The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would beOa. Jan. 1 Office SuppliesCash1,5001,5001,500b. Jan. 1 CashAccounts ReceivableOc. Jan. 1 Purchases1,5001,500Cash1,500Od. Jan. 1 Merchandise InventoryCash1,5001,500

Perpetual Inventory System: The perpetual inventory system records and updates the inventory after…

Answered: The journal entry to record the receipt…

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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Determine the financial statement effects of Accounts Payable Transactions, when Hobson Company has the following items: Purchases $1,250 of inventory on credit. Sells inventory for $1,650 on credit. Records $1,260 cost of sales for transaction b. Receives $1,650 cash towards accounts receivable. Pays $1,260 cash to settle accounts payable.
The time between the acquisition of inventory and the collection of cash from receivables is called the: Group of answer choices accounts receivable period. cash cycle. operating cycle. inventory period.
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?
The actual cash received from cash sales was $39,114, and the amount indicated by the cash register total was $39,129. Journalize the entry to record the cash receipts and cash sales. Refer to the Chart of Accounts for exact wording of account titles. Journal Journalize the entry to record the cash receipts and cash sales on December 31. Refer to the Chart of Accounts for exact wording of account titles. 1 2 3 DATE Dec. 31 Dec. 31 DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING FOLIATION ASSETS PAGE 1 LIABILITIES EQUITY
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…
Entry for Cash Sales; Cash Short The actual cash received from cash sales was $35,699, and the amount indicated by the cash register total was $35,731. Journalize the entry to record the cash receipts and cash sales. If an amount box does not require an entry, leave it blank. Cash fill in the blank 2 fill in the blank 3 Cash Short and Over fill in the blank 5 fill in the blank 6 Sales fill in the blank 8 fill in the blank 9
Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 Accounts Receivable Sales Revenue (Record sale to customer) Jan. 1 Cost of Goods Sold Inventory (Recorded cost of merchandise sold) Jan. 8 Sales Revenue Accounts Receivable (Recorded return of merchandise) Jan. 8 Inventory Cost of Goods Sold (Recorded cost of merchandise returned) Jan. 10 Cash Accounts Receivable (Recorded receipt within discount period) Jan. 30 Cash Cash Accounts Receivable Accounts Receivable Sales Revenue
Journalizing Cash Payments Lakeview Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased: Sept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $6,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,000, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $3,500, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $6,500, terms 2/10, n/30. Payment is made within the discount period. If an amount box does not require an entry, leave it…
Entry for cash sales; cash short Instructions Chart of Accounts Journal Instructions On March 1, the actual cash received from cash sales was $25,538, and the amount indicated by the cash register total was $25,670. Required: Journalize the entry to record the cash receipts and cash sales. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit Accounts Payable. Purchase Returns and Allowances. Sales Revenue. Inventory.
Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…

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The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be Oa. Jan. 1 Office Supplies Cash 1,500 1,500 1,500 b. Jan. 1 Cash Accounts Receivable Oc. Jan. 1 Purchases 1,500 1,500 Cash 1,500 Od. Jan. 1 Merchandise Inventory Cash 1,500 1,500