Homework Answers
| Ans: | ||
| S.No | Transactions | Journals |
| 1 | Payment of creditors on account | Cash payment journal |
| 2 | Return of merchandise sold on credit | Sales return journal |
| 3 | Collection on account from customers | Cash receipt journal |
| 4 | Sale of land for cash | General journal/Journal proper |
| 5 | Sale of merchandise on account | Sales journal |
| 6 | Sale of merchandise for cash | Cash receipt journal |
| 7 | Received credit for the merchandise purchased on credit | "No entry" |
| 8 | Sales discount taken on goods sold | General journal/Journal proper |
| 9 | Payment of employee wages | Cash payment journal |
| 10 | Income summary closed to owner's capital | General journal/Journal proper |
| 11 | Depreciation on buiding | General journal/Journal proper |
| 12 | Purchase of office supplies for cash | Cash payment journal |
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Sesion Timeout du/courses/36916/assignments/321836?module_item_id-365246 Below are some typical transactions incurred by Ricketts Company For each transaction, indicate...
please help Po vd Wrolsd emotions 41. Below are some typical transactions incurred by Piper Company. 1. Purchase of...
please help
Po vd Wrolsd emotions 41. Below are some typical transactions incurred by Piper Company. 1. Purchase of merchandise on account. 2. Collection on account from customers. mozibele 3. Payment of employee's wages. lv 4. Sales of merchandise for cash. V obo9 5. Close Income Summary to owner's capital. TOT 6. Adjusting entry for depreciation on machinery. 7. Payment of creditors on account. D o n 8. Purchase of office equipment on credit. 9. Sales discount taken on goods...
please help Slobos o rgo vd Wolod ampliar 41. Below are some typical transactions incurred by...
please help
Slobos o rgo vd Wolod ampliar 41. Below are some typical transactions incurred by Piper Company. 1. Purchase of merchandise on account. 2. Collection on account from customers. b ln 3. Payment of employee's wages. 4. Sales of merchandise for cash. 5. Close Income Summary to owner's capital. ba 6. Adjusting entry for depreciation on machinery. 7. Payment of creditors on account. ovom 8. Purchase of office equipment on credit. 9. Sales discount taken on goods sold on...
Problem 1. The following are some typical transactions incurred by Ricketts Company. 1. Payment of creditors...
Problem 1. The following are some typical transactions incurred by Ricketts Company. 1. Payment of creditors on account. 2. Return of merchandise sold for credit. 3. Collection on account from customers. 4. Sale of land for cash. 5. Sale of merchandise on account. 6. Sale of merchandise for cash. 7. Received credit for merchandise purchased on credit. 8. Sales discount taken on goods sold. 9. Payment of employee wages. 10. Income summary closed to owner's capital. 11. Depreciation on building....
Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases jou...
Indicate the journal in which each of the following transactions should be recorded. Assume a three-column purchases journal. Paid a creditor on account. Cash Payments Bought merchandise on account. Sales Sold merchandise for cash. Cash Receipts Adjusted for insurance expired. General Journal Received payment on account from a charge customer. Cash Receipts Received a credit memo for merchandise returned. General Journal Bought equipment on credit. General Journal Sold merchandise on account. Cash Receipts Recorded a customer's NSF check. General Journal...
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...
Updated question. Question 3 The following are the transactions of A. Sutherland for the month of...
Updated question.
Question 3 The following are the transactions of A. Sutherland for the month of January 2007: Type of Transaction Jan. 01 02 cash receipt credit purchase credit sale 03 04 cash payment credit sale credit purchase A. Sutherland paid R5 000 into a business bank account. Purchased goods for resale from W Co. Ltd. on credit, R900. Sold goods on credit to Arthur for R1 000 Purchased goods for resale and paid by cheque no. 901, R480. Sold...
(4): Zakaria un Special Journals to record transactions with its customer. The following transactions occurred in...
(4): Zakaria un Special Journals to record transactions with its customer. The following transactions occurred in Omer Co. during July 2019: (7 marks) • July 7 Sold merchandise for LE. 125000 to Salman Co. ont account • July Purchased merchandise to Yasser Co. for L.E. 70000 cash. • July 9 Purchased merchandise of L.E. 50000 from Karim Co. on accountterms 2/10, – 30. • July 16 Purchased supplies of $5,000 bycash. • July 25 Borrowed L.E. 80000 cash from United...
Church Company completes these transactions and events during March of the current year (terms for all...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, /30). S 2/15, n e Mar. Purchased $34,000 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, terms 'n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for...
chapter 12 series B exercises PLEASE andise on account from Sillas avice No 12,53,100, terms 1/10,...
chapter 12 series B exercises
PLEASE
andise on account from Sillas avice No 12,53,100, terms 1/10, a Company 5 Returned merchandive purchased from Tang's Toys, receiving a credit wmemo on the amount owed, $500 s Parchased merchandise on account from Daisy's Dolls, Invoice No. 139, $1,900, terms 2/10, /30. 11 Issued Check No.415 t0 Tang's Toys for merchandise parchased on account, less return of luly 5 and less 2% dincount 13 Issoed Check No. 416 to Sillas & Company for...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in a statement of cash flows as an operating, investing, financing, or noncash activity. Also, indicate whether the transaction is a cash inflow or cash outflow, or has no effect on cash. The first answer is provided as an example. Transaction Type of Activity Operating Cash Inflow or Outflow Cash outflow Financing Investing 1. Payment of employee salaries 2. Sale of land...
please help
Po vd Wrolsd emotions 41. Below are some typical transactions incurred by Piper Company. 1. Purchase of merchandise on account. 2. Collection on account from customers. mozibele 3. Payment of employee's wages. lv 4. Sales of merchandise for cash. V obo9 5. Close Income Summary to owner's capital. TOT 6. Adjusting entry for depreciation on machinery. 7. Payment of creditors on account. D o n 8. Purchase of office equipment on credit. 9. Sales discount taken on goods...
please help
Slobos o rgo vd Wolod ampliar 41. Below are some typical transactions incurred by Piper Company. 1. Purchase of merchandise on account. 2. Collection on account from customers. b ln 3. Payment of employee's wages. 4. Sales of merchandise for cash. 5. Close Income Summary to owner's capital. ba 6. Adjusting entry for depreciation on machinery. 7. Payment of creditors on account. ovom 8. Purchase of office equipment on credit. 9. Sales discount taken on goods sold on...
Problem 1. The following are some typical transactions incurred by Ricketts Company. 1. Payment of creditors on account. 2. Return of merchandise sold for credit. 3. Collection on account from customers. 4. Sale of land for cash. 5. Sale of merchandise on account. 6. Sale of merchandise for cash. 7. Received credit for merchandise purchased on credit. 8. Sales discount taken on goods sold. 9. Payment of employee wages. 10. Income summary closed to owner's capital. 11. Depreciation on building....
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...
Updated question.
Question 3 The following are the transactions of A. Sutherland for the month of January 2007: Type of Transaction Jan. 01 02 cash receipt credit purchase credit sale 03 04 cash payment credit sale credit purchase A. Sutherland paid R5 000 into a business bank account. Purchased goods for resale from W Co. Ltd. on credit, R900. Sold goods on credit to Arthur for R1 000 Purchased goods for resale and paid by cheque no. 901, R480. Sold...
(4): Zakaria un Special Journals to record transactions with its customer. The following transactions occurred in Omer Co. during July 2019: (7 marks) • July 7 Sold merchandise for LE. 125000 to Salman Co. ont account • July Purchased merchandise to Yasser Co. for L.E. 70000 cash. • July 9 Purchased merchandise of L.E. 50000 from Karim Co. on accountterms 2/10, – 30. • July 16 Purchased supplies of $5,000 bycash. • July 25 Borrowed L.E. 80000 cash from United...
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, /30). S 2/15, n e Mar. Purchased $34,000 of merchandise from Van Industries, terms 2/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $13,600 (cost is $6,800). 3 (a) Purchased $1,020 of office supplies on credit from Gabel Company, terms 'n/30. 3 (b) Sold merchandise on credit to Linda Witt, Invoice No. 855, for...
chapter 12 series B exercises
PLEASE
andise on account from Sillas avice No 12,53,100, terms 1/10, a Company 5 Returned merchandive purchased from Tang's Toys, receiving a credit wmemo on the amount owed, $500 s Parchased merchandise on account from Daisy's Dolls, Invoice No. 139, $1,900, terms 2/10, /30. 11 Issued Check No.415 t0 Tang's Toys for merchandise parchased on account, less return of luly 5 and less 2% dincount 13 Issoed Check No. 416 to Sillas & Company for...
Listed below are several transactions. For each transaction, indicate whether the cash effect of each transaction is reported in a statement of cash flows as an operating, investing, financing, or noncash activity. Also, indicate whether the transaction is a cash inflow or cash outflow, or has no effect on cash. The first answer is provided as an example. Transaction Type of Activity Operating Cash Inflow or Outflow Cash outflow Financing Investing 1. Payment of employee salaries 2. Sale of land...
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