Prepare journal entries for each transaction listed below.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.a. Sales on account were $900 and related cost of goods sold was $500.b. Issued 3,000 shares of $1 par value stock for $50,000 cash.View transaction listView journal entry worksheetNoTransactionGeneral JournalDebitCredit

a. Based on the information provided, we need to record two journal entries. The first journal entry…

Answered: Prepare journal entries for each…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...

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Requirement No. General Journal No. Date July 01 Date June 30 General Ledger Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Debit Common stock Debit Trial Balance Credit Credit 000 Schedule of Receivables General Ledger Account Balance 27,000 Balance 1 of 1 Income Statement MacBook Air F6 Merchandise Inventory Debit Impact on Income Next F7 Credit DII FO Balance 13,000
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Comos Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:
DIRECT WRITE-OFF METHOD Brent Mussellman, owner of Brents Barbells, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:
COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Madonnas Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:
NOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the following transactions: 20-1 REQUIRED Record the transactions in a general journal.
Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Prepare journal entries to record the following transactions. Create a T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000
Journalize the entries to record the transactions of Amsterdam Supply Co. Refer to the Chart of Accounts for exact wording of account titles. please journalize it from numbers #1-32 with titles. 2. Continue journalizing from numbers #1-18
Enter a credit balance of $38,400 as of September 1, 20Y4 in the Accounts Payable general ledger account. Place a check mark (✓) in the Posting Reference column. Post the September 18, 20Y4, transaction to the account. For those boxes in which no entry is required, leave the box blank. Account Accounts Payable Account No. 21 DATE ITEM POST.REF. DEBIT CREDIT BALANCEDEBIT CREDIT Sept. 1, 20Y4 Balance Sept. 18, 20Y4
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4

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