Problem 7.4A (Static) Recording sales, sales returns, cash discounts, and cash receipts for a wholesalebusiness. LO 7-1, 7-3Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firmduring April 20X1 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in thefollowing transactions:DATETRANSACTIONS20X1April 1 Sold merchandise for $4,500 to Alto Music Center; issued Invoice 3912 with terms of 1/10, n/30.3 Received a check for $1,980 from Music Supply Store in payment of Invoice 2718 of March 25 ($2,000), less cashdiscount ($20).5 Sold merchandise totaling $1,725 in cash to a new customer who has not yet established credit.7 Merchandise of $80 sold on April 5 is returned for a cash refund.8 Sold merchandise for $6,500 to Music Warehouse; issued Invoice 3913 with terms of 2/10, n/30.10 Received payment from Alto Music Center in payment of Invoice 3912, less cash discount.15 Accepted a return of damaged merchandise from Music Warehouse; issued Credit Memorandum l05 for $2,300. Theoriginal sale was made on Invoice 3913 on April 8.17 Received payment from Music Warehouse for the sale of April 8, less the return on April 15; Music Warehousededucted the appropriate cash discount from its payment19 Received a check for $2,300 as payment in full from Oldies Sounds for Invoice 3850 dated March 20.20 Sold merchandise for $11,200 to Hawk Music Center; issued Invoice 3914 with terms of 2/10, n/30.25 Sold merchandise for $10,800 to Modern Sounds; issued Invoice 3915 with terms of 2/10, n/30.26 Sold merchandise for $8, 600 to Country Tunes; issued Invoice 3916 with terms of 2/10, n/30.27 Accepted a return of damaged merchandise from Modern Sounds; issued Credit Memorandum 106 for $500. The originasale was made on Invoice 3915 on April 25.29 Received payment from Hawk Music Center for the sale of April 20, less cash discount.30 Sold merchandise for $3,200 to Oldies Sounds; issued Invoice 3917 with terms of 2/10, n/30.Required:Record the transactions in a general journal.Analvze:Prev1 of 2Next >in

These are the accounting transactions that are having a monetary impact on the financial statement…

Answered: DATE TRANSACTIONS 20X1

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter24: Recording International And Internet Sales

Section24.2: Recording Internet Sales

Problem 1WT

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16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.
5. The following balances were extracted from the books of Atuobi Trading Company on 30 November 2011 GHE 344,890 268,187 14,440 496,600 - Cash Credit Sales Purchases- Cash - Credit 600,570 503,970 5,520 3,510 5,070 Total receipts fram customers Total payments to suppliers Discount allowed Discount received Refunds given to cash customers Balance in the sales ledger-set off-against balance in the purchases ledger Bad debt written off Increase in the provisioh for bad debt Credit notes issued to credit customers Credit note received from suppliers 70 780 06 4,140 1,480 According to the audited financial statement for the previous year, debtors and creditors as at 1 December 2010 were GH¢26,555 and GH¢43,450 respectively. You are required to prepare: a) Total Debtors Ledger Control Account b) Total Creditor Ledger Control Accounts. ....
Journalize the transactions for Williams Market during December of the current year. Use page 12 of a general journal. Journalize the January transaction on page 16 of a cash payments journal. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM; credit memorandum, CM; sales invoice, S. No C is required in the Ck. No. column.
CardPointe UTA Is The Leader I... Commercial Captur... New Tab UPS-Shipping Search for Corporat... ups On March 4, Micro Sales makes $12,30o in sales on bank credit cards which charge a 1% service charge and deposits the funds into Micro Sales bank accounts at the end of the business day. Journalize the sales and recognition of expense, assuming cash deposited should be reduced by the service charge. If an amount box does not require an entry, leave it blank or enter "0". Мaг. 4 Previous Next> Email Instruct II
Consider the following transactions of Johnson Software: Mar. 31 Apr. 6 Journalize the transactions for the company. Ignore cost of goods sold. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. Sent March sales tax to the state. Mar. 31: Recorded cash sales of $160,000, plus sales tax of 7% collected for the state of New Jersey. (Prepare a single compound entry for this transaction.) Accounts and Explanation Date Mar. 31 Debit Credit
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach, as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Aging Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts? If using QuickBooks or general ledger, ignore Steps 2, 3, and 4.
The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
6. Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal< B. purchases journal« C. cash receipts journal< D. cash disbursements journal E. general journale
ook ne nces Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases, Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents) Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2021, the company redeemed 12,400 points and sold additional product of $155,000, so it recorded $167,400 of revenue. The aggregate stand-alone selling price of the purchased products is $167,400. Eighty percent of sales were cash sales, and the remainder were credit sales Required: 1. & 2. Prepare Supply Club's journal entry to record…
Problem 8.2A (Static) Recording purchases, purchase returns, purchases discounts, and cash payments for a merchandising firm. LO 8-1 High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 20X1. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow: DATE TRANSACTIONS 20X1 Sept. 2 Purchased ski boots for $7,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $13,200 from Black Ice Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $1,100 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $4,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Black Iće Supply Company in payment of…

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