A August 1. Purchased merchandise for cash, $1,200.00. Check No. 121.August 9. Purchased merchandise on account from Book Wholesalers, $1,950.00. PurchaseInvoice No. 132.August 14. Barbara Baker withdrew merchandise for personal use, $300.00. MemorandumNo. 143.August 30. Recorded cash and credit card sales, $5,459.00, plus sales tax, $545.90. CashRegister Tape No. 124.Total the columns and prove and rule page 1 of the journal.Prove cash. The beginning cash balance on August 1 is $2,340.00. The balance on the nextunused check stub is $7,144.90. DATEACCOUNT TITLEProve Page 2 of the journalGeneral DebitGeneral CreditAccounts Receivable DebitAccounts Receivable CreditSales CreditSales Tax Payable CreditAccounts Payable DebitAccounts Payable CreditPurchases DebitCash DebitCash CreditTotalsTUSDOC TNO. REFGENERALDEBITELEVEN COLUMN JOURNALACCOUNTSRECEIVABLEDebitCREDITCreditDEBITSALES TAXSALESPAYABLECREDIT CREDIT CREDITCash on hand at beginning of montlPlus Total cash ReceivedEquals TotalLess total Cash paid out during moEquals cash balance at end of monCheckbook balance on next check sACCOUNTS PAYABLEDEBITCREDITPURCHASESDEBITDEBITPage 1CASHCREDIT

The general journal shows the debit balance and credit balance of each item of the company. It…

Answered: August 9. Purchased merchandise on…

August 9. Purchased merchandise on account from Book Wholesalers, $1,950.00. Purcha Invoice No. 132. August 14. Barbara Baker withdrew merchandise for personal use, $300.00. Memorandum No. 143.

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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Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Entries for uncollectible receivables, using allowance method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24. Sold merchandise on account to Old Town Cafe, $11,000. The cost of goods sold was $7,900. Sept. 30. Received $2,200 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $8,800 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 Dec. 7-reinstate Dec. 7-collection 17 00 00 000 00 00 00 00 00 00 00
Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
Use these to fill in the general journal. • July 1 Credit granted to customer Elizabeth Edwards for returned merchandise, $198.00 plus sales tax $13.86 for total of $211.86. Credit m - July 4 Credit granted to customer Eastside Hospital for damaged merchandise, $1,118.02 (no sales tax). Credit memo #4. - July 7 Credit granted to customer Chevy Chase for returned merchandise, $592.06 plus sales tax $41.44 for total of $633.50. Credit memo # - July 9 Credit granted to customer Wolf Blitzer for returned merchandise, $377.19 plus sales tax $26.40 for total of $403.59. Credit memo #6 Also answer these questions please. 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.
On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $38,700. The cost of the merchandise sold was $20,900. July 7. Received $8,100 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $30,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale - Select - - Select - - Select - - Select - Jan. 19-cost - Select - - Select - - Select - - Select - July 7 - Select - - Select - - Select - - Select - - Select - - Select - Nov. 2-reinstate - Select - - Select - - Select - - Select - Nov. 2-collection - Select - - Select -…
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