Purchases Journals On-Your-Own Worksheet

Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00

GENERAL JOURNAL Page 52         DATE DESCRIPTION POST.REF. DEBIT CREDIT   1 20--         1 2 August  16   Sales Returns and Allowances 412 286.42     2 3       Accounts Receivable, F. E. Dixon 113/✓   286.42   3 4           Issued credit memo no. 131.       4 5           5 Post the entry above to this general ledger account. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. GENERAL LEDGER ACCOUNT Accounts Receivable ACCOUNT NO. 113     DATE ITEM POST.REF. DEBIT CREDIT BALANCE   DEBIT CREDIT   20--                   August 1 Balance ✓           5,214.36                16   J52   286.42 4927.94                           Post the entry above to this general ledger account. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent. GENERAL LEDGER ACCOUNT Sales Returns and Allowances ACCOUNT NO. 412     DATE ITEM POST.REF. DEBIT…

GENERAL JOURNAL Page 52         DATE DESCRIPTION POST.REF. DEBIT CREDIT   1 20--         1 2 August  16   Sales Returns and Allowances 412 286.42     2 3       Accounts Receivable, F. E. Dixon 113/✓   286.42   3 4           Issued credit memo no. 131.       4 5           5 Post the entry above to this general ledger account. If an amount box does not require an entry, leave it blank. Round your answers to the nearest cent.                                                           GENERAL LEDGER ACCOUNT RECEIVABLE                                                     ACCOUNT NO: 113 PLEASE SEE ATTACHED IMAGES (HW 100 AND 101)

ACCOUNTS RECEIVABLE LEDGER NAME: E. McKenzie ADDRESS: 4717 Erin St, Madison, WI 53713 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20--   Aug. 3   J60 3,816.00   3,816.00 Aug. 18   J60 4,589.80   fill in the blank 1     J60   105.00 fill in the blank 2   ACCOUNTS RECEIVABLE LEDGER NAME: S. Rottier ADDRESS: 1008 S. 9TH St, Monona, WI 53715 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20--   Aug. 7   J60 1,484.00   1,484.00 Aug. 10   J60   400.00 fill in the blank 3   ACCOUNTS RECEIVABLE LEDGER NAME: L. Franklin ADDRESS: 2815 Main St, Cottage Grove, WI 53711 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20--   Aug. 1   J60 1,272.00   1,272.00 Aug. 22   J60 2,120.00   fill in the blank 4   Using the information from the ledgers, prepare a schedule of accounts receivable as of August 31. If required, round your intermediate and final answers to the nearest cent. Willis Spas and PoolsSchedule of Accounts ReceivableAugust 31, 20-- E. McKenzie   $fill…

PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200

Create a Ledger for the Journal Entry General Journal     Page 1 Date Description Post Ref. Dr Cr 2023           Mar. 2 Cash   750       Account Receivables     750     To record payment for AR         4 Cash   170       Account Receivables     170     To record payment for AR         6 Account Receivables   1755       Sales     1755     To record Sales         7 Account Receivables   620       Sales     620     To record Sales           Cash   875       Sales     875     To record Sales           Promotion   690       Cash     690     To record payment for promotion         8 Cash   215       Account Receivables     215     To record payment for AR           Promotion   215       Cash     215     To record payment for promotion           Purchase   2017       Cash     2017     To record purchase of tshirts w/df         9 Promotion   700       Cash     700     To record payment for promotion         10 Account…

Saved Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of l/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $6, 000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. 9 Paid $100 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems…

[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…

Schedule of Accounts Receivable From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Pheng Co. as of August 31, 20--. ACCOUNTS RECEIVABLE LEDGER B & G Distributors NAME 2628 Burlington Avenue, Chicago, IL 60604- ADDRESS 1329 DATE BALANCE ITEM POST. REF. DEBIT CREDIT 20-- Aug. J1 1,300.00 1,300.00 8 J1 110.00 1,190.00 M. Chang NAME ADDRESS 1422 SW Pacific, Chicago, IL 60603-8596 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 5 J1 2,180.00 2,180.00 11 J2 2,180.00 0.00 B. J. Hinschliff & Co. NAME 133 College Blvd., Des Plaines, IL 60611- ADDRESS 4431 DATE POST. REF. ITEM DEBIT CREDIT BALANCE 20-- Aug. 15 J2 1,050.00 1,050.00 21 J3 392.00 1,442.00 NAME Sally M. Pitts ADDRESS 213 East 29th Place, Chicago, IL 60601-6287 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 21 J3 807.00 807.00 NAME Trendsetters, Inc. ADDRESS 29 Industrial Way, Chicago, IL 60600-5918 DATE ITEM POST. REF. DEBIT CREDIT BALANCE 20-- Aug. 28 J4 1,039.00 1,039.00

