Vail Company recorded the following transactions during November. Date General Journal November 5 Accounts Receivable-Ski Shop Sales November 10 Accounts Receivable-Welcome Incorporated Sales November 13 Accounts Receivable-Zia Company Sales November 21 Sales Returns and Allowances Accounts Receivable-Zia Company November 30 Accounts Receivable-Ski Shop Sales Debit Credit 4,662 4,662 1,429 1,429 838 838 216 216 2,979 2,979 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance Sales Ending Balance Sales Returns and Allowances Ending Balance Ending Balance Ending Balance Zia Company Welcome Incorporated Ending Balance Required 1 Required 2 >

Vail Company recorded the following transactions during November. Date General Journal November 5 Accounts Receivable-Ski Shop Sales November 10 Accounts Receivable-Welcome Incorporated Sales November 13 Accounts Receivable-Zia Company Sales November 21 Sales Returns and Allowances Accounts Receivable-Zia Company November 30 Accounts Receivable-Ski Shop Sales Debit Credit 4,662 4,662 1,429 1,429 838 838 216 216 2,979 2,979 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance Sales Ending Balance Sales Returns and Allowances Ending Balance Ending Balance Ending Balance Zia Company Welcome Incorporated Ending Balance Required 1 Required 2 >

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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Recognizing Accounts Receivable On June 7, Bixby Co. sells $950 of merchandise to Jasmine Co. on account. Jasmine Co. pays for this merchandise on June 21. Prepare the entry on Bixby's books to record the sale. Prepare the entry on Bixby's books to record the receipt of payment. a. General Journal Date Description Debit Credit June 7 Answer Answer Answer Answer Answer Answer To record sales of merchandise. b. General Journal Date Description Debit Credit June 21 Answer Answer Answer Answer Answer Answer To record receipt of cash from customer. PreviousSave AnswersNext
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On November 10 of the current year, Flores Mills sold carpet to a customer for $8,800 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 10? Multiple Choice Accounts receivable 8, 624 Sales discounts 176 Sales 8,800 Accounts receivable 8, 800 Sales 8, 800
Greenleaf 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 payments journal. June 3 Issued Check Number 380 to Skipp Corporation to buy office supplies for $375. June 5 Purchased merchandise for $4,600 on credit from Buck Company, terms n/15. June 20 Issued Check Number 381 for $4,600 to Buck Company to pay for the June 5 purchase. June 23 Paid salary of $6,200 to T. Bourne by issuing Check Number 382. June 26 Issued Check Number 383 for $5,750 to pay off a note payable to UT Bank.
On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. 17 During December, the company completed the following transactions. 19 22 26 31 Debit Adjustment data: $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable Common Stock Retained Earnings 7,000 15,500 1,700 29,000 $74,400 Credit Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. $2,900 6,200 50,100 15,200 $74,400 Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). Depreciation was $200 per month. Insurance of $400 expired in December.
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Current Attempt in Progress On May 10, Sunland Company sold merchandise for $5.800 and accepted the customer's Best Business Bank MasterCard. At the end of the day, the Best Business Bank MasterCard receipts were deposited in the company's bank account. Best Business Bank charges a 4.5% service charge for credit card sales. Prepare the entry on Sunland Company's books to record the sale of merchandise. (Omit cost of goods sold entries.) (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation May 10 eTextbook and Media Save for Later Debit Credit Attempts: 0 of 2 used Submit Answer
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Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections to the accounts receivable subsidiary ledger. 15. Received cash from Pinecrest Co. for the balance owed on April 1. 16. Issued Invoice No. 796 to Pinecrest Co., $5,500. Post revenue and collections to the accounts receivable subsidiary ledger. 19. Received cash from Ohr Co. for the balance due on invoice of April 2. 20. Received cash from Pinecrest Co. for balance due on invoice of April 6. 22. Issued Invoice No. 797 to Mendez Co., $7,470. 25. Received $3,200 note receivable in partial settlement of the balance due on the Shilo Co. account. (Continued)
This information relates to Marin Co. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Cullumber Company for $26,600, terms 4/10, n/30. On April 6, paid freight costs of $630 on merchandise purchased from Cullumber. On April 7, purchased equipment on account for $33,900. On April 8, returned $5,100 of April 5 merchandise to Cullumber Company. On April 15, paid the amount due to Cullumber Company in full.
Journalizing Cash Receipts Enter the following transactions in a cash receipts journal: July 6 Abel Linstron made payment on account, $623. 10 Made cash sales for the week, $2,340. 14 Vassia Efron made payment on account, $430. 15 P. R. Picard made payment on account, $117. 17 Made cash sales for the week, $2,237. If the account credited column is not used, select "No entry".
Select a description for each transaction recorded in the following T accounts: Cash (c) 5,042.10 Accounts Receivable (a) 5,320 (b) 175 (c) 5,145 Sales (a) 5,320 Sales Returns andAllowances (b) 175 Sales Discounts (c) 102.90 descriptions available: Issued credit memo for merchandise returned or as an allowance for damaged merchandise. Received check from customer for amount paid within the discount period less the return. Sold merchandise for cash. Sold merchandise on account. Sold supplies for cash.