On September 12, 8 customers use debit cards to purchase merchandise totalling $610.00 from Wildhorse Company. The bank charges Wildhorse Company $0.50 per debit card transaction. Prepare one journal entry to record the transactions by Wildhorse Company
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On September 12, 8 customers use debit cards to purchase merchandise totalling $610.00 from Wildhorse Company. The bank charges Wildhorse Company $0.50 per debit card transaction. Prepare one
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- Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. February 2 Wrote a $350 check to establish a petty cash fund. February 5 Purchased paper for the copier for $15.55 that is immediately used. February 9 Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 12 Paid $7.75 postage to deliver a contract to a client. February 14 Reimbursed Adina Sharon, the manager, $72 for mileage on her car. February 20 Purchased office paper for $68.77 that is immediately used. February 23 Paid a courier $25 to deliver merchandise sold to a customer, terms FOB destination. February 25 Paid $10.90 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. February 27 Paid $55 for postage…The cash register tape for Sheridan Industries reported sales of $27,292.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $53.50. (b) Cash on hand exceeds cash reported by cash register tape by $22.00. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)3.
- post to general ledgerNakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. 2 Mrote a 5340 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.35 that is immediately used. 9 Paid $34.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $8.35 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $75 tor mileage on her car. 20 Purchased office paper for $67.77 that is immediately used. 23 Paid a courier $16 to deliver merchandise sold to a customer, terms POB destination. 25 Paid $11.80 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 27 Paid $51 for postage expenses. 28 The fund had $21.72 remaining in the petty cashbox. Sorted the petty…The following relate to Minnie’s financial statements for the year ended 30 April 20X6. Some customers took advantage of the cash settlement discount when they were not expected to. Trade receivables control account balance at 1 May 20X5 $101,477 Receipts from credit customers $93,457 Credit sales $57,133 Cash sales $14,086 Dishonoured cheques from credit customers $570 Contra with the trade payables ledger $9,040 Cash settlement discounts taken by customers $1,033 What should the balance on the trade receivables control account be at 30 April 20X6? A. $54,510 B. $56,576 C. $55,650 D. $73,730
- Frederick Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on June 30, 2015, its Cash account shows a $15,645 debit balance. Frederick Clinic's June 30 bank statement shows $14,627 on deposit in the bank. a. Outstanding checks as at June 30 total $1,620. b. The June 30 bank statement included a $75 debit memorandum for bank services. c. Check No. 919, listed with the canceled checks, was correctly drawn for $480 in payment of a utility bill on June 15. Frederick Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $513. d. The June 30 cash receipts of $2,596 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Prepare the adjusting journal entries that Frederick Clinic must record as a result of preparing the bank reconciliation. (Omit the "$" sign in your…following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 4/9 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe $580.00 per box 24 Boxes Disc Pads $400.00 per box 5 Aug Provided services for cash less 10% discount 12 small motorbike engines $350.00 per engine 6 large motorbike engines (full service) $950.00 per engine 8 medium size motorbike engines (full service) $800.00 per engine 7 Aug Paid Rent by cheque $5,000.00 10 Aug Paid Wages by cheque $8,000.00 10 Aug Bought Fixtures from CT Limited $3,500.00 paying by cash 11 Aug Provided services on credit to…Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory. Feb. 2 Wrote a $350 check to establish a petty cash fund. 5 Purchased paper for the copier for $15.15 that is immediately used. 9 Paid $42.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 12 Paid $8.55 postage to deliver a contract to a client. 14 Reimbursed Adina Sharon, the manager, $71 for mileage on her car. 20 Purchased office paper for $68.77 that is immediately used. 23 Paid a courier $16 to deliver merchandise sold to a customer, terms FOB destination. 25 Paid $11.70 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These costs are added to merchandise inventory. 27 Paid $53 for postage…
- 3. The April 30 bank statement of 10A Company showed a balance of $$24,635 and the following memoranda: Credits Collection of $1,250 note plus interest $50 Interest earned on checking account $65 Debits $75 NSF check: Banana Wang $635 Safety deposit box rent: 10A Company's cash account in the general ledger had a balance of $26,100 on April 30 and other information is as follows: (1) Cash receipts for April 30 recorded on the company's books were $6,695 but this amount does not appear on the bank statement. (2) The total amount of checks still outstanding at April 30 amounted to $6,575, including $2,000 certified checks. (3) Check No. 119 payable to 10B Company was recorded in the cash payments journal and cleared the bank for $248 but the payment should be $284. Instructions (a) (b) Prepare the bank reconciliation at April 30. Prepare any adjusting entries necessary as a result of the bank reconciliation. (Hint: Record Safety deposit box rent as Miscellaneous (Misc.) Expense)The December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash Debit Cheque # Cash Credit 4-Dec $ 4,170 1416 $ 860 9-Dec 510 1417 130 14-Dec 530 1418 650 17-Dec 2,180 1419 1,490 31-Dec 1,850 1420 1,440 1421 900 1422 630 Kirk’s Cash account shows a balance of $16,740 at December 31. On December 31, Kirk Hardware received the following bank statement: Bank Statement for December 2020 Beginning balance Deposits and other credits: $ 13,600 1-Dec EFT $ 300 5-Dec 4,170 10-Dec 510 15-Dec 530 18-Dec 2,180 22-Dec BC…