Wallace Contracting recorded the following transactions during November 2023:Debit Credit8,5002,600General JournalNov. 3 Accounts Receivable ABC ShopSales*8 Accounts Receivable-Colt EnterprisesSales*11Accounts Receivable-Red McKenzieSales*19 Sales Returns and Allowances*Accounts Receivable-Red Mckenzie28 Accounts Receivable-ABC ShopSales*1,5602144,9808,500GENERAL LEDGER2,6001,5602144,980*Cost of goods sold (or COGS) has been ignored for the purpose of maintaining focus on accounts receivable.Required:1. Enter the preceding transactions into a General Ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns andAllowances. Also, enter the transactions in Accounts Receivable Subledger having a T-account for each customer.

General Ledgers are the ledgers used to record the head ledgers of the transactions entered.…

Wallace Contracting recorded the following transactions during November 2023: General Journal Nov. 3 Accounts Receivable-ABC Shop Sales* 8 Accounts Receivable-Colt Enterprises Sales* 11 Accounts Receivable-Red McKenzie Sales* 19 Sales Returns and Allowances* Accounts Receivable-Red McKenzie 28 Accounts Receivable-ABC Shop Sales* Debit Credit 8,500 2,600 1,560 214 4,980 8,500 2,600 1,560 214 4,980 "Cost of goods sold (or COGS) has been ignored for the purpose of maintaining focus on accounts receivable. Required: 1. Enter the preceding transactions into a General Ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also, enter the transactions in Accounts Receivable Subledger having a T-account for each customer.

Wallace Contracting recorded the following transactions during November 2023: General Journal Nov. 3 Accounts Receivable-ABC Shop Sales* 8 Accounts Receivable-Colt Enterprises Sales* 11 Accounts Receivable-Red McKenzie Sales* 19 Sales Returns and Allowances* Accounts Receivable-Red McKenzie 28 Accounts Receivable-ABC Shop Sales* Debit Credit 8,500 2,600 1,560 214 4,980 8,500 2,600 1,560 214 4,980 "Cost of goods sold (or COGS) has been ignored for the purpose of maintaining focus on accounts receivable. Required: 1. Enter the preceding transactions into a General Ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also, enter the transactions in Accounts Receivable Subledger having a T-account for each customer.

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

Can you also send me how to do this one? 2. Refer to the data below for XYZ Corporation. Credit sales during 2018 850,000 Accounts Receivable—January 1, 2018 334,000 Collections from credit customers during 2018 725,000 Estimated uncollectible accounts based on an aging analysis 13,200 Customer accounts written off as uncollectible during 2018 12,000 Allowance for doubtful accounts 1,700(after write-off of uncollectible accounts) Answer the following questions using the above data: A. What is the balance of Accounts Receivable at December 31, 2018? B. If the aging approach is used to estimate bad debts, what should the balance in Allowance for Doubtful Accountsbe after the bad debts adjustment? C. If the aging approach is used to estimate bad debts, what amount should be recorded as bed debts expense for2018?
The entry to record the receipt of payment within the discount period on a sale of $1500 with terms of 1/10, n/30 will include a credit to Cash for $1485. Accounts Receivable for $1500. ● Sales Revenue for $1500. ● Sales Discounts for $15.
Consider the following transactions for Z-Container Co.: April 4 Z-Container Co. buys $30,400 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. April 10 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. What is the net amount of Accounts Receivable due if Z-Container Co. makes payment withing the discount period? $30,400 $25,088 $25,600 $29,792 Consider the following transactions for Grote's Shipping Materials: April 6 Grote's Shipping Materials buys $149,600 worth of merchandise inventory on account with credit terms of 3/10, n/30. Assuming Grote's Shipping Materials uses the periodic inventory system, which is the correct journal entry for this transaction? Accounts Payable $149,600 Debit Purchases $149,600 Credit Inventory $149,600 Debit Accounts Payable $149,600 Credit Purchases $149,600 Debit Accounts Payable $149,600 Credit Accounts Payable $149,600 Debit Inventory…
summarizing the transactions affecting the accounts receivable Credible Company provided the following T-account Problem 4-2 (IAA) for the current year: Accounts Receivable 600,000 Collections from customers 5,300.000 6,000,000 Writeoff Jan. 1 balance 35,000 Charge sales Shareholders' - subscriptions Deposit on contract Claims against common 40,000 Merchandise returns 200,000 Allowances to customer for shipping damages Collections on carrier claims 40,000 25,000 120,000 100,000 Collection on subscriptions 10,000 50,000 carrier for damages IOUS from employees Cash advance to affiliates 100,000 Advances to a supplier 50,000| Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.
Exercises Prepare entries for recognizing accounts receivable. E8.1 (LO 1), AP On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) Journalize entries related to accounts receivable.
Delta Company sells goods and performs services for its customers. On May 1, 2021 "Accounts Receivable" had a debit balance of $150. During the month of May the following transactions occurred. Date Transaction description May 5 Sold goods to customer A on credit for $400, 2/10, n/30 May 8 Performed services for customer B for $200 cash May 12 Customer A returned goods with a sales price for $100 May13 Received payment from customer A for the balance due May 17 Performed services for customer C and billed the customer $100 May20 Received a partial payment of $80 from customer C Required: (a) Prepare the journal entries for the above transactions (Ignore COGS) (b) What is the balance of Accounts Receivable on May 31 Solution (a) Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___ Cr.______ ___ Date Account title $…
On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800
Please help me with all answers I will give upvote
es Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 5,775 Sales 5,775 November 10 Accounts Receivable-Welcome Incorporated Sales 1,706 1,706 November 13 Accounts Receivable-Zia Company Sales 1,000 1,000 November 21 Sales Returns and Allowances 258 November 30 Accounts Receivable-Zia Company Accounts Receivable-Ski Shop 258 3,557 Sales 3,557 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 0 0 Sales Ending Balance 0 0 Zia Company Ending Balance 0 0
Mukhi Don't upload any image please
9. Which of the following is recorded upon receipt of a payment on April 7, 2021, by a customer who pays a $900 invoice dated March 3, 2021, with terms 2/10, n/60? A. Debit Sales Discounts $18. B. Credit Purchase Discounts $18. C. Credit Accounts Receivable $882. D. Debit Cash $900.
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?