Is the following account correctly prepared? If not, prepare it correctly: To Interest (Interest received) 700 By Balance b/d (Cash in hand) 2,200 To Walter (For cash purchases) 1,000 By Commission (Commission received) 600 To Sales (For the old furniture) 1,200 By Chadwick Roose (For goods purchased on credit) To Balance 500 600 3,400 3,400 %24

Is the following account correctly prepared? If not, prepare it correctly: To Interest (Interest received) 700 By Balance b/d (Cash in hand) 2,200 To Walter (For cash purchases) 1,000 By Commission (Commission received) 600 To Sales (For the old furniture) 1,200 By Chadwick Roose (For goods purchased on credit) To Balance 500 600 3,400 3,400 %24

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Description: Is the following account correctly prepared? If not, prepare it correctly:To Interest (Interest received)700By Balance b/d (Cash in hand)2,200To Walter (For cash purchases)1,000By Commission (Commission received) 600To Sales (For the old furniture)1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sales Transactions and T Accounts (first screen shot for #1 and 2. the second is for #3) Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. 1. no sales tax (a) Merchandise is sold for $230 cash. (b) Merchandise is sold on account for $220. (c) Payment is received for merchandise sold on account. 2. 6% sales tax.(a) Merchandise is sold for $230 cash plus sales tax.(b) Merchandise is sold on account for $220 plus sales tax.(c) Payment is received for merchandise sold on account. 3. Cash and credit sales, with returned merchandise. (a) Merchandise is sold for $498 cash. (b) $14 of merchandise sold for $498 is returned for a refund. (c) Merchandise is sold on account for $400. (d) $27 of merchandise sold for $400 is returned for a credit. (e) Payment is received for balance owed on merchandise sold on account.
Solve the general ledger T-accounts. I need a cash, accounts receivable, inventory, land,accounts payable,notes payable,sales revenue, gain on sale of land and cost of goods sold
Multiple choice:
1. Solution must be in good accounting form
The cashier for Bell Buoy rang up sales totaling $5,100, but had $5,110 to deposit, which journal entry would be recorded? Multiple Choice A debit to Cash for $5,110, a credit to Cash Overage for $10, and a credit to Sales Revenue for $5,100. A debit to Sales for $5,110, a debit to Cash Overage for $10, and a credit to Cash for $5,100. A debit to Cash for $5,100, a debit to Cash Shortage for $10, and a credit to Sales Revenue for $5,110. A debit to Cash for $5.100. a debit to Cash Shortage for $10, and a credit to Unearned Revenue for $5.110 < Prev 34 of 50 Next
Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
1. Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $29,000 2. Record the merchandise had cost Mesa $19,778 3. Record cash received within discount period 4. Record cash received after discount period I just need to know the general journal, Debt, and Credit
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Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
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2. Which of the following on a Balance Sheet would cause concern for you? Use the sample Balance Sheet provided Notes & Comments Current Assets 10350 Bank Chequing $75,992 10857 Visa Credit Card -$226 12000 Accounts Receivable $21,296 13500 Inventory Assets $27,791 14990 Hold Backs -$275 Total Current Assets $124,578 Liabilities & Equity 20000 Accounts Payable $22,063 22100 Unapplied Cash $8,716 29300 Shareholder Loan $24,410 35600 Retained Earnings $52,416 Net Icome (Current Year) $16,873 Total Liabilities & Equity $124,478
B. Directions: Record the following transactions of Sandalan Furnitures in the cash receipts journal and cash disbursement journal. Write the answer on a journal and columnar sheet.