The cash received from customers was:
Q: During October, Alameda Company had $102,500 of cash receipts and $103,150 of cash disbursements.…
A: Particulars Amount $ Beginning balance as on September 1st (i.e. closing balance on Oct 31st)…
Q: . During February, $195,500 was paid to creditors on account, and purchases on account were…
A: Answer a) Calculation of Balance of Accounts Payable on February 1 Balance of accounts payable on…
Q: Bert has extracted the following list of balances from his general ledger at 31 October 20X5: $…
A: We have the following information: Sales: $258,542 Opening inventory: $9,649 Purchases: $142,958…
Q: The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Forest Company had the following transactions during the month of December. What is the December 31…
A: Computation of Dec 31 ending cash balance:
Q: 20. In the first month of operations, the total of the debit entries to the cash account amounted to…
A: Comments; Multiple questions asked. Cash Account- It is an account that maintains records of all the…
Q: From the following list of balances extract from Vivian Trading's book as at 31 May RM RM Cash in…
A: Introduction: Trial balance: All the final ledger accounts balances are posted in Trial balance to…
Q: Bert has extracted the following list of balances from his general ledger at 31 October 20X5: $…
A: Trail balance 1. After the transactions are posted to various ledger accounts (either from journal…
Q: Presented below is information related to Rizzo Company for its first month of operations. Credit…
A: Accounts payable refers to the sum of one's short-term obligations which are required to pay to the…
Q: Alan uses the income statement approach in estimating uncollectible accounts expense, and…
A: Amount of credit sales = Total sales * (1-Cash sales%) = 900000*(1-20%) =720000
Q: The following Trial Balance was extracted from the books of Mr Ayden as at 30 December 20X1:…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Emerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May…
A: Income Statement is the part of financial statement which shows the net profit or loss earned by the…
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: Corentine Company had $152,000 of accounts payable on September 30 and $132,500 on October 31. Total…
A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses…
Q: During the month the following transactions occurred: Earned $1,730 of service revenue for cash.…
A: Increase (decrease) in stockholders' equity = Earned service revenue for cash + Earned sales revenue
Q: On May 31, the Cash account of ABC Company had a normal balance of $10,000. During May, the account…
A: A cash account is an account that is prepared by a business to understand the cash inflow and…
Q: Forest Company had the following transactions during month of December. What is the December 31 cash…
A: We have to calculate cash balance for December month, when all the transactions of December are…
Q: Following is information from Jesper Company for its initial month of business. Credit Purchases…
A: Given that, Credit Purchases Cash Paid Jan. 9 Bailey Company $ 17,400 Jan.19 Bailey Company…
Q: Centurion Company had the following accounts and balances at December 31: Account Debit Credit $…
A: Net income means the income left after deducting all expenses and including all income whether…
Q: CAN SOMEONE HELP ME MAKE A BALANCE TABLE? Oriole Company’s chart of accounts includes the…
A: Accounts receivable is the amount which is yet to be paid by the debtors of the firm.
Q: Maxwell Furniture Center had accounts receivable of $20,000 at the beginning of the year and $54,000…
A: Accounts receivable is increased by ($54,000-$20,000) $34,000 during the year.
Q: ivable 72,000 Purchases Returns and Allowances 93,000 Merchandise Inventory, Purchases Discounts…
A: 1. periodic inventory 3. purchases…
Q: According to a company's accounting records, the opening bank balance on 1 August was £17,000. The…
A: Journal entries recording is the initial step of accounting process, under which atleast one account…
Q: The Cash account balance of Kingbird, Inc. at July 1 is $570. The total of the debit entries to the…
A: Debit to cash account means an increase in cash balance whereas credit to cash account decrease in…
Q: Below is a summary of all transactions of KEV Consulting for the month of October. Cash transactions…
A: Answer) KEV Consulting Cash Flow Statement Cash Flow from Operating Activities…
Q: My business has a net sales of $3,492,690, of which 40% was cash ($1,397,076), 50% was on account…
A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…
Q: Following is a description of the transactions that were journalized and posted to the general…
A: Accounts receivables indicates the money that is yet to be received from the customers. It is a…
Q: Forest Company had the following transactions during the month of December. What is the December 31…
A: Assets: Assets are those items that provide value for money and future economic benefit for an…
Q: A company had beginning accounts receivable of $175,000. All sales were on account and totalled…
A: Formulas: Ending balance = Beginning accounts receivable + Credit sales - Cash collected
Q: Jasper Company had a beginning Accounts Receivable balance of $230,000. During the month, total…
A: Normal balance of accounts receivable is debit.
