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- |Federa X M UMassD Logor X E QuickLaunch K myCourses Da: X 4 Univ of Mass Ceng cation.com Saved ework i View transaction list Journal entry worksheet arch 近Journalizing 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 10,640.00PA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200
- index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware %252Fmhepre xercises Cash Accounts receivable. Inventory Machinery (net) Franchise (net) Total assets Exercise 3-7 (Algo) Balance sheet preparation; errors [LO3-2, 3-3] The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the stateme you notice several errors. Notes payable Bonds payable Check my work mode: This shows what is correct or incorrect for the work you have comp LOS GATOS CORPORATION Balance Sheet At December 31, 2021 Assets Liabilities and Shareholders' Equity Accounts payable Allowance for uncollectible accounts Shareholders' equity Total liabilities and shareholders' equity 72,000 128,000 71,000 136,000 46,000 $ 453,000 LOS GATOS CORPORATION $ Additional Information: 1. Cash includes a $36,000 restricted amount to be used for repayment of the bonds payable in 2025. 2. The cost of the machinery is…Instructions Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered. 1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was Mar. $56,900. Received payment les the discount. 13 Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandiseLe Univ of Mass * Cengage D: A QuickLaunch K myCourses Da: x In Federa x UMassD Logor x ucation.com Saved ework View transaction list Journal entry worksheet 10 earch 近
- engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsocePA4. 7.4 Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. SALES JOURNAL Page 79 DR Accts. DR COGS CR Receivable Merchandise Date Account Invoice No. Ref. CR Sales Inventory 2019 Evert Company (E123) King Inc. (K331) Martina Inc. (M132) Shriver Company (S101) Feb. 4 17433 1,000.00 Feb. 8 17434 775.30 Feb. 14 17435 2,301.99 Feb. 16 17436 500.00 SALES JOURNAL Page 102 Accounts Sales Receivable, Discounts Sales, or Other Accounts CR Date Account Invoice No. Ref. Cash DR DR 2019 Feb. 1 Cash Sales 465 465 Payment from Evert Feb. 15 Bank loan (230) Feb. 21 Payment from Shriver Co. Feb. 5 1723 980 20 1,000 2,000 2,000 1719 500 500NO. : Date : | The following was the trial balance extract from ABC Tradina as at 31 March 2019 Particulars Purchases and sales Inventory on IAprl 2018 Capital Bank overdraft Cash Discount allowad and received Return inwards and outwards Carriage outwards Office expenses Fixturos and fittings Delivery van Account receivables and account payab les Rent and insurance Credit CRm) 41,000 Debit CRM) 22/860 5, 100 8,170 4,300 140 1.440 790 2/180 930 570 450 1/210 2,000 IL, 900 1.790 6,720 Drawings Wages and Sal aries Total 2,850 8,980 611690 61.690 Additional information as at 31 March 2019 : ca) Inventory on 31 March 2019 was (b) Wages and salaries accrued as at 31 March 2019 was Rm210 ; Outstanding office expen ses was RM 30 Cc) Rent and insurance prepaid was km 150 RM 4250 Raquired: (1) Preapare the Statement of Piofit or Loss and Other Comprehensive Income for the year ended 31 March 2019 |(ii) Preapare statement of Financial Position as at 31 March 2019 .
- MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 searchPA4. 7.4 Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. SALES JOURNAL Page 79 DR Accts. DR COGS CR Receivable Merchandise Date Account Invoice No. Ref. CR Sales Inventory 2019 Evert Company (E123) King Inc. (K331) Martina Inc. (M132) Shriver Company (S101) Feb. 4 17433 1,000.00 Feb. 8 17434 775.30 Feb. 14 17435 2,301.99 Feb. 16 17436 500.00 SALES JOURNAL Page 102 Accounts Sales Receivable, Discounts Sales, or Other Accounts CR Date Account Invoice No. Ref. Cash DR DR 2019 Feb. 1 Cash Sales 465 465 Payment from Evert Feb. 15 Bank loan (230) Feb. 21 Payment from Shriver Co. Feb. 5 1723 980 20 1,000 2,000 2,000 1719 500 500Smiling Sam's Warehouse made the journal entry shown in Figure 3.03 P in its Cash Payments Journal. What is the correct posting of this entry to the general ledger? CASH PAYMENTS JOURNAL Page 22 GENERAL POST ACCOUNTS PAYABLE DEBIT PURCHASES ACCOUNT TITLE CK, NO. DATE REF CASH DISCOUNT CREDIT DEBIT CREDIT CREDIT Apr. 4 Purchases 438 4001 978.00 978.00 Figure 3.03 P O Debit Cash, $978; credit Accounts Payable, $978 O Debit Purchases, $978; credit Accounts Payable $978 O Debit Purchases, $978; credit Cash, $978 O Debit Cash, $978; credit Purchases, $978 No answer text provided.