Using the following information about Sophie's business, answer thefollowing questionCreditMonthPurchasesAugust70 000September75 000October85 000November90 000December70 000Accounts payable are paid in full during the month of purchase.What is Estimated Total Cash Payments in October?Select one:a. $70,000b. $85,000O c. $90,000O d. $30,000

Cash payment refers to the amount paid through the recipient of the goods and the services to the…

Answered: Using the following information about…

Using the following information about Sophie's business, answer the following question Credit Month Purchases August 70 000 September 75 000 October 85 000 November 90 000 December 70 000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

s
Review the following situations and record any necessary journal entries for Mequon’s Boutique. May 10 Mequon’s Boutique purchases $2,700 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $110 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,400 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Pass the journal entries for the following : Jan 27 - purchased goods on credit, $4000 less trade discount 25% Feb 15 - sold household furniture for $1200 and paid the money into business cash
Prepare Journal Entries in a Purchases Journal Guardian Services Inc. had the following transactions during the month of April: Apr. 4. Purchased office supplies from Officemate, Inc. on account, $390. Apr. 9. Purchased office equipment, Inc. on account from Tek Village Inc., $1,540. Apr. 16. Purchased office supplies from Officemate, Inc. on account, $110. Apr. 19. Purchased office supplies from Paper-to-Go Inc. on account, $160. Apr. 27. Paid invoice on April 4 purchase from Officemate, Inc. a. Prepare a purchases journal to record the April purchase transactions for Guardian Services Inc. If an amount box does not require an entry, leave it blank. If no entry is required in "Other Accounts Dr." then select "No entry required". PURCHASES JOURNAL DATE Account Credited Post. Ref. Accounts Payable Cr. Office Supplies Dr. Other Accounts Dr. Post. Ref. Amount Apr. 4 Apr. 9 Apr. 16 Apr. 19 Apr. 30…
Please help me
A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.50 May 3 240@ $8.00 4 1,390 @ $5.40 6 1,080 @ $8.00 8 800 @ $5.60 12 900 @ $8.50 14 700 @ $5.70 18 450 @ $8.50 22 1,250 @ $5.80 25 1,400 @ $9.00 29 560 @ $5.85 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory +A $
prepare the entries for transaction below and indicate what journal it is 12 August received a $1200 credit memo acknowledging the return of merchandize purchased on August 9
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
Directions: Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020. 1. Create SCI using a multi-step approach. Please make the proper indention of accounts as you write them in the SCI. 2. The indention will serve as your guide in computing and will make your document look formal. Sales P 100,000 Sales Returns and Allowances 1,000 1,500 Sales Discount Merchandise Inventory, Beginning 38,000 Purchases 30,000 Purchase Returns and Allowances. 2,000 Purchase Discount 1,000 Freight-in Merchandise Inventory, Ending 700 20,000 Interest Income 7,000 Rent Income 3,000 Sales Salaries 12,000 Depreciation Expense - Store Equipment Utilities Expense-Store 9,000 2,000 Office Salaries 12,000 Office Supplies 1,000 Bad Debts 1,300 Finance Cost 2,100
Please help me
hello please solve home work
Required information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…