Homework Answers
| Date | Transactions | Journal |
| May 1 | Purchased merchandise on credit. | Purchases journal |
| May 2 | Sold merchandise on credit. | Sales journal |
| May 3 | Accepted a return of merchandise from a credit customer. | General journal |
| May 4 | Sold merchandise for cash. | Cash receipts journal |
| May 5 | Gave a $400 allowance for damaged merchandise. | General journal |
| May 6 | Received a payment on account from credit customer. | Cash receipts journal |
| May 7 | Issued a check to pay a creditor on account. | Cash payments journal |
| May 8 | Received an additional cash investment from the owner. | Cash receipts journal |
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dable Assignment i Exercise 7.1 Identifying the journal to record transactions. LO 7-1 The accounting system...
Read the description of following transactions that are required during the accounting period for Mario's Electronics....
Read the description of following transactions that are required during the accounting period for Mario's Electronics. A. Sold $2,200 in merchandise on credit. The transaction did not involve sales tax. B. Gave a $600 allowance to a credit customer for damaged merchandise. The original sale was subject to 8% sales tax. C. Received a check for $200 from a credit customer on account. D. Sold $200 in merchandise for cash. The transaction is subject to 8% sales tax. E. Accepted...
Record the following transactions of Fashion Park in a general journal Fashion Park must charge 8...
Record the following transactions of Fashion Park in a general journal Fashion Park must charge 8 percent sales tax on all sales TRANSACTIONS 2019 April Sold merchandise for cash. $1,150 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned sine of the serchandises provided a cash return to the customer Sold merchandise credit to Jordan Cla u d Sales Slip for plus tax, ter accepted return of damaged merchandise from Jordan Clarks Credit Memorandum 3e2...
Record these transactions in the appropriate journal. (Shown in Pictures) thank you... Learning Objectives 2...
Record these transactions in the appropriate journal.
(Shown in Pictures)
thank you...
Learning Objectives 2, 3 Check Figure Three entries in the purchases journal Remember Never record the same transaction in two sepa- rate journals. Group A Problem 7-1A Objective: To record purchases and returns The following transactions were completed by Kress Company during May 20X7. 20X2 May 1 Purchased merchandise on account from Clark Co., $1,295. Invoice NA 6 Purchased office supplies on account from Ellis Co., $240, Invoice...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $7,400 from Bole Company on account. 5 7 Received credit of $410 from Carwell Company for merchandise damaged in shipment to Hasselback Issued credit of $400 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $260. Hasselback Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal....
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8...
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. hts DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $1,650 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $150 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,200 plus tax, terms n/30. 6 Accepted return of...
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8...
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. TRANSACTIONS DATE 2019 April 2 Sold merchandise for cash, $1,300 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $100 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales slip 908 for $850 plus tax, terms n/30. 6 Accepted return of damaged...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Exercise 7.4 Recording sales returns and allowances. LO 7-2 The following transactions of Linens and Things...
Exercise 7.4 Recording sales returns and allowances. LO 7-2 The following transactions of Linens and Things that occurred in July. DATE TRANSACTIONS July 5 Accepted a return of damaged merchandise from Terri McDonald, credit customer; issued Credit Memorandum 301 for $486, which includes sales tax of $36; the original sale was made on Sales Slip 1610 of June 30. 21 Gave an allowance to Robert Lynch, a credit customer, for merchandise that was slightly damaged but usable; issued Credit Memorandum...
Exercise 7-1 Sales journal-perpetual LO P1 Finer Company uses a sales journal, a purchases journal, a...
Exercise 7-1 Sales journal-perpetual LO P1 Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general Journal. The following transactions occur in the month of May. May 2 Sold merchandise costing $440 to 3. Tacer for $660 cash, invoice no. 5703. 5 Purchased $2,100 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $1,188 to J. Dryer for $1,723, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $8,000...
Corona Company uses a sales journal, a cash recipts journal, and a general journal to record...
Corona Company uses a sales journal, a cash recipts journal, and a
general journal to record transactions with its customers. Record
the following transactions in the appropriate journals. The cost of
all merchandise sold was 65% of the sales price.
Corona Company uses a sales joumal, a cash receipts journal and a general journal to record transactions with its customers. Record the following transactions in the appropriate pumals. The cost of all merchandise sold was 65% of the soles price...
Read the description of following transactions that are required during the accounting period for Mario's Electronics. A. Sold $2,200 in merchandise on credit. The transaction did not involve sales tax. B. Gave a $600 allowance to a credit customer for damaged merchandise. The original sale was subject to 8% sales tax. C. Received a check for $200 from a credit customer on account. D. Sold $200 in merchandise for cash. The transaction is subject to 8% sales tax. E. Accepted...
Record the following transactions of Fashion Park in a general journal Fashion Park must charge 8 percent sales tax on all sales TRANSACTIONS 2019 April Sold merchandise for cash. $1,150 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned sine of the serchandises provided a cash return to the customer Sold merchandise credit to Jordan Cla u d Sales Slip for plus tax, ter accepted return of damaged merchandise from Jordan Clarks Credit Memorandum 3e2...
Record these transactions in the appropriate journal.
(Shown in Pictures)
thank you...
Learning Objectives 2, 3 Check Figure Three entries in the purchases journal Remember Never record the same transaction in two sepa- rate journals. Group A Problem 7-1A Objective: To record purchases and returns The following transactions were completed by Kress Company during May 20X7. 20X2 May 1 Purchased merchandise on account from Clark Co., $1,295. Invoice NA 6 Purchased office supplies on account from Ellis Co., $240, Invoice...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $7,400 from Bole Company on account. 5 7 Received credit of $410 from Carwell Company for merchandise damaged in shipment to Hasselback Issued credit of $400 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $260. Hasselback Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal....
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. hts DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $1,650 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $150 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,200 plus tax, terms n/30. 6 Accepted return of...
Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. TRANSACTIONS DATE 2019 April 2 Sold merchandise for cash, $1,300 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $100 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales slip 908 for $850 plus tax, terms n/30. 6 Accepted return of damaged...
an accounting information system. 4. What is a special journal? 5. What is the purpose of a subsidiary ledger? 6. What is a control account? 7. List the four special journals often used in a manual accounting information system. What types of transactions are recorded in each of the special journals? 8. Explain the posting process of the sales journal. 9. Provide some examples of transactions that would be recorded in the Other Accounts CR column of the cash receipts...
Exercise 7.4 Recording sales returns and allowances. LO 7-2 The following transactions of Linens and Things that occurred in July. DATE TRANSACTIONS July 5 Accepted a return of damaged merchandise from Terri McDonald, credit customer; issued Credit Memorandum 301 for $486, which includes sales tax of $36; the original sale was made on Sales Slip 1610 of June 30. 21 Gave an allowance to Robert Lynch, a credit customer, for merchandise that was slightly damaged but usable; issued Credit Memorandum...
Exercise 7-1 Sales journal-perpetual LO P1 Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general Journal. The following transactions occur in the month of May. May 2 Sold merchandise costing $440 to 3. Tacer for $660 cash, invoice no. 5703. 5 Purchased $2,100 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $1,188 to J. Dryer for $1,723, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $8,000...
Corona Company uses a sales journal, a cash recipts journal, and a
general journal to record transactions with its customers. Record
the following transactions in the appropriate journals. The cost of
all merchandise sold was 65% of the sales price.
Corona Company uses a sales joumal, a cash receipts journal and a general journal to record transactions with its customers. Record the following transactions in the appropriate pumals. The cost of all merchandise sold was 65% of the soles price...
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