Journalize the following transactions for Ivanhoe Company.(a) Purchased 6,800 units of raw materials on account for $12,910. The standard cost was $13,600.(b)Issued 6,650 units of raw materials for production. The standard units were 6,790.(List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.)No. Account Titles and Explanation(a)Raw Materials InventoryAccounts PayableManufacturing OverheadDebit13600(b)Work in Process Inventory12635Raw Materials InventoryManufacturing OverheadCredit6901291012635

Step 1:The recording of financial and economic transactions in chronological order in the accounting…

Answered: Journalize the following transactions…

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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Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
Dengar
ss. Subject :- Accounting
Tanger Company has three customers: E, F, and G. The beginning accounts receivable subsidiary ledger of customers F and G have $2,600 and $1,500, respectively. The beginning Accounts Receivable balance in the general ledger is $12,000. Calculate the ending amount in the accounts receivable subsidiary ledger account of customer E, if customer E also made a $3,900 payment. OA. $4,000 OB. $3,900 OC. $1,500 OD. $2,600
Required: Record all transactions in appropriate T-accounts (costs by nature), close all accounts and prepare an Income Statement.a) The company recorded an invoice for rubbish disposal in the current month; value 400.b) The company recorded bank fees; value 50.c) The company sold goods worth 2 000 for 3 500 on deferred payment.d) Goods were delivered to a customer – transport cost 500 and additional insurance cost of 200, both paid by bank money transfer..
Activities: Prepare accounts a payable ledger of the following transactions. Write your answer on a separate sheet of paper. IV. Activity 1 XYZ Company has opening accounts payable balance of 95,000 which comprises P 25,000, Re. NIL and P 70,000 are payable to vendors ABC, KLM, and RST respectively. During the period following transactions were undertaken: Feb. 1 Purchase of goods from vendor ABC worth P 200,000 Goods returned to vendor ABC worth P 20,000 Purchase of goods from vendor KLM worth P 50,000 Payment to vendor KLM worth P 45,000 Payment to vendor ABC worth P 150,000 Payment to vendor RST worth P 65,000 Feb. 3 Feb. 5 Feb. 8 Feb. 11 Feb. 15 Activity 2 J. Lo Company has opening accounts payable balance of P 100,000 which comprises P 30,000, Re. NIL and P 80,000 payable to vendors Vince, Kath, and James respectively. During the period following transactions were undertaken: Purchase of goods from vendor Vince worth P 150,000 Goods returned to vendor Vince worth P 30,000 Purchase…
On March 2, Ivanhoe Company sold $890,000 of merchandise on account to Bridgeport Company, terms 2/10, n/30. The cost of the merchandise sold was $522,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation (b) Inventory Accounts Payable Your Answer Correct Answer (Used) (c) Account Titles and Explanation Accounts Payable On March 6, Bridgeport Company returned $89,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,800. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Inventory Debit count Titles and Explanation Debit 890,000 Debit Credit…
Husky Company has provided the following information for its most recent year of operation: Cash collected from customers totaled $90,000. Cash borrowed from banks totaled $33,100. Cash paid to employees for salaries totaled $32,800. Cash received from selling Husky common stock to stockholders totaled $48,000. Cash payments to banks for repayment of money borrowed totaled $8,200. Cash paid to suppliers totaled $8,600. Land costing $26,000 was sold for $26,000 cash. Cash paid for dividends to stockholders totaled $4,000. How much was Husky's cash flow from operating activities?
H1.
Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit

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