Following is information from Jesper Company for its first month of business. Credit Purchases Jan. 9 Bailey Company 18 Johnson Brothers 22 Preston Company Cash Paid $17,200 Jan. 19 Bailey Company 27 Johnson Brothers 31 Preston Company Required 1 Required 2 8,200 9,400 1. Post the above transactions in the accounts payable subsidiary ledger. 2. Post the accounts payable balance in the general ledger at month's end. Complete this question by entering your answers in the tabs below. Date Post the accounts payable balance in the general ledger at month's end. GENERAL LEDGER Accounts Payable Debit $11,700 8, 200 7,000 Credit Balance

Following is information from Jesper Company for its first month of business. Credit Purchases Jan. 9 Bailey Company 18 Johnson Brothers 22 Preston Company Cash Paid $17,200 Jan. 19 Bailey Company 27 Johnson Brothers 31 Preston Company Required 1 Required 2 8,200 9,400 1. Post the above transactions in the accounts payable subsidiary ledger. 2. Post the accounts payable balance in the general ledger at month's end. Complete this question by entering your answers in the tabs below. Date Post the accounts payable balance in the general ledger at month's end. GENERAL LEDGER Accounts Payable Debit $11,700 8, 200 7,000 Credit Balance

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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Record the journal entries on each transaction. Refer to the Chart of Accounts for exact wording of account titles. Travis Company purchased merchandise on account from a supplier for $5,100, terms 2/10, net 30 on December 26. Travis Company paid for the merchandise on December 31, within the discount period. JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4
Can you please assist me with recording the transactions in a general journal, terms of all credit sales are 2/10, n/30.
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.
Please answer in text form, in proper format
The following information was taken from the books of Olmeck, Inc. Sales Accounts receivable: Beginning of the year End of the year Year 2 Year 2 Turnover Year 2 Year 1 $956,000 120,500 110,000 Year 1 a. Determine the accounts receivable turnover for Year 2 and Year 1. Round your answers to one decimal place. Accounts Receivable $992,000 136,400 120,500 Year 1 b. Determine the number of days' sales in receivables for Year 2 and Year 1. Round your answers to one decimal place. Assume 365 days per year. Number of Days' Sales in Receivables days days c. The industry average for the accounts receivable turnover is 8.0. How does Olmeck, Inc. compare? In Year 2 Olmeck was the industry average. In Year 1, Olmeck was the industry average.
The following information was taken from the books of Olmeck, Inc. Year 2 Year 1 Sales $956,000 $992,000 Accounts receivable: Beginning of the year 120,500 136,400 End of the year 110,000 120,500 a. Determine the accounts receivable turnover for Year 2 and Year 1. Round your answers to one decimal place. Accounts ReceivableTurnover Year 2 fill in the blank 1 Year 1 fill in the blank 2 b. Determine the number of days’ sales in receivables for Year 2 and Year 1. Round your answers to one decimal place. Assume 365 days per year. Number of Days' Salesin Receivables Year 2 fill in the blank 3 days Year 1 fill in the blank 4 days c. The industry average for the accounts receivable turnover is 8.0. How does Olmeck, Inc. compare? In Year 2 Olmeck was the industry average. In Year 1, Olmeck was the industry average.
What is the Correct Answer
Here is Deon's credit card statement for the month of November. Date Transaction November 1 November 7 November 19 November 26 Payment Beginning balance Payment Purchase Date (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction amount $2900.06 $540.00 $35.45 $700.00 Transaction November 1 Beginning balance November 7 Payment November 19 Purchase November 26 Payment Transaction amount Unpaid balance Number of days at that balance $2900.06 $2900.06 6 days (from November 1 through November 6) $540.00 $2360.06 $35.45 $700.00 days (from November 7 through November 18) $7 days (from November 19 through November 25) $5 days (from November 26 through November 30) Total: 30 days Unpaid Number balance of days X $17,400.36 $ $ $ Total: $
Prepare journal entries for each transaction
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Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 4,948 Sales 4,948 November 10 Accounts Receivable-Welcome Incorporated Sales 1,758 1,758 November 13 Accounts Receivable-Zia Company Sales 1,031 1,031 November 21 Sales Returns and Allowances 266 Accounts Receivable-Zia Company 266 November 30 Accounts Receivable-Ski Shop 3,665 Sales 3,665 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Ending Balance 0 0 Sales Ending Balance Sales Returns and Allowances Ending Balance 0 Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Zia…