Take me to the text Stocked Warehouse sells clothing to retailers. During the month of April 2019, the following transactions occurred. Assume zero opening balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts receivable general ledger from the general journal. Apr 5 Sold inventory to Fashion House (Invoice #797) for $8,000 cash. The inventory had a cost of $3,429. Apr 8 Received a loan from the Victoria Bank for $4,000. Apr 12 Sold inventory to Harmony Outlet (Invoice #798) on account for $10,000. The inventory had a cost of $4,000. Apr 16 Sold inventory to Dress Me (Invoice #799) for $7,500 on account. The inventory had a cost of $3,100. Apr 22 Received full payment from Harmony Outlet for the sale on April 12. Apr 30 Received $49 of interest earned on a savings account. Requireda) Record the above transactions in the sales journal and the cash receipts journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts receivable control account.Do not enter dollar signs or commas in the input boxes. Sales Journal Page 1 Date Account Invoice # Accounts Receivable / Sales (DR/CR) COGS/Merchandise Inventory (DR/CR) Apr 12 Harmony Outlet 798 $Answer $Answer Apr 16 Dress Me 799 $Answer $Answer Apr 30 Total $Answer $Answer Cash Receipts Journal Page 1 Date Account Cash (DR) Accounts Receivable (CR) Sales (CR) Bank Loan (CR) Other (CR) COGS/Merchandise Inventory (DR/CR) Apr 5 Cash Sale $Answer $Answer $Answer $Answer $Answer $Answer Apr 8 Victoria Bank $Answer $Answer $Answer $Answer $Answer $Answer Apr 22 Harmony Outlet $Answer $Answer $Answer $Answer $Answer $Answer Apr 30 Interest Revenue $Answer $Answer $Answer $Answer $Answer $Answer Apr 30 Total $Answer $Answer $Answer $Answer $Answer $Answer Account: Accounts Receivable GL No. 110 Date Description DR CR Balance Apr 30 Adjustment for sales $Answer $Answer $Answer AnswerDRCR Apr 30 Adjustment for cash receipts $Answer $Answer $Answer AnswerDRCR Account: Harmony Outlet Date DR CR Balance Apr 12 $Answer $Answer $Answer AnswerDRCR Apr 22 $Answer $Answer $Answer AnswerDRCR Account: Dress Me Date DR CR Balance Apr 16 $Answer $Answer $Answer AnswerDRCR
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
Take me to the text
Stocked Warehouse sells clothing to retailers. During the month of April 2019, the following transactions occurred. Assume zero opening balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts receivable general ledger from the general journal.
| Apr 5 | Sold inventory to Fashion House (Invoice #797) for $8,000 cash. The inventory had a cost of $3,429. |
| Apr 8 | Received a loan from the Victoria Bank for $4,000. |
| Apr 12 | Sold inventory to Harmony Outlet (Invoice #798) on account for $10,000. The inventory had a cost of $4,000. |
| Apr 16 | Sold inventory to Dress Me (Invoice #799) for $7,500 on account. The inventory had a cost of $3,100. |
| Apr 22 | Received full payment from Harmony Outlet for the sale on April 12. |
| Apr 30 | Received $49 of interest earned on a savings account. |
Required
a) Record the above transactions in the sales journal and the cash receipts journal.
b)
c) At the end of the month, total the journals and update the accounts receivable control account.
Do not enter dollar signs or commas in the input boxes.
| Sales Journal | Page 1 | |||
| Date | Account | Invoice # | Accounts Receivable / Sales (DR/CR) | COGS/Merchandise Inventory (DR/CR) |
| Apr 12 | Harmony Outlet | 798 | $Answer | $Answer |
| Apr 16 | Dress Me | 799 | $Answer | $Answer |
| Apr 30 | Total | $Answer | $Answer |
| Cash Receipts Journal | Page 1 | ||||||
| Date | Account | Cash (DR) | Accounts Receivable (CR) | Sales (CR) | Bank Loan (CR) | Other (CR) | COGS/Merchandise Inventory (DR/CR) |
| Apr 5 | Cash Sale | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
| Apr 8 | Victoria Bank | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
| Apr 22 | Harmony Outlet | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
| Apr 30 | Interest Revenue | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
| Apr 30 | Total | $Answer | $Answer | $Answer | $Answer | $Answer | $Answer |
| Account: Accounts Receivable | GL No. 110 | ||||
| Date | Description | DR | CR | Balance | |
| Apr 30 | Adjustment for sales | $Answer | $Answer | $Answer | AnswerDRCR |
| Apr 30 | Adjustment for cash receipts | $Answer | $Answer | $Answer | AnswerDRCR |
| Account: Harmony Outlet | ||||
| Date | DR | CR | Balance | |
| Apr 12 | $Answer | $Answer | $Answer | AnswerDRCR |
| Apr 22 | $Answer | $Answer | $Answer | AnswerDRCR |
| Account: Dress Me | ||||
| Date | DR | CR | Balance | |
| Apr 16 | $Answer | $Answer | $Answer | AnswerDRCR |
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