uring the month of September, the following transactions were completed by the business:CALCULATORPRINTIept. 1Stephanie Ram, the proprietor of the business, invested $89,000 cash and Office Supplies valued at $1,800 into the business.2Issued a check to establish a Petty Cash Fund for $5,500.Paid a premium of $3,400 for a one-year insurance policy, effective September 1st.6Purchased 44 refrigerators on credit for $184,800 from Mason Retailers. The credit terms of the sale were 4/20, n/45, F.O.B. shipping point.Issued a check for $2,010 for the delivery charges on the September 6th transaction.The business returned two damaged refrigerators to Mason Retailers and received a credit of $7,000.10Sold several refrigerators to various customers with the credit terms 3/10, n/60 and bills were sent out as follows:Jose Mendes$6,300Amy Thomas12,500Nicholas Jay4,400Dora Franklin14,100Totals$37,30012Borrowed $63,000 from National Trust Bank by signing a Notes Payable.13Dora Franklin returned a defective refrigerator to the business and received a credit of $4,700.Issued aeck to pay the bi-weekly employee salaries, $16,500.15Purchased Store Supplies on credit, terms 2/10, n/30, as follows:Wiley Retailers$1,800Lisa Supplies Company1,200Farge Company1,100Lincoln Wholesale2,500Totals$6,60017Purchased a Delivery Truck for $70,000 in cash.Received payment (before any applicable discounts) from the following customers for the September 10th sale to be applied to their accounts as follows (Hint:calculate amount of net cash received from customers):20Jose Mendes$3,200Amy Thomas5,400Nicholas Jay3,800Dora Franklin8,700Totals$21.100 G petir cash - Google SearchReturn to BlackboardJeygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community Collegeelp I System AnnouncementsCALCULATORPRINTER VERSION( BACKNE17Purchased a Delivery Truck for $70,000 in cash.20Received payment (before any applicable discounts) from the following customers for the September 10th sale to be applied to their accounts as follows (Hint: You will need tocalculate amount of net cash received from customers):Jose Mendes$3,200Amy Thomas5,400Nicholas Jay3,800Dora Franklin8,700Totals$21,10021Received cash of $20,800 in advance for 4 refrigerators to be delivered over the next few months.22Made a partial payment for the Store Supplies purchased on September 15th to be applied to the below accounts (before any applicable discounts) as follows (Hint: You will need tocalculate amount of the net cash payment):Wiley Retailers$1,600Lisa Supplies Company2,900Farge Company600Lincoln Wholesale800Totals$5,90023Stephanie Ram withdrew $4,300 in cash for her personal use.24Sold several refrigerators and received $216,000 cash.Made a partial payment to Mason Retailers of $91,000 to be applied as a reduction to the account balance (before any applicable discounts) for the September 6th transaction (Hint:You will need to calculate amount of the net cash payment).2526Paid the monthly utility bills, $7,900.27Stephanie Ram purchased a Forklift for $32,900.28Issued a check to pay the bi-weekly employee salaries, $16,500.The Petty Cash Fund had a cash balance of $3,500 at the end of September with petty cash receipts/vouchers for postage, $380, and repair supplies, $930. A check was issued toreplenish the fund.2930Issued a check for the payment of September's rent, $15,500.repare the Journal Entries in the General Journal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in therder presented in the problem. Do not use dollar signs ($) when entering amounts. To see comma-formatted numbers reflected in your final answers, you must enter yournswers with commas.)Feneral Journal:

What are Journal Entries? It is the first step to record the financial transactions in the books of…

1 Stephanie Ram, the proprietor of the business, invested $89,000 cash and Office Supplies valued at $1,800 into the business. Issued a check to establish a Petty Cash Fund for $5,500. Paid a premium of $3,400 for a one-year insurance policy, effective September 1st. Purchased 44 refrigerators on credit for $184,800 from Mason Retailers. The credit terms of the sale were 4/20, n/45, F.O.B. shipping point. 6 Issued a check for $2,010 for the delivery charges on the September 6th transaction. 9 The business returned two damaged refrigerators to Mason Retailers and received a credit of $7,000. 10 Sold several refrigerators to various customers with the credit terms 3/10, n/60 and bills were sent out as follows: Jose Mendes $6,300 Amy Thomas 12,500 Nicholas Jay 4,400 Dora Franklin 14,100 Totals $37,300 12 Borrowed $63,000 from National Trust Bank by signing a Notes Payable. 13 Dora Franklin returned a defective refrigerator to the business and received a credit of $4,700. 14 Issued a check to pay the bi-weekly emplovee salaries $16 500

