April 3 Purchased merchandise for $2,900 on credit from Seth, Incorporated, terms 1/10, n/30. April 9 Issued Check Number 210 to Kitt Corporation to buy store supplies for $464. April 12 Sold merchandise costing $514 to C. Myrs for $864 on credit, terms n/30. April 17 Issued Check Number 211 for $1,500 to pay off a note payable to City Bank. April 20 Purchased merchandise for $3,500 on credit from Lite, terms 1/10, n/30. April 28 Issued Check Number 212 to Lite to pay the amount due for the April 20 purchase less the $35 discount. April 29 Paid salary of $1,850 to B. Dock by issuing Check Number 213. April 30 Issued Check Number 214 to Seth, purchase. Incorporated, for $2,900 to pay for the April 3

April 3 Purchased merchandise for $2,900 on credit from Seth, Incorporated, terms 1/10, n/30. April 9 Issued Check Number 210 to Kitt Corporation to buy store supplies for $464. April 12 Sold merchandise costing $514 to C. Myrs for $864 on credit, terms n/30. April 17 Issued Check Number 211 for $1,500 to pay off a note payable to City Bank. April 20 Purchased merchandise for $3,500 on credit from Lite, terms 1/10, n/30. April 28 Issued Check Number 212 to Lite to pay the amount due for the April 20 purchase less the $35 discount. April 29 Paid salary of $1,850 to B. Dock by issuing Check Number 213. April 30 Issued Check Number 214 to Seth, purchase. Incorporated, for $2,900 to pay for the April 3

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 1MP

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The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
A customer just charged $150 of merchandise on the companys own charge card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Shirleys Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Shirleys Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 3Bought 30 Mango Bath and Shower Gels from Madden, Inc., 660, invoice no. 3487, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 125.43 (total 785.43). 4Bought ten Beauty Candle Travel Sets from Calhoun Candles, Inc., 420, invoice no. 4513, dated January 1; terms net 45; FOB destination. 12Sold four Mango Bath and Shower Gels on account to R. Kielman, sales slip no. 1456, 120, plus sales tax of 9.60, total 129.60. 13Received credit memo no. 8715 from Calhoun Candles, Inc., for merchandise returned, 84. 21Bought five Winter Skin Essentials Kits from Whitney and Waters, 197.50, invoice no. A875, dated January 18; terms 2/15, n/45; FOB destination. 25Sold three Winter Skin Essentials on account to A. Benner, sales slip no. 1457, 135.75, plus sales tax of 10.86, total 146.61. 27Issued credit memo no. 33 to A. Benner for merchandise returned, 45.25 plus 3.62 sales tax, total 48.87. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: A. Benner, 45.77; R. Kielman, 175.39. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., 355.23; Madden, Inc., 573.15; Whitney and Waters, 50.25. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 221.16; Accounts Payable 212 controlling account, 978.63; Sales Tax Payable 214, 128.45. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 25. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.
A customer just charged $150 of merchandise using MasterCard. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Mays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
Sandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journal
Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?
Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.
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 journal