College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter D, Problem 6P
Prepare entries in general journal form to record the following:
June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.
July 12 Received $740 in cash from K. Perrot and a 60-day, 7 percent note for $1,000, dated July 12.
Aug. 17 Discounted the note at the bank at 7.5 percent.
Check Figure
8/17 Cash, $1006.61
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Record the transactions. (Journal Entries)
December
1
Issued check for $200 for December rent
Took out a short term loan from the bank in the amount of $1,600. Note is due in 60 days at 6% interest.
3
Issue credit memo for $20 to Ritter for merchandise returned
4
Received check for $392 (after discount) from Dunn in payment on account
Issued check for $891 (net of discount) to Service Toy
7
Received check for $343 (after discount) from Ritter in payment on account
8
Harris issues credit memo to us for $18 (inventory)
Sold equipment for $60. Orginal cost was $500. Accumulated depreciation at the time of sale was $450
9
Purchase merchandise on account from Larkin $1,000
11
Sold merchandise on account to Thayer $200
Issue check to purchase new equipment for $400
12
Purchase merchandise on account from Clark $ 1,300
14
Issue check for $24 for phone bill
Sold merchandise on account to Gage $350
15
Cash sales from December 1 to 15 were $ 2,030…
May 13: Paid the invoice of April 14.
Date
Description
Debit
Credit
May 13
May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.
Date
Description
Debit
Credit
May 17
June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account.
Date
Description
Debit
Credit
June 2
Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date.
Date
Description
Debit
Credit
Aug. 1
Record the following transactions in the cash receipts journal.
Jun. 12 Your company received payment in full from Jolie Inc. in the amount of
$1,225 for merchandise purchased on June 4 for $1,250, invoice number #1032.
Jolie Inc. was offered terms of 2/10, n/30. Record the payment.
Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice
#1027, dated June 1, in the amount of $2,500, terms offered 3/10, n/30.
Jun. 17 Your company received a refund check (its check #12440) from the State
Power Company because you overpaid your electric bill. The check was in the
amount of $72. The Utility Expense account number is #450. Record receipt of the
refund.
Chapter D Solutions
College Accounting (Book Only): A Career Approach
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- Create general journal entries: Record the reimbursement of the petty cash fund. Record the increase of the petty cash fund.arrow_forwardLundquist Company received a 60-day, 6% note for $37,500, dated July 23, from a customer on account. Required: a. Determine the due date of the note. b. Determine the maturity value of the note. Assume 360 days in a year. c. Journalize the entry to record the receipt of the payment of the note at maturity. Refer to the Chart of Accounts for exact wording of account titles. ASSETS 110 Cash 111 Petty Cash 120 Accounts Receivable 129 Allowance for Doubtful Accounts 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 312 Income Summary REVENUE 410…arrow_forwardRecord the following transactions in general journal form: Issued a $6,000 note to Shelter, Inc for 72 days at 10% on account. 2. Discounted a $6,000, 36-day, 6% note payable at the bank. 3.Paid the note due its due date in (b)arrow_forward
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