The October transactions were as follows: Oct. 5 Received $800 cash from customers on account. -10 Billed customers for services performed, $5,500. 15 Paid employee salaries, $1,200. 17 Performed $400 of services for customers who paid in advance in August. 20 Paid $1,600 to creditors on account. 22 Received $200 for services provided for cash (i.e., not on account). 26 Purchased supplies on account, at a cost of $300. 29 Withdrew $500 for personal use. 31 Paid utilities, $600.

The October transactions were as follows: Oct. 5 Received $800 cash from customers on account. -10 Billed customers for services performed, $5,500. 15 Paid employee salaries, $1,200. 17 Performed $400 of services for customers who paid in advance in August. 20 Paid $1,600 to creditors on account. 22 Received $200 for services provided for cash (i.e., not on account). 26 Purchased supplies on account, at a cost of $300. 29 Withdrew $500 for personal use. 31 Paid utilities, $600.

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Description: The October transactions were as follows:Oct. 5 Received $800 cash from customers on account.-10 Billed customers for services performed, $5,500.15 Paid employee salaries, $1,200.17 Performed $400 of services for customers who paid in advance in Aug

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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I need to know how to record this transaction in a general journal. 1/18 Received $8,000 the January telephone bill from At&t for $375, due Feb.15. 1/20 Received utility bills for January due Feb 16, from Swepco for $360 and Tx Water Utilities for $280.
Presented below is information from Larkspur Computers Incorporated. July 1 Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,248 will be honored on these sales. 10 Larkspur received payment from Robertson for the full amount owed from the July transactions. 17 Sold $192,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Larkspur for its purchase of July 17. Prepare the necessary journal entries for Larkspur Computers.
Record each transaction in a journal entry. Explanations are not required.
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Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Check my work mode: This shows what is correct or incorrect for the work you have completed so Year 1 a. Sold $1,353,900 of merchandise on credit (that had cost $978,100), terms n/30. b. Wrote off $20,900 of uncollectible accounts receivable. c. Received $670,600 cash-in payment of accounts receivable. d. In adjusting the accounts on December 31, the company estimated that 2.00% of accounts receivable would be uncollectible. Year 2 e. Sold $1,532,900 of merchandise (that had cost $1,268,900) on credit, terms n/30. f. Wrote off $31,100 of uncollectible accounts receivable. g. Received $1,245,100 cash in payment of accounts receivable. h. In adjusting the accounts on December 31, the company estimated that 2.00% of accounts receivable would be…
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