Journalizing Cash Payments Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3, $8,700, terms 2/10, n/30. Payment is made within the discount period. 19 Issued Check No. 430 to Finest Company for merchandise purchased April 10, $4,500, terms 1/10, n/30. A credit memo had previously been received from Finest Company for merchandise returned, $300. Payment is made within the discount period after deduction for the return dated April 12. 21 Issued Check No. 431 to Funny Follies for merchandise purchased March 21, $2,800, terms n/30. 29 Issued Check No. 432 to Classic Data for merchandise purchased April 20, $6,600, terms 2/10, n/30. Payment is made within the discount period. Page: POST. GENERAL ACCOUNTS PURCHASES CASH PAYABLE DISCOUNTS CREDIT DATE CK. NO. ACCOUNT DEBITED REF. DEBIT DEBIT CREDIT M. d 1 1 M. d M. d 3 3 М.d 4 0000 00

Journalizing Cash Payments Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3, $8,700, terms 2/10, n/30. Payment is made within the discount period. 19 Issued Check No. 430 to Finest Company for merchandise purchased April 10, $4,500, terms 1/10, n/30. A credit memo had previously been received from Finest Company for merchandise returned, $300. Payment is made within the discount period after deduction for the return dated April 12. 21 Issued Check No. 431 to Funny Follies for merchandise purchased March 21, $2,800, terms n/30. 29 Issued Check No. 432 to Classic Data for merchandise purchased April 20, $6,600, terms 2/10, n/30. Payment is made within the discount period. Page: POST. GENERAL ACCOUNTS PURCHASES CASH PAYABLE DISCOUNTS CREDIT DATE CK. NO. ACCOUNT DEBITED REF. DEBIT DEBIT CREDIT M. d 1 1 M. d M. d 3 3 М.d 4 0000 00

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Continue using the journal and journalize the following transaction: Mar. 31. Received bank statement showing March bank service charge, $30.00. M45.
Hi, How do I calculate this using the direct method? Thanks
record the january transactions in cash reciept journals
Record the transactions in the cash receipts journal. Use two lines for December 7 and December 14 transactions. Enter the cash sales first, followed by bank credit card sales. Total the columns. Use the general journal to record sales returns and allowances. Enter the posting references when you complete part 2.
Greenleaf 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 payments journal. June 3 Issued Check Number 380 to Skipp Corporation to buy office supplies for $375. June 5 Purchased merchandise for $4,600 on credit from Buck Company, terms n/15. June 20 Issued Check Number 381 for $4,600 to Buck Company to pay for the June 5 purchase. June 23 Paid salary of $6,200 to T. Bourne by issuing Check Number 382. June 26 Issued Check Number 383 for $5,750 to pay off a note payable to UT Bank.
Recording transactions in a cash receipts journal Use the following cash receipts journal to record the preceding transactions.
ournalizing Cash Payments Transactions Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Georgetown Inc. for merchandise purchased August 28, $5,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Professional Partners for merchandise purchased August 20, $3,900, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period.
Post the following entry to the general ledger and subsidiary ledger.
Cash Over and Short At the end of each day, Spangle counts the cash in its cash registers. Spangle then compares the physical amount of cash to the amount of cash that the register tape indicates should be in the cash drawer. On a recent day, Spangle Company obtained the following data from its cash registers: Cash Sales per Register Tape Cash in Register After Removing Opening Change Register 1 $14,759.62 $14,757.98 Register 2 15,101.59 15,104.06 Register 3 14,802.18 14,798.87 Spangle deposits its cash receipts in its bank account daily. Required: Prepare a journal entry to record these cash sales. For those boxes in which no entry is required, leave the box blank. Round your answers to two decimal places, if necessary.
Journalizing Cash Receipts Enter the following transactions in a cash receipts journal: July 6 Abel Linstron made payment on account, $623. 10 Made cash sales for the week, $2,340. 14 Vassia Efron made payment on account, $430. 15 P. R. Picard made payment on account, $117. 17 Made cash sales for the week, $2,237. If the account credited column is not used, select "No entry".
Emporium bank lends money to a customer on a six month note. What journal entry does the bank prepare? A. Debit note receivable and credit cash B. Debit cash and credit note receivable C: debit note receivable and credit service revenue D. Debit cash and credit note payable
Accounting Question