November 3 The company purchased $2,700 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a $16 sales discount if paid by the end of the month. November 9 The company borrowed $3,425 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $4,725 cash to the company. November 18 The company sold merchandise costing $113 to B. Cox for $201 cash. November 22 The company paid Hart Company $2,700 cash for the merchandise purchased on November 3. November 27 The company received $767 cash from J. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,350 in cash. CASH RECEIPTS JOURNAL
Q: A property holding company declared a dividend of 10 per share for the common stock. If the common…
A: Stock/Dividend yield ratio : Dividend yield ratio measures the return/profit on investment in stocks…
Q: Allowance for doubtful accounts has a credit balance of $9000 at the end of the year, before…
A: Net sales = Sales - Sales returns and allowances Bad debts expense = Net sales*2%
Q: Determine the amount of a semi-annual coupon paid for a 3% bond with a face value of PhP80,000 which…
A: Interest on Bonds : Interest on Bonds is paid periodically as per the term of the bonds issue…
Q: For every P500 worth of services rendered to customers, Beauty has to pay P300 salary expense, and…
A: According to accrual concept of accounting, expense and revenues are recorded in books of account…
Q: Which of the following statements is true? Multiple Choice O The spending variance for a fixed…
A: Spending variance is the representation of the difference that arises in due to actual and the…
Q: A person cannot be allowed to deduct Select the correct response O Bed debts which have been…
A: Note:- “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: in 2022, Draper Company discovered emors made in 2019-2021, its first three years of operation…
A: After a corporation has paid all of its direct expenses, indirect costs, income taxes, and dividends…
Q: Net income - P200,000; Depreciation expense - P40,000; Dividends declared - P70,000; Dividends paid…
A: The calculation of cash flow involve a cash inflows out flow operating activities are deactivitis…
Q: Hide student question Issue #11: Comparison of Returns on $200000 and 5.5% on$70,000 Investors,…
A: HISTORICAL RETURN EXPECTATION IS SIMILAR TO OR EQUAL TO 9% P.A. SAFEST INVETSMENT OPTION 5.5% on…
Q: Support department cost allocation-sequential method Crystal Scarves & Co. produces winter scarves.…
A: The sequential method is way to allocate the support department costs to production department…
Q: William and Mary Shaw are married, file a joint tax return, and have one dependent child, Donna. The…
A: Answer:- Opportunity tax credit:- The main purpose of an American Opportunity Tax credit is to…
Q: The K. Wilson, Capital account balance was $179,000 at December 31 of the prior year, and there were…
A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…
Q: Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of…
A: Gross profit is the profit earned by the entity after considering the cost of merchandise sold. It…
Q: Which of the following statements about business meals is true? The meal is deductible whether or…
A: IRS allows the business to take deductions for the expense incurred meals at the time of filing…
Q: Quality Control Activities Activity Cost Product testing $55,000 Assessing vendor quality 26,000…
A: Introduction:- Prevention costs:- The costs incurred to avoid or minimize the number of defects…
Q: Great Inc.'s contribution margin ratio is 48% and its fixed monthly expenses are $36,000. Assuming…
A: Given Information as per Question Contribution Margin Ratio = 48% Fixed Monthly Expenses (or fixed…
Q: You have discussed your retirement plans with your significant other and plan to move to a state…
A: Introduction Planning for retirement is making arrangements for the career so that you may continue…
Q: The net asset (capital of Y) was P125,000. An account payable of P11,700 was paid. What is the new…
A: Given, Net assets = P125,000 Accounts payable paid is P11,700
Q: ndiana Corporation produces a single product that it sells for $9 per unit. During the first year of…
A: The fixed manufacturing cost per unit is calculated as total fixed cost divided by number of units…
Q: Micah asks his girlfriend Brandi if he can borrow her car. Brandi agrees to allow Micah to use her…
A: Discliamer: “Since you have asked multiple question, we will solve the first question for you. If…
Q: Bryan Company employs a standard cost system in which direct materials inventory is carried at…
A: Direct material price variance = (Standard price - Actual Price) * Actual Quantity, Direct material…
Q: Exercise 5-1 (Algo) Computing revenues, expenses, and income LO C1 Fill in the blanks in the…
A: The gross profit is calculated as difference between sales and cost of goods sold. The net income is…
Q: JST Limited has computed the following income (loss) for the year ended December 31, 2022: Loss…
A: Capital gain or loss arises when a capital asset is sold, if its selling price is more than its…
Q: What is the difference between experience versus assets with an example?
A: Experience and assets are both important components of an individual or organization, but they have…
Q: If you invest $25,000 today, and make 24 withdrawals of $1,200 at the end of each month beginning in…
A: Solution: The correct option is b) 15.20% Detailed explanation: The initial Investment is $25000…
Q: During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of…
A: COST OF GOODS SOLD Cost of goods sold is the carrying value of goods sold during a particular…
Q: Rosewood Company made a loan of $7,000 to one of the company's employees on April 1, Year 1. The…
A: The accrued revenue is the revenue earned but not received yet. The accrued revenue is recorded as…
Q: 6. ochra The following accounts are found in the trial balance of Goodwill Trading Corporation at…
A: The business raises funds either by equity or debt. The company can issue common or preferred shares…
Q: examination of the trend of the same items, groups of items and calculated things in two or more…
A: The question is related to Anaysis of Financial Statements.
