With the given transaction, prepare a journal entries of Alegado Company on June 17 and 24. Thank you! 2) Assume the term is FOB Destination, prepare the journal entries of Alegado Company on June 17and 24.DateParticularsDebitCreditJune 17June 24 On June 16, 2020, Alegado Company sold merchandise to Torre Company for P6,000, tèrms2/10, n/30. Shipping costs were P600 which paid by Torre on June 17. Torre received the goods andAlegado invoiced on June 17. On June 24, Torre sent the payment to Alegado which he received onJune 25, 2020.

Journal Entries in the books of Alegado Company as under Torre Company A/c .. Dr. P6000 To…

Answered: journal entries

Business

Accounting

journal entries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Date 3/May Cash Supplies Share Capital (a) 4/May Cash General Journal Account/Explanation Supplies…

A: The T-accounts are prepared by posting the transactions from Journal to specific accounts of the…

Q: Use the journals and ledgers that follow. Total the journals. Post the transactions to the…

A: Accounts receivable represents the amount that has been earned by the company but the customer has…

Q: Purchases, Accounts Payable Subsidiary Account, and Accounts Payable Ledger Sterting Forest…

A: A ledger is a log or list of accounts that keep track of account transfers.

Q: Required: A. Journalize these transactions in a two-column journal. B. Post the entries prepared in…

A: Journal is record of transaction in accounting records and all the journal entries are then posted…

Q: Personal Financial Statement Project For the Personal Financial Statement Project: 1. Record the…

A: EventsOpened a bank account with previously earned money: $100,000.Bought a house with a $75,000…

Q: How to close the Revenue accounts journal entry

A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We…

Q: Prepare general journal entries to record the transactions below for Spade Company by using the…

A: Record the entries as below:

Q: Detailed information about the individual accounts for all creditors is provided by Multiple Choice…

A: Detailed information about the individual accounts for all creditors is provided by the ''accounts…

Q: The debits and credits from two transactions are presented in the following customer account: NAME…

A: Explanation: On August 10th the Company collected cash amounting to $103 from Mobility Products Inc.…

Q: Put the following into the correct order for processing a sale on account with QuickBooks®. A.…

A: When sales are made on account, firstly, the sales order is recorded, then the payments are…

Q: How to journalize entries from accounting for purchase with frieght transaction?

A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…

Q: Requirements 1 and 2. Post the journal entries (including dates) to the T-accounts. Compute the July…

A: T-Accounts are the T-shaped ledger prepared to record all the Journal entries of a specific account.…

Q: Beacon Inc. received a gift of land and building in Twin Pines Park as an inducement to relocate.…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Complete a service blueprint for each of the following post office transactions. Use the service…

A: The service blueprint is a road map for conducting the activities by following a particular…

Q: A trial balance represents the: Multiple Choice Chronological record of all transactions…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Q: Review the transactions, and then complete the table to give Chloe instructions on how to enter the…

A: Subsidiary Ledger shows the transaction and payment history of each customer to whom the business…

Q: American Laser, incorporated, reported the following account balances on January 1. Debit Credit…

A: Dividends are declared from the retained earnings , hence declaring of dividends decrease the…

Q: Required information APA-2 (Algo) Recording Passive Investments LO A-1 [The following information…

A: Financial instruments known as bonds reflect loans made by investors to borrowers, who are typically…

Q: How will I debit and credit this general journal entry? Master Flow receives payment in full on the…

A: The increase in asset is debited and increase in liabilities is to be credited.

Q: Fiona sporty uses to purchases journal a cash payment journal ,a sale journal and a general journal…

A: Journal entry: Journal entry is a set of economic events that can be measured in monetary terms.…

Q: show me the closing journal entry of daily driver inc.

