Record the following transactions in the cash receipts journal.Jun. 12 Your company received payment in full from Jolie Inc. in the amount of$1,225 for merchandise purchased on June 4 for $1,250, invoice number #1032.Jolie Inc. was offered terms of 2/10, n/30. Record the payment.Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice#1027, dated June 1, in the amount of $2,500, terms offered 3/10, n/30.Jun. 17 Your company received a refund check (its check #12440) from the StatePower Company because you overpaid your electric bill. The check was in theamount of $72. The Utility Expense account number is #450. Record receipt of therefund.

This journal is used for the treatment of receipts only.

Answered: Record the following transactions in…

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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Q. 15.. The check register for Promotions, Inc. showed a balance of $5,684.37. The bookkeeper then made a deposit of $6,753.91. The bookkeeper then wrote checks for $1,704. 12, $1,600.32, and $2,110.14. Compute the new cash balance shown in the check register.
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Based on the following information, prepare a check and stub: Date: January 15, 20-- Balance brought forward: $2,841.50 Deposit: $962.20 Check to: J. M. Suppliers Amount: $150.00 For: Office Supplies Signature: Sign your name
On June 30, 2019, Wally Company's bank statement showed a $7,500.10 bank balance. Wally has a beginning checkbook balance of $9,800.00. The bank statement also showed that it collected a $1,200.50 note for the company. A $4,500.10 June 30 deposit was in transit. Check No. 119 for $650.20 and check No. 130 for $381.50 are outstanding. Wally's bank charges $.40 cents per check. This month, 80 checks were processed. Prepare a reconciled statement. (Round your answers to the nearest cent.) Checkbook balance Wally's checkbook balance Add: Deduct: Reconciled balance WALLY COMPANY Bank Reconciliation as of June 30, 2019 Bank balance Add: Deduct: Reconciled balance Bank balance
Record the transactions. (Journal Entries) December 1 Issued check for $200 for December rent Took out a short term loan from the bank in the amount of $1,600. Note is due in 60 days at 6% interest. 3 Issue credit memo for $20 to Ritter for merchandise returned 4 Received check for $392 (after discount) from Dunn in payment on account Issued check for $891 (net of discount) to Service Toy 7 Received check for $343 (after discount) from Ritter in payment on account 8 Harris issues credit memo to us for $18 (inventory) Sold equipment for $60. Orginal cost was $500. Accumulated depreciation at the time of sale was $450 9 Purchase merchandise on account from Larkin $1,000 11 Sold merchandise on account to Thayer $200 Issue check to purchase new equipment for $400 12 Purchase merchandise on account from Clark $ 1,300 14 Issue check for $24 for phone bill Sold merchandise on account to Gage $350 15 Cash sales from December 1 to 15 were $ 2,030…
Journal entry for: Feb1: paid rent for February amounting to $660, cheque#3354. Feb1: Tee R Us decided to establish a petty cash fund for the office. A cheque #3355 of $500 was issued and cashed
J. Whitlock Co. had $1,000 of credit cards sales. The net cash receipts were deposited immediately into Whitlock's bank account less a 5% fee. The entry to record this sales transaction would include a debit to:
The cash register tape for Sheridan Industries reported sales of $27,292.00. Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $53.50. (b) Cash on hand exceeds cash reported by cash register tape by $22.00. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 52.75.) No. Account Titles and Explanation Debit Credit (a) (b)
how do I journalize the entry to record the cash receipts and cash sales on March 1st? Refer to the chart of accounts for the exact wording of the account titles. Every line on a journal page is used for debit or credit entries. DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 On March 1, the actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Required: CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 131 Notes Receivable 132 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Office Equipment 192 Accumulated Depreciation-Office Equipment 193 Store Equipment 194 Accumulated Depreciation-Store Equipment…
The following relate to Minnie’s financial statements for the year ended 30 April 20X6. Some customers took advantage of the cash settlement discount when they were not expected to. Trade receivables control account balance at 1 May 20X5 $101,477 Receipts from credit customers $93,457 Credit sales $57,133 Cash sales $14,086 Dishonoured cheques from credit customers $570 Contra with the trade payables ledger $9,040 Cash settlement discounts taken by customers $1,033 What should the balance on the trade receivables control account be at 30 April 20X6? A. $54,510 B. $56,576 C. $55,650 D. $73,730
Lowell Bank reported the following checking account fees: $2 to see a real-live teller, $20 to process a bounced check, and $1 to $3 if you need an original check to prove you paid a bill or made a charitable contribution. This past month you had to transact business through a tellet six times-a total $12 cost to you. Your bank statement shows a $305,33 balance your checkbook shows a $1,009.76 balance. You received $1.10 in interest. An $80115 deposit was not recorded on your statement. The following checks were outstanding: No. 413. $28.30, No. 414, $18.60, and No. 418, $60.72. Prepare your bank reconciliation (Input all amounts as positive values. Round your answers to 2 decimal places) Checkbook balance Add: Interest Subtotal Deduct Teller fee Reconciled balance Y BANK RECONCILIATION $ 1,009 76 Bank balance Add: 1.10 $1,010.86 12.00 $ 998 58 Deposit in transit Subtotal Deduct Outstanding checks (total) Reconciled balance - ** $ 74 $ 305.33 801.15 1,106.48 107,62 998.86
Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200. DR CR On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR DR DR DR DR DR or CR? CR On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR DR DR DR DR DR or CR?…

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