TRANSACTIONIMr. U contributed 600,000Obtain loan 400,0003Purchased Inventory 200,000 cash basisPurchased Inventory 500,000 on account4.5Sold 900,000 on account. Cost of items is 400,000Paid accounts payable 400,0007Collected 500,000 accounts receivable6.8.purchased equipment 480,000 cash9.distributed cash to Mr. U 10,00010 paid loan interest 5,000Chart of AccountsCHART OF ACCOUNTSPrepare the following:CODE Account Title101CASH102ACCOUNTS RECEIVABLE103INVENTORY104EQUIPMENT4. Leger5. Financial Statements201ACCOUNTS PAYABLE202LOANU, DRAWINGSU, CAPITAL301302401SALES402COGS403INTEREST EXPENSE

A ledger is a book containing accounts in which the classified and summarized information from the…

Chart of Accounts CHART OF ACCOUNTS Prepare the following: CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 104 EQUIPMENT 4. Leger 5. Financial Statements 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE

Chart of Accounts CHART OF ACCOUNTS Prepare the following: CODE Account Title 101 CASH 102 ACCOUNTS RECEIVABLE 103 INVENTORY 104 EQUIPMENT 4. Leger 5. Financial Statements 201 ACCOUNTS PAYABLE 202 LOAN U, DRAWINGS U, CAPITAL 301 302 401 SALES 402 COGS 403 INTEREST EXPENSE

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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CHART OF ACCOUNTS Amsterdam Supply Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Empire Co. 122 Accounts Receivable-Equinox Co. 123 Accounts Receivable-Targhee Co. 124 Accounts Receivable-Vista Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card…
ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT 1 Cash 5,702.00 0 0 0 5,702.00 0 0 0 5,702.00 0 1 2 Accounts Receivable 809.00 0 0 0 809.00 0 0 0 809.00 0 2 3 Supplies 551.00 0 0 240.00 311.00 0 0 0 311.00 0 3 4 Prepaid Insurance 1,320.00 0 0 545.00 775.00 0 0 0 775.00 0 4 5 Equipment 7,351.00 0 0 0 7,351.00 0 0 0 7,351.00 0 5 6 Accum. Depr., Equipment 0 2,722.00 0 740.00 0 3,462.00 0 0 0 3,462.00 6 7 Van 10,468.00 0 0 0 10,468.00 0 0 0 10,468.00 0 7 8 Accumulated Depreciation, Van 0 3,274.00 0 1,255.00 0 4,529.00 0 0 0 4,529.00 8 9 Accounts Payable 0 1,536.00 0 0 0 1,536.00 0 0 0 1,536.00 9 10 B. Vance, Capital 0 19,748.00 0 0 0 19,748.00 0 0 0 19,748.00 10 11 B. Vance, Drawing 15,880.00 0 0 0 15,880.00 0 0 0 15,880.00 0 11 12 Fees Earned 0 37,218.00 0 0 0 37,218.00 0 37,218.00 0 0 12 13 Salaries Expense 18,295.00 0 660.00 0 18,955.00 0 18,955.00 0 0 0 13 14 Advertising Expense 2,119.00 0 0 0 2,119.00 0 2,119.00 0 0 0 14 15…
25) How is the total of the purchases daybook posted to the nominal ledger? A. Debit purchases, Credit payables control В. Debit payables control, Credit purchases С. Debit purchases, Credit cash D. Debit cash, Credit purchases
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
ACCOUNTS RECEIVABLE LEDGER Account Brandon Connors Post Date Item Ref. Debit Credit Balance Mar. J1 23,652.00 23,652.00 10 J2 23,652.00 0.00 14 J2 12,317.00 12,317.00 Account Collin Deluca Post Date Item Ref. Debit Credit Balance Mar. 10 J2 1,401.00 1,401.00 15 J2 2,263.00 3,664.00 Account Meghan Deutsch Post Date Item Ref. Debit Credit Balance Mar. J1 89.00 89.00 19 J2 2,568.00 2,657.00 Account Carmen Perez Post
PA4. Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable.
Accounting Q
CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB shipping point on December 21. The cost…
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