Chapter 5, Problem 2.15C

Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000

Received a check for $72 from a customer, Mr. White. Mr. White owed you $124. 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

UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Selected accounts and beginning balances on January 1, 20--, are as follows: REQUIRED 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post to the appropriate selected accounts. 3. Determine the net realizable value as of December 31, 20--.

Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000

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

A transaction was recorded that debited inventory for $1,000 and credited accounts payable for $1,000. Which of the following would most likely be used as the internal source document for this transaction? purchase order vendor invoice purchase requisition receiving report

MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS…1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. .3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank.5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued,6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.7) Customer transferred 85 .000 TL to the Bank, to close the openaccount8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer…

MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS…1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check.2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. .3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank.5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued,6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.7) Customer transferred 85 .000 TL to the Bank, to close the openaccount8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer…

Using the ledger bal & addtl data​ given, do the following for Callahan Lumber for the yr ended December​ 31, 2019​: Account Balances for Callahan Lumber Account No. 110 Cash $1,140 111 Accounts Receivable 1,270 112 Merch Inv 5,600 113 Lumber Supplies 260 114 Prepaid Insurance 117 121 Lumber Equip 2,600 122 Accu Depreciation, Lumber Equip 340 220 Accs Payable 1,330 221 Wages Payable - 330 L. Callahan, Cap 7,562 331 L. Callahan, Withdrawals 3,500 332 Income Summary - 440 Sales 23,000 441 Sales Returns and Allowances 400 550 Cost of Goods Sold 13,175 660 Wages Exp 2,390 661 Advertising Exp 940 662 Rent Exp840 663 Dep Exp, Lumber Equip - 664 Lumber Supplies Exp- 665 Ins Exp -   Addtl Data   a. Physical count of inv, Dec 31 $4,700 b. Lumber supp on hand, Dec 31 80 c. Insurance expd 70 d. Dep for the yr 460 e. Accrued wages on Dec 31 165 d.   Prepare a​ post-closing trial balance. e.   Journalize the reversing entry for…