1 Stephanie Ram, the proprietor of the business, invested $89,000 cash and Office Supplies valued at $1,800 into the business. Issued a check to establish a Petty Cash Fund for $5,500. Paid a premium of $3,400 for a one-year insurance policy, effective September 1st. Purchased 44 refrigerators on credit for $184,800 from Mason Retailers. The credit terms of the sale were 4/20, n/45, F.O.B. shipping point. 6 Issued a check for $2,010 for the delivery charges on the September 6th transaction. 9 The business returned two damaged refrigerators to Mason Retailers and received a credit of $7,000. 10 Sold several refrigerators to various customers with the credit terms 3/10, n/60 and bills were sent out as follows: Jose Mendes $6,300 Amy Thomas 12,500 Nicholas Jay 4,400 Dora Franklin 14,100 Totals $37,300 12 Borrowed $63,000 from National Trust Bank by signing a Notes Payable. 13 Dora Franklin returned a defective refrigerator to the business and received a credit of $4,700. 14 Issued a check to pay the bi-weekly emplovee salaries $16 500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Daryl Swan operates four video rental stores. She has just received the monthly bank statement at October31, 2019 from Bank of Montreal, and the statement shows an ending balance of $4,180. Listed on thestatement are an EFT rent collection by the bank for Swan of $150, a service charge of $15, four NSFcheques totalling $100, and a $20 charge for printed cheques. In reviewing her cash records, Swanidentifies outstanding cheques totalling $306 and an October 31 deposit in transit of $1,002. DuringOctober she recorded a $315 cheque for the salary of a part-time employee as $31. Swan’s Cash accountshows an October 31 cash balance of $5,145.Required:1. Prepare a bank reconciliation for Daryl Swan to determine how much cash Swan actually has atOctober 31, 2019?
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its office manager to make purchases. Expenditures for the month include the following items: Utilities (credit card) Entertainment (petty cash) Stamps (petty cash) Plumbing repair services (credit card) $ 435 44 59 630 Required: Record the establishment of the petty cash fund on April 3, all expenditures made during the month, and the replenishment of the petty cash fund on April 30. The credit card balance is paid in full on April 30. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Show the entry to be made by Cooley Grocery Store for the March 25 cash register reading showing sales of $10,000 and sales taxes of $600. Mar. 25 Cash Analyze, Journalize and Report Current Liabilities 10,600 Sales Revenue Sales Taxes Payable (To record daily sales and sales taxes) When the taxes are remitted to the state taxing agency the Sales Taxes Payable account is decreased (debited) and Cash is decreased (credited). Describe unearned entry when the prepayment is received (before revenue is earned) Describe entry when the revenue is earned. 10,000 600
Record the transactions. (Journal Entries) December 1 Issued check for $200 for December rent Took out a short term loan from the bank in the amount of $1,600. Note is due in 60 days at 6% interest. 3 Issue credit memo for $20 to Ritter for merchandise returned 4 Received check for $392 (after discount) from Dunn in payment on account Issued check for $891 (net of discount) to Service Toy 7 Received check for $343 (after discount) from Ritter in payment on account 8 Harris issues credit memo to us for $18 (inventory) Sold equipment for $60. Orginal cost was $500. Accumulated depreciation at the time of sale was $450 9 Purchase merchandise on account from Larkin $1,000 11 Sold merchandise on account to Thayer $200 Issue check to purchase new equipment for $400 12 Purchase merchandise on account from Clark $ 1,300 14 Issue check for $24 for phone bill Sold merchandise on account to Gage $350 15 Cash sales from December 1 to 15 were $ 2,030…
Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed
J. Whitlock Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into Whitlock's bank account less a 5% fee. The entry to record this sales transaction would include a debit to:
3.
Please help me
Record the following transactions for the month of June 20X1 in the cash receipts journal. Total, prove, and rule the cash receipts journal as of June 30. June 4 Collected $1,150 from Tom Whitney, a credit customer on account. 9 Received a cash refund of $105 for damaged supplies. 10 Laurie Bradley, the owner, invested an additional $14,500 cash in the business. 21 Received a check from Scott White to pay his $2,300 promissory note plus interest of $127. 26 Received $2,000 for cash sales of plus sales tax of $122. There was a cash overage of $19. Date June 4, 20X1 June 9, 20X1 June 10, 20X1 June 21, 20X1 June 26, 20X1 June 30, 20X1 Description Tom Whitney Cash refund Investment Collect note Scott White Cash sales Totals CASH RECEIPTS JOURNAL Accounts Receivable Credit 1,150 14,500 2,300 Sales Tax Payable Credit $ 17,950 $ 105 122 227 Sales Credit Other Accounts Credit $ 1,859 Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859…
July 1 Sold $21,600 of computers to Robertson Company with terms 3/15, n/60. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,404 will be honored on these sales. 10 Windsor received payment from Robertson for the full amount owed from the July transactions. 17 Sold $216,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Windsor for its purchase of July 17. Prepare the necessary journal entries for Windsor Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record sales revenue.) (To record allowance for sales returns.) Debit Credit
BAT LLC had an opening balance of RO 400 in the petty cash fund. During the month the receipts were RO 125 petrol, RO 55 office stationery, RO135 staff welfare and RO 65 travelling and there was RO 15 left in the petty cash box. If the petty cash fund is raised to RO 500 per month then how much is the amount required to be refill? a. RO 485 b. RO 385 c. RO 380 d. RO 480
following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 4/9 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.00 per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to…