(ii)The following information relates of the books of James for the month ofApril 2015.2015April 1April 2April 3April 4April 15April 16April 27April 29April 30James started business with Sh.50,000 in cash.He receives a loan of Sh.20,000 cash from PatetBought machinery for Sh.20,000.Bought goods from David for Sh.5,000Bought goods for cash Sh.8,000Some of the goods bought from David Sh.1,500 returned.Sold goods for cash Sh.10,000.Paid General expenses by cash Sh.900Paid wages Sh.1,500 cash.REQUIRED:1) Write up the accounts in the Ledger to record the above.2) Balance off the accounts as necessary.3) Extract a Trial Balance as at 30th April 2015.

INTRODUCTION: A trial balance is a set of credit and debit entries used by firms to internally audit…

Answered: (ii) The following information relates…

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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Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $10,200 cash to the company. 7 The company purchased $6,200 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $700 on credit to E. James for $800, terms n/10. 15 The company borrowed $4,000 cash by signing a note payable to the bank. 18 The company received $800 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $450 to B. Cox for $500 cash. Date Account Credited Cash Dr. CASH RECEIPTS JOURNAL Sales Discount Dr. Accounts Receivable. Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). March 1 Purchased $32,000 of merchandise from Van Industries, terms 1/15, n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $12,800 (cost is $6,400). March 3 (a) Purchased $960 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $6,400 (cost is $3,200). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $16,000 of office equipment on credit from Spell Supply, terms n/30. March 10 Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,200 (cost is $1,600). March 12 Received payment from Min Cho for the March 2 sale less the discount of $128. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $320.…
A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800
16. Joseph Howard owns a bicycle parts business called Quality Bike Products. The following transactions took place during July the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $3,300. 8 Paid freight charge on merchandise purchased, $330. 12 Sold merchandise on account to Big Time Spoiler, $4,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $470. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. 2. Journalize the above transactions in a general journal using the perpetual inventory method. GENERAL JOURNAL (Periodic Inventory Method) Page 1 Post Date Description Ref. Debit Credit
Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on January 29 to record the sale of the goods? O Debit Cash $700 Credit Sales Revenue S700 O Debit Accounts Receivable $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $250 Credit Inventory $250 Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold S250 Credit Inventory $250 O Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $500 Credit Inventory 5500
R. Ivanhoe Co. uses special journals and a general journal. The following transactions occurred during May 2020. May 1 R. Ivanhoe invested $53,600 cash in the business. 2 Sold merchandise to Lawrie Co. for $6,290 cash. The cost of the merchandise sold was $4,130. 3 Purchased merchandise for $7,600 from J. Moskos using check no. 101. 14 Paid salary to H. Rivera $775 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $950, terms n/30. The cost of the merchandise sold was $600. 22 A check of $8,840 is received from M. Mangini in full for invoice 101; no discount given. (a) Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.)
Show the Journal entries and General Ledger accounts in the books of XYZ Traders for the sale of a Motor Vehicle. Original Cost of Motor Vehicle $60,000; Accumulated Depreciation on Motor Vehicle $15,000 Sold the Motor Vehicle for $41,500 (ex GST) for cash on 30 June XYZ TRADERS General Journal Date Particulars Post Ref Debit Credit 2015 Cash Receipts Journal of XYZ Traders Date Details Folio Other GST Bank
2. Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Birdy Birdhouses purchases 55 birdhouses at $14 each with cash. Birdy Birdhouses purchases 80 birdhouses at $19 each on credit. Terms of the purchase are 4/10, n/30, invoice date September 8. Birdy discovers 12 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 8 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per birdhouse. Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. Sep. 10 Sep. 18
**General Journal needed** Review uploaded images Rick Hall owns a card shop: Hall’s Cards. The following cash information is available for the month of August Year 1. As of August 31, the bank statement shows a balance of $13,250. The August 31 unadjusted balance in the Cash account of Hall’s Cards is $9,564. A review of the bank statement revealed the following information: A deposit of $1,250 on August 31, Year 1, does not appear on the August bank statement. It was discovered that a check to pay for baseball cards was correctly written and paid by the bank for $1,750 but was recorded on the books as $2,650. When checks written during the month were compared with those paid by the bank, three checks amounting to $4,095 were found to be outstanding. A debit memo for $59 was included in the bank statement for the purchase of a new supply of checks.
Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…
record any necessary journal entries for Mary’s Hat Shop April 10 Mary's Hat Shop purchases $2500 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $120.00 cash. Termsof the purchase are FOB shipping point. April 14 Mary’s Hat Shop sells $3,000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mary’s of $1,800. Shipping charges are an extra $120 cash. Terms of the sale are FOB Shipping Point. Assume the perpetual inventory system is used.
Johnston Construction created a petty cash fund on July 1, 2017 with an imprest balance of $400. During July, Sandy Bellamy, the fund custodian, signed the following petty cash tickets: Ticket # Item Office supplies Amount $29.42 19.00 2 Postage 3 Courier charges 4 Entertainment lunches 5 123.24 Office supplies On July 31, prior to the replenishment, the fund contained these tickets plus $8.01. Required: Prepare journal entries to create the fund, replenish the fund, and increase the fund to $450. 72.00 147.33

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