2. Enter the following in the appropriate creditors' accounts (i.e. your suppliers' accounts) only. Do not write up the other accounts. Then balance off each of these personal accounts at the end of the month. 2008 June 1 Purchases on credit from J Saville E240; P Todd E390; J Fry E810. 3 Purchases on credit from P Todd E470; J Mehan E1, 450. 10 We returned goods to J Fry E82; J Saville E65. 15 Purchases on credit from J Saville E210. 19 We paid J Mehan by cheque E1, 450. 28 We paid J Saville by cash E300. 30 We returned goods toP Todd E39.

2. Enter the following in the appropriate creditors' accounts (i.e. your suppliers' accounts) only. Do not write up the other accounts. Then balance off each of these personal accounts at the end of the month. 2008 June 1 Purchases on credit from J Saville E240; P Todd E390; J Fry E810. 3 Purchases on credit from P Todd E470; J Mehan E1, 450. 10 We returned goods to J Fry E82; J Saville E65. 15 Purchases on credit from J Saville E210. 19 We paid J Mehan by cheque E1, 450. 28 We paid J Saville by cash E300. 30 We returned goods toP Todd E39.

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

24. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, n/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? a. Cash... Accounts Receivable. b. Cash...... Sales Returns and Allowances. Accounts Receivable. c. Cash...... Sales Returns and Allowances. Sales Discounts. Accounts Receivable. d. Cash...... Sales Discounts.. Sales Returns and Allowances. Accounts Receivable.... 4,400 4,356 644 4,356 600 44 4,950 50 4,400 5,000 5,000 600 4,400
On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440
Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. Note: Enter debits before credits. Date General Journal Debit Credit May 12
Carla Vista Company uses special journals and a general journal. The following transactions occurred during September 2022. Sept. 2 (a) 10 12 21 25 Purchased merchandise on account from D. Downs $820, terms n/30. 27 Sold merchandise to S. Miller for $730 cash. The cost of the merchandise sold was $415. Sold merchandise on account to H. Drew, invoice no. 101, $695, terms n/30. The cost of the merchandise sold was $375. Date Purchased merchandise on account from A. Pagan $555, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,400. Sold merchandise on account to G. Holliday, invoice no. 102 for $765, terms 2/10, n/30. The cost of the merchandise sold was $465. Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) 2022 Account Debited CARLA VISTA COMPANY Sales Journal Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. S1 Cost of Goods Sold Dr. Inventory…
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. You are to provide the journal entries for the following transactions assuming a perpetual inventory system. Cash Accounts Payable Purchases Accounts Receivable Merchandise Inventory Sales PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms DR CR Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: DR CR Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice…
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,480 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,500 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,850. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145…
Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
On April 3, a customer returned $600 of merchandise that had been purchased withcash to Ryan Supplies. Ryan’s cost of the goods returned was $200. Which journal entry orentries should Ryan prepare? (No sales discount was offered for early payment.)a. One entry to debit Cash and credit Sales Refunds Payable for $600; another entry todebit Inventory Returns Estimated and credit Inventory for $200.b. One entry to debit Sales Refunds Payable and credit Cash for $600; another entry todebit Inventory and credit Inventory Returns Estimated for $200.c. One entry to debit Sales Revenue for $600 and credit Cash for $600.d. One entry to debit Sales Revenue for $400, debit Refund Expense for $200, and creditCash for $600.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400. The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610. The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d. Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.