Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL
Q: QuickBooks: For a purchase and the subsequent payment for the purchase, indicate which business…
A: QuickBooks: The QuickBooks is accounting software, which helps the small businesses to manage their…
Q: Journal entry for sales
A: The journal entry is prepared to record the monetary transactions of the company in the boooks.
Q: What is the posting procedure for the sales journal?
A: Sales journal is used to record the entries related to only credit sales includes goods and services…
Q: A. What document is used to create the Purchase Order in the Expenditure Cycle and wheredoes it come…
A: Answer a: The purchase requisition document is used to create the Purchase Order. It comes from the…
Q: Give a description of the posting events on purchasing processes and their results in accounting…
A: Here given the details of Posting events on Purchases process and it result into the accounting…
Q: Journalizing Purchases Transactions
A: Above all purchase transactions are on Credit. journal entries will be as follows.
Q: Drawing, explain how a purchase transaction on account impacts the buyer and the seller and also…
A: Purchase transaction means when one party purchases goods from another party. This transaction can…
Q: How to journaalize entries from accounting for purchase with frieght transaction?
A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…
Q: Put the following into the correct order for processing a sale on account with QuickBooks®. A.…
A: When sales are made on account, firstly, the sales order is recorded, then the payments are…
Q: How to journalize entries from accounting for purchase with frieght transaction?
A: On any purchase if freight charges paid it is called freight in charges and it is part of cost of…
Q: Which document helps to ensure that the receiving clerks actually count the number of goods…
A: Option b is the answer
Q: Distinguish between sales book and sales account.
A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…
Q: Describe and use the purchases journal. What steps are followed in posting from the purchases…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: What document initiates the sales process?
A:
Q: What document signals that a company should record thepurchase of goods on account?a. Purchase…
A:
Q: Explain the posting process of the sales journal?
A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…
Q: Requirements: a. Prepare the journal entries for both the Home Office and Branch books based on the…
A: Branch Accounting is a system of accounting where separate accounts are prepared for each branch.…
Q: Define purchases Journal.
A: Journal: Journal is the book of original entry. Journal consists of the day-to-day financial…
Q: Who is responsible for releasing an order? Describe what happens to the inventory records andto PAC…
A: The person responsible for releasing an order is the material planner.
Q: Business documents used to keep track of sales and purchases are called _____. F.O.B. shipping…
A: The invoice is prepared by seller and buyer at the time of sale and purchase.
Q: Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales…
A:
Q: What are the columns that are typically used in the purchases journal?
A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…
Q: journal
A: Purchase journal is a systematic book where Purchase related transactions are recorded. It is also…
Q: A. B. C. Prepare the Sales Ledger Control Account. Prepare the Purchases Ledger Control Account.…
A:
Q: Journal entry worksheet 1 Record the entry to transfer from WIP to Finished goods. Note: Enter…
A: Working: Work in Process b. Raw material used in production (250,000*80%) 200,000 c. Labor…
Q: indicate in which journal the following transactions are most likely to be recorded. 1. purchased…
A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…
Q: instruction: Encircie the letter of your choice. 1. A journal designed for entering only sales on…
A: Invoice - It is the written documentary evidence issued by the seller to the buyer. Sales Journal -…
Q: Discuss the objects of the cut off on the sales and collection cycle.
A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…
Q: Explain how to journalize sales transactions.
A: Journal Entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: What journal entry is required to record goods taken from inventory by the owner of a business for…
A: We have the following question: What journal entry is required to record goods taken from inventory…
Q: journal entrie for website expenses
A: To record a website expense the journal entry would include a debit to website expense and credit to…
Q: Describe and use the purchases jornal. What steps are followed in posting from the purchases journal…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: By using FIFO method: Post Journal entries for Sales and CGS?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: what steps are followed in posting from the purchases journal to the accounts payable ledger?
A: Purchase journal indicates the account corresponding to the orders or purchase initiated or made on…
Q: How to journalize entries from accounting for sales with frieght transaction
A: The journal entry is a way of recording business transactions. It is the event when business…
Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…
A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…
Q: Journalizing Sales Transactions
A: Journal entries is given bellow,
Q: How do you journalize entries on FOB shipping and FOB destination?
