determine the correct amount of the end-of-month posting the sales journal to the Account Receivable control account. Amount of the end-of-month posting from the sale ournal to the Account Receivable $. Pharoah Products uses both special journals and a general journal. Pharoah also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below.

determine the correct amount of the end-of-month posting the sales journal to the Account Receivable control account. Amount of the end-of-month posting from the sale ournal to the Account Receivable $. Pharoah Products uses both special journals and a general journal. Pharoah also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below.

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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Questions: 1. Given the following, Journalize, record, post and prepare a schedule of accounts receivable at the end of April for Friends Co. Partial General Ledger Cash 110 Inventory 130 Sales Discounts 430 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 1,060 Bal. 5,000 Accounts Receivable 120 Sales 410 Cost of Goods Sold 510 Dr. Cr. Dr. Cr. Dr. Cr. Bal. 600 Accounts Receivable Subsidiary Ledger Blue Co. Pete Long Co. Dr. Cr. Dr. Cr. Bal. 400 Bal. 200 April 9 Receíved cheque from Blue Co, for balance due less 2% discount. April 12 Cash sale collected, $500. Cost of the inventory sold was $400. Tip: Calculate Sales Discount and debit it in first transaction.
Restaurants do a large volume of business by credit and debit cards. Suppose Parisian Cuisine restaurant had these transactions on January 28, 2024: Requirement 1. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales net of the fee. Journalize these sale transactions for the restaurant. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Journalize the credit sales net of the fee, first. Date Accounts and Explanation Now journalize the debit card sales net of the fee. Accounts and Explanation Date Date Debit Debit Lastly, journalize the debit sales using the gross method. Date Accounts and Explanation Debit # Credit Debit Credit Credit ← Requirements Credit Requirement 2. Suppose Parisian Cuisine's processor charges a 6% fee and deposits sales using the gross method. Journalize these sale transactions for the restaurant. (For purposes of this problem, only record the sales revenue portion of these transactions…
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Saenz Company uses a voucher system in which it records invoices at the gross amount. The following vouchers were issued during February and were unpaid on March 1: Voucher Number Company For Date of Voucher Amount 1729 Kipley Company Merchandise, FOB destination Feb. 26 $3,436 1732 J. R. Steven Merchandise, FOB destination Feb. 28 4,710 The following transactions were completed during March: Mar. 3 Issued voucher no. 1734 in favor of Larry Company for March rent, $1,220. 3 Issued Ck. No. 1829 in payment of voucher no. 1734, $1,220. 5 Bought merchandise on account from Lorenzo, Inc., $3,890; terms 2/10, n/30; FOB shipping point; freight prepaid and added to the invoice, $72 (total, $3,962). Issued voucher no. 1735. 5 Issued Ck. No. 1830 in payment of voucher no. 1729, $3,401.64 ($3,436 less 1 percent cash discount). 9 Issued voucher no. 1736 in favor of Mario Electric Company for electric bill, $216. 9 Issued Ck. No. 1831 in payment of…
he internal control questionnaire for purchases and accounts payable includes the following questions. Next to each of the questions, indicate the letter of the related transaction assertion.A. OccurrenceB. CompletenessC. AccuracyD. ClassificationE. Cutoff_______ 1. Are vendor's monthly statements reconciled with individual accounts payable accounts?_______ 2. Are all purchases made only on the basis of approved purchase requisitions?_______ 3. Are vendors' invoices listed immediately upon receipt?_______ 4. Are vendors' invoices matched against purchase orders and receiving reports before a liability is recorded?_______ 5. Is the accounts payable customer ledger balanced periodically with the general ledger control account?_______ 6. Does the accounting manual give instructions to date purchase entries on the date of receipt of goods?_______ 7. Are shipping documents authorized and prepared for goods returned to vendors?_______ 8. Is the accounts payable department notified of goods…
Review the sales journal below. (Click the icon to view the sales journal.) Read the requirements. Requirement 1. Total each column of the sales journal. Date 2024 Jun. Jun. 1 8 101 Fletcher Jay 102 Iliana Flower 13 103 Jesse Thomas 28 104 George Westerberg 30 Totals 1. 2. Invoice No. Requirements 3. 4. Customer Account Debited Sales Journa Post. Accounts Receivable DR Ref. Sales Revenue CR Total each column of the sales journal. The following four-column accounts in the accounts receivable subsidiary ledger have been opened for you: Accounts Receivable-Flower; Accounts Receivable Jay; Accounts Receivable-Thomas; Accounts Receivable-Westerberg. Post the transactions to the accounts receivable subsidiary ledger. 1,260 2,225 360 900 Print The following selected four-column accounts in the general ledger have been opened for you: Accounts Receivable (112); Merchandise Inventory (118), Bal. $4,800; Sales Revenue (411); Cost of Goods Sold (511). Post the total of each column to the general…
Using the sales and cash receipts journals The sales and cash receipts journals of Caverly Office Products include the following entries: Identify the missing information in the cash receipts journal for those transactions listed. All credit sales are terms n/30. Assume all the accounts are paid in full. Also, total the columns in the cash receipts journal and show that total debits equal total credits.
Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On January 6, Novak Co. sells merchandise on account to Pryor Inc. for $13,500, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Novak’s books to record the sale and related collection. (b) On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $16,600. On February 10, Farley is billed for the amount due of $16,600. On February 12, Farley pays $8,300 on the balance due. On March 10, Farley is billed for the amount due, including interest at 4% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.’s books related to the transactions that occurred on January 10, February 12, and March 10. No. Date Account Titles and Explanation…
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