Marx Supply 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. April 3 Purchased merchandise for $2,950 on credit from Seth, Incorporated, terms 2/10, n/30. April 9 Issued Check Number 210 to Kitt Corporation to buy store supplies for $650. April 12 Sold merchandise costing $500 to C. Myrs for $770 on credit, terms n/30. April 17 Issued Check Number 211 for $1,400 to pay off a note payable to City Bank. April 20 Purchased merchandise for $4,500 on credit from Lite, terms 2/10, n/30. April 28 Issued Check Number 212 to Lite to pay the amount due for the April 20 purchase less the $90 discount. April 29 Paid salary of $1,800 to B. Dock by issuing Check Number 213. April 30 Issued Check Number 214 to Seth, Incorporated, for $2,950 to pay for the April 3 purchase. Date April 09 April 17 April 28 April 30 Check Number 210 211 212 214 Payee Kitt Corporation City Bank Lite Seth, Incorporated CASH PAYMENTS JOURNAL Account Debited Store supplies Notes payable Cash Credit Inventory Credit Other Accounts Debit Accounts Payable Debit

Marx Supply 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. April 3 Purchased merchandise for $2,950 on credit from Seth, Incorporated, terms 2/10, n/30. April 9 Issued Check Number 210 to Kitt Corporation to buy store supplies for $650. April 12 Sold merchandise costing $500 to C. Myrs for $770 on credit, terms n/30. April 17 Issued Check Number 211 for $1,400 to pay off a note payable to City Bank. April 20 Purchased merchandise for $4,500 on credit from Lite, terms 2/10, n/30. April 28 Issued Check Number 212 to Lite to pay the amount due for the April 20 purchase less the $90 discount. April 29 Paid salary of $1,800 to B. Dock by issuing Check Number 213. April 30 Issued Check Number 214 to Seth, Incorporated, for $2,950 to pay for the April 3 purchase. Date April 09 April 17 April 28 April 30 Check Number 210 211 212 214 Payee Kitt Corporation City Bank Lite Seth, Incorporated CASH PAYMENTS JOURNAL Account Debited Store supplies Notes payable Cash Credit Inventory Credit Other Accounts Debit Accounts Payable Debit

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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Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 Accounts Receivable Sales Revenue (Record sale to customer) Jan. 1 Cost of Goods Sold Inventory (Recorded cost of merchandise sold) Jan. 8 Sales Revenue Accounts Receivable (Recorded return of merchandise) Jan. 8 Inventory Cost of Goods Sold (Recorded cost of merchandise returned) Jan. 10 Cash Accounts Receivable (Recorded receipt within discount period) Jan. 30 Cash Cash Accounts Receivable Accounts Receivable Sales Revenue
Credit Card Sales Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $20,000 of merchandise, that cost $15,000, on MasterCard credit cards. The net cash receipts from sales are immediately deposited in the seller's bank account. MasterCard charges a 5% fee. 2. Sold $5,000 of merchandise, that cost $3,000, on an assortment of credit cards. Net cash receipts are received 5 days later, and a 4% fee is charged. 1
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Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: Question Content Area a. Sold merchandise for cash, $20,280. The cost of the merchandise sold was $12,170. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area b. Sold merchandise on account, $8,130. The cost of the merchandise sold was $4,880. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area c. Sold merchandise to customers who used MasterCard and VISA, $122,860. The cost of the merchandise sold was $73,720. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question…
Gomez 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 purchases journal. 1 Purchased $17,500 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $620 to C. Paul for $730 cash. 8 Purchased $540 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $17,500 cash for the merchandise purchased on July 1. 21 Purchased $975 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,300 to MicroTran for $2,800 on credit, terms n/30. 23 Purchased office supplies from Depot for $335 cash. 25 Purchased $4,200 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $1,950 in cash. July PURCHASES JOURNAL Date of Accounts Office Other Date Account Invoice Terms Payable Cr. Inventory Dr. Supplies Dr. Accounts Dr.
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