cion White sales of plus sales tax Accounts Receivable Credit CASH RECEIPTS JOURNAL $ 1,150 $ 14,500 2,300 Sales Tax Payable Credit 17,950 $ 105 here was a cash overage of $19 Sales Credit 122 227 $ Other Accounts Credit Account Title Laurie Bradley, Capital Supplies Laurie Bradley, Capital Notes receivable Interest income 1,859 Cash short or over 1,859 Amoun 14, 2,3 $ 17,
Q: Required information [The following information applies to the questions displayed below.] The…
A: A trial balance is a statement of record in which the balance of all ledgers accounts are recorded…
Q: Accounts receivable Allowance for uncollectible accounts Net Sales sales are made on credit. Based…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Based on the following information: Sales returns and allowances (credit sales)…
A: Net credit sales = Credit sales - Sales return and allowances Net credit sales = $2,150,000 -…
Q: The following account balances come from the records of Ourso Company: Accounts receivable Allowance…
A: Accounts receivables are the current assets which are reported on the balance sheet. These indicate…
Q: T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation…
A: All revenues are closed by crediting the income summary account and expenses are closed by debiting…
Q: Blackwell Co. has credit sales of $317,428, costs of goods sold of $151,217, and average accounts…
A: Days sales in outstanding is the number of days required to collect receivables from credit…
Q: On March 4, Micro Sales makes $12,300 in sales on bank credit cards which charge a 1% service charge…
A: In the case of credit card sales, there can be 2 Instances: 1st Instance: Payment Received by the…
Q: K. Brant D. Eaton S Klein C. Sheen Total % uncollectible Account No. 1 2 3 4 5 6 7 $800 Debit 500…
A: Calculations:Days outstandingNot yet1-3031-6061-90Over 90TotalAccounts receivable…
Q: Sales of $ 183,000 $ 158,000 on account $ 25,000for cash Ignore Cost of Goods SoldCollections on…
A: In the books of MountaintopJournal EntriesDateAccounts and explanationDebit $Credit $1Accounts…
Q: Accounts Receivable has a balance of $6,000, and the Allowance for Bad Debts has a credit balance of…
A: Allowance for bad debts in one of the methods of recognizing bad debts expense and writing off bad…
Q: August 9. Purchased merchandise on account from Book Wholesalers, $1,950.00. Purcha Invoice No. 132.…
A: The general journal shows the debit balance and credit balance of each item of the company. It…
Q: Calculate the allowance for doubtful accounts using the percentage of sales method: Net Credit Sales…
A: The allowance for doubtful accounts has the normal credit balance. The bad debt expense can be…
Q: Assuming 77 percent of sales are on credit, what is the company's days' sales in receivables?
A: Information Provided: Net Income = $191,000 Profit Margin = 9.10% Accounts Receivable = $106,919…
Q: Using the following accounts, complete all journal entries: Accounts Receivable Allowance for…
A: The companies record uncollectible using different methods of recording bad debts.
Q: QUESTION 5 Information about Calbee Company is provided below: Ending Accounts Receivable: $100,000…
A: The allowance for doubtful accounts represents the accounts receivable that are not expected o be…
Q: A company has $235,000 in credit sales. The company uses the allowance method to account for…
A: Allowance for doubtful accounts is an provision that is made for those accounts receivable to whom…
Q: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts…
A: calculation of average collection period are as follows
Q: Company D had the following accounts receivable information: Beginning accounts receivable:…
A: Bad debt expense refers to the estimated amount of accounts receivable that a company expects will…
Q: he following information relates to Zulu Company’s accounts receivable for 20X1:…
A: The question is based on the concept of Financial Accounting.
Q: The Allowance for uncollectible accounts currently has a debit balance of $200. The company's…
A: Allowance for Uncollectible Account Allowance for uncollectible account is the provision created…
Q: Reema Furniture factors $200,000 of receivables to Kroton Factors. Kroton charges a service…
A: Service Commission charged by Kroton :- 2% of Account Receivables Amount of Receivables for…
Q: Guidry Corporation's beginning accounts receivable balance at January 1 was $200,000 and the ending…
A: The account receivables are also known by the name of debtors. These are the values due to a firm on…
Q: The general ledger of JEONGCHEOL INDUSTRIES showed the following balances: Dr Cr Cash Accounts…
A: Cash balance: It implies to the cash including coins, paper notes, cheques, money order, etc, that…
Q: Below are amounts for two companies: Beginning Ending net sales Accounts…
A: The inventory turnover ratio is used to analyze how quickly the company is able to collect its…
Q: SALES JOURNAL DEBITS CREDIT Inv. Асcounts Output Date Sold To Terms No. F Receivable Sales Тах…
A:
Q: The following balance sheet information was provided by O'Connor Company: Assets Cash Accounts…
A: The objective of the question is to calculate the accounts receivable turnover for O'Connor Company…
Q: A company reports accounts receivable of $180,000 on its balance sheet. The Allowance for Bad Debts…
A: Net realizable value (NRV) refers to the amount a company expects to receive from the sale of its…
Q: Charleston, Incorporated has Accounts Receivable of $260,000 and an Allowance for Doubtful Accounts…
A: Accounts Receivables - When company sell its goods or service to the customer on credit, Accounts…
Q: Cash and accounts receivable for Adams Company are provided below: Current Year Prior Year Cash…
A: The horizontal analysis analyse the financial statements of two years as increase or decrease in the…
Q: Kimmel, Financial Accounting, 8e Help I System Announcements he cash register tape indicates cash…
A: Cash register shows entry of Sales: 2000 Sales tax: 155 Total impact on cash register = 2155
Q: The actual cash received from cash sales was $34,936, and th amount indicated by the cash register…
A: Solution: Entry to record cash sales is as under:
Q: Table 5 On December 31, Grubbs Company has the following account balances Accounts receivable…
A: The allowance for doubtful accounts is created to record the estimates bad debt expense for the…
Q: Describe the transaction recorded. Cash 593.60 Sales Tax Payable 44.80 Sales…
A: Introduction: Ledgers: After recording journal entries all the entries are to be posted in…
Q: Accounts Receivable Balance Beginning accounts receivable were $275,500, and ending accounts…
A: Accounts receivable are the customers of the company; from whom, amount is receivable due to the…
Q: Uncollectible Accounts-Percentage of Sales and Percentage of Receivables At the completion of the…
A: The allowance for doubtful accounts is created to record estimated bad debt expense period. Using…
Q: 8. Determine the ending balance for the Allowance for Uncollectible Accounts Determine the…
A: Solution:- Given, Credit sales = $900,000 Accounts payable = $38,500 Accounts receivable = $55,400…
Q: The following balance sheet information was provided by Western Company: Assets Cash Accounts…
A: Ratio analysis s helps to analyze the financial statements of the company. Management can make…
Q: The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 8, had the…
A: Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…
Q: ales for Thursday total $2,205.50. The cash drawer contains $1,255.25, credit card transactions…
A: When a business is involved with over the-counter cash receipts, occasional errors may occur in…
Q: The ledgerof VW Co. in 20x1 includes the following: Cash 200,000 Accounts receivable 400,000…
A: Rectification of Errors: It is the method of revising mistakes made in recorded transactions.…
Q: Assets Cash Accounts receivable Inventory Year 2 $ 4,000 15,000 35,000 Assuming that net credit…
A: The objective of the question is to calculate the accounts receivable turnover for Year 2. The…
Q: Dr. Cr. Accounts Receivable $ 165,800 Allowance for Doubtful Accounts $ 3,730…
A: Bad debt expense = 5% x accounts receivable = 5% x $165,800 = $8,290
Step by step
Solved in 3 steps
- On September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty cash fund needed replenishment as it was month end. The following are the receipts: Auto Expense $18, Supplies $15, Postage Expense $57, Repairs and Maintenance Expense $49, Miscellaneous Expense $29. The cash on hand at this time was $837.On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare journal entries for the following transactions: A. On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $110. C. On June 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $93. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $14, Supplies $75, Postage Expense $150, Repairs and Maintenance Expense $121, Miscellaneous Expense $39. The cash on hand at this time was $603.On June 1 French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $220. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. D. On June 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On June 30, the petty cash fund needed replenishment, as it was month end. The following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $437.
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?On September 30, Hector’s petty cash fund of $100 is replenished. At the time, the cash box contained $18 cash and receipts for taxi fares ($40), delivery charges ($12), and office supplies ($30).Prepare the journal entry to record the replenishment of the fund.
- prepare the journal entries and state the impact each transaction had on net incomeFiona's Florals, a retail business, started a $250 petty cash fund on June 1. Below are descriptions of the transactions to establish the petty cash fund, disburse petty cash during June, and replenish the petty cash fund on June 30. DATE June 1 June 5 June 8 June 15 June 22 June 25 June 29 June 30 Required: TRANSACTIONS Issued Check 550 for $250 to establish a petty cash fund. Paid $32 from the petty cash fund for office supplies, Petty Cash Voucher 1. Paid $33 from the petty cash fund for postage stamps, Petty Cash Voucher 2. Paid $20 from the petty cash fund for delivery service, Petty Cash Voucher 3. Paid $42 from the petty cash fund to the owner, Fiona Chu, for her personal use, Petty Cash Voucher 4. Paid $32 from the petty cash fund to have the store windows washed, Petty Cash Voucher 5. Paid $49 from the petty cash fund for delivery service, Petty Cash Voucher 6. Issued Check 590 for $208 to replenish the petty cash fund. 1. Record the transaction to establish the petty cash…Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200. DR CR On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR DR DR DR DR DR or CR? CR On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR DR DR DR DR DR or CR?…
- The petty cash custodian reported the following transactions during the month. Prepare the journalentry to record the replenishment of the fund.A $10 cash payment is made to Starbucks to purchase coffee for a business client, a $40 cashpayment is made for supplies purchased from Office Depot, and a $30 cash payment is made toUPS to deliver goods to a customerOn September 1, French company has decided to initiate a petty cash fund in the amount of $800. Prepare journal entries for the following transactions: On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $124, Postage Expense $270, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $48. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $18, Supplies $175, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $210. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $88, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $20. On September 29, the company determined that the petty cash fund needed to be increased…The petty cash custodian reported the following transactions during the month. Prepare the journal entry to record the replenishment of the fund. A $11 cash payment is made to Starbucks to purchase coffee for a business client, a $56 cash payment is made for supplies purchased from Office Depot, and a $38 cash payment is made to UPS to deliver goods to a customer. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Vlew transaction list Journal entry worksheet 1 > Record the cash paid for coffee, supplies and delivery. Note: Enter debits before credits. Transaction General Journal Debit Credit 1