On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $95, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Swifty Company books to record all the events noted above under each of the following bases. (1) (2) Sales and receivables are entered at gross selling price. Sales and receivables are entered at net of cash discounts.
Q: Miller Company's contribution format income statement for the most recent month is shown below:…
A: Net operating can be defined as an accounting income which is generated by a company before any cost…
Q: The direct labor budget of Yuvwell Corporation for the upcoming fiscal year contains the following…
A: Lets understand the basics.Manufacturing overhead costs are costs which are incurred for the…
Q: Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal…
A: Vertical analysis is a financial statement methodin which each line item is listed as a percentage…
Q: im3
A: The objective of the question is to calculate the operating income or loss for K Clay Earth Company…
Q: A jeans maker is designing a new line of jeans called Slams. Slams will sell for $300 per unit and…
A: product's revenue and its variable costs. In other words, it is the amount of money that is…
Q: On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several…
A: A journal entry in accounting is a record of a financial transaction that a business undertakes. It…
Q: myOpenMath Course Messages Forums Calendar | Gradebook Home > Math 173-4 Spring 2024> Assessment…
A: The question is asking about the transformation of a function graph. Specifically, it wants to know…
Q: of the annual lease payments as calculated by the lessor and the amount the lessee would record as a…
A: A lease is an agreement that occurs between the two parties , one is lessor and the other is…
Q: Sweet Wave Bakery normally produces sourdough bread on a regular basis. It sells approximately…
A: In order to analyse the consequences of Sweet Wave agreeing to provide 15,000 loaves to Sunshine…
Q: Department G had 2,160 units 25% completed at the beginning of the period, 13,600 units were…
A: To calculate the total cost of the units started and completed during the period, we need to…
Q: If a taxpayer excludes the gain on the sale of his personal residence and, within two years, sells a…
A: The objective of the question is to determine the correct rule for excluding gain on the sale of a…
Q: The Greensboro Performing Arts Center (GPAC) has a total capacity of 9,000 seats: 2,600 center…
A: Sales mix refers to the mix of sales of different products that a company sells in respect to the…
Q: Common stock.. Service revenue Unearned revenues Salaries expense Accumulated depreciation Supplies…
A: Closing entries are required to close the temporary accounts after making financial statements…
Q: On January 1, 2023, Mona, Incorporated, acquired 80 percent of Lisa Company’s common stock as well…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: Charles Berkle is the manager of Nogain Manufacturing and is interested in doing a cost of quality…
A: The four cost categories under which the costs incurred during business operations can be classified…
Q: Date March 1 March 5 March 9 March 18 March 25 March 29 Activities Beginning inventory Purchase…
A: First-in First-Out Method - Under the First-in First-Out Method the company uses inventory in the…
Q: Saginaw Incorporated completed its first year of operations with a pretax loss of $627,500. The tax…
A: The journal entry to record the deferred tax consequences of the current year NOL before considering…
Q: A select list of transactions for Texas Delivery Service follows: each transaction, identify what…
A: Accrual accounting is an accounting method where revenue or expenses are recorded when a transaction…
Q: Greer Utsey earned $49,100 in 2022 for a company in Kentucky. Greer is single with one dependent…
A: Payroll tax: A payroll tax is a tax withheld from an employee's salary by an employer who remits it…
Q: On December 31, Pacifica, Incorporated, acquired 100 percent of the voting stock of Seguros Company.…
A: Journal entries are those entries that are reported into the books of accounts of the company and…
Q: A yacht dealer sells high performance yachts to affluent customers. The sale also includes a 90 day…
A: The objective of the question is to determine the number of performance obligations in a contract…
Q: The Labelling Department of Delightful Color Inc. has 60,000 units to account for, of which 40,000…
A: The objective of the question is to calculate the total equivalent units of production for…
Q: Alimentation Couche-Tard Inc. is a leading convenience store operator in Canada, with Couche-Tard…
A: An income statement is a financial statement that helps summarize the revenue earned and expenses…
Q: Correct answer please fast
A: The objective of the question is to determine the impact on the operating income of Y Ltd. if it…
Q: Chapman Company obtains 100 percent of Abernethy Company's stock on January 1, 2023. As of that…
A: Consolidation journal entries are accounting entries that are used to combine the financial…
Q: Cavy Company estimates that total factory overhead costs for the following year will be $1,749,900.…
A: The objective of the question is to determine the over- or underapplied amount of factory overhead…
Q: MSIS educational products currently are sola thout any supplemental materials. The company is consid…
A: Differential profit (Loss) = Profit when CD with instruction materials is sold - Profit when only…
Q: Wess Company has limited capacity and can produce either its standard product or its deluxe product.…
A: Gross profit per unit is the difference between selling price per unit and unit product cost. The…
Q: Clay Earth Company sells ceramic pottery at a wholesale price of $ 7.00 per unit. The variable cost…
A: The contribution margin is calculated as the difference between the sales and variable costs.…
Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…
A: Relevant Cost is the cost that is different between different alternatives. This cost is considered…
Q: Augustus is single and age 51. He had AGI of $53,000 in tax year 2022 and is an active participant…
A: The question is asking to determine the maximum deductible Individual Retirement Account (IRA)…
Q: The first image shows the unadjusted trial balance of Dodot Laundry Service, kindly adjust all the…
A: The objective of the question is to adjust the unadjusted trial balance of Dodot Laundry Service,…
Q: For its fiscal year ending October 31, 2022, Blue Corporation reports the following partial income…
A: The income statement shows the financial position of the company whether the business is making a…
Q: At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.3 million.…
A: The change is applied to future periods, and it does not result in adjustments to prior periods'…
Q: Paris, a 60% partner in OM Partnership, has a basis of $25,000 in her partnership interest. Paris…
A: The objective of the question is to determine the remaining basis in Paris's partnership interest…
Q: two operating departments (Phone and Earbuds) and one service department (Office). Its departme…
A: Lets understand the basics.Departmental contribution to overhead means the amount of earnings that…
Q: purchase 25,500 shares of the company's $9 par value common stock. The options were granted on…
A: Variable cost Depends upon the production of goods or services that is increment of sales increases…
Q: According to PAS for Accounting and Reporting by Retirement Benefit Plans, which of the following…
A: Retirement Benefit Plans are financial arrangements set up by employers to provide retirement income…
Q: On January 1, Jim Shorts Corporation issued $300 million face value bonds for $ 580 million. During…
A: Eliminating the incorrect options:B. An investing activity of $580 million: The issuance of bonds is…
Q: Required Information Exercise 12-17 (Algo) Equity investments; fair value through net income…
A: The company entities document the business transactions in the journal to keep track of them.…
Q: Acme Company's production budget for August is 17,900 units and includes the following component…
A: Lets understand the basics.Variable overhead spending variance is a variance between the rate at…
Q: he journal entry to close Fees Earned, $138, and Rent Revenue, $25, during the year-end closing…
A: The objective of this question is to understand the correct journal entry to close the revenue…
Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…
A: The cost per equivalent unit of production (EUP) under FIFO method is computed by dividing the total…
Q: 19. Using the following information, calculate the return on assets. Net income for November $…
A: ROA is return on assets. It is a ratio which helps to determine the return generated by the entity…
Q: Camille, Inc., sold $120,000 in inventory to Eckerle Company during 2020 for $200,000. Eckerle…
A: The equity method is used to record the profit earned through its investment in another business.…
Q: March 1 March 5 March 9 March 17 March 22 March 27 March 30 Beginning inventory Sale ($400 each)…
A: The specific identification method relates to inventory valuation, specifically keeping track of…
Q: Please do not give solution in image format thanku
A: Cash flow statement refers to a financial statement representing the activities which effect the…
Q: Ajax was a professional classical guitarist until a motorcycle accident left him disabled. After…
A: Break-even point:— It is the point of production where total cost is equal to total revenue. At this…
Q: end inventory count determined that 3 units are on hand. Determine the amount for (a) using Weighted…
A: The weighted average method of inventory calculates the average cost per unit based on the total…
Q: Sheridan Publishing identified the following overhead activities, their respective costs, and their…
A: Overhead Allocation: Overhead costs are indirect costs incurred in the production process that…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Lowerys Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowerys Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows: Oct. 3Bought 12 Automatic Fish Feeders from Barrera Company, 959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, 79.45 (total 1,039.33). 4Bought two 18 x 18 Terrarium Stands from Hickman Company, 259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination. 7Bought four Chinchilla Bath Houses from Baldwin, Inc., 67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination. 10Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, 13.94. Oct. 14Bought 20 Zoo Slider Hoods from Douglas, Inc., 2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 140.50 (total 2,740.30). 15Bought four Hanging Bird Baths from Krause, Inc., 71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination. 24Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, 2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination. 27Received credit memo no. 452 from Villa Manufacturing for merchandise returned, 346.78. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., 46.57; Barrera Company, 743.15; Douglas, Inc., 615.20; Hickman Company; Krause, Inc., 23.45; Villa Manufacturing, 725.64. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, record the October 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 2,154.01; Purchases 511, 2,485.12; Purchases Returns and Allowances 512, 287.52; Freight In 514, 48.57. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 95. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
- The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000
- C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.
- The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). A. purchased merchandise inventory on account, $22,000 B. paid vendors for part of inventory purchased earlier in month, $14,000 C. purchased merchandise inventory for cash, $6,500Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.