Unit of Measure Quantity Purchased Price per Extended Total Cost Item Unit Rolls 120 $4 $480 Shop Towels Quarts 75 $9 $675 Degreasing Fluid Tubes 40 $6 $240 Gasket Sealer Total $1,395 On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Unit of Measure Quantity Remaining Item Rolls 80 Shop Towels Quarts 65 Degreasing Fluid Tubes 32 Gasket Sealer At the end of August, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Rolls 55 Shop Towels Quarts 48 Degreasing Fluid Tubes 22 Gasket Sealer The following is a partial list of the accounts in Martha's General Ledger. These are the only accounts you need for this problem. D Cash D Supplies P Supplies Expense

Unit of Measure Quantity Purchased Price per Extended Total Cost Item Unit Rolls 120 $4 $480 Shop Towels Quarts 75 $9 $675 Degreasing Fluid Tubes 40 $6 $240 Gasket Sealer Total $1,395 On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Unit of Measure Quantity Remaining Item Rolls 80 Shop Towels Quarts 65 Degreasing Fluid Tubes 32 Gasket Sealer At the end of August, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Rolls 55 Shop Towels Quarts 48 Degreasing Fluid Tubes 22 Gasket Sealer The following is a partial list of the accounts in Martha's General Ledger. These are the only accounts you need for this problem. D Cash D Supplies P Supplies Expense

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 16E: The cash payments and purchases journals for Outdoor Artisan Landscaping follow. The accounts...

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Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
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Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
Review the following transactions for April Anglers and record any required journal entries.  Oct. 4  April Anglers purchases 82 fishing poles at $33 each with cash.  Oct. 5  April Anglers purchases 116 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5.  Oct. 12  April discovers 18 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. April also discovers that 32 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $15 per fishing pole.  Oct. 24  April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts.  Solution  Date  Accounts and Explanation  Debit  Credit…
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Review the following transactions for Sandals Golf Club and record any required journal entries, narrations are required. Sep. 6 Sandals Golf Club purchases 55 golf clubs at $40 each with cash. Sep. 8 Sandals Golf Club purchases 80 golf clubs at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Sandals Golf Club discovers 10 of the golf clubs are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Sandals Golf Club also discovers that 10 of the golf clubs from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per golf club. Sep. 18 Sandals Golf Club pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts.
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Plumb Line Surveyors provides survey work for construction projects. The office staff use office supplies, while surveying crews use field supplies. Purchases on account completed by Plumb Line Surveyors during May are as follows: Instructions 1. Insert the following balances in the general ledger as of May 1: 2. Insert the following balances in the accounts payable subsidiary ledger as of May 1: 3. Journalize the transactions for May, using a purchases journal (p. 30) similar to the one illustrated in this chapter. Prepare the purchases journal with columns for Accounts Payable, Field Supplies, Office Supplies, and Other Accounts. Post to the creditor accounts in the accounts payable subsidiary ledger immediately after each entry. 4. Post the purchases journal to the accounts in the general ledger. 5. a. What is the sum of the creditor balances in the subsidiary ledger at May 31? b. What is the balance of the accounts payable controlling account at May 31? 6. What type of e-commerce application would be used to plan and coordinate transactions with suppliers?