[The following information applies to the questions displayed below.] Lawson Consulting had the following accounts and amounts on December 31. Cash $ 9,500 Dividends $ 2,400 Accounts receivable 5,400 Services revenue 14,700 Equipment 7,400 Rent expense 2,900 Accounts payable 3,810 Wages expense 8,000 Common stock 17,090 Use the above information to prepare a December 31 trial balance.
Q: Asap The cash account shows a balance of P450,000 before bank reconciliation. The bank statement…
A: Introduction: A cash account is a type of trading account in which the investor is obligated to pay…
Q: Is depreciation expense closed? If so, is it closed to income summary like the other expense…
A: Depreciation Expenses It's crucial to think about how long assets will keep worth as well as how to…
Q: ABC Company was incorporated on January 1,2021. The following are the ordinary share transactions…
A: Outstanding Share :— Outstanding Share means the no. Of Share at the Closing date date after all…
Q: merchandising company in QBO? Select one: O O O O a. Inventory b. Other asset c. Other current asset…
A: Inventory is accounted for as an assets, Which means It will shows in Companies Balance sheet.…
Q: The production manager at Athletix would like to know the break-even point for the company’s goods…
A: Cost volume profit analysis is the technique used by management for decision-making. The methods…
Q: The KVS Pharmacy is open from 10:00 A.M. to 8:00 P.M.,and it receives 200 calls per day for delivery…
A: The calculation of the cost of deliveries is a crucial feature when the firm is delivering its…
Q: A corporation has 48,602 shares of $21 par stock outstanding that has a current market value of $372…
A: Lets understand the basics. Stock split is a spliting one share in more than one shares. For Ex.…
Q: Chester Company started Year 2 with a $2,000 balance in its Cash account, a $500 balance in its…
A: The balance sheet shows the financial position of the company which involves the assets,…
Q: Cash Flows from (Used for) Operating Activities The net income reported on the income statement for…
A: Cash flow from operating activities is a part of the cash flow statement and it includes transection…
Q: how do you get from 1,334,100 to 1,000,575
A: Solution: Payroll cost related to manufacturing is included in product cost, therefore same is…
Q: Define claim
A: Corporation - An organization that has been registered as a corporation under a corporation act has…
Q: E1.8 (LO 4, 5), AP Writing An analysis of the transactions made by Foley & Co., a certified public…
A: Income Statement :— Income Statement Of the Company include all Revenue or Expenses. Income…
Q: During the month of May, Russnak Corporation, a manufacturing company, purchased raw materials…
A: Formulas 1. Cost of raw material used in production Beginning balance of raw material +…
Q: Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: BC Company borrowed $10,000. The entry into a T-account would include: Group of answer choices…
A: In this question, we need to identify the effect of the following transaction in T-account from the…
Q: 16. In its production of shirts, a company incurs the following costs: $15,000 for production…
A: Introduction: Prime costs are the total direct expenses of production, which include labor and raw…
Q: Jinay Company declares a 50% large stock dividend when there were 5.4 million common shares…
A:
Q: Allen Company received $12,000 cash from Gerry Corporation for cleaning services that Allen agrees…
A: Date Particulars Debit Amount Credit Amount June 1, Year 1 Bank A/c ......................Dr…
Q: Mar. 30) The company purchased $1,100 of additional office supplies on credit. Note: Enter debits…
A: Journal Entry :— The way of Recording Financial Transaction. Whether it is Related to Business or…
Q: Gonzalez Engineering completed the following transactions in the month of June. Using the following…
A: Income statement is the financial statement which is prepared by the entity to determine the gross…
Q: After the first day of cost accounting your friend says, “The role of accountants is to report what…
A: First Let us know about what is Cost Accounting: Cost accounting is a method of doing business in…
Q: The following trial balance has been extracted from the books of Yan Co. as at 30 April 2022:…
A: Adjusted trial balance is prepared after including all the additional adjustments. In the trial…
Q: uses a job order cost system. The following data summarize the operations related to the first…
A: The journal entries are prepared to record the transactions on the regular basis. The direct costs…
Q: You are a financial adviser to a retailing company, PQ Ltd. You obtain the accounts of its main…
A: Corporation - A corporation is an organization that has been registered under corporation…
Q: The Tayler Hiro Merchandising has the following trial balance as of January 1, 2019. Account Titles…
A: Normal net profit and other comprehensive income are both summarised in the financial statement…
Q: If $945,000 of 10% bonds are issued at 102 3/4, the amount of cash received from the sale is 4 Oa.…
A: The bonds' face value is $100 per bond. Bonds are issued at a premium of $2.75 at a total issue…
Q: Explain and evaluate the effects of capitalizing versus expensing costs in the period in which they…
A: Capitalization : When a company incurs any expense, benefit of which will be available for more than…
Q: Mc Graw Hill Total machine-hours Total fixed manufacturing overhead cost Variable manufacturing…
A: Job order costing is one of the costing method, which accumulates and assigns costs on the basis of…
Q: 2. In a partnership, a partner who is unknown to the other part- ners, yet participates in the…
