Transactions - week 4 You are now asked to record transactions that occurred during the fourth week of June in the...
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...
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...
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...
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. Instructions for closing entries 1) Record closing entries in the general journal. 2) Post the closing entries from the general journal to the relevant general ledger accounts 3) Record the final closing balance of each ledger account in the...
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....
GENERAL LEDGER IN LAST 3 PHOTOS Post the transactions for June 1 - 30 to the General Ledger. Opening balances have been provided above. Be sure to keep running balance in each account. Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions...
You are now instructed to record transactions that occurred throughout the second week of June into the company's books. The week 2 transactions are listed below: Week 2 Date Transaction description 8 Paid the full amount owing to Buena Vista Coffee, Check No. 906. 10 Made cash sales of $9,669 during the week. 11 SloZone returned $1,284 worth of product. Issued a Credit Memorandum for $1,284. 13 Con's Coffee paid the full amount owing on their account. Since Con's Coffee...
R. Ivanhoe Co. uses special journals and a general journal. The following transactions occurred during May 2020 May 1 R. Ivanhoe invested $46,400 cash in the business. 2 Sold merchandise to Lawrie Co. for $5,830 cash. The cost of the merchandise sold was $4,050 3 Purchased merchandise for $7,170 from J. Moskos using check no. 101 14 Paid salary to H. Rivera $725 by issuing check no. 102. 16 Sold merchandise on account to K. Stanton for $820, terms n/30....
8. The following transactions occurred during the month for Teresa Parker, CPA: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Joumalize the transactions and then post the joumal entries to the four-column accounts. Keep a running balance in each account. Assume the journal entries are recorded on page 10 of the joumal. (Record debits first, the credits. Exclude explanations from journal entries.) Begin by journalizing the transactions. June 1: Parker opened an accounting firm by contributing...
Exercise 7-6 Company uses special journals and a general journal. The following transactions occurred during September 2017. 2 Sold merchandise on account to H. Drew, invoice no. 101, s620, terms n/30. The cost of the merchandise sold was $420. 10 Purchased merchandise on account from A. Pagan $650, terms 2/10, n/30. 12 Purchased office equipment on account from R. Cairo $6,500. 21 Sold merchandise on account to G. Holliday, invoice no. 102 for $800, terms 2/10, n/30. The cost of...