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Accounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: NAME Horizon Entertainment ADDRESS 125 Wycoff Ave. Debit Credit Date Item Post. Ref. Balance Feb. 1 Balance 280 Feb. 22 Invoice No. 422 CR106 120 160 Feb. 27 Invoice No. 445 R92 170 330 Select the choice that describes each transaction and the source of each posting. Journal page Date Action Invoice No. Posted From Feb. 22 Feb. 27

Post the following entry to the general ledger and subsidiary ledger.

Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT

Sales Transactions J. K. Bijan owns a retail business and made the following sales on account during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,310 plus sales tax. 3 Sale No. 214 to Hassad Co., $3,740 plus sales tax. * Sale No. 215 to Helsinki, Inc., $1,250 plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 47870-8867.) 11 Sale No. 216 to Ardis Myler, $1,150 plus sales tax. 18 Sale No. 217 to Hassad Co., $4,150 plus sales tax. 22 Sale No. 218 to Jung Manufacturing Co., $1,980 plus sales tax. 30 Sale No. 219 to Ardis Myler, $1,560 plus sales tax. Required: 1. Record the transactions starting on page 15 of a general journal. Enter the posting references when you complete part 2. GENERAL JOURNAL PAGE 15 DESCRIPTION DEBIT DATE POST. REF. CREDIT 20-- Accounts Receivable/Jung Manufacturing Co. * Sales - Sales Tax Payable Aug. 1 1,310 1,236 74 Sale No. 213 Aug. 3 Accounts…

The journal entry to record the receipt of a payment from customer within the discount period on a sale of $2325 with terms of 3/10, n/30 will include a credit to O a. Sales discounts for $70 O b. Accounts receivable for $2325 O c. Sales Revenue for $2325 O d. Cash for $2255

DATE ACCOUNT TITLE FIVE COLUMN JOURNAL DOC. POST NO. REF. GENERAL DEBIT CREDIT SALES CREDIT 4 DEBIT CASH $200.00 CREDIT

Accounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: Mobility Products Inc. NAME 46 W. Main St. ADDRESS Debit Date Item Post. Ref. Credit Balance Aug. 1 Balance 463 Aug. 10 Invoice No. 51 CR32 84 379 143 Aug. 17 Invoice No. 45 R22 522 Select the choice that describes each transaction and the source of each posting. Journal page Date Action Invoice No. Posted From Aug. 10 Aug. 17

Journal entry worksheet 2 3 4 Sold merchandise for $8,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08 Record entry Clear entry View general journal

eBook   Show Me How Question Content Area Accounts receivable turnover and days’ sales in receivables For two recent years, Robinhood Company reported the following: Line Item Description 20Y9 20Y8 Sales $7,906,000 $6,726,000 Accounts receivable:     Beginning of year 600,000 540,000 End of year 580,000 600,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round your answers to one decimal place. b. Determine the days’ sales in receivables for 20Y9 and 20Y8. Assume 365 days in a year. Round intermediate calculations and final answers to one decimal place.

Saved Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of l/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $6, 000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. 9 Paid $100 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems…

Accounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: NAME Sweet Tooth Confections Inc. ADDRESS 46 W. Main St. Date Item Post. Ref. Debit Credit Balance Aug. 1 Balance 413 Aug. 10 Invoice No. 58 CR50 124 289 Aug. 17 Invoice No. 53 R44 129 418 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal page Aug. 10 Collected cash Cash receipts journal Aug. 17 Provided services on account Revenue journal

Post the transactions from each journal provided, Sales, Cash Receipts and General, into the appropriate customer accounts in the Accounts Receivable Subsidiary ledger. Each journal.