A company entered into the following transactions Match sach transaction with the appropriate journal in which it should be recorded Purchased merchandise from Able Ce for $2.000 terms 210, 30 Invoice dated August & General Journal aid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758 & Cash payments journal Sold merchandise on credit to Delta Corp for $3,000 terms, 2/10, 30, Invoice No. 246. C.Cash receipts journal Cost of Goods Sold in $1,740 a Purchases journal Received cash payment in full from Delta Corp. for August 5 sale Recorded cash sales for the month $0.000 Sales Journal Returned defective inventory purchased on account from Able Co. for $550

A company entered into the following transactions Match sach transaction with the appropriate journal in which it should be recorded Purchased merchandise from Able Ce for $2.000 terms 210, 30 Invoice dated August & General Journal aid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758 & Cash payments journal Sold merchandise on credit to Delta Corp for $3,000 terms, 2/10, 30, Invoice No. 246. C.Cash receipts journal Cost of Goods Sold in $1,740 a Purchases journal Received cash payment in full from Delta Corp. for August 5 sale Recorded cash sales for the month $0.000 Sales Journal Returned defective inventory purchased on account from Able Co. for $550

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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Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
Purchase-related transactionsStylon Co., a women's clothing store, purchased $48,000 of merchandisefrom a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an Invoice amount of $7,500, receiving acredit memo. Journalize Stylon's entries to record (a) the purchase, (b)the merchandise return, (c) the payment within the discount period of10 days, and (d) the payment beyond the discount period of 10 days.
Journalize the transactions for Williams Market during December of the current year. Use page 12 of a general journal. Journalize the January transaction on page 16 of a cash payments journal. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM; credit memorandum, CM; sales invoice, S. No C is required in the Ck. No. column.
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Mr. Zubair sold Merchandise inventory worth OMR 50,000 for cash. Which books of prime entry will record the transaction? a. Purchase journal b. Cash disbursement journal c. Cash receipt journal d. Sales journal
Included in the accounting records of the home office and Mad Branch, respectively of Haler Company were the following ledger accounts for the month of January. Investment in Mad Branch (In home office accounting records) Credit Date Explanation Jan 1 Balance Debit Balance P117,600 Dr 129,600 124,800 122,400 132,000 Shipment of merchandise Receipt of cash Collection of branch accounts receivable P12,000 9 21 27 31 P4,800 2,400 Shipment of merchandise 9,600 Home Office Current (In Mad Branch accounting records) Credit Explanation Date Jan 1 Balance 10 19 28 Debit Balance P117,600 Cr 129,600 124,800 121,200 116,700 115,200 Receipt of merchandise Remittance of cash P12,000 P4,800 3,600 4,500 1,500 Acquisition of furniture Return of excess merchandise 30 31 Remittance of cash REQUIREMENTS: 1. Compute for the reconciled amounts of the reciprocal accounts 2. Prepare reconciling entries in the books of Haler Company and Mad Branch
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Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: Question Content Area a. Sold merchandise for cash, $20,280. The cost of the merchandise sold was $12,170. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area b. Sold merchandise on account, $8,130. The cost of the merchandise sold was $4,880. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area c. Sold merchandise to customers who used MasterCard and VISA, $122,860. The cost of the merchandise sold was $73,720. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question…