On March 31, 20Y9, the balances of the accounts appearing in the ledger of Royal Furnishings Company, a furniture store, are as follows: Accounts Receivable $170,000 Inventory $937,700 Accumulated Depreciation-Building 730,050 Notes Payable 279,200 Administrative Expenses 554,650 Office Supplies 19,250 Building 2,466,700 Retained Earnings 1,248,200 Cash 177,950 Salaries Payable 7,900 Common Stock 300,600 Sales 6,281,900 Cost of Goods Sold 3,937,250 Selling Expenses 720,700 Dividends 171,700 Store Supplies 88,200 Interest Expense 10,050

The following selected account balances appeared on the financial statements of the Washington Company. Use these balances to answer the questions that follow. Accounts receivable, Jan. 1 $13,000 Accounts receivable, Dec. 31 9,000 Accounts payable, Jan. 1 4,000 Accounts payable, Dec. 31 7,000 Inventory, Jan. 1 10,000 Inventory, Dec. 31 15,000 Sales 56,000 Cost of goods sold 31,000 The Washington Company uses the direct method to calculate net cash flow from operating activities. Assume that all accounts payable are owed to merchandise suppliers. Cash collections from customers were Oa. $45,000 Ob. $56.000 Oc. $52,000 Od. $60,000

1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600

Journalize the following transactions that occurred in March for Downton Company. Assume Downton uses the periodic inventory system. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Downton estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all amounts to the nearest whole dollar.) More info Mar. 3 Mar. 4 Mar. 4 Mar. 6 Mar. 8 Mar. 9 Mar. 10 Mar. 12 Mar. 13 Mar. 15 Mar. 22 Mar. 23 Mar. 25 Mar. 29 Mar. 30 Purchased merchandise inventory on account from Sherry Wholesalers, $4,000. Terms 1/15, n/EOM, FOB shipping point. Paid freight bill of $90 on March 3 purchase. Purchase merchandise inventory for cash of $1,900. Returned $1,100 of inventory from March 3 purchase. Sold merchandise inventory to Hillis Company, $2,500, on account. Terms 1/15, n/35. Purchased merchandise inventory on…

The following transactions occurred during the month of November in the operation of Wonderful Buy, Inc, a retailer of electronic merchandise.   Record each transaction listed below to show its impact on the accounting equation in the table provided on the next page for that purpose.  For any entry that impacts Retained Earnings, write a brief description in the column provided.    November 4   Purchased merchandise for $6,000 on account from International                                     Fragrance Corporation, terms: 3/10, n/60. November 16 Sold merchandise to a customer on account for $8,000,                                     terms 2/10, n/30.  The merchandise had cost Wonderful Buy’s $4,000. November 18 Sold merchandise to a customer for cash, $850. The merchandise had cost                         Wonderful Buy’s $350.                                         November 19 Customer returned $200 of the merchandise from the sale on November 18 and was given a refund.  The…

business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 12 27 28 590 490 1,380 150

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…

vd subject-Accounting

Subject: acounting