Questions:1. Given the following, Journalize, record, post and preparea schedule of accounts receivable at the end of April forFriends Co.Partial General LedgerCash 110Inventory 130Sales Discounts 430Dr.Cr.Dr.Cr.Dr.Cr.Bal. 1,060Bal. 5,000Accounts Receivable 120Sales 410Cost of Goods Sold 510Dr.Cr.Dr.Cr.Dr.Cr.Bal. 600Accounts Receivable Subsidiary LedgerBlue Co.Pete Long Co.Dr.Cr.Dr.Cr.Bal. 400Bal. 200April 9Receíved cheque from Blue Co, for balance due less 2% discount.April 12Cash sale collected, $500. Cost of the inventory sold was $400.Tip: Calculate Sales Discount and debit it in first transaction.

Sales discount = 400 x 2% =$8 Transaction Date: April 9 Debit : Cash…

Answered: Questions: 1. Given the following,…

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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business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
devuben
Using the following revenue journal for Bowman Cleaners Inc., identify each of the postingreferences, indicated by a letter, as representing (1) posting to general ledger accounts or(2) posting to subsidiary ledger accounts:
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
Included in the accounting records of the home office and Mad Branch, respectively of Haler Company were the following ledger accounts for the month of January. Investment in Mad Branch (In home office accounting records) Credit Date Explanation Jan 1 Balance Debit Balance P117,600 Dr 129,600 124,800 122,400 132,000 Shipment of merchandise Receipt of cash Collection of branch accounts receivable P12,000 9 21 27 31 P4,800 2,400 Shipment of merchandise 9,600 Home Office Current (In Mad Branch accounting records) Credit Explanation Date Jan 1 Balance 10 19 28 Debit Balance P117,600 Cr 129,600 124,800 121,200 116,700 115,200 Receipt of merchandise Remittance of cash P12,000 P4,800 3,600 4,500 1,500 Acquisition of furniture Return of excess merchandise 30 31 Remittance of cash REQUIREMENTS: 1. Compute for the reconciled amounts of the reciprocal accounts 2. Prepare reconciling entries in the books of Haler Company and Mad Branch
Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?
1 EJ-3 On September 1, the balance of the Accounts Receivable control account in the general ledger of Stark Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, and Dey $4,820. At the end of September, the various journals contained the following information. Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260. Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380; from Milo $1,800; from Zeyen $1,240. General journal: An allowance is granted to Dey $185. Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary…
Following is information from Jesper Company for its first month of business. 1. Identify the balances listed in the accounts payable subsidiary ledger. 2. Identify the Accounts Payable balance listed in the general ledger at month’s end.
b) Given below are summaries of transactions with receivables for the month of February for a business. The balance on the sales ledger control account at 1 February was P4,268. Goods sold on credit Goods returned by credit customers Irrecoverable debts Money received from credit customers Discounts allowed Contra entries Prepare the Sales Ledger Control Account. P15,487 P995 P210 P13,486 P408 P150

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