None For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments relatedto inventories in order to determine the amount of cash paid to suppliers. All dollars are in millions.Complete this question by entering your answers In the tabs below.Cash Paid toSuppGeneralJournalCalculate the amount of cash paid to suppliers for each situation.Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).Cost of GoodsSituationSoldInventory Increase(Decrease)Accounts PayableIncrease (Decrease)Cash Paid toSuppliers120000220060320001442006145200(6)(14)Cash Pad to SungGeneral Journal >

Step 1:Computation of the amount of cash paid to the suppliers:SituationCost of goods soldInventory…

Answered: For each of the five independent…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 3CE

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Accounting Question
Check my work For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd General from Cust Journal Determine the amount of cash received from the customers. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Sales Accounts Receivable Cash Received from Situation Revenue Increase (Decrease) Customers 1 170 2 170 23 3 170 (23) Cash Recd from Cust General Journal
For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd from Cust Determine the amount of cash received from the customers. Note: Enter your answers in millions (.e., 10,000,000 should be entered as 10). Situation 1 2 General Journal 3 Sales Revenue 160 160 160 Accounts Receivable Cash Received from Increase (Decrease) Customers 0 21 (21) Cash Recd from Cust General Journal >
The entry to record the cash sale of a webpage by Tellmore in the amount of $500 is: A) debit to Sales for $500, credit to Cash for $500. debit to Cash for $500, credit to Sales for $500. debit to Sales Discounts for $500, credit to Sales for $500. debit to Cash for $500, credit to Sales Discounts for $500.
Prepare the following journal entries. sales on account are $ 8,200. customer returns $ 1,200. customer is given an allowance of $ 425. a customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.
8. Provide journal entries to record each of the following transactions. For each, using the capital letter only, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). For the journal entry, you must enter the account names exactly as written below. Cash Accounts Payable Dividends Payable Treasury Stock Dividends Preferred Stock Note Receivable Common Stock Bonds Payable Paid $22,000 cash on bonds payable. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N)? Collected $12,600 cash for a note receivable. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N)? Declared a dividend to shareholders for $16,000. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N)?…
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. (Omit the "$" sign in your response.) Rent for the month Monthly take-home salary Cash in chequing account Savings account balance Spending for food Balance of educational loan Current value of automobile Telephone bill paid for month Credit card balance Loan payment picture Click here for the Excel Data File Total assets Total liabilities Net worth Total cash inflows Total cash outflows $ $ $ $ 1,410 3,740 650 2,860 1,040 2,320 7,960 70 265 98 Auto insurance Household possessions Stereo equipment Payment for electricity Lunches/parking at work Donations Home computer Value of stock investment Clothing purchase Restaurant spending
Please do 4.1.1 and use the table below. Please also complete the totals for each column
1. Provide journal entries to record each of the following transactions. For each, using the capital letter only, identify whether the transaction represents a source of cash (S), a use of cash (U), or neither (N). PLEASE NOTE: All whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). For the journal entry, you must enter the account names exactly as written below and for accounts having similar accounting treatment (DR or CR), you are to record Income Statement accounts first, followed by Balance Sheet accounts. Cash Truck Land Loss on Sale of Land Dividends Gain on Sale of Land Accounts Receivable Common Stock Note Payable Declared and paid to shareholders, a dividend of $24,000. DR CR Transaction - Source of cash (S), Use of cash (U), or Neither (N). Issued common stock at par value for $12,000. DR CR Transaction - Source of cash (S), Use of cash (U), or…
Suppose that an organization purchased $800 in supplies to be placed in inventory with cash of $500 and $300 remaining on credit, record the appropriate journal entry.
Need help with this problem please, will upvote!!
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