Your purchase ledger control account has a balance at 1 October 2008 of £69,000 credit. During October, credit purchases were £156,800, cash purchases were £4,800, and payments made to suppliers, excluding cash purchases and after deducting cash discounts of £2,400, were £137,800. Purchase returns were £9,400. The closing balance was

Your purchase ledger control account has a balance at 1 October 2008 of £69,000 credit. During October, credit purchases were £156,800, cash purchases were £4,800, and payments made to suppliers, excluding cash purchases and after deducting cash discounts of £2,400, were £137,800. Purchase returns were £9,400. The closing balance was

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Description: Your purchase ledger control account has a balance at 1 October 2008 of £69,000 credit.During October, credit purchases were £156,800, cash purchases were £4,800, and paymentsmade to suppliers, excluding cash purchases and after deducting cash discou

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19PA: Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash,...

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Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
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Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
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
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
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.
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A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
Your payables control account has balance at October 20X8 of $35000 credit_ During October, credit purchases were 67000 cash purchases were $3000 and payments made to suppliers_ excluding cash purchases and after deducting settlement discounts of 1,200 were $56000. Purchase returns were 3600._ What was the closing balance?'
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The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10, n/30. The Stationery Company returned $1,200 of the merchandise and received full credit. a. If Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by Stationery Company to record the return? Cost of Merchandise Sold ? Inventory ? Sales ? Accounts Payable?