Q: The financial statements of the Tigger Manufacturing Company reports net sales of S560,000 and net…
A: The company's aim will be to increase the profitability of the company. The profits can be arrived…
Q: From the following list of balances extract from Vivian Trading's book as at 31 May RM RM 5,425 400…
A: Introduction: Trial Balance: After ledger postings all the final balances of ledger accounts are…
Q: The following are the year end balances in a business' ledgers: Sales 628,000 Cost of sales 458,000…
A: Introduction: Trial Balance: All the final ledger account balances are posted in Trial balance. To…
Q: From the following list of balances extract from Vivian Trading's book as at 31 May RM RM Cash in…
A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…
Q: On May 1, Jensen's had a beginning cash balance of $284. April sales were $810 and May sales were…
A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past…
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: Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account…
A: Single column cash book records all cash receipts and payments for the reporting period. It records…
Q: The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for…
A: Journal entries are used to record the financial transactions in the books of accounts. These are…
Q: The following Trial Balance was extracted from the books of Mr Ayden as at 30 December 20X1:…
A: A balance sheet is an accounting report that shows a corporation's assets liabilities, and…
Q: The following selected accounts and their current balances appear in the ledger of Druid Hills Co.…
A: As posted multiple sub parts questions we are answering only first three sub parts kindly repost the…
Q: Below are the accounts and transaction details for the month of July from a Sweets & Snacks…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Erie Company began the accounting period with $15,700 in accounts receivable. The ending balance in…
A: The account receivables are reported in the balance sheet as the current assets of the business.
Q: Lasting Summer Inc. has $2,510 in the October 1 balance of the accounts receivable account…
A: (a)Prepare a single column revenue journal and a cash receipts journal of L Summer Incorporation.
Q: The October transactions were as follows. Oct. 5 Received $1,510 in cash from customers for…
A: The question is based on the concept of Financial Accounting.
Q: Forest Company had the following transactions during the month of December. What is the December 31…
A: Cash is an asset account and it will be recorded on the current asset on the balance sheet.
Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…
A: Introduction: Revenue (sometimes known as sales revenue) is a term used to describe the amount of…
Q: During the month of February, Hoffer Company had cash receipts of $8,100 and cash disbursements of…
A: Opening Balance of a Cash Account = Closing Balance of cash account+ Cash Disbursement - Cash…
Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…
A: Introduction: The term "revenue" refers to the quantity of money earned. It is the entire amount of…
| Accounts receivable, January 1 | $ | 98,000 | |
| Accounts receivable, December 31 | 71,000 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700
- Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. on first day of the month, sold products to customers for cash, $13,660 B. on fifth day of month, sold products to customers on account, $22,100 C. on tenth day of month, collected cash from customer accounts, $18,500The 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 for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. 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?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?
- To demonstrate the difference between cash account activity and accrual basis profits (net income), note the amount each transaction affects cash and the amount each transaction affects net income. A. issued stock for cash $20,000 B. purchased supplies inventory on account $1,800 C. paid employee salaries; assume it was current days expenses $950 D. paid note payment to bank (principal only) $1,200 E. collected balance on accounts receivable $4,750The transactions completed by Revere Courier Company during December, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of December 1: 2. Journalize the transactions for December, using the following journals similar to those illustrated in this chapter: cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), single-column revenue journal (p. 35), cash payments journal (p. 34), and two-column general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.The transactions completed by AM Express Company during March, the first month of the fiscal year, were as follows: Instructions 1. Enter the following account balances in the general ledger as of March 1: 2. Journalize the transactions for March, using the following journals similar to those illustrated in this chapter: single-column revenue journal (p. 35), cash receipts journal (p. 31), purchases journal (p. 37, with columns for Accounts Payable, Maintenance Supplies, Office Supplies, and Other Accounts), cash payments journal (p. 34), and twocolumn general journal (p. 1). Assume that the daily postings to the individual accounts in the accounts payable subsidiary ledger and the accounts receivable subsidiary ledger have been made. 3. Post the appropriate individual entries to the general ledger. 4. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. 5. Prepare a trial balance.
- 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?FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8B. All sales are credit sales. The Accounts Receivable balance on January 1 was 38,200. REQUIRED Prepare the following financial ratios: (a)Working capital (b)Current ratio (c)Quick ratio (d)Return on owners equity (e)Accounts receivable turnover and the average number of days required to collect receivables (f)Inventory turnover and the average number of days required to sell inventory
