Use the information from the T account to journalize the transaction from the vendors perspective.
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- 12 - CODE AND NAME OF THE ACCOUNT WILL BE DEBT 320 SELLERS HS 45.000101 CHECKS RECEIVED HS 45.000 Which of the following transactions belongs to the journal entry?A) Check collectionB) Sellers debt payment by check turnoverC) Issuing a checkD) Sellers pay debt by issuing checksE) Returning the CheckCompany X sells $400 of merchandise on account to Company Y with credit terms of 2/10, n/30. If Company Y remits a check taking advantage of the discount offered, what is the amount of Company Y's check? Question 19 options: A) $320 B) $280 C) $360 D) $392Q1. Record the following transactions in a general journal for Voyageur Sports Ltd. Nov 7 Cash sales slips totalled $3295 plus $197.70 GST. Cash was deposited Issued Sales Invoice 87–B to A. Michaels, terms 3/15, n/30, amount $2000, not subject to PST, GST $120 Nov 8 Received bank credit memo for $215, interest earned by the company Nov 9 Received bank debit memo for $25, plus $1.50 GST, for the annual charge for a safety deposit box. Total $26.50 Nov 15 Received cheque from A. Michaels, $2056.40 for Invoice 87–B, less $63.60 discount. Cheque was deposited
- The cash register tape for sunland industries reported sales of 28,032.00. Record the journal entry that would be necessary for each of the following situations. (a) sales per cash register tape exceeds cash on hand by $45.00. (b) Cash on hand exceeds cash reported by cash register tape by $27.50. Round answers to 2 decimal places, e.g. 52.75.Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…
- #9: Accounts Receivable, beg. 150,000.00; Accounts Receivable, end 125,000.00; Cash Collection from Sales on Account 1,675,000.00. The net sales from customers on cash amounted to __________ if the net sales from on-account customers is 40% of the total Net Sales. (Round your answers to the nearest 2 decimal places)Green Company uses the Baumol model tomanage its disbursement account. Monthlycash disbursement is P1,200,000. Cash in thisaccount could have earned 5% on moneymarketable securities. Green incurs P576every time cash is transferred to this account.The optimum cash balance is A. 576,000.00B. 166,276.88C. 124,707.66D. 432,000.0040. Marc Company’s checkbook balance at December 31, 2021 was P167,085. In addition, Marc held the following items in its safe on that date: Check payable to Marc dated January 2, 2022 in payment of a sale made in December 2021, not included in December 31 checkbook balance P 15,000 Check draw on Marc’s account, payable to a vendor, dated and recorded in Marc’s books on December 31, but not mailed until January 10, 2022 8,275 Included in the book receipts which was recorded as P54,000. No correction was made yet by Marc Company. 45,000 What is the amount of cash in Marc’s December 31, 2021 statement of financial position?
- PB13. LO 3.5Post 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 $21,220. purchased merchandise inventory on account, $9,900 paid vendors for part of inventory purchased earlier in month, $6,500 purchased merchandise inventory for cash, $4,750LO4 Enter the following transaction in a purchases journal like the one illustrated in the chapter: Apr. 6 Purchased merchandise from Clever, 1,680. Invoice No. 131, dated April 6, terms n/30.
