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Highly Confused right now on how to go
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Date Transaction description...
Transactions - week 3 Jsing the company's records that are provided below, you are now required to ecord tr...
Transactions - week 3 Jsing the company's records that are provided below, you are now required to ecord transactions that occurred throughout the third week of June. The veek 3 transactions are listed below Week 3 Date Transaction description 15 Paid sales staff wages of S5,275 for the two weeks up to and including yesterday, Check No. 607 16 Sold 130 copies of Barry Plotter and the Chart of Accounts to Cliffs Notes for $41 each, Invoice No. 203 16...
Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the...
Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the company's books, The week 4 transactions are listed below: Week 4 Date Transaction description 24 Made cash sales of $10,010 during the week. Paid the full amount owing to Booked Inn, Check No. 608. 25 25 Ordered 45 copies of Accidental Accountant from Quickdraw Peak for 516 each, agreed terms with Quickdraw Peak are 2/10, n/30 28 Paid the...
This is all of the information I have: Now that you have reviewed information about Cover...
This is all of the information I have: Now that you have reviewed information about Cover 2 Cover, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction...
This is all of the information I have: Now that you have reviewed information about Cover...
This is all of the information I have: Now that you have reviewed information about Cover 2 Cover, you are ready to begin the first step in the accounting cycle, recording transactions. On this page of the practice set, you are asked to record transactions that occurred during the first week of June into the company's journals and post the appropriate entries to the ledger accounts. The following transactions occurred throughout the first week of June: Week 1 Date Transaction...
Please notice the journal entries are different so when answering provide which one goes where Week...
Please notice the journal entries are different so when
answering provide which one goes where
Week 1 Date Transaction description 1 Purchased 15 Swish Phones from Moon Megasystems for $540 each, terms net 30. Purchased 19 BG90 Plasma Televisions from JCN Electrical for $780 each, terms 2/10, 1/30 Obtained a loan of $44,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2019 and the principal of...
Now that all adjusting entries have been posted to the general ledger, you are asked to...
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...
Please try to keep the same format! Problem 7-04A Selected accounts from the chart of accounts...
Please try to keep the same format!
Problem 7-04A Selected accounts from the chart of accounts of Blossom Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transactions. Jan. 3 Purchased merchandise...
You are now asked to journalize and post the adjusting entries after completing the worksheet. This...
You are now asked to journalize and post the adjusting entries
after completing the worksheet. This is because, in the manual
accounting system, the worksheet is not part of the journals and
ledgers. Therefore completing the Adjustments column in the
worksheet does not automatically update the appropriate ledger
accounts. Since this practice set is a manual accounting practice
set, you are still required to manually journalize the adjusting
entries and post them to the general ledger as a separate step....
In this stage of the accounting cycle, you are asked to record closing entries in the...
In this stage of the accounting cycle, you are asked to record
closing entries in the general journal and then post them to the
general ledger accounts. This step must be completed to prepare the
accounts for the next accounting period.
GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun 30...
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101...
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4...
Transactions - week 3 Jsing the company's records that are provided below, you are now required to ecord transactions that occurred throughout the third week of June. The veek 3 transactions are listed below Week 3 Date Transaction description 15 Paid sales staff wages of S5,275 for the two weeks up to and including yesterday, Check No. 607 16 Sold 130 copies of Barry Plotter and the Chart of Accounts to Cliffs Notes for $41 each, Invoice No. 203 16...
Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the company's books, The week 4 transactions are listed below: Week 4 Date Transaction description 24 Made cash sales of $10,010 during the week. Paid the full amount owing to Booked Inn, Check No. 608. 25 25 Ordered 45 copies of Accidental Accountant from Quickdraw Peak for 516 each, agreed terms with Quickdraw Peak are 2/10, n/30 28 Paid the...
Please notice the journal entries are different so when
answering provide which one goes where
Week 1 Date Transaction description 1 Purchased 15 Swish Phones from Moon Megasystems for $540 each, terms net 30. Purchased 19 BG90 Plasma Televisions from JCN Electrical for $780 each, terms 2/10, 1/30 Obtained a loan of $44,000 from BitiBank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2019 and the principal of...
Now that all adjusting entries have been posted to the general ledger, you are asked to prepare the schedule of accounts receivable and the schedule of accounts payable as at June 30, 2020. The purpose of preparing the schedule of accounts receivable is to verify that the sum of the customer balances recorded in the accounts receivable subsidiary ledger is equal to the balance of the Accounts Receivable control account in the general ledger. Similarly, the purpose of the schedule...
Please try to keep the same format!
Problem 7-04A Selected accounts from the chart of accounts of Blossom Company are shown below. 101 Cash 401 Sales Revenue 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 414 Sales Discounts 126 Supplies 505 Cost of Goods Sold 157 Equipment 726 Salaries and Wages Expense 201 Accounts Payable The cost of all merchandise sold was 60% of the sales price. During January, Blossom completed the following transactions. Jan. 3 Purchased merchandise...
You are now asked to journalize and post the adjusting entries
after completing the worksheet. This is because, in the manual
accounting system, the worksheet is not part of the journals and
ledgers. Therefore completing the Adjustments column in the
worksheet does not automatically update the appropriate ledger
accounts. Since this practice set is a manual accounting practice
set, you are still required to manually journalize the adjusting
entries and post them to the general ledger as a separate step....
In this stage of the accounting cycle, you are asked to record
closing entries in the general journal and then post them to the
general ledger accounts. This step must be completed to prepare the
accounts for the next accounting period.
GENERAL JOURNAL Date Account and Explanation Post Ref. Debit Credit Jun 30 Income Summary (select) (select) (select) (select) (select) (select) (select) (select) (select) (select) select) (select) (select) (select) (select) (Closing entry to debit the Income Summary account) Jun 30...
Problem 7-4A Selected accounts from the chart of accounts of Mercer Company are shown below 101 Cash 112 Accounts Receivable 412 Sales Returns and Allowances 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The cost of all merchandise sold was 60% of the sales price. During January, Mercer completed the following transactions Jan. 3 Purchased merchandise on account from Gallagher Co. $9,000 4...
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