Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the General Ledger? GENERAL JOURNAL Page 11 DOC. POST. GENERAL DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT Supplies-Store Accts. Pay./Shoe Shack Jun M44 1005 220.00 220.00 Figure 3.03 M O Debit Supplies-Store $220; credit Accounts Payable/Shoe Shack, $220 O Debit Supplies-Store $220; credit Accounts Payable-Controlling Account, $220 and Accounts Payable/Shoe Shack, $220 O Debit Accounts Payable-Controlling Account, $220; credit Accounts Payable/Shoe Shack, $220 O Debit Accounts Payable/Shoe Shack, $220; credit Supplies-Store $220

Which would be the correct posting of the General Journal Entry shown in Figure 3.03 M to the General Ledger? GENERAL JOURNAL Page 11 DOC. POST. GENERAL DATE ACCOUNT TITLE NO. REF. DEBIT CREDIT Supplies-Store Accts. Pay./Shoe Shack Jun M44 1005 220.00 220.00 Figure 3.03 M O Debit Supplies-Store $220; credit Accounts Payable/Shoe Shack, $220 O Debit Supplies-Store $220; credit Accounts Payable-Controlling Account, $220 and Accounts Payable/Shoe Shack, $220 O Debit Accounts Payable-Controlling Account, $220; credit Accounts Payable/Shoe Shack, $220 O Debit Accounts Payable/Shoe Shack, $220; credit Supplies-Store $220

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Description: Which would be the correct posting of the General Journal Entry shown in Figure 3.03M to the General Ledger?GENERAL JOURNALPage 11DOC.PO ST.GENERALDATEACCOUNT TITLENO.REF.DEBITCREDITJun9 Supplies-StoreM441005220.00Accts. Pay./Shoe Shack220.00Figure

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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! Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 180 units from the January 30 purchase, 5 units from the January 20 purchase, and 15 units from beginning inventory. Units Acquired at Cost @ Date Activities Units sold at Retail Beginning inventory $ 6.00 = $ 840 January 1 January 10 January 20 January 25 January 30 140 units Sales 100 units @ $ 15 Purchase 60 units $ 5.00 = 300 Sales 80 units @ $ 15 Purchase 180 units $ 4.50 = 810 Totals 380 units $ 1,950 180 units Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO. All sales and purchases are made on account, and no discounts are offered.
Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following creditor's (supplier's) account: Hellman Services Inc. NAME ADDRESS 2199 Commerce Place Debit Date Item Post. Ref. Credit Balance Nov. 1 Balance 487 Nov. 11 Invoice No. 214 CP121 239 248 Nov. 22 Invoice No. 204 P36 155 403 Select the choice that describes each transaction and the source of each posting. Date Action Invoice No. Posted From Journal Page Nov. 11 Nov. 22
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
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
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Listed below are selected transactions of Riverbed Department Store for the current year ending December 31. 1. 2. 3. 4. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. During December, cash sales totaled $823,200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $115,700. The trucks were purchased in a state that applies a 5% sales tax. The store sold 29 gift cards for $100 per card. At year-end, 24 of the gift cards are redeemed. Riverbed expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each…
answer in text form please (without image), Note: .Every entry should have narration please
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1. Open an accounts payable ledger account for the following vendors: 1. Central Lumber, 220 1. Commercial Tool Warehouse, 230 2. Record a balance on the following account: 1. Interior Plumbing Parts -- $2,320 on August 21.
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Using the five journals as named here: • Sales, Purchases, Cash Receipts, Cash Disbursements, and General Using the following as possible column header titles (for vendors use "Ref." and for customers use "Acct. No."): • Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., or Ref. And using the accounts listed below, complete the journal headings and record the journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold Allowances PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" 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…
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.…