Problem:Mya Pachicks opened a delivery service business named "Chicks To Go" on May 1, 2013. The following items were the transactions occurred during the month of May: ANSWER ONLY 2. Purchased office supplies from Da Vince Supplies Store, P5,000,on account.A. Supplies Expense5,000Supplies5,000B. Supplies Expense5,000Cash5,000C. Supplies5,000Cash5,000D. Supplies5,000Accounts Payable5,000BODO A

Supplies are purchased on account, so accounts payable will be credited

Answered: 2. Purchased office supplies from Da…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Provide all relevant journal entries for the following scenarios (please provide the date on when each journal entry is recorded): 1) Scenario 1: Earthwear ordered 20 kayaks for $ 1,250 each from manufacturer B and paid the full amount on May 6th. The manufacturer shipped 10 kayaks out on May 8th which arrived on May 14th, and shipped the rest of the order out on May 25th which arrived on June 3rd. 2) Scenario 2: Earthwear ordered 40 snowboards on account for $500 each from manufacturer F on September 8th. Manufacturer offered a 2% discount if Earthwear pays the invoice within 30 days. The manufacturer shipped out all 40 snowboards on September 10th and all arrived on September 16th. Earthwear paid the full amount outstanding on October 5th.
Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 314 for July rent, $1,400. 1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30. 3 Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30. 5 Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400. 8 Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30. 11 Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600. 18 Issued…
On september 1 sara para paid we kill em company $800 in advance for pest conrol services since she had a roach and ants infestation. On decembe 31 sara had used $485 worth of services. a. Journalize the journal entries on September 1 and december 31 for sara para. b. journalize the journal entries on september 1 and december 31 for we kill em. co. c. If the adjusing entry for sara para is not made, how will this affect her income statement and balance sheet. d. if the adjusting entry for we kill em co. is not made, how will this affect their income statement and balance sheet.
The Accounts Receivable balance and Allowance for Bad Debts for Turning Leaves Furniture Restoration at December 31, 2015, was $10,800 and $2,000 (credit balance). During 2016, Turning Leaves completed the following transactions: i (Click the icon to view the transactions.) Read the requirements. 1925 a. Requirement 1. Journalize Turning Leaves's transactions for 2016 assuming Turning Leaves uses the allowance method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Sales revenue on account, $265,800 (ignore Cost of Goods Sold). Accounts and Explanation Debit .. Credit
For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
Every March, Buddie, who owns and operates a small retail shop, takes a large box of receipts and invoices to her accountant so the accountant can file Buddie's taxes in April. Only then does Buddie know if her business has been profitable. Buddie could benefit from a(n) ________.Select one:a. concurrent control systemb. management information system c. balanced scorecard systemd. inventory control system
Can you show me how to do this exact same problem but using the LIFO method?
Please read the questions carefully the First question is asking for journal entry.
I need help working out problems like these. Please explain in detail each step used to complete these journals. Perpetual: LIFO and Moving-Average Vozniak Company began business on January 1, 20-1. Purchases and sales during the month of January follow. Date Purchases Sales Units Cost/Unit Units Jan. 1 100 $2.00 Jan. 5 500 2.30 Jan. 7 300 Jan. 12 300 2.40 Jan. 15 300 Jan. 17 200 2.50 Jan. 19 500 2.70 Jan. 24 800 Jan. 28 100 Jan. 31 200 2.90 Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places. If required, round your final answers to the nearest cent. Cost of Goods Sold Inventory on Hand 1. Perpetual LIFO inventory method $ $ 2. Perpetual moving-average inventory method $ $
The question in the images. Thank you for your help!
Hi, I submitted this question earlier but received feedback that the attachment of the question I sent wasn't very clear so I'm trying again. I took the screen grab again as well have copied and pasted the question directly as well. It's asking to journalize the transactions. Hope this is better than the last time. Thanks!The following were selected from among the transactions completed by Babcock Company during November of the current year:Nov. 3 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, n/30.4 Sold merchandise for cash, $41,250. The cost of the merchandise sold was $22,250.5 Purchased merchandise on account from Papoose Creek Co., $43,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $840 added to the invoice.6 Returned $13,600 ($17,000 list price less trade discount of 20%) of merchandise purchased on November 3 from Moonlight Co.8 Sold merchandise on account to Quinn Co., $16,100 with…
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2. Purchased office supplies from Da Vince Supplies Store, P5,000, on account. A. Supplies Expense 5,000 Supplies 5,000 B. Supplies Expense 5,000 Cash 5,000 C. Supplies 5,000 Cash 5,000 D. Supplies 5,000 Accounts Payable 5,000 D.