Journal entry worksheet < 3 4 Record the cost of the sale, $17,400. Note: Enter debits before credits. Transaction General Journal Debit Credit 1-b
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- Direct Write-Off Method Williams & Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts. 20-1 Feb. Sold merchandise on account to Merry Merchants, $17,500. 18 Mar. Sold merchandise on account to Utter Unicorns, $14,300. 22 June Received $10,000 from Merry Merchants and wrote off the remainder owed on the 3 sale of February 18 as uncollectible. Received $8,000 from Utter Unicorns and wrote off the remainder owed on the sale Sept. of March 22 as uncollectible. Nov. Reinstated the account of Merry Merchants, which had been written off on June 3, 13 and received $7,500 cash in full settlement. 20-2 Jan. Reinstated the account of Utter Unicorns, which had been written off on September 9 of the previous year, and received $6,300 cash in full settlement. 17Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $48,700, terms n/30. The cost of the merchandise sold is $29,200. Showcase Co. issues a credit memo for $9,700 as a price adjustment prior to Balboa Co. paying the original invoice. Question Content Area a. Journalize Showcase Co.’s entries for (1) the sale, including (2) the cost of the merchandise sold. If an amount box does not require an entry, leave it blank. (1) - Select - - Select - - Select - - Select - (2) - Select - - Select - - Select - - Select - Question Content Area b. Journalize Showcase Co.’s entry for the credit memo. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area c. Journalize Showcase Co.’s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require…
- Activity 11-5. VAT ( Compute for tne VAT and write the appropriate accounting entry: 1. Invoice Price, gross of VAT Entry: (If Sale) P 11,200 2. Invoice Price, net of VAT Entry: (If Purchase) P 11,200 P 25,000 3. Gross Selling Price, including VAT Entry: (If Sale) 4. Gross Purchase Price, excluding VAT P Entry: (If Purchase) 20,000 5. Compute the VAT Payable:Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 Work in process Finished goods 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. O
- Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Pald frelght charge on merchandise purchased, $230. 12 Sold merchandise on account to Blg TIme Spoller, $3,500. The merchandise cost $2,500. 15 Recelved a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Blg Time Spoller for merchandise returned, $820. The cost of the merchandise Is $550. Required: 1. Journalize the above transactions In a general journal using the perlodic Inventory method. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 July 5 1. 2 3. July 8 4 4. July 12 July 15 6. July 22 10 10 2. Journalize the above transactions In a general journal using the perpetual Inventory method. If an amount box does not requtre an entry, leave it blank. Page: 1 POST. DEBIT CREDIT…
- Sold merchandise that cost $800 to art co. For $1200 under credit terms of 2/15, n/60,FOB shipping point, invoice dated July 19. How do I getCash credit/debitSales discounts. credit/debitAccounts receivable-Art. credit/debitA credit records financial informati. A. January 22, purchased, an asset, merchandise inventory on account for $2,800. EA7. Prepare journal entries to record the following transactions. will increase and the other side will- the terms debit and credit representedi- by calculating the difference between ectively. Depending on the acc 1. January 22, purchased, an asset merchandise inventory on account for $2,800. B. February 10, paid creditor for part of January 22 purchase, $1,600 C. July 1, issued common stock for cash, $15,000 D. July 15, purchased supplies, on account, $1,800 E. July 25, billed customer for accounting services provided, $950 BAT. Prepare journal entries to record the following transactions.Record the sale by Balus Company of $136,000 in accounts receivable on May 1. Balus is charged a 3.00% factoring fee. View transaction list Journal entry worksheet 1 > Record the sale of receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal