FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Chapter 12 Homework
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Journalizing Cash Payments
Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter.
Record the following payments for merchandise purchased:
Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3, $8,700, terms 2/10, n/30. Payment is made within the discount period.
19 Issued Check No. 430 to Finest Company for merchandise purchased April 10, $4,500, terms 1/10, n/30. A credit memo had previously been received
from Finest Company for merchandise returned, $300. Payment is made within the discount period after deduction for the return dated April 12.
21 Issued Check No. 431 to Funny Follies for merchandise purchased March 21, $2,800, terms n/30.
29 Issued Check No. 432 to Classic Data for merchandise purchased April 20, $6,600, terms 2/10, n/30. Payment is made within the discount period.
Page:
POST, GENERAL ACCOUNTS PURCHASES
PAYABLE DISCOUNTS
CASH
CREDIT
DATE
CK. NO.
ACCOUNT DEBITED
REF.
DEBIT
DEBIT
CREDIT
М.d
1
1
М. d
2
2
М.d
3
М.d
4
4
000
3.
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- Continue using the journal and journalize the following transaction: Mar. 31. Received bank statement showing March bank service charge, $30.00. M45.arrow_forwardThe December cash records of Kirk’s Hardware follow: Cash Receipts Cash Payments Date Cash Debit Cheque # Cash Credit 4-Dec $ 4,170 1416 $ 860 9-Dec 510 1417 130 14-Dec 530 1418 650 17-Dec 2,180 1419 1,490 31-Dec 1,850 1420 1,440 1421 900 1422 630 Kirk’s Cash account shows a balance of $16,740 at December 31. On December 31, Kirk Hardware received the following bank statement: Bank Statement for December 2020 Beginning balance Deposits and other credits: $ 13,600 1-Dec EFT $ 300 5-Dec 4,170 10-Dec 510 15-Dec 530 18-Dec 2,180 22-Dec BC…arrow_forward9/The business has the following transactions for the month of May 2019. 9- Sold goods and received cash of RO 2,750 11- Received commission of RO 750 17- Received cash from KR traders of RO 3,300 for the goods sold on May 4 2019, on credit. 19- Sold goods to Rainbow traders and received cash of RO 3,250 Calculate and show the amount which will be transferred to the Cash sales column in the cash receipts book for the month of May 2019? a. RO 750 b. RO 6,000 c. RO 3,300 d. RO 3,500arrow_forward
- Hi, How do I calculate this using the direct method? Thanksarrow_forwardrecord the january transactions in cash reciept journalsarrow_forwardRecord the transactions in the cash receipts journal. Use two lines for December 7 and December 14 transactions. Enter the cash sales first, followed by bank credit card sales. Total the columns. Use the general journal to record sales returns and allowances. Enter the posting references when you complete part 2.arrow_forward
- Greenleaf Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash payments journal. June 3 Issued Check Number 380 to Skipp Corporation to buy office supplies for $375. June 5 Purchased merchandise for $4,600 on credit from Buck Company, terms n/15. June 20 Issued Check Number 381 for $4,600 to Buck Company to pay for the June 5 purchase. June 23 Paid salary of $6,200 to T. Bourne by issuing Check Number 382. June 26 Issued Check Number 383 for $5,750 to pay off a note payable to UT Bank.arrow_forwardChoose the bestarrow_forwardRecording transactions in a cash receipts journal Use the following cash receipts journal to record the preceding transactions.arrow_forward
- ournalizing Cash Payments Transactions Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Georgetown Inc. for merchandise purchased August 28, $5,500, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $7,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $500. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Professional Partners for merchandise purchased August 20, $3,900, terms n/30. 27 Issued Check No. 321 to Dynamic Data for merchandise purchased September 17, $9,000, terms 2/10, n/30. Payment is made within the discount period.arrow_forwardPost the following entry to the general ledger and subsidiary ledger.arrow_forwardCash Over and Short At the end of each day, Spangle counts the cash in its cash registers. Spangle then compares the physical amount of cash to the amount of cash that the register tape indicates should be in the cash drawer. On a recent day, Spangle Company obtained the following data from its cash registers: Cash Sales per Register Tape Cash in Register After Removing Opening Change Register 1 $14,759.62 $14,757.98 Register 2 15,101.59 15,104.06 Register 3 14,802.18 14,798.87 Spangle deposits its cash receipts in its bank account daily. Required: Prepare a journal entry to record these cash sales. For those boxes in which no entry is required, leave the box blank. Round your answers to two decimal places, if necessary.arrow_forward
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