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Please see the info below. Describe 2 accrual transactions and 2 deferral transactions that your…

A: Accrual transaction refers to recording that in accounts that are not incurred but accrued, for…

Q: Once you post the transaction to the general ledger, you must go back to the general journal and…

A: General journal is defined as an accounting book in which each business transactions are recorded…

Q: Closing journal entry preparation daily driver inc

A: Closing journal entries are the journal entries prepared during the finalization of books of…

Q: On June 1, 2021, Alan Harper buys a copier machine for his business and finances this purchase with…

A: Compound journal entry is that entry in which more than one account is debited or credited to record…

Q: Prepare the entries for transaction below and indicate what journal it is 12 august received…

A: Journal entry ise to record accounting transaction under double entry system. Each journal entry…

Q: On January 1, when the market interest rate was 9 percent, Selton Corporation completed a $200,000,…

A: Solution 1: Journal Entries - Selton Corporation Date Particulars Debit Credit…

Q: III. Direction:a. Journalize the transactionsbelow. b. Post to ledger using the T-account format On…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: On April 30, a team sold a twelve-game pack of advance courtside tickets for $61,200 cash. On August…

A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…

Q: General Journal Account/Explanation Date 1/Nov Supplies Share Capital (a) 6/Nov Supplies Accounts…

A: After posting each journal entry in respective ledgers, we will get closing balance of all the…

Q: MacroApps Corporation's disclosure notes for the year ending June 30, 2020, included the following…

A: An Employee Stock Purchase Plan (ESPP) is a company-sponsored initiative that enables qualified…

Q: Complete the following journal entry to record the receipt of $8,400 from a client in satisfaction…

A: In this transaction, there are two accounts involved. The first one is the Cash account because the…

Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

With the given transaction, prepare a journal entries of Alegado Company on June 17 and 24. Thank you!

2) Assume the term is FOB Destination, prepare the journal entries of Alegado Company on June 17
and 24.
Date
Particulars
Debit
Credit
June 17
June 24

On June 16, 2020, Alegado Company sold merchandise to Torre Company for P6,000, tèrms
2/10, n/30. Shipping costs were P600 which paid by Torre on June 17. Torre received the goods and
Alegado invoiced on June 17. On June 24, Torre sent the payment to Alegado which he received on
June 25, 2020.

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

PA9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] [The following information applies to the questions displayed below.] At the beginning of the year, Cruz & Turner Corporation bought three used machines. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts. Details for Machine A are provided below. Cost of the asset Installation costa Renovation costs prior to use Repairs after production began $10,700 970 1,110 850 PA9-1 (Algo) Part 3 3. Prepare the journal entry to record year 2 straight-line depreciation expense for Machine A, assuming an estimated life of 4 years and $1,000 residual value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
When passing a journal entry for this transaction what would be debited? Received cash delivery rendered to customer
finalacial accounting please give me the answer of this question thanks
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock. July 1 July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for preparing tax returns for the last half of July, $9,000 July 31 Declared and paid cash…
Journalize the following transactions in the accounts of BBH inc.,
Start at Jul 30th and go all the way through please.
Please check my work For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.
Please follow the instructions listed below, thanks!
Instructions The following equity investment transactions were completed by Romero Company during a recent year. Apr. July Sept. 10 Purchased 4,700 shares of Dixon Company for a price of $49 per share plus a brokerage commission of $120. 8 Received a quarterly dividend of $0.70 per share on the Dixon Company investment. 10 Sold 1,900 shares for a price of $41 per share less a brokerage commission of $75. Journalize the entries for these transactions. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers the nearest dollar.
How do you journalize the purchase of office equipment into credit?
Directions: Record the transactions of Jinky Estrada for December 2018 in the general journal. Post each transaction to their corresponding ledger accounts. Use the following account code for posting reference. Write your answers on a separate sheet of paper. Account Titles Cash Accounts Receivable Office Furniture Office Equipment Accounts Payable Estrada, Capital Consulting Revenues Salaries Expense Rent Expense 101 301 102 401 103 501 104 502 201 Jinky Estrada is an experienced event planner. Her transactions for December 2018 are: Dec. 1 Jinky invested P100,000 in cash to start her own business. She paid 5,000 for one month's rent. 4 She bought office furniture for P15,000 in cash. 4 She received a laptop computer worth P54,000. She paid 50% down for it with a balance due in 30 days. 6 She performed services for P12,000 in cash. 7 She did services for P11,000 on credit. She acquired a fax machine for P8,500; paid P4,000 in cash, balance due in 10 days. 11 She received P5,400 from…
How would a business record a bill received in QuickBooks?