(1)Record receipt of payment for sales on account (2) record the sales on account of $400 with terms n/60 rk iReq 1 to 3Texas Gas ServiceReq 4View transaction listJournal entry worksheetto searchPrepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collectrequired for a transaction/event, select "No Journal Entry Required" in the first account field.)Note: Enter debits before credits.Record the sales on account of $400 with terms n/60.ActiveBuilding canvasDateFebruary 01Record entry=5General JournalClear entrySelf-Service: Financ...< Req 1 to 3DebitCreditView general journalReq 4>qmst hw Portal &< Prev>Saved5 of 9 Req 1 to 3Prepare the journal entries to record the sale on February 1, goods returned on February 9, arequired for a transaction/event, select "No Journal Entry Required" in the first account field.)View transaction listReq 4Journal entry worksheet1o search2Note: Enter debits before credits.DateMarch 02Record receipt of payment for sales on account.4Record entry5General JournalClear entry< Req 1 to 3DebitCreditView general journalReq 4 >< Prav5 of 9

Name: (1)Record receipt of payment for sales on account (2) record the sales
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Description: (1)Record receipt of payment for sales on account (2) record the sales on account of $400 with terms n/60 rk iReq 1 to 3Texas Gas ServiceReq 4View transaction listJournal entry worksheetto searchPrepare the journal entries to record the sale on Febru

In the accounting books of the business organizations the journal entry served as a record of its…

Business

Accounting

Prepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collect- required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Date February 01 3 Record the sales on account of $400 with terms n/60. Note: Enter debits before credits. Record entry 5 General Journal Clear entry Debit Credit View general journal >

Prepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collect- required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 Date February 01 3 Record the sales on account of $400 with terms n/60. Note: Enter debits before credits. Record entry 5 General Journal Clear entry Debit Credit View general journal >

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

Topic Video

Question

(1)Record receipt of payment for sales on account (2) record the sales on account of $400 with terms n/60

rk i
Req 1 to 3
Texas Gas Service
Req 4
View transaction list
Journal entry worksheet
to search
Prepare the journal entries to record the sale on February 1, goods returned on February 9, and cash collect
required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Note: Enter debits before credits.
Record the sales on account of $400 with terms n/60.
ActiveBuilding canvas
Date
February 01
Record entry
=
5
General Journal
Clear entry
Self-Service: Financ...
< Req 1 to 3
Debit
Credit
View general journal
Req 4
>
qmst hw Portal &
< Prev
>
Saved
5 of 9

Req 1 to 3
Prepare the journal entries to record the sale on February 1, goods returned on February 9, ar
equired for a transaction/event, select "No Journal Entry Required" in the first account field.)
View transaction list
Req 4
Journal entry worksheet
1
o search
2
Note: Enter debits before credits.
Date
March 02
Record receipt of payment for sales on account.
4
Record entry
5
General Journal
Clear entry
< Req 1 to 3
Debit
Credit
View general journal
Req 4 >
< Prav
5 of 9

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H1.
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
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i.3
us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS
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Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600