A: FOB shipping point: Under FOB shipping point the possession of goods are with the seller until the…
Q: A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase…
A: Answer: Option c.
Q: When goods are received, the receiving clerk should match the good with_____? A. The…
A: Under generally accepted accounting principles, Double entry accounting system has to be followed…
Q: A furniture store debits purchases for a purchase of a
A: In any business, Purchases Account is debited for the purchases of those goods that are meant to be…
Q: which of the following actions update/ record is: a master file, transactions file, special journal,…
A: Transaction- A business transaction, also known as a financial transaction, is one that can be…
Q: Prepare journal entries to record the transactions, assuming perpetual inventory system.
A: Journal Entries: are the first recording of any transaction in the books of accounts. These entries…
Q: Explain the purpose of sales journal.
A: Journals are prepared by the company to record the monetary transactions of the company.
Required
Prepare the SALES JOURNAL
Prepare the PURCHASES JOURNAL
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- Data needed: SFP Asset section 1. Cash 16.3% 2. AR 6.3% 3. Short term investment 0.2% 4. Inventory 2.2% 5. Prepaid expenses 0.4% 6. PPE 74.7% Data needed: SFP Liabilities and OE section. 1. Current liab 16% 2. Non-current liab 34.2% 3. OE 49.9% Data needed: SCI 1. COGS 38.6% 2. Selling and admin exp 6.8% 3. Interest exp 0.1% 4. Income tax exp 0.5% 5. Net income 54%Use the following table: Case X Case Y Case Z Cash $ 940 $ 1,470 $ 1,940 Short-term investments 0 0 780 Receivables 0 1,690 1,360 Inventory 3,400 1,560 6,520 Prepaid expenses 2,600 1,020 1,460 Total current assets $ 6,940 $ 5,740 $ 12,060 Current liabilities $ 3,600 $ 1,800 $ 5,750 Required:Calculate the quick ratio in each of the above cases and select the case which is in the best position to meet short-term obligations most easily. (Round your answers to 2 decimal places.)What is the amount received by partially secured creditor? A. P40,000B. P60,000C. P70,000D. P65,000
- II. solution. Mardou Company Martin Company P50,000,00 Compary Assets Current Assets P50,000 P25,0000 P25,0000 P12,500,000 Imvenbory Curent Labilites Equity P18,0000 PS5,00000 PI5,0000 P50000 PA5,000 PIO,0000 PT 200,000 Sales PIO,0000 Costs P8.9000 Cumpery Marin Compary Merou Compan Curent Rabio Quik Ratb Paifabilty Retum on TotalAssets Retum on Rutyissis.com/FEL X - Unit Activity: Mathematical Mo x + lelivery//ua/69158/45467532/aHR0cHM6Ly9mMS5hcHAUZWRtZW50dW0uY29tL2xlYXJuZXItdWkvc2Vjb25kYXJ5L3VzZXIt nit Activity: Mathematical Models and Consumer Finance Task 7 Financing Transportation Respond to each question below in two to three complete sentences. Each question is worth four points. Space used (includes formatting): 0/15000 Part A Lydia makes a down payment of $1,600 on a $11,000 car loan. How much of the purchase price will the interest be calculated on? Explain how you arrived at the final answer. BIUX² X₂ 15px Part B AV king a down payment on a car loan help a car buyer? 11 of 12 = Print 11:58 O PI ☐ Save &Using the Accounting equation. Compute the following figure: Liabilities Assets Сaptal Workings 1 54000 16900 ? 2 330000 155000 ? 3. ? 19200 24400 4 ? 59000 119300 36100 28500 6 18600 16450 7 5000 16900 8 ? 14392 245886 9.200000 50000
