This is an updated question with the other requirements. Please i also need these answered as soon as possible. Thanks!
GSU Corporation completed these transactions during January of
the current year:
January 1, Began business by selling stock for
$725,000.00.
January 1, Rented office space for 1 month using check number 800
for $10,000.00 to Smithlord Properties. (Example posted to cash
disbursement journal).
January 2, Purchased office furniture and equipment on credit from
McKay Company, invoice mck66 dated January 9, terms 2/10, net 30,
$20,499.11. (Example posted to purchases journal).
January 2, Sold merchandise on credit to John Nelson. Invoice No.
324, $7,965.37. (Terms for all credit sales are 2/10, n/30).
(Example posted to sales journal).
January 3, Purchased on credit from Corsair Company office
supplies, $1224.54, invoice xx12 dated January 3, due in 30 days.
Supplies are expected to last for approximately 4
months.
January 3, Received merchandise and invoice F1 dated Jan 1, terms
2/10, n/30; from Farnswood Company, $213,022.22.
January 3, Sold merchandise on credit to Thomas Zak, Invoice no
325, $4,666.88.
January 10, Sent Farnswood Company Check no. 876 in payment of its
January 1 invoice less the discount.
January 10, Sold merchandise on credit to Margo Edwards, Invoice
no. 326, $8,375.21.
January 11. Sold merchandise on credit to Ken Duclose, Invoice no.
327, $5,554.23
January 12, Received payment from John Nelson for the January 2
sales less the discount check number 4444. (Example posted to cash
receipts journal).
January 13, Received payment from Thomas Zak for the January 3
sales less the discount check number 12345.
January 15, Issued check no. 877 payable to payroll, in payment of
sales salaries for the first half of the month, $7,950.00. Cashed
the check and paid the employees.
January 15, Cash sales for the first half of the month were
$77,341.22. (Normally cash sales are posted daily, but for the
purposes of this problem you are going to post them all at
once.)
January 19, Received payment from Margo Edwards for the sale of
January 10 less the discount check number 8888.
January 20, Received merchandise and invoice F2 dated Jan 19, terms
2/10, n/30; from Farnswood Company, $113,044.44.
January 27, Sold merchandise on credit to Margo Edwards, Invoice
no. 328, $7,158.22
January 28, Sold merchandise on credit to Thomas Zak, Invoice no
329, $28,644.11.
January 29, Sold merchandise on credit to Heather Terry, Invoice no
330, $13,123.45.
January 31, Issued check no. 879 payable to payroll, in payment of
sales salaries for the second half of the month, $7,950.00. Cashed
the check and paid the employees.
January 31, Cash sales for the second half of the month were
$72,345.00. (Normally cash sales are posted daily, but for the
purposes of this problem, you are going to post them all at
once.)
January 31, Paid for utilities (water, power, etc) to Massive
Utilities Company $1,454.77 check number 880.
January 31, Paid for advertising from The Advertising Experts Inc.
for January $12,500.00 check number 881.
January 31, Estimated the expected life of the office furniture and
equipment to be 5 years with no salvage value. The KSU Corporation
will take a full month of straight-line depreciation in
January.
January 31, Counted ending inventory valued at $ 196,312.00.
January 31, Counted office supplies and determined that
approximately $800.00 worth of supplies were left and that the rest
had been used in January.
1.) trial balance
2.) Balance sheet
3.) Income statement
4.) Schedule of AR and AP
GSU Corporation completed these transactions during January of the current year:
Giving Journal entries as working. Trial balance Income Statement, Balance Sheet and Schedule of AR and AP also given:
This is an updated question with the other requirements. Please i also need these answered as...
PLEASE I NEED HELP IMMEDIATELY GSU Corporation completed these transactions during January of the current year: January 1, Began business by selling stock for $725,000.00. January 1, Rented office space for 1 month using check number 800 for $10,000.00 to Smithlord Properties. (Example posted to cash disbursement journal). January 2, Purchased office furniture and equipment on credit from McKay Company, invoice mck66 dated January 9, terms 2/10, net 30, $20,499.11. (Example posted to purchases journal). January 2, Sold merchandise on...
Question updated please need help in this question Grassley Company completes these transactions during August of the current year (terms for all its credit sales are 2/10, n/30). Aug. 1 Purchased $7,058 of office equipment on credit from Brun Supply, invoice dated August 1, terms n/10 EOM. 2 Borrowed $96,500 cash from Wisconsin Bank by signing a long-term note payable. 4 Purchased $33,500 of merchandise from BLR Industries, invoice dated August 3, terms 2/10, n/30. 5 Purchased $1,040 of store...
1) Why study AIS? a) Simply doing accounting work i) A survey conducted by the Institute of Management Accountants (IMA) indicates that work relating to accounting systems was the single most important activity performed by corporate accountants. b) Auditors must understand numbers before they audit and have confidence in the processes that produce the numbers c) Tax professionals must know that the processes produced numbers that are correct for tax planning and compliance. d) Consulting services are offered to implement...
**I need all inputs to be completed 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. 1 Purchased $38,000 of merchandise from Van Industries, invoice dated March 1, terms 1/15, n/30. 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,200 (cost...
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Any help would be appreciated! All required for answer is there. These transactions need to be journalized in the following accounts: Cash, Accounts Receivable, Inventory, Store Supplies, Office Supplies, Office Equipment, Notes Payable, Accounts Payable, F. Stone, Capital, Sales, Sales Discounts, Costs of Goods Sold, and Sales Salaries Expense. - Also need the following accounts receivable ledger accounts: Carl Cole, Dale Dent, and Gary Glen. - Open the following accounts payable ledger accounts: Able Company, Best Company, More Company, and...
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)...
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