Homework Answers
| Debit | Credit | |
| Purchases | 7900 | - |
| Freight Expense | 50 | - |
| Accounts Payable | - | 7900 |
| Cash | - | 50 |
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Account titles available for use: Cash Purchases Purchase Returns Cost of Goods Sold Accounts Receivable Purchase...
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost...
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost of Goods Sold Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Only part c Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
The following are selected account balances for Streamline Services: Selling Expenses $500 Interest Expense 42 Purchases...
The following are selected account balances for Streamline Services: Selling Expenses $500 Interest Expense 42 Purchases 2,300 Sales 7,900 Accounts Payable 90 Ending Inventory ? Prepaid Insurance 84 Net Sales 7,430 Purchase Discounts 158 Beginning Inventory 300 Sales Returns and Allowances ? Purchase Returns and Allowances 180 Cost of Goods Sold 1,500 Sales Discounts 260 Required: Prepare a partial income statement through gross profit on sales. Do not prepare the heading.
Accounts Receivable 109760 Sales 109760 Cost of Goods Sold 67200 Inventory 67200 Accounts Receivable-Blue Star Co....
Accounts Receivable 109760 Sales 109760 Cost of Goods Sold 67200 Inventory 67200 Accounts Receivable-Blue Star Co. 1800 Cash 1800 Cash 111560 Accounts Receivable-Blue Star Co. 111560 Inventory 1800 Accounts Payable-Shore Co. 1800 Accounts Payable-Shore Co. 111560 Cash 111560 Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms Freight terms in which the buyer pays the transportation costs from the shipping point to the final destination.FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200....
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
Cost of Goods Sold - Year-end closing entry: QuickBooks automatically debits cost of goods sold and...
Cost of Goods Sold - Year-end closing entry:
QuickBooks automatically debits cost of goods sold and
credits inventory for the product cost for each sale. The inventory
account is also automatically updated for the inventory purchases
and purchases returns. therefore, the QuickBooks data does
not include the following accounts from the SUA: A/C
#30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance).
Waren treats purchase discounts taken and freight-in as a part of
cost of goods sold, but records them...
Using the information in Ex 5-26 on page 373 and 374, what would be the entry...
Using the information in Ex 5-26 on page 373 and 374, what would be the entry to close out those temporary accounts with credit balances - journal entry #1 in the closing journal entries process? Select one: a. Dr. Inventory $2,550, Dr. Purchase Discounts $37, Dr. Purchase Returns & Allowances $110, Dr. Sales $38,200 and Cr. Income Summary $40,897 b. Dr. Sales $38,200 and Cr. Income Summary $38,200 c. Dr. Purchase Discounts $37, Dr. Purchase Returns & Allowances $110, Dr....
No. Date Account Titles and Explanation Debit Credit (1) Dec 500000 3 Accounts Receivable 500000 Sales...
No. Date Account Titles and Explanation Debit Credit (1) Dec 500000 3 Accounts Receivable 500000 Sales Revenue (To record credt sale) Cost of Goods Sold 320000 Inventory 320000 (To record cost of good sold) Dec. (2) E Sales Returns and Allowances 20000 Accounts Receivable 20000 Dec. (3) 043 Cash 475200 Sales Discounts 4800 Accounts Receivable 480000 ▼ (b) Assume that Kale Company received the balance due from Thomson Co. on January 2 of the following year instead of December 13....
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. Purchased merchandise from Green Company on account, $5,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $230. November 3 November 9 Returned to Green Company merchandise previously purchased on account, $200. Paid the amount due to Green Company. November 14 Date Account Title Debit Credit * (Choose one) Accounts Payable Accounts...
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable...
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost of Goods Sold Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Only part c
Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation Equipment Advertising Expense Buildings Cash Casuality Loss from Vandalism Cost of Goods Sold Depreciation Expense Dividend Revenue Equipment Freight-In Freight-Out Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Notes Payable Operating Expenses Owner's Capital Owner's Drawings Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Salaries and...
Cost of Goods Sold - Year-end closing entry:
QuickBooks automatically debits cost of goods sold and
credits inventory for the product cost for each sale. The inventory
account is also automatically updated for the inventory purchases
and purchases returns. therefore, the QuickBooks data does
not include the following accounts from the SUA: A/C
#30500 (Purchases) and A/C #30600 (Purchase Returns and Allowance).
Waren treats purchase discounts taken and freight-in as a part of
cost of goods sold, but records them...
Using the information in Ex 5-26 on page 373 and 374, what would be the entry to close out those temporary accounts with credit balances - journal entry #1 in the closing journal entries process? Select one: a. Dr. Inventory $2,550, Dr. Purchase Discounts $37, Dr. Purchase Returns & Allowances $110, Dr. Sales $38,200 and Cr. Income Summary $40,897 b. Dr. Sales $38,200 and Cr. Income Summary $38,200 c. Dr. Purchase Discounts $37, Dr. Purchase Returns & Allowances $110, Dr....
No. Date Account Titles and Explanation Debit Credit (1) Dec 500000 3 Accounts Receivable 500000 Sales Revenue (To record credt sale) Cost of Goods Sold 320000 Inventory 320000 (To record cost of good sold) Dec. (2) E Sales Returns and Allowances 20000 Accounts Receivable 20000 Dec. (3) 043 Cash 475200 Sales Discounts 4800 Accounts Receivable 480000 ▼ (b) Assume that Kale Company received the balance due from Thomson Co. on January 2 of the following year instead of December 13....
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. Purchased merchandise from Green Company on account, $5,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $230. November 3 November 9 Returned to Green Company merchandise previously purchased on account, $200. Paid the amount due to Green Company. November 14 Date Account Title Debit Credit * (Choose one) Accounts Payable Accounts...
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
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