A: Partnership is one of the form of business organisation, under which two or more than two persons…
Q: Entry for Jobs Completed; Cost of Unfinished Jobs The following account appears in the ledger prior…
A: Work in process account is the sum of total of direct materials , direct labor and overhead applied…
Q: Factory Overhead Rates, Entries, and Account Balance Eclipse Solar Company operates two factories.…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Statement of cash flows A summary of cash flows for A-One Travel Service for the year ended August…
A: The financial statements of the business are prepared using the adjusted trial balance. The cash…
Q: Question 1 Dividend Policy The following represents the stockholder's equity account of Security…
A: EPS is earnings per share, which means earnings and income available for each common shareholder.…
Q: The following information is from the materials requisitions and time tickets for Job 9 completed by…
A: Job costing is one of the important form of costing being used in business. Under this, all costs…
Q: A9 Given that entitlements account for 51% of the federal budget, do you think that they are worth…
A: Budget - A budget is a financial projection of future sales and expenses for a company. Budgets for…
Q: If ending inventory is understated in the current fiscal year, what effect will this have on net…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: NIN 1 2 Single Payment Compound Present Amount Worth Factor Factor To Find P Given F P/F To Find F…
A: The time value of money is an important concept because this concept will help determine the future…
Q: Cost Flow Relationships The following information is available for the first year of operations of…
A: Formulae used: Cost of goods sold=Sales-Gross profit Direct materials cost=Materials…
Q: Describe the consolidation procedure that will be applied to account for the sale of an asset…
A: IFRS 10 was issued in 2011. The objective of IFRS 10 is to prepare consolidated financial statements…
Q: a. calculate the purchase consideration b. calculate the goodwill or bargain purchase for this…
A: When one company takes over another and establishes itself as the new owner, the purchase is called…
Q: Using the information provided, analyze the effects of Lawlor Lawn Services transactions on the…
A: Accounting equation is the basic equation which is followed to prepare the financial statements,…
Q: Table 3-3 INCOME Victor's gross salary Maria's gross salary Interest and dividends Bonus Cash Flow…
A: An annual personal finance cash flow statement is provided since yearly figures are given. A cash…
Q: Write double entry Creg works as an agent for a number of smaller contractors, earning commission…
A: Revenue from commission involves gaining revenue from providing services for which commission can be…
Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: Several type of costs are being incurred and recorded in cost accounting. Direct costs are costs…
Q: A summary of cash flows for A-One Travel Service for the year ended August 31, 20Y6, follows: Cash…
A: Solution: Statement of cash flows represents cash inflows and outflows during the period for…
Q: Consider FASB Concepts Statement No. 8, as amended. What are the conceptual issues underlying…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which of the following shows how the year-end adjustment to recognize supplies expense will affect a…
A: Supplies Expense :— It is an expense account. It means purchase of inventory. Year end adjustment…
Q: The Tayler Hiro Merchandising has the following trial balance as of January 1, 2019. Account Titles…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: What is the OADSI wage limit for 2022?
A: OASDI is the old-age, survivors disability insurance program. It is a type of tax which is paid by…
Q: cash flows from operating activities
A: The cash flow statement is one of the financial statements to be prepared by the Company. It can be…
[The following information applies to the questions displayed below.]
Lawson Consulting had the following accounts and amounts on December 31.
| Cash | $ 9,500 | Dividends | $ 2,400 |
| 5,400 | Services revenue | 14,700 | |
| Equipment | 7,400 | Rent expense | 2,900 |
| Accounts payable | 3,810 | Wages expense | 8,000 |
| Common stock | 17,090 |
Use the above information to prepare a December 31
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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?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 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?Transactions Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May: 1. Received cash in exchange for common stock, 18,000. 2. Paid advertising expense, 4,850. 3. Purchased supplies on account, 2,100. 4. Billed customers for delivery services on account, 14,700. 5. Received cash from customers on account, 8,200. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by 18,000; Common Stock increases by 18,000.Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600
- 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, $18,500Prepare journal entries to record the following transactions. Create a T-account for Cash, post any entries that affect the account, and calculate the ending balance for the account. Assume a Cash beginning balance of $16,333. A. February 2, issued stock to shareholders, for cash, $25,000 B. March 10, paid cash to purchase equipment, $16,000The 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?The transactions completed by AM Express Company during March 2016, 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 2016, 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 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.
