Homework Answers
For each transaction the code letter the appropriate journal are as below.
1. Purchase of merchandise on account - P- Single- Column Purchases Journal
2. Collection on accounts from customers- CR- Cash Receipts Journal
3. Payment of employee's wages- CP- Cash Payments Journal
4. Sales of merchandise for cash- CR- Cash Receipts Journal
5. Close income summary to owner's capital- G- General Journal
6. Adjusting entry for depreciation on machinery- G- General Journal
7. Payment of creditors on account- CP- Cash Payments Journal
8. Purchase of office equipment on credit- G- General Journal
9. Sales discount taken on goods sold on credit- S- Sales Journal
10. Sales of merchandise on account- S- Sales Journal
11. Purchase of a delivery truck for cash- CP- Cash Payments Journal
12. Return of merchandise purchased on credit- P- Single- Column Purchases Journal
13. Payment of rent in advance- CP- Cash Payments Journal
14. Adjusting entry for accrued interest expense- G- General Journal
15. Purchase of office supplies for cash- CP- Cash Payments Journal
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please help Po vd Wrolsd emotions 41. Below are some typical transactions incurred by Piper Company. 1. Purchase of...
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...
Sesion Timeout du/courses/36916/assignments/321836?module_item_id-365246 Below are some typical transactions incurred by Ricketts Company For each transaction, indicate...
Sesion Timeout du/courses/36916/assignments/321836?module_item_id-365246 Below are some typical transactions incurred by Ricketts Company For each transaction, indicate whether it would normally be recorded in a cash receipts Journal, cash payments journal, sales journal, si column purchases journal, or general Journal Journals Transactions 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...
Listed below are a few transactions and events of Piper Company. 1. Piper Company records a...
Listed below are a few transactions and events of Piper Company. 1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costingg $5,000) and its sales taxes at a rate of 4%. 2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue. Prepare any necessary adjusting entries at December 31 for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the...
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....
Required Information [The following information applies to the questions displayed below.] Wiset Company completes these transactions...
Required Information [The following information applies to the questions displayed below.] 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 $14,380 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 768, for $4,600 (cost is $3,000). 3 (b) Purchased $1,489 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No....
Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for...
Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23.900. 2. Provide services to customers and receive cash of $4,700. 3. Pay the current month's rent of $1,100. 4. Purchase office supplies on account for $1.200. 5. Pay employee salaries of $1,500 for the current month. Required: Record the transactions. Terrapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable. Service Revenue, Rent Expense, and Salaries Expense. (If no entry is...
[The following information applies to the questions displayed below.) Church Company completes these transactions and events...
[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. 1 Purchased $37,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,800 (cost is $7,400). 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10...
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021. 1....
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $3,600 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $12,720. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $2,600 for the month...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...
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...
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...
Sesion Timeout du/courses/36916/assignments/321836?module_item_id-365246 Below are some typical transactions incurred by Ricketts Company For each transaction, indicate whether it would normally be recorded in a cash receipts Journal, cash payments journal, sales journal, si column purchases journal, or general Journal Journals Transactions 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...
Listed below are a few transactions and events of Piper Company. 1. Piper Company records a year-end entry for $10,000 of previously unrecorded cash sales (costingg $5,000) and its sales taxes at a rate of 4%. 2. The company earned $50,000 of $125,000 previously received in advance and originally recorded as unearned services revenue. Prepare any necessary adjusting entries at December 31 for Piper Company's year-end financial statements for each of the above separate transactions and events. (Piper has the...
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....
Required Information [The following information applies to the questions displayed below.] 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 $14,380 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 (a) Sold merchandise on credit to Page Alistair, Invoice No. 768, for $4,600 (cost is $3,000). 3 (b) Purchased $1,489 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No....
Terrapin Company engages in the following external transactions for November. 1. Purchase equipment in exchange for cash of $23.900. 2. Provide services to customers and receive cash of $4,700. 3. Pay the current month's rent of $1,100. 4. Purchase office supplies on account for $1.200. 5. Pay employee salaries of $1,500 for the current month. Required: Record the transactions. Terrapin uses the following accounts: Cash, Supplies, Equipment, Accounts Payable. Service Revenue, Rent Expense, and Salaries Expense. (If no entry is...
[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. 1 Purchased $37,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $14,800 (cost is $7,400). 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10...
Exercise 3-12A Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021. 1. On December 1, 2021, Wolverine receives $3,600 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. 2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $12,720. The payment is debited to Prepaid Insurance for the entire amount 3. Employee salaries of $2,600 for the month...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...
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...
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