Prepre Journal Entries May Made cash sales of $7,100; the cost of the inventory was $3,600. 1
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- May 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.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) $ $A 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 $15,500
- 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 $1,505Allister'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? %24Conor 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 lossConor 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?
- 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