At the beginning of the current season on April 1, the records of Whispering Winds Pro Shop showed Cash $3,070, Inventory $3,500, and Common Stock $6,570. The following transactions occurred during April 2022. Apr. 5 9 10 12 14 17 20 Purchased golf bags, clubs, and balls on account from Carla Vista Co. $1,800. Received credit from Carla Vista Co. for merchandise returned $400. Sold merchandise on account to members $1,230. The merchandise sold had a cost of $750. 21 Purchased golf shoes, sweaters, and other accessories on account from Sandhill Sportswear $1,070. Paid Carla Vista Co. in full. Received credit from Sandhill Sportswear for merchandise returned $70. Made sales on account to members $890. The cost of merchandise sold was $550. Paid Sandhill Sportswear in full. 30 Received payments on account from members $1,270. Prepare an income statement through gross profit for the month of April 2022. Sales Revenue WHISPERING WINDS PRO SHOP Income Statement (Partial) For the Month Ended April 30, 2022 Sales Returns and Allowances Net Sales 1230

At the beginning of the current season on April 1, the records of Whispering Winds Pro Shop showed Cash $3,070, Inventory $3,500, and Common Stock $6,570. The following transactions occurred during April 2022. Apr. 5 9 10 12 14 17 20 Purchased golf bags, clubs, and balls on account from Carla Vista Co. $1,800. Received credit from Carla Vista Co. for merchandise returned $400. Sold merchandise on account to members $1,230. The merchandise sold had a cost of $750. 21 Purchased golf shoes, sweaters, and other accessories on account from Sandhill Sportswear $1,070. Paid Carla Vista Co. in full. Received credit from Sandhill Sportswear for merchandise returned $70. Made sales on account to members $890. The cost of merchandise sold was $550. Paid Sandhill Sportswear in full. 30 Received payments on account from members $1,270. Prepare an income statement through gross profit for the month of April 2022. Sales Revenue WHISPERING WINDS PRO SHOP Income Statement (Partial) For the Month Ended April 30, 2022 Sales Returns and Allowances Net Sales 1230

Name: At the beginning of the current season on April 1, the records of Whi
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Description: At the beginning of the current season on April 1, the records of Whispering Winds Pro Shop showed Cash $3,070, Inventory $3,500,and Common Stock $6,570. The following transactions occurred during April 2022.Apr. 591012141720Purchased golf bags, clu

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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Based on the scenario below complete: (i) any five journal entries, & (ii) draw up T- accounts and post the entries appropriately. A. July 1: Your friend has started a bike parts business by depositing Tk. 45 lac in Prime Bank. B. Aug 14: The company buys parts worth Tk. 12 lacs 50% on credit and 50% by cash. C. Sep 6: The company sells merchandise worth Tk. 330,000 on credit. D. Oct 5: The company receives Tk. 299,000 from customers. E. Oct 31: The company recognizes it has to pay Tk. 13,500 to DESCO in the following month for electricity consumed during October. F. Nov 1: The company paid two months' rent in advance, Tk. 50,000, by giving a cheque on Prime Bank.
Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR 40 each on 1st December 2020 under the credit terms of 5/20, n/60. On 3rd December 2020 the business discovers that 100 numbers of HP three in one Printer are HP two in one. Therefore, the business returned the goods to supplier. On 5th December 2020, the business settles full cash. Which of the following journal entry is correct on 3rd December 2020 assumes that the business uses periodic inventory system? a. Debit Accounts payable OMR 16,000 Credit Cash OMR 15,200 Credit Discount OMR 800 b. Debit Purchase OMR 20,000 Credit Accounts payable OMR 20,000 c. Debit Accounts payable OMR 4000 Credit Purchase return and allowances OMR 4000 d. Debit Accounts payable OMR 20,000 Credit Merchandise Inventory OMR 20,000
The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8: Cash $ 290,800 Kristina Marble, Drawing $ 121,200 Accounts Receivable 1,170,600 Sales 13,746,000 Merchandise Inventory 2,075,300 Cost of Merchandise Sold 9,513,000 Office Supplies 16,400 Sales Salaries Expense 1,110,100 Prepaid Insurance 9,700 Advertising Expense 666,500 Office Equipment 1,005,800 Depreciation Expense— Accumulated Depreciation— Store Equipment 169,700 Office Equipment 666,500 Miscellaneous Selling Expense 46,100 Store Equipment 4,362,700 Office Salaries Expense 787,700 Accumulated Depreciation— Rent Expense 113,900 Store Equipment 2,205,600 Depreciation Expense— Accounts Payable 395,100 Office Equipment 60,600 Customer Refunds Payable 48,500 Insurance Expense 58,200 Salaries Payable 50,300 Office Supplies Expense 34,100 Note Payable Miscellaneous Administrative Exp. 17,600 (final payment…
business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
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Enter the following transaction in the ledger accounts and balance them October 2020: 1 Started in business with Ksh. 75,000 cash. 3 Bought goods for cash Ksh. 11,000. 7 Bought goods on credit Ksh. 32,000 from F Herd. 10 Sold goods for cash Ksh. 6,400. 14 Returned goods to F Herd Ksh. 4,600. 18 Bought goods on credit Ksh. 41,400 from D Exodus. 21 Returned goods to D Exodus Ksh. 3,100. 24 Sold goods to B Squire Ksh. 8,200 on credit. 25 Paid F Herd’s account by cash Ksh. 27,400. 31 B Squire paid us his account in cash Ksh. Ksh. 8,200.
Using the three column cash book, show the closing balances for; a) Cash b) Bank c) Discount allowed d) Discount Received
Hello can you please help with the attached question, thanks much.
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The following journal entry was included in the accounting records of Ostrosky Corporation on March 20: Debit Accounts payable $4,000, Credit Merchandise Inventory $40, Credit Cash $3,960 Based on this journal entry, it is likely that the company: A. Sold inventory for cash B. Collected cash for the inventory sold on credit and recorded a 1% sales discount C. Purchased inventory for cash D. Paid for the inventory purchased on credit and took advantage of the 1% purchase discount
the first journal goes up to 29 not 7