JOURNALPage 144PurchaseDateAccountCheck No.DRCRCR2019May2Мay6May8 Using the five journals as named here:• Sales, Purchases, Cash Receipts, Cash Disbursements, and GeneralUsing the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."):• Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref.And using the accounts listed below, complete the journal headings and record the journal entries for the followingtransactions, which uses the perpetual inventory system:Accounts PayableMerchandise InventorySalesAccountsPurchasesSales DiscountsReceivableSales Returns andCashPurchase DiscountsAllowancesCost of GoodsPurchase Returns andSales Tax PayableSoldAllowancesPLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (orin the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollaramount is needed, please use "$0" or if no information is provided, please use "None" - no quotation marks.• On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000.Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.• On May 6, paid Static Electrical $654 (account number S221). They repaired the fuse box in the maintenanceroom. Use check #8025 and debit the Repairs and Maintenance account, #655.• On May 8, used check #8026 to pay Maryland Company (account number M852) $1,700 for inventorypurchased on Apr. 25. Maryland offered terms of 2/10, n/30.

Perpetual Inventory System : (1) Unlike Periodic Inventory System, the Perpetual inventory system…

Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref. And using the accounts listed below, complete the journal headings and record the journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts

Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref. And using the accounts listed below, complete the journal headings and record the journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts

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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Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • 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 Асcounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances 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" or if no information is provided, please use "None" - no quotation marks. • On…
Return of merchandise sold on account is recorded in the: A purchases journal B either sales or purchases journal sales journal general journal
The sales journal is used to record______. cash sales on account debit transactions credit cards
The operating cycle of a merchandiser with credit sales includes the following five activities. With merchandise acquisition as the starting point, arrange the events in the correct order. a. Prepare merchandise for sale b. Collect cash from customers on account c. Make credit sales to customers d. Purchase merchandise e. Monitor and service accounts receivable
Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts journal.
Identify Postings from Purchases Journal Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required: PURCHASES JOURNAL Page 49 Date Account Credited Post.Ref. AccountsPayableCr. StoreSuppliesDr. OfficeSuppliesDr. OtherAccountsDr. Post.Ref. Amount 20Y9 Jan. 4 Coastal Equipment Co. (a) 5,325 Warehouse Equipment (g) 5,325 Jan. 6 Arrow Supply Co. (b) 4,000 4,000 Jan. 9 Valley Products (c) 1,875 1,600 275 Jan. 14 Office Warehouse (d) 2,200 Office Equipment (h) 2,200 Jan. 20 Office Warehouse (e) 6,000 Store Equipment (i) 6,000 Jan. 25 Metro Supply Co. (f) 2,740 2,740 Jan. 30 22,140 4,340 4,275 13,525 (j) (k) (l) (m) Post reference represents: a. b. c.…
The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and loss account(iii) Purchase returns account(iv) Furniture account
Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): 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 Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Purchase Returns and Cost of Goods Sold Sales Tax Payable Allowances 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 "$0" or if no information is provided, please use "None" - no quotation marks. • On Jun.…
Using the following revenue journal for Bowman Cleaners Inc., identify each of the postingreferences, indicated by a letter, as representing (1) posting to general ledger accounts or(2) posting to subsidiary ledger accounts:
Describe and put the sales notebook to use. What procedures are involved in submitting sales journal entries to the accounts receivable ledger?
The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit Accounts Payable. Purchase Returns and Allowances. Sales Revenue. Inventory.
Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" 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.…