E7-19 only J.81901,39030CR.9700690Describe the three posted transactions.E7-19 Recording transactions-purchases journalLearning Objective 3Purchased merchandise inventory on credit terms of 3/10, n/60 fromVanderbilt Co., $2,400.Apr. 2Accounts Payable CR columntotal $4,800Issued check no. 820 to purchase equipment for cash, $3,600.11Purchased merchandise inventory for cash, $750, issuing check no. 821.12Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2.19Purchased office supplies on account from Downing Supplies, $500. Termswere n/EOM.24Purchased merchandise inventory on credit terms of net 30 fromWilmington Sales, $1,900.Issued check no. 823 to pay for insurance coverage, debiting PrepaidInsurance for $1,000.2829Issued check no. 824 to pay rent for the month, $1,250.Horngren's Accounting, Volume 1, Third Custom Edition for Borough of Manhattan Community College of CUNY by Tracie L. Miller-Nobles, Brenda L. Mattison, and Ella MaeMatsumura. Copvriaht © 2018 bv Pearson Education. Inc. All Riahts Reserved. Pearson Custom Edition.MacBook AirDIIF8F3F4F578 Requirements1. Prepare headings for a purchases journal. Journalize the transactions that should berecorded in the purchases journal. The company uses the perpetual inventory system.2. Total each column of the purchases journal.NerCise E7-

E7-19 Recording transactions-purchases journal Apr. 2 Purchased merchandise inventory on credit terms of 3/10, n/60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 24 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 28 29 Issued check no. 824 to pay rent for the month, $1,250.

E7-19 Recording transactions-purchases journal Apr. 2 Purchased merchandise inventory on credit terms of 3/10, n/60 from Vanderbilt Co., $2,400. 5 Issued check no. 820 to purchase equipment for cash, $3,600. 11 Purchased merchandise inventory for cash, $750, issuing check no. 821. 12 Issued check no. 822 to pay Vanderbilt Co. net amount owed from Apr. 2. 19 Purchased office supplies on account from Downing Supplies, $500. Terms were n/EOM. Purchased merchandise inventory on credit terms of net 30 from Wilmington Sales, $1,900. 24 Issued check no. 823 to pay for insurance coverage, debiting Prepaid Insurance for $1,000. 28 29 Issued check no. 824 to pay rent for the month, $1,250.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following accounts is not one of the accounts transferred to the credit of the 690 period profit or loss account?A) 646 Exchange profitsB) 610 Returns from salesC) 600 Domestic salesD) 647 Rediscount interest incomeE) 644 Provisions with no subject
27-Which one of the following is an example for 'Deferrals'? a. Provision for doubtful debt b. Depreciation c. Unearned revenue d. Outstanding expenses
Prior (Past) service cost is expensed immediately using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.
123445 63. We have the following spot rates: No of Year ron (spot rate) 10.5% 11% 11.5% 12% 12.5% F3,5, F1,5, F 2,4 Calculate:
17 - THE CODE AND NAME OF THE ACCOUNT WILL BE DEBT 153 COMMERCIAL GOODS XXX 191 DEDUCTIBLE VAT XXX 103 CHECKS GIVEN XXX 100 CASE XXX Which account was used incorrectly in the purchase of goods?A) 191 Deductible VATB) 103 Checks Given and Payment OrdersC) 100 CratesD) All RightE) 153 Trade Goods
6. Net Benefit Expense for 20x6 7. Net Benefit Expense for 20x7 8. The Gain/(Loss) attributable to the FVPA for 20x8. 9. The Gain/(Loss) attributable to the Defined Benefit Obligation for 20x9. 10. The Debit/(Credit) to Other Comprehensive Income for 20x9.
14.
E9-21 Journalizing transactions using allowance method the es 1, 2, 3 During August 2018, Lima Company recorded the following: Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of Goods Saia Collections on account, $106,400. Write-offs of uncollectible receivables, $990. Recovery of receivable previously written off, $800. Requirements 1. Journalize Lima's transactions during August 2018, assuming Lima uses the direct write-off method. 2. Journalize Lima's transactions during August 2018, assuming Lima uses the allowance method.
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
Okay credit is between O 620-679 O 600-679 O 610-679 O None of the above
E9.8 (LO 2), AP On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $1,100. On June 12, 2022, Shoemaker paid the amount previously written off. Instructions A. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. Journalize entries for the sale of accounts receivable.
t20