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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CAN SOMEONE SHOW ME HOW TO DO A " CASH JOURNAL"? Selected accounts from the chart of accounts of Crane Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Crane completed the following transactions. Jan. 3 Purchased merchandise on account from Gallagher Co. $10,500. 4 Purchased supplies for cash $80. 4 Sold merchandise on account to Wheeler $5,670, invoice no. 371, terms 1/10, n/30. 5 Returned $300 worth of damaged goods purchased on account from Gallagher Co. on January 3. 6 Made cash sales for the week totaling $3,800. 8 Purchased merchandise on account from Phegley Co. $5,000. 9 Sold…
Caesar 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 sales journal. June 5 Purchased $4,200 of merchandise on credit from Roman Corporation June 9 Sold merchandise costing $1,395 to R. Allen for $2,325, terms n/10, Invoice Number 2080. June 12 Sold merchandise costing $750 to J. Meyer for $1,250 cash, Invoice Number 2081. June 19 Received $2,325 cash from R. Allen to pay for the June 9 purchase. June 27 Sold merchandise costing $945 to B. Kraft for $1,350, terms n/10, Invoice Number 2082.
Caesar 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 sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar. 1 Sold merchandise on account, $74,200 with terms 2/10, n/30. The cost of the merchandise sold was $43,300. 9 Received payment less the discount. 13 Issued a $2,500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
A company reported the following transactions. Journalize transactions that should be recorded in a cash receipts journal. July 1 Smith, the owner, contributed $13,300 cash to the company. July 6 Sold merchandise costing $1,800 to Garcia for $2,030 on credit, terms n/20. July 8 Purchased merchandise for $10,600 on credit from Jones, terms n/30. July 23 Sold merchandise costing $1,030 to Taylor for $1,080 cash. July 25 Received $2,030 cash from Garcia in payment of the July 6 purchase. July 27 Purchased $565 of supplies on credit from a company, terms 1/10, n/30. July 30 Borrowed $9,800 cash in exchange for a note payable to a bank. Date July 01 July 06 July 08 July 23 July 25 July 27 July 30 Account Credited Smith, Capital Garcia Jones Cash Debit 13,300 CASH RECEIPTS JOURNAL Accounts Sales Discount Debit Receivable Credit 2,030 Sales Credit Other Accounts Credit Cost of Goods Sold Debit Inventory Credit 1,800
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…
Journalizing Cash Payments Lakeview Industries 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: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. 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 Elite Systems for merchandise purchased August 19, $3,500, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it…
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 necessary journal entries. April 2, Sold merchandise on account to Brown Company for $18,900, 1/10, n/30. The cost of the merchandise sold was $13,300. April 9, Sold merchandise for cash for $55,400. The cost of the merchandise sold was $33,200 April 8, received check from Brown Company. April 30, purchased merchandise for cash $90,000. May 1, sold merchandise on account to Empire Company for $27,500, 2/15, n/30. The cost of the merchandise sold was $16,000. May 2, Empire returned $2,000 of the merchandise to us. The cost of the merchandise was $650. May 4, we issued Empire a credit memo for $500 because of a slight defect in one of the items May 10, we received a check from Empire Company
Finer 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 sales journal. May 2 Sold merchandise costing $310 to B. Facer for $465 cash, invoice no. 5703. 5 Purchased $2,700 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $837 to J. Dryer for $1,214, terms 1/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $209 to R. Lamb for $334, terms n/30, invoice no. 5705. 16 Received $1,202 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $360 to T. Taylor for $565, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Cost of Goods Sold Dr. Date Account Debited Invoice Number Receivable Dr. Sales Cr. Inventory Cr.
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…