**PA2. LO 7.4**Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal.| Date | Transaction Details ||----------|-------------------------------------------------------------------------------------|| Jun. 1 | Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 || Jun. 2 | Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 || Jun. 3 | Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 || Jun. 4 | Received $1,000 on account from Green Lantern Inc. || Jun. 5 | Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 || Jun. 6 | Received the full amount from Flash Inc. |**Explanation:**This table details the sequence of transactions made by Evie Inc. within their initial month of operations. The transactions primarily involve credit sales to various companies, with the inclusion of payments received, as reflected in the company's sales journal. Each entry specifies the date, involved party, invoice number, account number, and transaction amount.

Name: **PA2. LO 7.4**Evie Inc. has the following transactions during its fi
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: **PA2. LO 7.4**Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal.| Date | Transaction Details ||-

The journal entries are a crucial step of the accounting process as it records the accounting transactions. It helps to keep or maintain the records of transactions. It shows the account to be debited or credited. This step is followed by ledger posting and preparation of financial statements. This is the foundation of accounting or bookkeeping.The journal entries are as follows:

Business

Accounting

PA2. LO 7.4 Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal. Jun. 1 Jun. 2 Jun. 3 Jun. 4 Jun. 5 Jun. 6 Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 Received $1,000 on account from Green Lantern Inc. Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 Received the full amount from Flash Inc.

PA2. LO 7.4 Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal. Jun. 1 Jun. 2 Jun. 3 Jun. 4 Jun. 5 Jun. 6 Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 Received $1,000 on account from Green Lantern Inc. Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 Received the full amount from Flash Inc.

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

Maddie Inc. has the following transactions for its first month of business. Transactions May 1 Credit sale to Green Lantern Inc. for $1,999 May 2 Credit sale to Wonder Woman Inc. for $2,000 May 3 Credit sale to Flash Inc. for $3,050 May 4 Received $1,000 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,875 May 6 Received the full amount from Flash Inc. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger?Accounts Receivable Subsidiary Ledger Customer Balance Green Lantern owes $ Wonder Woman owes Black Panther owes Total balance in AR subsidiary ledger $ What is the balance in the accounts receivable general ledger (control) account? $
xamus - cdn.student.uae.examus.net/?rldbqn=1&sessi... ACCT101_FEX_2021_2_Male A company purchased merchandise on credit with terms Ac Payable if the company pays SR485 cash on this account within ten days? e18 3/15, n/3O. How much will be debited to 33 - 34 abe18ce33 b. Accounts Payable should be credited in а. 485 113:22 9 కోల С. 470.45 95abe18ce 33 d. 500 95abe18ce 95abe18ce33 95aber8ce33 95abe18ce33 95abe18ce33 95abe18ce33 MacBook Pro F3 888 F4 FS E 5 F7 67 7 V T. 8 A 9 Y 6. U 11 9.
Please help with the following question Q3: Shafer Company has the following accounts in its general ledger atJuly 31: Accounts Receivable $49,000 and Allowance for Doubtful Accounts $3,400. During August, the following transactions occurred. Aug.15Sold $30,000 of accounts receivable to More Factors, Inc. who assesses a 2% finance charge. 25Made sales of $2,500 on Visa credit cards. The credit card service charge is 3%. 28Made sales of $4,000 on Shafer credit cards. Instructions (a)Journalize the transactions. (b)Indicate the statement presentation of service charges. BR,
Please read the questions carefully the First question is asking for journal entry.
Try Yourself - Question 2 Consider the following purchase history during October: Date Balance # of Days October 1 $110 8 October 9 $150 5 October 14 $260 8 October 22 $347 7 October 29 $612 3 The APR for this card is 16.45%. If the balance is not paid within the grace period, what is the total owed to the credit card company for this month? A. $261 B. $869 C. $616 D. $612 E. $704
1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
Please help me
Suppose Rainforest.com sells 4,000 books on account for $18 each (cost of these books is $43,200) on October 10 to The Book Sleuth. Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth on October 13. On October 25, The Book Sleuth paid the balance due. (Assume both companies use a perpetual inventory system.) Requirement 1. Journalize The Book Sleuth's October transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Oct. 10: Rainforest.com sells 4,000 books on account for $18 each on October 10 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Credit Date Oct. 10 Accounts Oct. 25 Debit Oct. 13: Several books were slightly damaged in shipment, so Rainforest.com granted a sales allowance of $1,080 to The Book Sleuth. Record the transaction on the books of The Book Sleuth. Date Accounts Credit Oct. 13 Oct. 25: The Book Sleuth paid the balance due. Record the…
EX.06.206.ALGO On March 4, Micro Sales makes $8,400 in sales on bank credit cards that charge a 3% service charge. Funds are deposited net of credit card expenses into Micro Sales' bank account at the end of the business day. Journalize the sales and recognition of expense as a single journal entry. If an amount box does not require an entry, leave it blank. Mar. 4 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9
4. On January 1st, 2018, Blue Co. made a $10,000 sale for 1,000 water bottles on account with terms: of 2/15, n/30. If the company uses the net method, which of the following will be included in the Journal entry to record customer payment for all 1,000 water bottles on January 28th, 2018? a) credit Accounts Receivable $10,000 b) credit Sales Discounts Forfelted $200 c) debit Sales Discount $200 d) debit Cash $9,800