Q: Total value of Handsome Service for the period is P250,000. All are on cash basis except for the…
A: When discussing a company's operations, the term "capital" refers to the aggregate value of all…
Q: A Tesla solar panel is purchased for $1000 and depreciated over 12 years. At the end of 12 years,…
A: Note: We’ll answer the one question at a time, since the exact one wasn’t specified. Please submit a…
Q: Peter started to deposit PhP5,000 quarterly in a fund that pays 1% compounded quarterly. How much…
A: Introduction Quarterly compounding is the method for determining the income accrued on a deposit…
Q: PhP200,000 as downpayment for a farm. The remaining amount is to be settled by paying PhP16,200 at…
A: Interest - The fee paid for the right to borrow money is called interest. In contrast to how the…
Q: Explain the difference of alimony in an agreement entered into before January 1, 2019. and after…
A: The difference between alimony in an agreement entered into before January 1, 2019, and after…
Q: Q1 S, K and P are in a Partnership business as Machinery Manufacturers. They share Profits as 4:3:3.…
A: Final Accounts of a Partnership Firm include: Trading, Profit and Loss A/c Profit and Loss…
Q: Raw Materials Inventory, June 1 Purchases Total Raw Materials Available for Use Less: Raw Materials…
A: Cost of goods sold - Cost of Goods Sold is the cost incurred to sell the goods to the customer. The…
Q: Assume that a company is considering a $2,500,000 capital investment in a project that would earn…
A: INTRODUCTION: The simple rate of return is the estimated incremental net income from a prospective…
Q: Jay-Zee Company makes an in-car navigation system. Next year, Jay-Zee plans to sell 19,000 units at…
A: Cost volume profit analysis is the technique used by management for decision-making. The methods…
Q: Dinham Kennel uses tenant-days as its measure of activity; an animal housed in the kennel for one…
A: Variance is the difference between the actual costs and standard costs. It is the amount which is…
Q: eBook Joint Cost Allocation-Weighted Average Method Carving Creations jointly produces wood chips…
A: Joint Cost :— It is the cost that is incurred jointly in the manufacturing of two or more joint…
Q: King Company estimated that it would operate its manufacturing facilities at 800,000 direct labour…
A: Variable overhead spending variance states that in total variable overhead variance, the amount of…
Q: Theodore (67) and Jessica (59) are married wit
A: In California if yor are a legally blind then you are eligible for special…
Q: The following individual taxpayers are subject to the graduated income tax rates of 20%-35%, except…
A: The question asked to find the correct option from the available option. Tax rates: Tax rate…
Q: Vasquez Development Partners purchased new construction equipment for $430,000 at the beginning of…
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…
Q: ABC Company reports the following data: Current ratio 2018 2 to 1 2019 3 to 1 Earnings Per Share…
A: Earning per share is the ratio of company's earnings available for the common stockholder's and the…
Q: July 1 Purchased $22,000 of merchandise on credit from Hector Company, terms n/15. July 4 Sold…
A: The special journals are prepared to record the specific transactions. The purchase journal is…
Q: Revenues Expenses Cost of goods sold Selling expenses General and administrative expenses Interest…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Question 2 What amount must be deposited by a 15-year old student in a bank that pays 1% compounded…
A: Interest is defined as any compensation made by the borrowing party to the person from whom money…
Q: According to its 2019 Income Statement, The Legendary Corporation had the following operating…
A: cash flow from assets (CFFA) = operating cash flow (OCF) - change in net working capital (change in…
Q: Date Account Dec. 31 Rent Fees Earned Furniture Rental Revenue Interest Revenue Wages Expense…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 2Received 411.60 cash from N. Rojas in payment of April 23 invoice of 420, less cash discount. 5Received 2,085 cash in payment of 2,000 note receivable and interest of 85. 8Sold merchandise on account to G. Soto, invoice no. 862, 830. 9Received 11,838.40 cash from D. Maddox in payment of April 30 invoice of 12,080, less cash discount. 15Received cash from G. Soto in payment of invoice no. 862, less cash discount. 16Cash sales for first half of May, 3,259. 19Received 296 cash from R. O. Higgins in payment of April 14 invoice, no discount. 22Sold merchandise on account to N. T. Jennings, invoice no. 863, 753. 25Received 239 cash refund for return of defective equipment bought in April for cash. 28Sold merchandise on account to M. E. Mueller, invoice no. 864, 964. 31Cash sales for second half of May, 4,728. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
- Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journalGomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger and accounts payable ledger accounts, journalize and post the following transactions: July 7Returned merchandise to Starcraft Industries, 700. 15Returned merchandise to XYZ, Inc., 450. 27Returned merchandise to Datamagic, 900.
- The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.
- Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalThe following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Shirleys Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Shirleys Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 3Bought 30 Mango Bath and Shower Gels from Madden, Inc., 660, invoice no. 3487, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 125.43 (total 785.43). 4Bought ten Beauty Candle Travel Sets from Calhoun Candles, Inc., 420, invoice no. 4513, dated January 1; terms net 45; FOB destination. 12Sold four Mango Bath and Shower Gels on account to R. Kielman, sales slip no. 1456, 120, plus sales tax of 9.60, total 129.60. 13Received credit memo no. 8715 from Calhoun Candles, Inc., for merchandise returned, 84. 21Bought five Winter Skin Essentials Kits from Whitney and Waters, 197.50, invoice no. A875, dated January 18; terms 2/15, n/45; FOB destination. 25Sold three Winter Skin Essentials on account to A. Benner, sales slip no. 1457, 135.75, plus sales tax of 10.86, total 146.61. 27Issued credit memo no. 33 to A. Benner for merchandise returned, 45.25 plus 3.62 sales tax, total 48.87. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: A. Benner, 45.77; R. Kielman, 175.39. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., 355.23; Madden, Inc., 573.15; Whitney and Waters, 50.25. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 221.16; Accounts Payable 212 controlling account, 978.63; Sales Tax Payable 214, 128.45. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 25. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.