Prepare Journal Entries to record transaction A-F
Q: Present entries to record the selected transactions described below.
A: Given: Issue of the bond = $ 2,750,000 Bond rate = 8 % Carried value = $ 2,692,250
Q: Write the journal entry for each transaction.
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Q: ournalize the transactions
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Q: a. Provide the Journal entries
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Q: Classify and fill which type of journal does the transaction matches.
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Q: Describe journal entries for external transactions.
A: A external transaction is a transaction which is entered by two people or two entities to exchange…
Q: Prepare Journal entries for all the transactions?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: B. Journalize the following transactions using the Perpetual method:
A: The financial transactions are initially recorded in the form of journal entries. Every transaction…
Q: REQUIRED A. EQUATION B JOURNAL ENTRY C POST TO T-ACCTS
A:
Q: Prepare the general journal for the above transactions. Narrations ares required.
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A: Journal entries of the Nour ceramic as under.
Q: Prepare journal entries to record the transactions.
A: Journal: It refers to an account which records all the financial transactions pertaining to a…
Q: The process of recording a transaction entry into the journal is called a) Journal Entry b)…
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Q: Categories each transaction using the correct account name
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Q: Requirements: a. Journalize each transaction and prepare the necessary adjusting entries.
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Q: Explain the Rules for Journalising Transactions
A: Solution A journal is a company's official book in which all business transaction are recorded in…
Q: how to prepare journal entries
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Required: Prepare the journal entries to record above transactions.
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Q: Journalize the transactions.
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Q: Prepare journal entries to record the above transaction , showing all necessary computations.
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Q: What is a journal entry?
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: appropriate journal to be used
A: Special journals are used to record items of specific transactions belonging to same category.
Q: journalise the transaction
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Q: 1- Record these trasections in journal. (need answer in MS word).
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: adjusting journal entry t
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Q: Required: 1. Prepare the journal entries. 2. Post the journal entries to t-accounts.
A: Solution Concept Journal entry is the book where the transactions are initially recorded The entry…
Q: Post to a ledger using the T-acvount format. B.Journalize the above transaction
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Q: source document of each transaction_
A: Source document is the document used for making a transaction into effect. t is used as a primary…
Q: The usual sequence of steps in the transaction recording process is: journal ledger → analyze.…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: e journal entry to record this transaction
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
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A: Journal entries recording is the first step of accounting cycle process, under which atleast one…
Q: Posting: transfers ledger transaction data to the journal. а. normally occurs before journalizing.…
A: Journal entry: It can be defined as the recording of financial events and transactions that have…
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A: General Ledger: General ledger records the summary of individual events from special journal and…
Q: Prepare journal entered for the attached transactions
A: Journal Entry for above Transaction are as follows.
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Prepare Journal Entries to record transaction A-F
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- Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 PA6-3 (Algo) Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage %
- Ramos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and Gross Profit for Ramos Hair Styling. Net Sales Gross Profit SRamos Hair Styling is a wholesaler of hair supplies. Ramos Hair Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $30,957). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $280). c. Sold merchandise (costing $6,460) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $200) after year-end from sales made during the year. $ 55,040 310 13,600 6,800 172 320 PA6-3 (Algo) Part 4 4. Ramos Hair Styling is considering a contract to sell merchandise to a hair salon chain for $27,000. This merchandise will cost Rar Hair Styling $17,800. What would be the increase (or decrease) to Ramos Hair Styling…Castillo Styling is a wholesaler of hair supplies. Castillo Styling uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32, 757). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition). for cash refund (original cost of merchandise $330). c. Sold merchandise (costing $7,885) to a customer on account with terms n/60.. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $250) after year-end from sales made during the year. A6-3 (Algo) Part 2 Compute the gross profit percentage. (Round your answer to 1 decimal place.) $ 58,240 360 16, 600 8,300 182 370
- Kelly Creations is a wholesaler of hair supplies. Kelly Creations uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $33,477). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $350). c. Sold merchandise (costing $8,455) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $270) after year-end from sales made during the year. Required: 1. Compute Net Sales and Gross Profit for Kelly Creations. Net Sales Gross Profit $ 59,520 380 17,800 8,900 186 390Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $26,797). $47,200 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition), for a cash refund (original cost of merchandise $330). 550 c. Sold merchandise (costing $4,513) to a customer, on account with terms 2/10, n/30. 9,500 d. Collected half of the balance owed by the customer in (c) within the discount period. 4,655 e. Granted a partial allowance relating to credit sales that the customer in (c) had not yet paid 152 Compute sales revenue, Net sales, and Gross Profit for Hair World.Ross & Company is a wholesaler of hair supplies. Ross uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $29,877). $ 53,120 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $250). 280 c. Sold merchandise (costing $5,605) to a customer on account with terms n/60. 11,800 d. Collected half of the balance owed by the customer in (c). 5,900 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 166 f. Anticipate further returns of merchandise (costing $170) after year-end from sales made during the year. 290 Required: Compute Net Sales and Gross Profit for Ross.
- Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. Thefollowing transactions (summarized) have been selected for analysis:a. Sold merchandise for cash (cost of merchandise $28,797). $51,200b. Received merchandise returned by customers as unsatisfactory (but inperfect condition) for cash refund (original cost of merchandise $360). 600c. Sold merchandise (costing $4,750) to a customer on account with terms2/10, n/30. 10,000d. Collected half of the balance owed by the customer in ( c ) within the discount period. 4,900e. Granted a partial allowance relating to credit sales that the customer in ( c ) hadnot yet paid. 160Required:1. Compute Sales Revenue, Net Sales, and Gross Profit for Hair World.2. Compute the gross profit percentage (using the formula shown in this chapter and rounding toone decimal place).3. Prepare journal entries to record transactions ( a )–( e ).4. Hair World is considering a contract to sell merchandise to a hair salon…[The following information applies to the questions displayed below.] Hughes Hair Design is a wholesaler of hair supplies. Hughes Hair Design uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32,397). $ 57,600 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $320). 350 c. Sold merchandise (costing $7,600) to a customer on account with terms n/60. 16,000 d. Collected half of the balance owed by the customer in (c). 8,000 e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. 180 f. Anticipate further returns of merchandise (costing $240) after year-end from sales made during the year. 360 Prepare journal entries to record transactions (a)–(f). (If no entry is required for a transaction/event, select "No Journal Entry Required"…Required information [The following information applies to the questions displayed below.] Hair World Incorporated is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $32,037). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $310). c. Sold merchandise (costing $7,315) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $230) after year-end from sales made during the year. $ 56,960 340 15,400 7,700 178 350 3. Prepare journal entries to record transactions (a)-(. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the…