Homework Answers
CASH
|
DR. |
CR. |
|
99,508 |
|
|
27,225 |
|
|
27,500 |
|
|
33,516 |
|
|
800 |
|
|
188,549 |
ACCOUNTS RECEIVABLES
|
DR. |
CR. |
|
169,010 |
55,000 |
|
55,000 |
76,000 |
|
76000 |
5915.35 |
|
- |
950 |
|
162,144.65 |
REVENUE
|
DR. |
CR. |
|
268,518 |
|
|
55,000 |
|
|
76,000 |
|
|
399,518 |
ALLOWANCES FOR UA
|
DR. |
CR. |
|
250 |
|
|
(250) |
BAD DEBTS
|
DR. |
CR. |
|
5915.35 |
800 |
|
950 |
|
|
6,065.35 |
SALES DISCOUNTS
|
DR. |
CR. |
|
275 |
|
|
684 |
|
|
959 |
SALES RETURNS & ALLOWANCES
|
DR. |
CR. |
|
38,000 |
|
|
3,800 |
|
|
41,800 |
TOTAL DEBITS & CREDITS
|
DR. |
CR. |
|
399,268 |
399,268 |
STEPS TO BE FOLLOWED:
- Sold to onalska – A/R
- Sold to LaCresent – A/R
- Cash from Onalaska (27500) at 1% discount (275).
- Rest of it also received.
- LaCresent returned goods – 38,000
- Also took allowance @10% - 3,800
- Paid rest amount within 14 days, i.e., @2% discount.
- 3.5% of remaining A/R – 169,010 were declared bad debts.
(9)
|
DATE |
PRINCIPAL |
RATE % |
TOTAL TERM |
TERM FOR 2021 |
INTEREST REVENUE |
|
28/2/2021 |
650,000 |
5.05% |
6 |
6 |
32,825 |
|
30/9/2020 |
2,500,000 |
5.25% |
9 |
6 |
87,500 |
|
1/10/2021 |
1,850,500 |
4.95% |
5 |
3 |
54,960 |
Add Answer to:
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Record the following journal entries and post to the
T-accounts for LAX Company for the month of March:
1. On 3/1, Common stock was issued for $60,000.
2. On 3/3, LAX signed a 6% note at State Bank for $85,000.
3. On 3/4, LAX purchased printing equipment for $67,250. One month
of insurance expense
4. On 3/6, LAX purchased printing supplies on account for $3,250.
Salaries and utilities expense of $695 and $286, respectively
5. On 3/7, LAX purchased prepaid...
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Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers Transactions related to revenue and
cash receipts completed by Crowne Business Services Co. during the
period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to
Ohr Co., $6,960. Apr. 5. Received cash from Mendez Co. for the
balance owed on its account. Apr. 6. Issued Invoice No. 794 to
Pinecrest Co., $2,510. Apr. 13. Issued Invoice No. 795 to Shilo
Co., $3,740. Post revenue and collections...
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