Homework Answers
|
No. |
Date |
Account titles and explanation |
Debit |
Credit |
|
1 |
July 3 |
Accounts receivable |
10000 |
|
|
sales |
10000 |
|||
|
(to record sales on account) |
||||
|
2 |
July 5 |
Sales returns and allowance |
2000 |
|
|
Accounts receivable |
2000 |
|||
|
(to record sales return) |
||||
|
3 |
July 11 |
Cash |
3920 |
|
|
Sales Discounts (4000*2%) |
80 |
|||
|
Accounts receivable (10000-2000)*1/2 |
4000 |
|||
|
(to record cash collection for sales on account) |
||||
|
4 |
July 29 |
Cash |
4000 |
|
|
Accounts receivable (10000-2000)*1/2 |
4000 |
|||
|
(to record cash collection for sales on account) |
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Accounts Receivable (AR) Lecture Problems Example #1 (module 1) On July 3, XYZ Company sold $10,000...
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XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July...
QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st During July, Sheldon Co. engaged in the following transactions: July 3rd - The company paid cash to purchase 1,000 units of inventory for $6,500. July 10th - The company paid cash to purchase 1,200 units of inventory for $8,400. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st During July, Sheldon Co. engaged in the following transactions: July 3rd - The company paid cash to purchase 1,000 units of inventory for $6,500. July 10th - The company paid cash to purchase 1,200 units of inventory for $8,400. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
XYZ Company began operations in May, 2022 by selling common stock to owners in exchange for $90,000 cash. During 2022, ABC Company entered into the following transactions: 1. On May 23, ABC Company purchased inventory for $50,000 cash. 2. On June 1, ABC Company purchased a three-year insurance policy for $32,400 cash. 3. On July 1, ABC Company received $49,000 cash from a customer for services to be performed over the next 8 months. 4. On August 1, ABC Company...
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