- 20Y8 2ΟΥ7 20Y6 20Y5 Net income 20Y4 $1,120,400 $965,900 $811,700 Interest expense $693,800 $588,000 380,900 347,700 300,300 229,000 Income tax expense 182,300 358,528 270,452 227,276 180,388 141,120 Total assets (ending balance) 6,308,280 6,633,962 4,788,646 4,965,740 3,765,686 Total stockholders' equity (ending balance) 2,021,243 2,424,789 1,550,109 1,918,695 1,151,217 Average total assets 6,471,121 5,711,304 4,877,193 4,138,117 3,517,352 Average stockholders' equity 2,223,016 1,987,449 1,734,402 1,534,956 You have been asked to evaluate the historical performance of the company over the last five years. 1,342,466 Selected industry ratios have remained relatively steady at the following levels for the last five years: 20Y4-20Y8 Return on total assets 22.9% Return on stockholders' equity 47.2% Times interest earned 4.6 Ratio of liabilities to stockholders' equity 2.1 Required: 1. Determine the following for the years 20Y4 through 20Y8. Round to one decimal place: a. Return on total…EZ CASH FLOW CASH ACCOUNTS PAYABLE JOHNSON CAPITAL CASH 82.000 F 100.000 20.000 I 4.000 3.000 100.000 АСCTSREC 15.000 15.000 10.000 O 10.000 106.000 9.000 EQUIP 3.000 F 6.000 ACC DEPR 82.000 ACCTSPAY 6.000 EXPENSES REVENUE J CAP ACCOUNTS RECEIVABLE CLOSING: 20.000 20.000 3.000 30.000 REV 27.000 15.000 REVENUE 30.000 EXP EXPENSES 20.000 27.000 DEPR EXP 15.000 DEPR EXPENSE 1.000 82.000 48.000 J CAPITAL 9.000 DEPRECIATION EXPENSE EQUIPMENT 1.000 1.000 20.000 20.000 Note: enter the drawing as a debit to the capital account. There are three types of cash flows: ACCUM. DEPR EQ. 1 OPERATING: cash flows from revenues and expenses. 1.000 1.000 2 INVESTINIG: cash flows from purchasing or selling assets. 3 FINANCING: cash flows from owner's investment or withdrawals. CASH FLOW STATEMENT TRANSACTIONS-Using your pencil, write each debit and credit into the T-accounts above. Cash Flows from Operations 1 Sally Johnson invested $100,000 in her business, Sally's Consulting. 2 Sally purchased equipment…15. You work for the CEO of a new company that plans to manufacture and sell a new product, a watch that has an embedded TV set and a magnifying glass crystal. The issue now is how to finance the company, with only equity or with a mix of debt and equity. Expected operating income is $510,000. Other data for the firm are shown below. How much higher or lower will the firm's expected ROE be if it uses some debt rather than all equity, i.e., what is ROEL - ROEU? Do not round your intermediate calculations. 0% Debt, U 60% Debt, L
- 4G e 1:E. OMANTEL Marked out of 1.00 P Flag question Wealth Maximisation comes under objective of financial managment a. Research Objectives b. None c. Operational Objectives d. Basic objectives e. Social Objectives Next page Chapter 1 Activity1Partial Income Statement Excel Exercise Compute the Following ՀԱՐ Sales COGS SG&A Depreciation Debt Int. Rate Tax Rate* 2019 100 40 EBITDA EBIT 25 Interest 10 EBT 0.08 Tax 0.25 Net Income ? ? ? ? ? ? Partial Balance Sheet Debt and Loans 150 Total Equity 150 Total Assets 300 Inv. Change 10 A/R Change A/P Change 35 20 Net Profit Margin Equity Multiplier Verify Dupont ROE ? סיי ? ? ? ? ? * Assume all taxes paid in current period (no accrued taxes) for rest of course CF from Operations ROE Asset Turnover CED Tt O 24HAlpULSdhx/wkRBg-SysLm-AeX919m2L5F4)xzbwovdD6BWUmolz5g/tormResponse?pli 1 Consider the following selected financial information for Green Woods Company. Green Woods Company Income Statement For the Year Ended December 31, 2020 Green Woods Company Balance Sheet For the Year Ended December 31, 2019 & 2020 2020 2019 ASsets Cash Accounts Receryabl- Invente Revenues $9.000 $230 $480 $$10 $590 Less: Depreciation expense $650 $960 $3.140 $2 150 K$1.520)(S870) $3.310 $980 Less: Other operating expenses 7100 Plant &Equipment Less Arcumalated Depreciation Tonal Assets Liabilinies & OE Less: Interest Expense 440 $3.340 Income before income taxes $810 voints Payal. acoms Tax Payable S870 S120| $550 S280 Income tax expense $270 00 Net income S510 $1.100 S1350 OUES