The transactions below were obtained from the records of Woody Outdoors Company: Jul. 2Purchased paddle boats (equipment) for $7,400 on account from Aspen Inc. 9Purchased paddles (supplies) for $5,750 on account from Graceland Company. 14 Purchased life vests (supplies) for $4,500 on account from Aspen Inc. Record these transactions in a purchase journal. Purchases Journal Accounts Other Date Credited Account Post. Ref. Dr. Payable Supplies Accounts Post. Cr. Dr. Ref. Amount For the toolbar press ALT+510 (PC) or ALT+EN+510 (Mach

The transactions below were obtained from the records of Woody Outdoors Company: Jul. 2Purchased paddle boats (equipment) for $7,400 on account from Aspen Inc. 9Purchased paddles (supplies) for $5,750 on account from Graceland Company. 14 Purchased life vests (supplies) for $4,500 on account from Aspen Inc. Record these transactions in a purchase journal. Purchases Journal Accounts Other Date Credited Account Post. Ref. Dr. Payable Supplies Accounts Post. Cr. Dr. Ref. Amount For the toolbar press ALT+510 (PC) or ALT+EN+510 (Mach

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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reading Youlube eBook Show Me How E Calculator Journalize the Tollowwing transactions in the accounts of Chanmplon Medical Co., a medical equipment company tnat uses thne direct write-off method of acCO uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $50,400. The cost of the merchandise sold was $27,200. July 7. Received $10,600 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $39,800 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection ( Previous Check My Work 00000
The purchases journal for). K. Insurance for the month of October Is represented below. Accounts Payable Is account number 202 and Purchases Is account number 501. PURCHASES JOURNAL Page s Purchases Debit/ Accounts Payable Date Invoice No. From Whom Purchased Post Ref. Credit Oct. 2 3118 Express Florist 3,550.00 3119 T. C. S. Supplies 2,790.00 3120 Auto Body Repalr 3,850.00 Signs Unlimited 4,150.00 3121 Dynasty Limo 2,380.00 10 3122 15 3123 T. C. S. Supplles 2,150.00 18,870.00 Required: 1. Post the Information from the purchases journal to the appropriate general ledger and accounts payable ledger accounts. GENERAL LEDGER ACCOUNT NO. 202 ACCOUNT Accounts Payable BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNT NO. 501 ACCOUNT Purchases BALANCE DEBIT CREDIT DEBIT CREDIT DATE ITEM POST. REF. P5 ACCOUNTS PAYABLE LEDGER ACCOUNT Auto Body Repair
On January 12th, Gates Gems returned merchandise they received on account from Gem Warehouse in the amount of $800. What is the journal entry to record this transaction? Debit Accounts Payable/Gem Warehouse, $800; credit Purchases Returns and Allowances, $800 Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases, $800 Debit Purchases, $800; credit Accounts Payable/Gem Warehouse, $800 Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases Returns and Allowances $800
Select a description for each transaction recorded in the following T accounts: Cash (c) 1,176 Accounts Payable (b) 150 (a) 1,350 (c) 1,200 Purchases (a) 1,350 Purchases Returns andAllowances (b) 150 Purchases Discounts (c) 24 descriptions available: Paid the bill after the discount period. Paid the bill within the discount period. Purchased merchandise for cash. Purchased merchandise on account. Received a credit memo from the supplier, either for merchandise returned or as an allowance for damaged merchandise.
Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $10,000 cash to the company. May 7 The company purchased $6,000 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $650 to E. James for $750 on credit, terms n/10. May 15 The company borrowed $3,500 cash by signing a note payable to the bank. May 18 The company received $750 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $400 to B. Cox for $450 cash.
Current Attempt in Progress Sandhill Company uses special journals and a general journal. The following transactions occurred during September 2022 Sold merchandise on account to H. Drew, invoice no. 101. $745, terms n/30. The cost of the merchandise sold was $455. Sept. 2 10 12 21 25 27 Purchased merchandise on account from A. Pagan $600, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,200. Sold merchandise on account to G. Holliday, invoice no. 102 for $785, terms 2/10, n/30. The cost of the merchandise sold was $430 Purchased merchandise on account from D. Downs $860, terms n/30. Sold merchandise to S. Miller for $665 cash. The cost of the merchandise sold was $420.
Salieri Company purchased 70 keyboards on account for $25 each from Amadeus, Inc. When they unpacked the keyboards, Salieri found that 50 of the keyboards were damaged in shipping. What is the journal entry that Salieri will make to record the purchase return? OA. Debit Accounts Payable - Amadeus and credit Inventory, $1,250. 00 B. Debit Purchase Returns and credit Inventory, $1,250. OC. Debit Purchase Returns and credit Inventory, $1,750. O D. Debit Accounts Payable - Amadeus and credit Inventory, $1,750.
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,888.13; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $90.31 for shipping. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $149.93. Required: 1. For Ford Education Outfitters. Round your answers to the nearest cent. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT (a) Purchased merchandise from Romero Textbooks, Inc., invoice no. 10594, terms n/30. (b) Credit memo no. 513A for return of merchandise. 2. For Romero Textbooks, Inc. Round your answers to the nearest cent.…
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
Purchases and Cash Payments Journals Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of $535, which consists of $340 due Labradore Inc. and $195 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: Sept. 4. Purchased pet supplies from Best Friend Supplies Inc. on account, $230. Sept. 6. Issued Check No. 345 to Labradore Inc. in payment of account, $340. Sept. 13. Purchased pet supplies from Poodle Pals Inc. on account, $660. Sept. 18. Issued Check No. 346 to Meow Mart Inc. in payment of account, $195. Sept. 19. Purchased office equipment from Office Helper Inc. on account, $2,245. Sept. 23. Issued Check No. 347 to Best Friend Supplies Inc. in payment of account from purchase made on September 4. Sept. 27. Purchased pet supplies from Meow Mart Inc. on account, $350. Sept. 30. Issued Check No. 348 to Jennings Inc. for cleaning expenses, $50. Happy…
Use the transactions to fill in the plank chart of purchases. I’ve also wrote them below: Transactions: August; Purchased $1,500.00 in merchandise on account from Beads R Us, invoice 158. Bought a new computer on account from Best Buy for $1,600.00, invoice 822. Purchased gems (merchandise) from The Gem Mine for $1,100.00 on account, terms 2/15, n/30, invoice Purchased $525.00 in pens and paper from Staples on account, terms n/30, invoice 28. Bought an office desk on account from Office Depot for $750.00, invoice 76. Bought merchandise on account from The Gem Mine for $5,000.00, terms 2/15, n/30, invoice 282. Purchases
Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 5 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase.