Please solution in the table Sur Company began operations in January and completed these transactions during the month.Jan. 1- Purchased for cash OMR 4,000 of merchandise inventory, FOB Shipping point from TRQMerchandising CompanyJan. 2 - Purchased on account OMR 5,000 of merchandise inventory, terms 2/15, n 45, FOB Destinationfrom RST Trading Company.Jan. 5 - Sold for cash OMR 2,000 of merchandise inventory, FOB Shipping point with a cost of goods soldof OMR 1,200 to Bader CompanyJan. 8 - Sold on account OMR 1,000 of merchandise inventory, terms 3/10, n 30, FOB Destination with acost of goods sold of OMR 600 to Ali Company.Jan. 10 - Sales returns of OMR 200 of merchandise sold to Ali Company because of defects.Jan. 11 - Purchase returns of OMR 500 of merchandise to RST Trading due to damages in shipment.Jan. 15 - Paid RST Trading for the purchases made on account.Jan. 18 - Received payment from customer Ali Company for sold goods on account.Jan. 25 - Acquired land OMR 50,000 by issuing bonds.Jan. 30 - Paid the utility bill for OMR 300.Required:а.Enter the following transactions in the special journals.b. What is the purpose of special journals?

The company has began its operation in January and made the transactions that are to be recorded in…

Sur Company began operations in January and completed these transactions during Jan. 1- Purchased for cash OMR 4,000 of merchandise inventory, FOB Shipping point from TP Merchandising Company Jan. 2 - Purchased on account OMR 5,000 of merchandise inventory, terms 2/15, n 45, FOB D from RST Trading Company. Jan. 5 - Sold for cash OMR 2,000 of merchandise inventory, FOB Shipping point with a cost of of OMR 1,200 to Bader Company Jan. 8 - Sold on account OMR 1,000 of merchandise inventory, terms 3/10, n 30, FOB Destina cost of goods sold of OMR 600 to Ali Company. Jan. 10 - Sales returns of OMR 200 of merchandise sold to Ali Company because of defects. Jan. 11 - Purchase returns of OMR 500 of merchandise to RST Trading due to damages in ship Jan. 15 - Paid RST Trading for the purchases made on account. Jan. 18 - Received payment from customer Ali Company for sold goods on account. Jan. 25 - Acquired land OMR 50,000 by issuing bonds. Jan. 30 - Paid the utility bill for OMR 300. Required: а. Enter the following transactions in the special journals. b. What is the purpose of special journals?

Sur Company began operations in January and completed these transactions during Jan. 1- Purchased for cash OMR 4,000 of merchandise inventory, FOB Shipping point from TP Merchandising Company Jan. 2 - Purchased on account OMR 5,000 of merchandise inventory, terms 2/15, n 45, FOB D from RST Trading Company. Jan. 5 - Sold for cash OMR 2,000 of merchandise inventory, FOB Shipping point with a cost of of OMR 1,200 to Bader Company Jan. 8 - Sold on account OMR 1,000 of merchandise inventory, terms 3/10, n 30, FOB Destina cost of goods sold of OMR 600 to Ali Company. Jan. 10 - Sales returns of OMR 200 of merchandise sold to Ali Company because of defects. Jan. 11 - Purchase returns of OMR 500 of merchandise to RST Trading due to damages in ship Jan. 15 - Paid RST Trading for the purchases made on account. Jan. 18 - Received payment from customer Ali Company for sold goods on account. Jan. 25 - Acquired land OMR 50,000 by issuing bonds. Jan. 30 - Paid the utility bill for OMR 300. Required: а. Enter the following transactions in the special journals. b. What is the purpose of special journals?

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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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.
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.
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), 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.
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, $6,500
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
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.
C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.
Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
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
The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.