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Homework Answers
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| 1 | Sales Journal |
| 2 | Purchases Journal |
| 3 | Cash Receipts Journal |
| 4 | Cash Disbursements Journal |
| 5 | General Journal |
| 6 | Cash Disbursements Journal |
| 7 | General Journal |
| 8 | Cash Receipts Journal |
| 9 | Purchases Journal |
| 10 | Cash Disbursements Journal |
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Match the proper journal to the transaction. The Company sold $5,000 of inventory to a customer...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction is necessary, simply write, "No JE necessary". Make sure each debit and credit are clearly labeled, including the dollar amount. Journal entry format example: The company received cash for a sale in the amount of $100. DR Cash 100 CR Revenue 100 1. The company purchased office equipment for $70,000, paying $25,000 in cash and signing a 30-day note payable for the remainder. 2....
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements...
Peachtree 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 1 Purchased $10,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $900 on credit to G. Seles for $1,500 subject to a $30 sales discount if paid by the end of the month. 14 Purchased $240 of store supplies from Chang Company on...
Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements...
Peachtree 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 1 Purchased $12,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,000 on credit to G. Seles for $2,000 subject to a $35 sales discount if paid by the end of the month. 14 Purchased $290 of store supplies from Chang Company on credit,...
Quiz 7-3 Finer Company uses a sales journal, a purchases journal, a cash recelpts journal, a cash disbursements journal...
Quiz 7-3
Finer Company uses a sales journal, a purchases journal, a cash recelpts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May 2 Sold merchandise costing $400 to B. Facer for $600 cash, invoice no. 5703 5 Purchased $2,8ee of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $1,08e to J. Dryer for $1,566, terms 2/10, n/30, invoice no. 5784. 8 Borrowed $8,000 cash by signing a note...
2. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
Journal entries for each transaction Required information [The following information applies to the questions displayed below.)...
Journal entries for each transaction
Required information [The following information applies to the questions displayed below.) Vail Resorts, Inc., owns and operates 11 premier year-round ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, Vermont, and Australia). The company also owns a collection of luxury hotels. resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the...
Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general...
Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 to G. Seles for $1,700 on credit subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms...
Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements...
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 2 Sold nerchandise costing $260 to B. Facer for $390 cash, invoice no. 5703. 5 Purchased $2,950 of merchandise on credit from Marchant Corp. 7 Sold nerchandise costing $702 to J. Dryer for $1,018, terms 2/10, n/30, invoice no. 5704 8 Borroved $8,000 cash by signing a note payable to...
Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements...
Ali Co. 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 November Nov. 3 The company purchased $3,300 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $871 on credit to ). Than for $957, subject to a $19 sales discount if paid by the end of the month. 9 The company borrowed $2,825 cash by...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction is necessary, simply write, "No JE necessary". Make sure each debit and credit are clearly labeled, including the dollar amount. Journal entry format example: The company received cash for a sale in the amount of $100. DR Cash 100 CR Revenue 100 1. The company purchased office equipment for $70,000, paying $25,000 in cash and signing a 30-day note payable for the remainder. 2....
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
Quiz 7-3
Finer Company uses a sales journal, a purchases journal, a cash recelpts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May 2 Sold merchandise costing $400 to B. Facer for $600 cash, invoice no. 5703 5 Purchased $2,8ee of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $1,08e to J. Dryer for $1,566, terms 2/10, n/30, invoice no. 5784. 8 Borrowed $8,000 cash by signing a note...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
Journal entries for each transaction
Required information [The following information applies to the questions displayed below.) Vail Resorts, Inc., owns and operates 11 premier year-round ski resort properties (located in the Colorado Rocky Mountains, the Lake Tahoe area, the upper midwest, Vermont, and Australia). The company also owns a collection of luxury hotels. resorts, and lodging properties. The company sells lift tickets, ski lessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the...
Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 to G. Seles for $1,700 on credit subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms...
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 2 Sold nerchandise costing $260 to B. Facer for $390 cash, invoice no. 5703. 5 Purchased $2,950 of merchandise on credit from Marchant Corp. 7 Sold nerchandise costing $702 to J. Dryer for $1,018, terms 2/10, n/30, invoice no. 5704 8 Borroved $8,000 cash by signing a note payable to...
Ali Co. 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 November Nov. 3 The company purchased $3,300 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $871 on credit to ). Than for $957, subject to a $19 sales discount if paid by the end of the month. 9 The company borrowed $2,825 cash by...
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