Revenue JournalThe following revenue transactions occurred during November:Nov.3.Issued Invoice No. 83 to Browning Company for services provided on account, $431.12.Issued Invoice No. 84 to Triple A Inc. for services provided on account, $155.28.Issued Invoice No. 85 to Whaley Co. for services provided on account, $596.Record these three transactions in the following revenue journal.REVENUE JOURNALAccounts Rec. Dr.DATEInvoice No.Account DebitedPost. Ref.Fees Earned Cr.Nov. 3Nov. 12Nov. 28

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Revenue Journal The following revenue…

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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Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 4,948 Sales 4,948 November 10 Accounts Receivable-Welcome Incorporated Sales 1,758 1,758 November 13 Accounts Receivable-Zia Company Sales 1,031 1,031 November 21 Sales Returns and Allowances 266 Accounts Receivable-Zia Company 266 November 30 Accounts Receivable-Ski Shop 3,665 Sales 3,665 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Ending Balance 0 0 Sales Ending Balance Sales Returns and Allowances Ending Balance 0 Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Zia…
Sales tax transactions Instructions Instructions Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wo 2 3 Chart of Accounts Journal A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,430. B. Paid $40,280 to the state sales tax department for taxes collected. DATE DESCRIPTION JOURNAL POST. REF. DEBIT 1
E6-2B. From the following transactions for Maggie Co., when appropriate, journalize, record, post, and prepare a schedule of accounts receivable. Use the same journal headings (all page 1) and chart of accounts that Art's Clothing used in the text (use Maggie G., Capital). You will have to set up your own accounts receivable subsidiary ledger and partial general ledger as needed. All sales terms are 2/10, n/30. 2023 June 2 Maggie G. invested $6,000 in the business. 3 Sold merchandise on account to Boston Co., invoice No. 218, $800. Cost of inventory was $600. 3 Sold merchandise on account to Wei Co., invoice No. 219, $1,200. Cost of inventory was $900. 6 Cash sale, $300. Cost of inventory was $225. 9 Issued credit memorandum No. 24 to Boston Co. for defective merchandise, $150. Cost of inventory was $112.50. 10 Received cheque from Boston Co. for invoice No. 218 less returns and discount. 16 Cash sale, $500. Cost of inventory was $375. 17 Sold merchandise on account to Boston Co.,…
Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Post entries in the order of journal entries presented in the previous part.) 7/1 Bal. 7/5 7/31 7/1 Bal 7/31 Bal. Notes Receivable 22,000 4140 400 Accounts Receivable 400 Interest Receivable 728 80 648
Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.
Following is information from Fredrickson Company for its first month of business. Credit Sales Jan. 10 Stern Company 19 Diaz Brothers 23 Rex Company Required 1 Required 2 1. Journalize the above transactions in the accounts receivable subsidiary ledger. 2. Journalize the accounts receivable balance listed in the general ledger at month's end. Date $4,200 1,700 2,650 Complete this question by entering your answers in the tabs below. Date Journalize the above transactions in the accounts receivable subsidiary ledger. Debit ACCOUNTS RECEIVABLE LEDGER Stern Company Debit Cash Collections Jan. 20 Stern Company 28 Diaz Brothers 31 Rex Company Credit Diaz Brothers Credit $ 2,100 1,700 1,378 Balance Balance
The sales journal for Carothers Company is shown below. SALES JOURNAL Date Sales Slip No. Customer Name Post.Ref. AccountsReceivableDebit Sales taxPayableCredit SalesCredit Dec. 1 824 Jim Danta 3,212 312 2,900 7 825 Tom Tome 645 45 600 22 826 Sue Wasco 666 66 600 31 Totals 4,523 423 4,100 Show how the amounts would be posted to the general ledger accounts.
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
es Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 5,775 Sales 5,775 November 10 Accounts Receivable-Welcome Incorporated Sales 1,706 1,706 November 13 Accounts Receivable-Zia Company Sales 1,000 1,000 November 21 Sales Returns and Allowances 258 November 30 Accounts Receivable-Zia Company Accounts Receivable-Ski Shop 258 3,557 Sales 3,557 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Sales Ending Balance 0 0 Zia Company Ending Balance 0 0
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
Record the sale by Balus Company of $136,000 in accounts receivable on May 1. Balus is charged a 3.00% factoring fee. View transaction list Journal entry worksheet 1 > Record the sale of receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal
Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack . . . . . . . . . . . . . . . . $ 8,600 8 Eric Horner . . . . . . . . . . . . . . . . 11,100 10 Troy Wilson . . . . . . . . . . . . . . . . 13,400 14 Hong Jiang . . . . . . . . . . . . . . . . 20,500 20 Troy Wilson . . . . . . . . . . . . . . . . 11,200 29 Mary Mack . . . . . . . . . . . . . . . . 7,300 Total credit sales . . . . . . . . . . . . $72,100 1. Open an accounts receivable subsidiary ledger with a T-account for each customer. Post the amounts to the subsidiary ledger. 2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total to these accounts. 3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.

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