Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Bal. Truong 0 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.

Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Bal. Truong 0 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.

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

E6-2B. From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of accounts that Art's Clothing used in the text (use Maggie G., Capital). You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 2/10, n/30. 2023 June 2 Maggie G. invested $6,000 in the business. 3 Sold merchandise on account to Boston Co., invoice No. 218, $800. Cost of inventory was $600. 3 Sold merchandise on account to Wei Co., invoice No. 219, $1,200. Cost of inventory was $900. 6 Cash sale, $300. Cost of inventory was $225. 9 Issued credit memorandum No. 24 to Boston Co. for defective merchandise, $150. Cost of inventory was $112.50. 10 Received cheque from Boston Co. for invoice No. 218 less returns and discount. 16 Cash sale, $500. Cost of inventory was $375. 17 Sold merchandise on account to Boston Co.,…
Jay
Crane Company has the following merchandise account balances at its September 30 year end: Cost of goods sold Delivery expense Merchandise inventory Salaries expense Date Sept. 30 $120,000 Sept. 30 2,300 22,000 40,000 Sales Sales discounts Sales returns and allowances Supplies Prepare the entries to close the appropriate accounts to the Income Summary account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation | $187,500 (To close income statement account with credit balance.) 970 3,100 2,300 Debit Credit TOU
Blue Company sells one product. Presented below is information for January for Blue Company. Jan. 1 11 Jan. 4 4 13 20 27 Jan. 4 Date Jan. 11 Jan. 13 Jan. 13 Blue uses the FIFO cost flow assumption. All purchases and sales are on account. Jan. 20 Assume Blue uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Jan. 27 Jan. 27 V V Inventory > Sale V Purchase Sale Purchase Sale Accounts Receivable Account Titles and Explanation Sales Revenue (To record the sale) Cost of Goods Sold Inventory Purchases (To record the cost of inventory) Accounts Payable Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory 164 units at $6 each 132 units at $9 each 169 units at $6 each 106 units at $10 each Purchases 122 units at $4…
Following is information from Fredrickson Company for its first month of business. Credit Sales Jan. 10 Stern Company 19 Diaz Brothers 23 Rex Company Required 1 Required 2 1. Journalize the above transactions in the accounts receivable subsidiary ledger. 2. Journalize the accounts receivable balance listed in the general ledger at month's end. Date $4,200 1,700 2,650 Complete this question by entering your answers in the tabs below. Date Journalize the above transactions in the accounts receivable subsidiary ledger. Debit ACCOUNTS RECEIVABLE LEDGER Stern Company Debit Cash Collections Jan. 20 Stern Company 28 Diaz Brothers 31 Rex Company Credit Diaz Brothers Credit $ 2,100 1,700 1,378 Balance Balance
The sales journal for Carothers Company is shown below. SALES JOURNAL Date Sales Slip No. Customer Name Post.Ref. AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1 824 Jim Danta 3,212 312 2,900 7 825 Tom Tome 645 45 600 22 826 Sue Wasco 666 66 600 31 Totals 4,523 423 4,100 Show how the amounts would be posted to the general ledger accounts.
Current Attempt in Progress Blossom Products uses both special journals and a general journal. Blossom also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 260 Bal. 175 Truong 0 100 Gehrke Bal. 185 295 Weiser Bal. 195 220 240 290 100 185 195 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account. Amount of the end-of-month posting from the sales journal to the Accounts Receivable control account $
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix'It uses the perpetual inventory system. Retained earnings Dividends Sales Sales discounts Sales returns and allowances Prepare the company's year-end closing entries. View transaction list Journal entry worksheet 1 2 Date July 31 3 4 Record the entry to close the income statement accounts with credit balances. Note: Enter debits before credits. $ 120,300 Cost of goods sold 7,000 Depreciation expense 175,000 Salaries expense 3,400 Miscellaneous expenses 6,000 Record entry General Journal Clear entry Debit Credit $ 106,500 10,800 35,000 5,000 View general journal >
Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required: Hide Prepare the journal entry assuming the payment is made after 10 days (after the discount period). Account and Explanation Debit Credit Record collection of accounts receivable
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. You are to provide the journal entries for the following transactions assuming a perpetual inventory system. Cash Accounts Payable Purchases Accounts Receivable Merchandise Inventory Sales PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms DR CR Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: DR CR Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice…
business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
Current Attempt in Progress Oriole Company had the following transactions during 2016: • Sales of $10080 on account • Collected $4480 for services to be performed in 2017 • Paid $4200 cash in salaries for 2016 • Purchased airline tickets for $560 in December for a trip to take place in 2017 What is Oriole's 2016 net income using a crual accounting? O $5880 O $10360 O $6440 O $10920 esc %23 $4 % 21 4. 5 d f