Prepre Journal Entries May Made cash sales of $7,100; the cost of the inventory was $3,600. 1
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- 1. Purchased inventory with a cost of $26,300 on account. li. Sales on account to customers totalled $59,300. lii. Payments made to employees for wages totalled $19,000. iv. Cash collections from customers settling their accounts totalled $42,100. v. Invoice received from the utility company for $3700 is due in 30 days. Vi. Payments totalling $21,000 were made to suppliers to settle part of the balance owing to them Vii. Received a deposit of $2,600 from a customer for goods to be delivered next month. Calculate the revenue, expenses, net income that would be reported on the cash basis. Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g (45).) Revenues Expenses Net Income / (Loss) $ $Allister's payables ledger control account has a balance at 1 October 20X8 of $34,500 credit. During October, credit purchases were $78,400, cash purchases were $2,400 and payments made to suppliers, excluding cash purchases, and after deducting cash discounts of $1,200, were $68,900. Purchase returns were $4,700. What was the closing balance on the purchase ledger control account? %24May 1 Made cash sales of $7,100; the cost of the inventory was $3,600. 5 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $9,000; made a down payment of $2,300 and agreed to pay the balance in 60 days. 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,900 for $3,200. Required: Record the preceding transactions in a general journal.
- Stationery paid for during 20X5 amounted to $1,350. At the beginning of 20X5 there was an inventory of stationery on hand of $165 and an outstanding invoice for $80. At the end of 20X5, there was an inventory of stationery on hand of $140 and an outstanding invoice for $70. The stationery figure to be shown in the income statement for 20X5 is A $1,195 B $1,335 C $1,365 D $1,505A company reported the following balances in some selected accounts: Purchases $ 18,000, Cost of Goods Sold $15,600, Sales $35,000, Sales discounts $1,500. The Gross Profit for the period is: Group of answer choices $17,900 $16,500 $20,900 $15,500Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 What amount should be reported as purchases under the cash basis of accounting?
- Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 What amount should be reported as purchases under the cash basis of accounting? Conor…Keep Calm Company provided the following information for the current year: Accounts receivable, January 1 2,100,000 Accounts receivable, December 31 2,700,000 Collections of accounts during the year 9,000,000 Inventory, January 1 4,500,000 Purchases during the year 5,800,000 All sales are made on account. The mark up on cost is 20% What is the estimated inventory. December 31?The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24.435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00. Find the following: a.) Cost of goods sold b) Net profit or net loss
- The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00. Find the following: a.) Cost of goods soldBased on the following transactions, answer the following questions. i. ii. iii. iv. V. vi. vii. Purchased inventory with a cost of $28,300 on account. Sales on account to customers totalled $54,700. Payments made to employees for wages totalled $19,600. Cash collections from customers settling their accounts totalled $49,500. Invoice received from the utility company for $6,100 is due in 30 days. Payments totalling $19,500 were made to suppliers to settle part of the balance owing to them. Received a deposit of $1,800 from a customer for goods to be delivered next month.A company reported the following balances in some selected accounts: Inventory, 1 March $4,000, Transportation-in $200, Inventory, 31 March $6,000, Purchases $16,000, Purchase Returns and Allowances $500, Purchase discounts $700, Sales $35,000, Sales discounts $1,500. The Cost of Goods Sold for the period is: Group of answer choices $13,000 $16,000 $12,600 $13,400