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- ! Required information of 2 [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory Retained earnings Dividends Sales $ 37,800 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses $ 6,500 105,000 10,300 32,500 5,000 ped 115,300 7,e00 160, 200 4,700 Sales discounts pok int A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $35,900. rint rences Prepare journal entries to close the balances in temporary revenue and expense accoints. Remember to consider the entry for shrinkage from QS 4-9. (The solution from QS 4-9 is required to complete this question.) In Fn Lock F10 F11 F12 F4 EZ F7 F8 F9 28 F5 F6Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00The shorthand notation on an invoice 2/10, n/30 is called the _______________. Group of answer choices accounts payable debit memo credit terms purchase order
- QUESTION 2 Study the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 - Renwick & Co. returned the office desks to its inventory. Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system. You may copy and paste from this list: Accounts receivable Discount Interest income Bad debt expense Bank Cash Cost of Goods Sold COGS REQUIRED: Interest receivable Inventory Notes receivable Par Premium Sales discounts Sales discounts forfeited Sales returns…On April 30, a team sold a twelve-game pack of advance courtside tickets for $61,200 cash. On August 14, the team played the first game of the twelve-game pack (this represented one-twelfth of the advance ticket sales). Record the entries for the April 30 and August 14 transactions. View transaction list Journal entry worksheet 1 2 Record the entry for the April 30 transaction. Note: Enter debits before credits. Date April 30 General Journal Debit Credit >Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
- Question: Record the disposal of Machine A. Transaction General Journal Debit Credit January 1Journalize the purchase of the putters on account on the 8th. Date Accounts and Explanation Nov. 8 Debit CreditDuring the current year ended December 31, Rank Company disposed of three different assets. On January 1 of the current year, prior to their disposal, the asset accounts reflected the following: Asset Machine A Machine B Machine C a. Machine A. b. Machine B. c. Machine C. The machines were disposed of during the current year in the following ways: a. Machine A: Sold on January 1 for $6,750 cash. b. Machine B: Sold on December 31 for $8,000; received cash, $2,000, and a $6,000 interest-bearing (10 percent) note receivable due at the end of 12 months. c. Machine C: On January 1, this machine suffered irreparable damage from an accident and was scrapped. Required A Required: 1. Give all journal entries related to the disposal of each machine in the current year. Original Cost Residual Value $24,000 16,500 59,200 Complete the following questions by preparing worksheet and journal entries given below. View transaction list Required B Required C 1 Journal entry worksheet Give all journal…
- [The following information applies to the questions displayed below.] On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances: Accounts Debit Credit $ 59,000 25,600 Cash Accounts Receivable Allowance for Uncollectible Accounts $ 2,500 Inventory Notes Receivable (5%, due in 2 years) 36,600 15,600 Land 158,000 Accounts Payable 15,100 Common Stock 223,000 Retained Earnings 54,200 Totals $294,800 $294,800 During January 2021, the following transactions occur: January 1 Purchase equipment for $19,800. The company estimates a residual value of $1,800 and a six-year service life. January 4 Pay cash on accounts payable, $9,800. January 8 Purchase additional inventory on account, $85,900. January 15 Receive cash on accounts receivable, $22,300. January 19 Pay cash for salaries, $30,100. January 28 Pay cash for January utilities, $16,800. January 30 Sales for January total $223,000. All of these sales are on account. The cost of the units sold is $116,500.…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 journaleOn January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. • Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $12,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. . The expected useful life of the asset is nine years, and its fair value is $90,000. . Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of…
