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P7.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below. Journalize transactions in special journals. 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 101 Cash 120 Inventory 414 Sales Discounts

P7.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below. Journalize transactions in special journals. 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 101 Cash 120 Inventory 414 Sales Discounts

FINANCIAL ACCOUNTING
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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The 2 pictures are the same question Answer the questions ,that have part a and part b and part c , and specifically do like that : A) .......... the answer for it B) .......... the answer for it C) .......... the answer for it
P7.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below. Journalize transactions in special journals. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances| 120 Inventory 126 Supplies 157 Equipment | 414 Sales Discounts 505 Cost of Goods Sold | 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands). Jan. 3 Purchased merchandise on account from Gum Co. ¥9,000. 4 Purchased supplies for cash \80. 4 Sold merchandise on account to Wei \5,250, invoice no. 371, terms 1/10, n/30. 5 Returned ¥300 worth of damaged goods purchased on account from Gum Co. on January 3. 6 Made cash sales for the week totaling \3,150. 8 Purchased merchandise on account from Pang Co. \4,500. 9 Sold merchandise on account to Loeng Corp. \5,400, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Che Co. ¥3,700. 13 Paid in full Gum Co. on account less a 2% discount. 13 Made cash sales for the week totaling \6,260. 15 Received payment from Loeng Corp. for invoice no. 372. 15 Paid semi-monthly salaries of ¥14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. \1,200, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Ziu Corp. ¥5,500. 20 Cash sales for the week totaled \3,200.
Transcribed Image Text:P7.4 (LO 2, 3) Selected accounts from the chart of accounts of Meng Enterprises are shown below. Journalize transactions in special journals. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances| 120 Inventory 126 Supplies 157 Equipment | 414 Sales Discounts 505 Cost of Goods Sold | 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Meng completed the following transactions (amounts in thousands). Jan. 3 Purchased merchandise on account from Gum Co. ¥9,000. 4 Purchased supplies for cash \80. 4 Sold merchandise on account to Wei \5,250, invoice no. 371, terms 1/10, n/30. 5 Returned ¥300 worth of damaged goods purchased on account from Gum Co. on January 3. 6 Made cash sales for the week totaling \3,150. 8 Purchased merchandise on account from Pang Co. \4,500. 9 Sold merchandise on account to Loeng Corp. \5,400, invoice no. 372, terms 1/10, n/30. 11 Purchased merchandise on account from Che Co. ¥3,700. 13 Paid in full Gum Co. on account less a 2% discount. 13 Made cash sales for the week totaling \6,260. 15 Received payment from Loeng Corp. for invoice no. 372. 15 Paid semi-monthly salaries of ¥14,300 to employees. 17 Received payment from Wei for invoice no. 371. 17 Sold merchandise on account to Dyun Co. \1,200, invoice no. 373, terms 1/10, n/30. 19 Purchased equipment on account from Ziu Corp. ¥5,500. 20 Cash sales for the week totaled \3,200.
19 Purchased equipment on account from Ziu Corp. \5,500. 20 Cash sales for the week totaled ¥3,200. 20 Paid in full Pang Co. on account less a 2% discount. 23 Purchased merchandise on account from Gum Co. ¥7,800. 24 Purchased merchandise on account from Yap Corp. ¥5,100. 27 Made cash sales for the week totaling ¥4,230. 30 Received payment from Dyun Co. for invoice no. 373. 31 Paid semi-monthly salaries of ¥13,200 to employees. 31 Sold merchandise on account to Wei ¥9,330, invoice no. 374, terms 1/10, n/30. Meng uses the following jourmals. 1. Sales journal. 2. Single-column purchases jourmal. 3. Cash receipts joumal ith columns for Cash Dr, Sales Discounts Dr,Acounts Receivable Cir, Sales Revenue Cr, Other Accounts Cr, and Cost of Goods Sold Drinventory Cr. 4. Cash payments joumal with columns for Other Accounts Dr, Accounts Payable Dr, Inventory Cr,and Cash Cr. 5. General journal. Instructions Using the selected accounts provided: a. Record the January transactions in the appropriate journal noted. Sales journal ¥21,180 Purchases journal ¥30,100 Cash receipts journal balancing total ¥38,794 Cash payments journal balancing total ¥40,780 b. Foot and cross-foot al pecial joumals. c. Show how postings would be made by placing ledger account numbers and checkmarks as needed in the jourmals. (Actual posting to ledger accounts is not required.)
Transcribed Image Text:19 Purchased equipment on account from Ziu Corp. \5,500. 20 Cash sales for the week totaled ¥3,200. 20 Paid in full Pang Co. on account less a 2% discount. 23 Purchased merchandise on account from Gum Co. ¥7,800. 24 Purchased merchandise on account from Yap Corp. ¥5,100. 27 Made cash sales for the week totaling ¥4,230. 30 Received payment from Dyun Co. for invoice no. 373. 31 Paid semi-monthly salaries of ¥13,200 to employees. 31 Sold merchandise on account to Wei ¥9,330, invoice no. 374, terms 1/10, n/30. Meng uses the following jourmals. 1. Sales journal. 2. Single-column purchases jourmal. 3. Cash receipts joumal ith columns for Cash Dr, Sales Discounts Dr,Acounts Receivable Cir, Sales Revenue Cr, Other Accounts Cr, and Cost of Goods Sold Drinventory Cr. 4. Cash payments joumal with columns for Other Accounts Dr, Accounts Payable Dr, Inventory Cr,and Cash Cr. 5. General journal. Instructions Using the selected accounts provided: a. Record the January transactions in the appropriate journal noted. Sales journal ¥21,180 Purchases journal ¥30,100 Cash receipts journal balancing total ¥38,794 Cash payments journal balancing total ¥40,780 b. Foot and cross-foot al pecial joumals. c. Show how postings would be made by placing ledger account numbers and checkmarks as needed in the jourmals. (Actual posting to ledger accounts is not required.)
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