Question

instructions Chart of Accounts General Journal Instructions Journalize the following inventory merchandise transactions, assu

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Date General Journal Debit Credit
Dec. 1 Accounts Receivable $12,000
Sales $12,000
Cost of Merchandise Sold $7,800
Merchandise Inventory $7,800
Dec. 6 Cash $11,760
Sales Discounts($12,000 * 2%) $240
Accounts Receivable $12,000
Add a comment
Know the answer?
Add Answer to:
instructions Chart of Accounts General Journal Instructions Journalize the following inventory merchandise transactions, assuming that the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Instructions Chart of Accounts General Journal Instructions Journalce the following inventory merchandise transacti...

    Instructions Chart of Accounts General Journal Instructions Journalce the following inventory merchandise transactions, assuming that the company uses the perpetua very stern Roberto the Chart Accounts for exact wording of account De 1 Sold merchandise on account, $17,300, with torms 2/10.net 30. The cost of the merchandise sok was $12,600 6 Received payment within the discount period

  • dec 1. sold merchandise on account $17300 with terms 2/10 net 30. the cost of the...

    dec 1. sold merchandise on account $17300 with terms 2/10 net 30. the cost of the merchandise sold was $12600 Chart of Accounts General Journal Instructions Instructions Journalize the foiowing inventory merchandise transactions, assuming that the company uses the perpetual inventory system Refer to the Chart of Accounts for exact wording of account tities Sold merchandise on account, $17,300 with terms 2/10, net 30. The cost of the merchandise sold was Dec $12,600 6 Received payment within the discount period

  • journalize Jesse's investment and Tim's investment Instructions Chart of Accounts General Journal Instructions Jesse and Tim...

    journalize Jesse's investment and Tim's investment Instructions Chart of Accounts General Journal Instructions Jesse and Tim forma partnership by combining the assets of their separate businesses Jesse contributes accounts receivable with a face amount of SS0,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be valued at $58.000 that $3,500 of the accounts receivable are completely worthless and are not to be accepted TEATTERIT by the partnership, and...

  • Entries for installment note transactions Instructions Chart of Accounts Journal Instructions Journal On January 1, Year...

    Entries for installment note transactions Instructions Chart of Accounts Journal Instructions Journal On January 1, Year 1, Luzak Company issued a $184,000, five-year, 8% installment note to McGee Bank. The note requires annual payments of $46,084, beginning on December 31, Year 1 Journalize the entries to record the transactions. Refer to the Chart of Accounts Journalize the entries to record the following transactions. Refer to the Chart of Accounts for exact wording of account titles. JOURNAL DATE DESCRIPTION Year 1...

  • Instructions Chart of Accounts General Journal Instructions Jesse and Tim form a partnership by combining the...

    Instructions Chart of Accounts General Journal Instructions Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $45,000 and equipment with a cost of $185,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $67,900, that $3,900 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,100 is a reasonable allowance...

  • Instruction Chart of Accounts General Journal Instruction The following errors took place in journalizing and posting...

    Instruction Chart of Accounts General Journal Instruction The following errors took place in journalizing and posting transactions: a. Dividends of $5,000 were recorded as a debit to Office Expense and a credit to Cash. b. Accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Eamed. Required: Journalize the entries to correct the errors. Refer to the Chart of Accounts for exact wording of account titles. Previous

  • Transactions Instructions Chart of Accounts Journal Instructions Concrete Consulting Co. has the following accounts in its...

    Transactions Instructions Chart of Accounts Journal Instructions Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Jason Payne, Capital; Jason Payne, Drawing; Foes Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Transactions Oct 1 3 10 Paid rent for the month, $2,800. Paid advertising expense, $500. Paid cash for supplies, $1,300. Purchased office equipment on account, $9,500. Received cash from customers on account, $15,500. Paid creditors on account, $3,180. Paid...

  • Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received...

    Instructions Chart of Accounts General Journal Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock. (b) Purchased equipment for $27,000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Recorded $9,800 of lees earned on account. (1) Received $7,500 in cash for fees earned. (g) Paid $1,200 to creditors on account. (h) Paid wages of...

  • Record the following purchases and sales transactions for Manioc Corp. using the general journal form provided...

    Record the following purchases and sales transactions for Manioc Corp. using the general journal form provided below. Assume Manioc uses a periodic inventory system. Omit transaction descriptions from entries. Date Transaction Apr. 1 Purchased merchandise on account, list price $22,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4 Sold merchandise on account, $8,500. 6 Purchased merchandise on account, $18,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $140 added to the invoice. 8 Sold merchandise on VISA,...

  • Chart of Accounts General Journal Instructions Prepare the December 31 hdjusting entries for the following transactions...

    Chart of Accounts General Journal Instructions Prepare the December 31 hdjusting entries for the following transactions 1. Fees accrued but not billed, $6,300. 2. The Supplies account balance on December 31, $4,750, Supplies on hand, $960. 3. Wages accrued but not paid, $2,700. 4. Depreciation of office equipment, $1,650. 5. Rent expired during year, $10,800. General Journal Prepare the December 31 adjusting entries for each transactions. Refer to the Chart of Accounts for exact wording of account titles PAGE 1...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT