close solutoin list

Nathan Systems uses a voucher system in which it records invoices at the gross amount. During October, it completed the following transactions: Oct. 2 Issued voucher no. 2632 in favor of Myers and Horn for the purchase of merchandise with an invoice price of $5,831; terms n/30; FOB shipping point; freight prepaid and added to the invoice, $192 (total, $6,023). Leave an extra line after this entry. 3 Issued voucher no. 2633 for $1,010, no. 2634 for $1,010, and no. 2635 for $1,010. The debt arose because Nathan Systems bought a laptop and printer from Fitzpatrick, Inc. The terms are $1,010 cash on delivery, $1,010 in 30 days, and $1,010 in 60 days. (Use three lines.) 5 Issued Ck. No. 2725 in payment of voucher no. 2633, $1,010. 9 Issued voucher no. 2636 in favor of Cordero Company for the purchase of supplies, $360.50; terms n/30. 12 Issued voucher no. 2637 in favor of Goode Realty for rent for the month, $1,650. 12 Issued Ck. No. 2726 in payment of voucher no. 2637, $1,650. 16 Issued voucher no. 2638 in favor of French Cargo for freight charges on merchandise purchased, $104. 16 Issued voucher no. 2639 in favor of Holley Company for the purchase of merchandise having a list price of $6,512 with a 25 percent trade discount (record voucher for $4,884); terms 2/10, n/30; FOB shipping point. Leave an extra line after this entry. 16 Issued Ck. No. 2727 in payment of voucher no. 2638, $104. 16 Canceled voucher no. 2632 because the invoice will be paid in two installments as follows: voucher no. 2640, payable November 1, $3,011.50; voucher no. 2641, payable November 15, $3,011.50. Issued voucher no. 2640 and no. 2641. 17 Received a credit memo from Holley Company for merchandise returned, $352, credit memo no. 580, voucher no. 2639. 22 Issued voucher no. 2642 in favor of Pardo Telephone Company for telephone bill, $164.90. 22 Issued Ck. No. 2728 in payment of voucher no. 2642, $164.90. Oct. 23 Issued Ck. No. 2729 in payment of voucher no. 2639, $4,441.36. ($4,884 less $352 return, less cash discount.) 31 Issued voucher no. 2643 for wages payable, $4,550, in favor of Payroll Bank Account. (Assume that the payroll entry was recorded previously in the general journal.) 31 Issued Ck. No. 2730 in payment of voucher no. 2643, $4,550. 31 Issued voucher no. 2644 in favor of N. S. Nathan, the owner, for personal withdrawal, $1,400. 31 Issued Ck. No. 2731 in payment of voucher no. 2644, $1,400. Required 1. Record the transactions for October in the voucher register (page 32), the check register (page 34), and the general journal (page 18). 2. Total and rule the voucher register and the check register. 3. Prove the equality of the debits and credits on the voucher register and the check register. 4. Post the amounts from the registers and the general journal to the Vouchers Payable account, No. 212. Assume no previous balance in the account. (Posting from the voucher register should be marked as VR32. Posting from the check register should be marked as CkR34.) 5. Prepare a schedule of vouchers payable. Compare this total with the balance of the Vouchers Payable account.

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 10A, Problem 3P
Textbook Problem

Nathan Systems uses a voucher system in which it records invoices at the gross amount. During October, it completed the following transactions:

Oct. 2    Issued voucher no. 2632 in favor of Myers and Horn for the purchase of merchandise with an invoice price of $5,831; terms n/30; FOB shipping point; freight prepaid and added to the invoice, $192 (total, $6,023). Leave an extra line after this entry.

3    Issued voucher no. 2633 for $1,010, no. 2634 for $1,010, and no. 2635 for $1,010. The debt arose because Nathan Systems bought a laptop and printer from Fitzpatrick, Inc. The terms are $1,010 cash on delivery, $1,010 in 30 days, and $1,010 in 60 days. (Use three lines.)

5    Issued Ck. No. 2725 in payment of voucher no. 2633, $1,010.

9    Issued voucher no. 2636 in favor of Cordero Company for the purchase of supplies, $360.50; terms n/30.

12    Issued voucher no. 2637 in favor of Goode Realty for rent for the month, $1,650.

12    Issued Ck. No. 2726 in payment of voucher no. 2637, $1,650.

16    Issued voucher no. 2638 in favor of French Cargo for freight charges on merchandise purchased, $104.

16    Issued voucher no. 2639 in favor of Holley Company for the purchase of merchandise having a list price of $6,512 with a 25 percent trade discount (record voucher for $4,884); terms 2/10, n/30; FOB shipping point. Leave an extra line after this entry.

16    Issued Ck. No. 2727 in payment of voucher no. 2638, $104.

16    Canceled voucher no. 2632 because the invoice will be paid in two installments as follows: voucher no. 2640, payable November 1, $3,011.50; voucher no. 2641, payable November 15, $3,011.50. Issued voucher no. 2640 and no. 2641.

17    Received a credit memo from Holley Company for merchandise returned, $352, credit memo no. 580, voucher no. 2639.

22    Issued voucher no. 2642 in favor of Pardo Telephone Company for telephone bill, $164.90.

22    Issued Ck. No. 2728 in payment of voucher no. 2642, $164.90.

Oct. 23    Issued Ck. No. 2729 in payment of voucher no. 2639, $4,441.36. ($4,884 less $352 return, less cash discount.)

31    Issued voucher no. 2643 for wages payable, $4,550, in favor of Payroll Bank Account. (Assume that the payroll entry was recorded previously in the general journal.)

31    Issued Ck. No. 2730 in payment of voucher no. 2643, $4,550.

31    Issued voucher no. 2644 in favor of N. S. Nathan, the owner, for personal withdrawal, $1,400.

31    Issued Ck. No. 2731 in payment of voucher no. 2644, $1,400.

Required

  1. 1. Record the transactions for October in the voucher register (page 32), the check register (page 34), and the general journal (page 18).
  2. 2. Total and rule the voucher register and the check register.
  3. 3. Prove the equality of the debits and credits on the voucher register and the check register.
  4. 4. Post the amounts from the registers and the general journal to the Vouchers Payable account, No. 212. Assume no previous balance in the account. (Posting from the voucher register should be marked as VR32. Posting from the check register should be marked as CkR34.)
  5. 5. Prepare a schedule of vouchers payable. Compare this total with the balance of the Vouchers Payable account.

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
How can you prevent multimedia presentation software from stealing your thunder?

Essentials of Business Communication (MindTap Course List)

Explain whether the following statement is true or false: Only weak companies issue debentures.

Fundamentals of Financial Management, Concise Edition (MindTap Course List)

Why should policymakers care about GDP?

Principles of Macroeconomics (MindTap Course List)

Why do public utilities generally use different capital structures than biotechnology companies?

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

Distinguish between the payroll register and the employee earnings record.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)