Introduction to Accounting Problem #3) Special Journals The alex Company books and records consist of the...
SPECIAL JOURNALS and SUBSIDIARY LEDGERS: For each of the following transactions, indicate WHICH Journal and WHICH special Ledger if any (Acct Rec. or Acct Pay) should be used to record the transaction:a) Issued check #421 for payment of salaries .b) Sold Merchandise for CASH , $50,000. c) Purchase supplies on account $4,500. d) Corrected a prior journal entry re payroll e) Received payment from a customer. f) Paid a creditors bill re supplies purchased last month. g) Purchased Inventory for...
PROBLEM #2 (2 points each; 20 points) The Jamian Company uses special journa of entries made to the general ledger. Company uses special journals to record like transaction to reduce the de to the general ledger. For each transaction below indicate which jou should be used by placing the correct letter in the space provided before each he space provided before each transa type. D. Cash disbursements journal E. General journal A. Sales journal B. Purchase journal C. Cash receipts...
SPECIAL JOURNALS and SUBSIDIARY LEDGERS: For each of the following transactions, indicate WHICH Journal and WHICH special Ledger if any (Acct Rec. or Acct Pay) should be used to record the transaction:a) Issued check #421 for payment of salaries .b) Sold Merchandise for CASH , $50,000. c) Purchase supplies on account $4,500. d) Corrected a prior journal entry re payroll e) Received payment from a customer. f) Paid a creditors bill re supplies purchased last month. g) Purchased Inventory for...
Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $15,800 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,600 (cost is $2,800). 3 Purchased $1,590 of office supplies on credit from Custer,...
Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions occurred in August: Aug. 1 15 18 Purchased merchandise from Able Co. for $6,000, terms 2/10, 1/30. P Received check from Fox Co. (full balance outstanding for July sale (less the 2% discount) Sent check No.757 for $4,900 to Able Co. in full payment of outstanding balance from the prior month. tuin Sold merchandise on credit to...
Required information Problem 7-1A Special journals, subsidiary ledgers, trial balance-perpetual LO C3, P1, P2 (The following information applies to the questions displayed below.) Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). Mar. a ) 1 Purchased $38,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost is $7,600). 3 (a)...
(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...
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...
[The following information applies to the questions displayed below.] Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar.1Purchased $43,600 of merchandise from Van Industries, terms 2/15, n/30.2Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400).3(a)Purchased $1,230 of office supplies on credit from Gabel Company, terms n/30.3(b)Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is $5,800).6Borrowed $82,000 cash...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...