Activity 1: Journalize the following transactions and then post them to the General Ledger. Below are the transactions of Juan Manuell Enterprises for the month of May 2018. May 3 Mr. Manuell invested P500,000 cash. May 5 Purchases from Big Dipper Merchants P50,000 merchandise. Terms: 3/10, n/20. May 6 Sold merchandise to Gemini Enterprises, P32,000. Terms: 2/10, n/30. 59
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- Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has the following items: Purchases $1,250 of inventory on credit. Sells inventory for $1,650 on credit. Records $1,260 cost of sales for transaction b. Receives $1,650 cash towards accounts receivable. Pays $1,260 cash to settle accounts payable.Current Attempt in Progress Sandhill Company uses special journals and a general journal. The following transactions occurred during September 2022 Sold merchandise on account to H. Drew, invoice no. 101. $745, terms n/30. The cost of the merchandise sold was $455. Sept. 2 10 12 21 25 27 Purchased merchandise on account from A. Pagan $600, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,200. Sold merchandise on account to G. Holliday, invoice no. 102 for $785, terms 2/10, n/30. The cost of the merchandise sold was $430 Purchased merchandise on account from D. Downs $860, terms n/30. Sold merchandise to S. Miller for $665 cash. The cost of the merchandise sold was $420.Following is information from Fredrickson Company for its first month of business. Credit Sales Jan. 10 Stern Company 19 Diaz Brothers 23 Rex Company Required 1 Required 2 1. Journalize the above transactions in the accounts receivable subsidiary ledger. 2. Journalize the accounts receivable balance listed in the general ledger at month's end. Date $4,200 1,700 2,650 Complete this question by entering your answers in the tabs below. Date Journalize the above transactions in the accounts receivable subsidiary ledger. Debit ACCOUNTS RECEIVABLE LEDGER Stern Company Debit Cash Collections Jan. 20 Stern Company 28 Diaz Brothers 31 Rex Company Credit Diaz Brothers Credit $ 2,100 1,700 1,378 Balance Balance
- Purchases and Cash Payments Journals Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: May 1. Issued Check No. 57 to Bio Safe Supplies Inc. in payment of account, $360. 3. Purchased cleaning supplies on account from Brite N' Shine Products Inc., $220. 8. Issued Check No. 58 to purchase equipment from Carson Equipment Sales, $3,680. 12. Purchased cleaning supplies on account from Porter Products Inc., $310. 15. Issued Check No. 59 to Bowman Electrical Service in payment of account, $180. 18. Purchased supplies on account from Bio Safe Supplies Inc., $410. 20. Purchased electrical repair services from Bowman Electrical Service on account, $150. 26. Issued Check No. 60 to Brite N’ Shine Products Inc. in payment of May 3 invoice. 31. Issued Check No. 61 in payment of salaries, $7,050. Wisk Away Cleaning Services Inc. uses the following accounts: Cash 11…R. Ivanhoe Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Ivanhoe invested $53,600 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,290 cash. The cost of the merchandise sold was $4,130. 3 Purchased merchandise for $7,600 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $775 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $950, terms n/30. The cost of the merchandise sold was $600. 22 A check of $8,840 is received from M. Mangini in full for invoice 101; no discount given. (a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.)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…
- Credit Card Sales Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. 1Review 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…
- Journalize the following transactions for a perpetual company: a. Issued credit memo no. 2, $37, to Lee Co. An allowance was granted and the customer kept the merchandise. The sale was on account. b. Cash sales, $175, with a cost of $60. c. Received check from Denise Co., $600, less 1% discount. d. Bought merchandise on account from Jaxon Co., $50, invoice no. 20; term 2/10, n/30. e. Cash purchase of merchandise, $45. f. Issued debit memo to Jaxon Co $30, for merchandise returned from invoice no. 20.Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack . . . . . . . . . . . . . . . . $ 8,600 8 Eric Horner . . . . . . . . . . . . . . . . 11,100 10 Troy Wilson . . . . . . . . . . . . . . . . 13,400 14 Hong Jiang . . . . . . . . . . . . . . . . 20,500 20 Troy Wilson . . . . . . . . . . . . . . . . 11,200 29 Mary Mack . . . . . . . . . . . . . . . . 7,300 Total credit sales . . . . . . . . . . . . $72,100 1. Open an accounts receivable subsidiary ledger with a T-account for each customer. Post the amounts to the subsidiary ledger. 2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total to these accounts. 3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). April 3 (b) Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. April 4 Issued Check Number 587 to World View for advertising expense of $904. April 5 Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). April 6 Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. April 9 Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30. April 11 Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100). April 12 Issued Check Number 588 to Noth Company in payment…