Purchase journal Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account. To record: The purchase transactions in the PS Incorporation during the month of June.

Question

calculate the companys net income ?

Answer 1

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

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calculate the companys net income ?

Chapter 21 Homework i Saved You received partial credit in the previous attempt. 00 8 Exercise 21-3 (Algo) Preparing flexible budgets LO P1 1.25 points 04:49:00 Tempo Company's fixed budget (based on sales of 12,000 units) folllows. Fixed Budget eBook + Hint Ask Print Sales (12,000 units x $216 per unit) Costs Direct materials Direct labor Indirect materials Supervisor salary Sales commissions Shipping Administrative salaries. Depreciation-Office equipment Insurance Office rent Income 1. Compute total variable cost per unit. 2. Compute total fixed costs. 2,592,000 288,000 528,000 336,000 88,000 84,000 192,000 138,000 108,000 78,000 88,000 664,000 3. Prepare a flexible budget at activity levels of 10,000 units and 14,000 units. 5 References Mc Graw Hill Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare flexible budget at activity levels of 10,000 units and 14,000 units. Sales Variable costs Direct materials Direct labor Indirect…

what is company net income ?

Answer 2

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

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Answer 3

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Expert Solution & Answer

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Answer 4

Question

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Expert Solution & Answer

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Answer 5

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Answer 6

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

Answer 7

Chapter 5, Problem 5.14EX

(a)

To determine

Purchase journal

Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.

To record: The purchase transactions in the PS Incorporation during the month of June.

Answer 8

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

Answer 9

(b)

To determine

To describe: The total amount posted to the accounts payable, and office supplies accounts.

Answer 10

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Answer 11

(c)

To determine

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Answer 12

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Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQ Ch. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQ Ch. 5 - What is an electronic form, and how is it used in...Ch. 5 - Prob. 8DQ Ch. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ

Solution Summary: The author explains that the purchase journal is used to record all purchases on account. The total amount posted to the accounts payable, and office supplies accounts are identified.

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To describe: The total amount posted to the accounts payable, and office supplies accounts.

To describe: The June 30 balances of the O U Incorporation creditor account, and assume that the opening balance is zero.

Chapter 5 Solutions