Journalise the following transactions of Mr.N: August 1-Commenced business with 75,000 Aug 5-Bought computers for 30,000 Mr.R purchased goods on credit from Mr.N for 15,000 Mr.T sold goods to Mr.N for 25,000 Computer sold for 26,000

Journalise the following transactions of Mr.N: August 1-Commenced business with 75,000 Aug 5-Bought computers for 30,000 Mr.R purchased goods on credit from Mr.N for 15,000 Mr.T sold goods to Mr.N for 25,000 Computer sold for 26,000

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Description: Journalise the following transactions of Mr.N:August 1-Commenced business with 75,000Aug 5-Bought computers for 30,000Mr.R purchased goods on credit from Mr.N for 15,000Mr.T sold goods to Mr.N for 25,000Computer sold for 26,000

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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March 1 Invested cash P 950,000 into the business to buy and sell various merchandise. She also invested computer equipment worth P 85,000 into the business. 3 Purchased on account merchandise, P 430,000 terms 5/10, n/30 FOB Shipping point. 4 Purchased Supplies P 5,000 on account. 5 Sold for cash P 350,000 6 Returned P 75,000 worth of defective merchandise. 10 Sold on account, P 350,000 to customers with credit terms: 2/10, n/40 FOB Destination 10 Paid the freight charges on transaction made on MAr. 3, P 4,500 11 Paid in full the purchases made on Mar. 3 12 Made additional purchases for cash P 350,000 14 Borrowed from the bank P 1,250,000 and issued a 5-year promissory note. 15 Purchased computer equipment for cash P95,000 15 Paid salaries to employees - P 10,500 16 Refund P 50,000 to customers. 17 Sold merchandise for P 450,000. FOB Destination 20 Paid the freight charges on Mar 10 and 17- P 7,500 25 Purchased merchandise on account, P 220,000 terms 2/20, n/30 FOB Shipping…
Please classify the following transactions into the 7 journals in accounting. General Journal Sales Journal Purchases Journal Return Inwards Journal Return Outwards Journal Cash Receipt Journal Cash Payment Journal
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
prepare the entries for transaction below and indicate what journal it is 12 August received a $1200 credit memo acknowledging the return of merchandize purchased on August 9
the journal entr 8.30 Enter the following transactions in the journal of J. Jackson: transaction. 1 Jackson purchased computer for $12 000 on credit from Space Age Computers Ltd. The serial no. was JVX 1302 micro- a Jan. March 15 Equipment valued on the books at $325 was sold at that price to Anne Maynard, who agreed to pay in 30 days April 17 Furniture valued at $420 on the books was sold for $540 on credit to C. Jason 21 Dennis Chung, who was a debtor for $290, died of a heart attack. Jackson decided to write off the debt as a June gesture of sympathy to his family 25 S.T. Lau & Co., a debtor for $420, went bankrupt. On liquidation they were able to pay only $0.25 in the dollar. Jackson received a cheque for this amount. The rest was July written off as a bad debt 15 Office machinery valued at $850 was sold for $730 on credit to Oct. Browne & Co. Nov. 10 Jenn Dade, whose debt of $320 was written off some time ago, sent a cheque for $335 representing repayment of the debt with…
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600
EXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1: Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale) Received the utilities bill for $250.00 (accrued expense, utilities expense) Salaries for the week are $3,300 (salaries expense, wages payable) Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28)…
Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
Post to the general ledger
Journalize the transactions for Williams Market during December of the current year. Use page 12 of a general journal. Journalize the January transaction on page 16 of a cash payments journal. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM; credit memorandum, CM; sales invoice, S. No C is required in the Ck. No. column.
G the ir G Whe G A me a Qu QL Q Acco O acco Unit QAcco O acco Acco sinment takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%=false I 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 Paid freight charge on merchandise purchased, $230. 12 Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The cost of the merchandise is $550. Required: 1. Journalize the above transactions in a general journal using the periodic 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 2. 3 July 8 3. 4 4. 5 July 12 6. 6. 7 Jul15 7. 8 9 July 22 6. 10 10 2. Journalize the…
July 1 Purchase of $20,500 worth of computers on account, term of 2/10, n/30. July 3 Return of $4,000 of the computers to the vendor. July 9 Payment made on account. Jul. 1: Purchase of $20,500 worth of computers on account, term of 2/10, n/30. Date Accounts and Explanation Debit Credit Jul. 1 Accounts Receivable Sales Revenue Jul. 3: Return of $4,000 of the computers to the vendor. Date Accounts and Explanation Debit Credit Jul. 3 Jul. 9: Payment made on account. Date Accounts and Explanation Debit Credit Jul. 9