Deri is a sole trader dealing in automobiles. From the following transactions, pass journal entries for the month of January, 2018. 1 Commenced business with cash 100,000, with goods 200,000 and with buildings 500,000 2 Purchased goods from A and 300,000 Co. on credit 4 Purchased goods from B and Co. and payment made through credit card 5,000 Paid A and Co. through cheque Sold goods to C and Co. and cheque received 50,000 8 Purchased goods from Z & Co. and paid through debit card 12,000 5 6 9 Stationery purchased for and paid through net banking 6,000 10 Income tax of Deri is paid by 10,000 cheque

Deri is a sole trader dealing in automobiles. From the following transactions, pass journal entries for the month of January, 2018. 1 Commenced business with cash 100,000, with goods 200,000 and with buildings 500,000 2 Purchased goods from A and 300,000 Co. on credit 4 Purchased goods from B and Co. and payment made through credit card 5,000 Paid A and Co. through cheque Sold goods to C and Co. and cheque received 50,000 8 Purchased goods from Z & Co. and paid through debit card 12,000 5 6 9 Stationery purchased for and paid through net banking 6,000 10 Income tax of Deri is paid by 10,000 cheque

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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Spindle Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of February 2017: Feb. 2 Sold merchandise to S. Mayer for $450 cash, invoice #5703. Cost, $200. 5 Purchased merchandise on credit from Camp Corp., $2,300. 7 Sold merchandise to J. Eason for $1,150, terms 2/10, n/30, invoice #5704. Cost, $700. 8 Borrowed $8,000 by giving a note to the bank. 12 Sold merchandise to P. Lathan for $320, terms n/30, invoice #5705. Cost, $170. 16 Received $1,127 from J. Eason to pay for the purchase of February 7. 19 Sold used store equipment to Whiten, Inc., for $900 cash. 25 Sold merchandise to S. Summers for $550, terms n/30, invoice #5706. Cost, $300. Required: Journalize the February transactions that should be recorded in the Sales Journal, assuming the perpetual inventory system. (Enter the transactions in the order provided in the question.)
A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800
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…
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Using the three column cash book, show the closing balances for; a) Cash b) Bank c) Discount allowed d) Discount Received
Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
Enter the following transaction in the records and extract a trial balance for the month ended 31 January 2013. January 1: Started business with Kshs.6,000in the bank and 5,000 in cash January 2 Bought goods on credit from Ndung'u Kshs.2,700 January 3: Bought goods on credit form S. Muigai Kshs.750 January 5: Bought goods for cash Kshs.540 January 6: We returned goods to Ndung'u Kshs.120 January 8: Bought goods on credit from S. Muigai Kshs.570 January 10: Sold goods on credit to K. Mwaniki Kshs.1,170 January 12: Sold goods for cash Kshs.630 January 18: Took Kshs.900 of the cash and paid it to the bank January 21: Bought machinery by cheque Kshs.1,650 January 22: Sold goods on credit to M. Otieno Kshs.660 January 23: K. Mwaniki returned goods to us Kshs.420 January 25:…
Record the following transactions on the books of Cheyenne Corp. (a) On July 1, Cheyenne Corp. sold merchandise on account to Waegelein Inc. for $17,400, terms 2/10, n/30. (b) On July 8, Waegelein Inc. returned merchandise worth $4,800 to Cheyenne Corp.. (c) On July 11, Waegelein Inc. paid for the merchandise.
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