makes payment in full on its purchase from XYZ on October 14.A company purchased inventory for $1,400 per unit. The company later sold one unit of the inventory for cash of $2,100. Under the perpetual inventory system, which accounts will be debited to record the sale?The company made a sale of goods for RO. 10000 (cost RO 12000) and received 45% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) + 5500 (Receivables) = 0 + - 2000 (Loss) b. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + - 2000 (Loss) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Receivables) + + 2000 (Profit)
- Luis began the period with P200,000 in inventory. The entity purchased an additional P200,000 of inventory and returned P20,000 for a full credit. A physical count of the inventory at year-end revealed an inventory on hand of P160,000. What was Luis’ costs of goods sold for the period?Describe below are certain transactions of Blue corporation. The company uses the periodic inventory. 1. on February 2, the corporation purchased goods drom Martin company for $75800 subject to cash discounts. The invoice was paid on February 26. 2. On April1, the corporation bought a truck for $50000 from General Motor company, paying $5000 in cash and savings a one year, 10% note for the balance of the purchase price. 3. On May1, the corporation borrowed from Chicago national bank by signing a $96000 zero interest- bearing note due one year feom May1. 4. On August the board of directors decleared a $ 324,900 cash dividend that was payable on September 10 to stockholders of recorded on August 31. Make all journal entries necessary to record the transactions above using appropriate date. Part-2, Blue corporation's year end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest…Hussain Company purchased inventory on account from a supplier for Rs. 65,000, terms 1/10, n/30. Hussain Company returned Rs. 7,500 of the inventory and received full credit. If Hussain Company uses periodic inventory method, and pays the invoice within the discount period, what will be its journal entries for the a). purchase, b). purchase returns, and c). payment?
