EXAM 2 (PART 2)EXERCISE (All exercise would be saved in one record)1. Journalize the following transactions for the month of February 1:a.Sold merchandise on account for $10,000 (other income, other receivable,); Cost of GoodsSold $3,000 (Inventory, Cost of Sale)b. Received the utilities bill for $250.00 (accrued expense, utilities expense)C. Salaries for the week are $3,300 (salaries expense, wages payable)d.Received an invoice of $100 for advertising.2.Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000.Prepare the Customer List Report only for your account, include a column for term conditionsand credit limits. (February 5)3. Prepare a sales order (15 units of any product). In the Sales Order Register include acolumn with the name of the vendor. (February 7)4. The invoice from the sales order above was delivered completely (February 9)

In addressing the provided exercises, we start by journalizing a series of transactions, including…

Answered: EXAM 2 (PART 2) EXERCISE (All exercise…

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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December 31, current year. Balances January 1, current year Accounts receivable (various customers) $ 120,000 Allowance for doubtful accounts 9,000 In the following order, except for cash sales, the company sold merchandise and made collections on credit terms 4/10, n30 (assume a unit sales price of $700 in all transactions). Transactions during current year a. Sold merchandise for cash, $260,000. b. Sold merchandise to R. Smith; invoice price, $9,000. c. Sold merchandise to K. Miller; invoice price, $23,000. d. Two days after purchase date, R. Smith returned one of the units purchased in (b) and received account credit. e. Sold merchandise to B. Sears; invoice price, $26,000. f. R. Smith paid his account in full within the discount period. g. Collected $93,000 cash from customer sales on credit in prior year, all within the discount periods. h. K. Miller paid the invoice in (c) within the discount period. i. Sold merchandise to R. Roy; invoice price, $25,500. j. Three days after…
Rite Shoes was involved in the transactions described below. Purchased $9,500 of inventory on account. Paid weekly salaries, $1,050. Recorded sales for the first week: Cash: $8,400; On account: $6,600. Paid for inventory purchased in event (1). Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
Branch purchased 160,000 worth of merchandise for 50% cash and balance on account.Delivery charge of 3,000 paid by the branch. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.
Based on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.
Replace all taxes given in the question with HST of 13%
EXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28)…
Prepare journal entries for each of the following sales transactions by Elegant Electronics, including a 3.5% sales tax, and the remittance of all sales tax to the tax board on October 23. Accounts Payable Merchandise Inventory Sales Discount Cash Sales Sale Tax Payable PLEASE NOTE: You must follow the format in the textbook and enter the account names exactly as written above and all dollar amounts will be rounded to two decimal places with "$" and commas as needed (i.e. $12,345.67). Elegant Electronics sells a cellular phone on September 2 for $450: DR DR or CR? CR On September 6, Elegant sells another cellular phone for $500: DR DR or CR? CR The remittance of all sales tax to the tax board on October 23: DR CR
1. During December, A Company started doing business and had gross credit trade sales of $800,000, terms 2/10 Net 30. The cost of goods sold of $480,000, selling general administration costs of $100,000, Interest Expense of $10,000; and an income tax rate of 30%. a. Prepare an income statement b. Prepare journal entries Assuming gross method and all payments for the trade sales were made within 10 days.
the first journal goes up to 29 not 7
Consider the following transactions of Johnson Software: Mar. 31 Apr. 6 Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Accounts and Explanation Date Mar. 31 Debit Credit

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