Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version,13th + CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337607773
Author: Cathy J. Scott
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter D, Problem 6P
Prepare entries in general journal form to record the following:
June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.
July 12 Received $740 in cash from K. Perrot and a 60-day, 7 percent note for $1,000, dated July 12.
Aug. 17 Discounted the note at the bank at 7.5 percent.
Check Figure
8/17 Cash, $1006.61
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Record the following transactions in the cash receipts journal.
Jun. 12
Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment.
Jun. 15
Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30.
Jun. 17
Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund.
If an amount box does not require an entry, leave it blank.
CASH RECEIPTS JOURNAL
Page: 24
Date
Account
InvoiceNo.
Ref.
CashDR
SalesDiscountsDR
AccountsReceivable,Sales, orotheraccounts CR
2019
Jun. 12
fill in the blank 3
fill in the blank 4
fill in the blank 5
fill in the blank 6
Jun. 15…
Record the following transactions in the cash receipts journal.
Jun. 12 Your company received payment in full from Jolie Inc. in the amount of
$1,225 for merchandise purchased on June 4 for $1,250, invoice number #1032.
Jolie Inc. was offered terms of 2/10, n/30. Record the payment.
Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice
#1027, dated June 1, in the amount of $2,500, terms offered 3/10, n/30.
Jun. 17 Your company received a refund check (its check #12440) from the State
Power Company because you overpaid your electric bill. The check was in the
amount of $72. The Utility Expense account number is #450. Record receipt of the
refund.
Record the following transactions in the cash receipts journal.
Jun. 12
Your company received payment in full from Jolie Inc. in the amount of $1,323 for merchandise purchased on June 4 for $1,350, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment.
Jun. 15
Portman Inc. mailed you a check for $2,900. The company paid for invoice #1027, dated June 1, in the amount of $2,900, terms offered 3/10, n/30.
Jun. 17
Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $52. The Utility Expense account number is #450. Record receipt of the refund.
If an amount box does not require an entry, leave it blank.
Chapter D Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version,13th + CengageNOWV2, 1 term (6 months) Printed Access
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Enter the following transactions in a cash payments journal like the one illustrated in the chapter: Aug. 2 Issued Check No. 193 in payment of August rent (Rent Expense), 2,200. 6 Issued Check No. 194 to Mason Hardware in payment of merchandise purchased on account, 1,700, less 2% discount. The check was written for 1,666. 10 Issued Check No. 195 to Augies Wholesale for cash purchase of merchandise, 2,730.arrow_forwardCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardSept. 5 Issued Check No. 318 to Clausen Corp. for merchandise purchased August 28, $5,000, terms 2/10, n/30. Payment is made within the discount period. 12 Issued Check No. 319 to McGonigle Co. for merchandise purchased September 2, $8,400, terms 1/10, n/30. A credit memo had previously been received from McGonigle Co. for merchandise returned, $400. Payment is made within the discount period after deduction for the return dated September 8. 19 Issued Check No. 320 to Elite Systems for merchandise purchased August 19, $4,600, terms n/30. 27 Issued Check No. 321 to Glenn Falls for merchandise purchased September 17, $7,000, terms 2/10, n/30. Payment is made within the discount period. Page: 1 DATE CK. NO. ACCOUNT DEBITED POST.REF. GENERAL ACCOUNTSPAYABLEDEBIT PURCHASESDISCOUNTSCREDIT CASHCREDIT DEBIT 1 fill in the blank 2 Clausen Corp. fill in the blank 4 fill in the blank 5 fill in the blank 6 fill in the blank 7 1 2 fill in the blank…arrow_forward
- 9.4A Enter the following in the three-column cash book of an office supply shop. Balance-off the cash book at the end of the month and show the discount accounts in the general ledger. June 1 Balances brought forward: Cash £420; Bank £4,940. 2 The following paid us by cheque, in each case deducting a 5 per cent cash discount: S. Braga £820; L. Pine £320; G. Hodd £440; M. Rae £1,040. 3 Cash sales paid direct into the bank £740. 5 Paid rent by cash £340. 6 We paid the following accounts by cheque, in each case deducting 2'2 per cent cash discount: M. Peters £360; G. Graham £960; F. Bell £400. 8 Withdrew cash from the bank for business use £400. 10 Cash sales £1,260. 12 B. Age paid us their account of £280 less £4 cash discount, by cheque. 14 Paid wages by cash £540. 16 We paid the following accounts by cheque: R. Todd £310 less cash dis- count £15; F. Dury £412 less cash discount £12. 20 Bought fixtures by cheque £4,320.arrow_forwardThe general ledger Cash at Bank account had a balance of $21,200 on 31 May. The cash receipts journal showed total cash receipts of $292,704 for June. The cash payments journal showed total cash payments of $265,074 for June. The June bank statement reported a bank balance of $41,184 on 30 June. Outstanding cheques at the end of June were: no. 3456, $1,448; no. 3457, $84; no. 3460, $70 and no. 3462, $410. Cash receipts of $10,090 for 30 June were not included in the June bank statement. Included on the bank statement were: a dishonoured cheque written by a client James Ltd, $136 a credit for an electronic transfer from a customer of $644 interest earned, $44 account and transaction fees, $120 Required: a) Update the cash receipts and cash payments journals by adding the necessary adjustments and calculate the total cash receipts and cash payments for June. b) Post from cash receipts and cash payments journals to the Cash at Bank ledger account and balance the account. c) Prepare a…arrow_forwardEnter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.arrow_forward
- Prepare a cash payments journal and then record the following cash payments transactions. July 5 Issued Check No. 910 to Kam Corp. to buy store supplies for $500. 13 Issued Check No. 911 for $4,000 to pay off a note payable to China Bank. 24 Issued Check No. 912 to Lim to pay the amount due from a July 16 purchase less the discount of $20. It purchased merchandise for $1,000 on credit from Lim, terms 2/10, n/30. 29 Paid salary of $700 to B. Tung by issuing Check No. 913.arrow_forwardThe information below relates to the Cash account in the ledger of Lily Company. Balance September 1—$17,260; Cash deposited—$64,040. Balance September 30—$18,104; Checks written—$63,196. The September bank statement shows a balance of $17,122 on September 30 and the following memoranda. Credits Debits Collection of $1,841 note plus interest $39 $1,880 NSF check: Richard Nance $775 Interest earned on checking account $54 Safety deposit box rent $74 At September 30, deposits in transit were $4,800, and outstanding checks totaled $2,733. 1. Prepare the bank reconciliation at September 30. (List items that increase cash balance first.) 2. Prepare the adjusting entries at September 30, assuming (1) the NSF check was from a customer on account, and (2) no interest had been accrued on the note. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent…arrow_forwardHow should I solve this problem? 12 Issued Check No. 319 to Martin Company for merchandise purchased September 2, $8,500, terms 1/10, n/30. A credit memo had been received on September 8 from Martin Company for merchandise returned, $400. Payment is made within the discount period after deduction for the return dated September 8.arrow_forward
- On December 15, you received your bank statement showing a balance of $2,275.34. Your checkbook shows a balance of $2,437.40. Outstanding checks are $225.50 and $356.10. The account earned $77.55. Deposits in transit amount to $805.21, and there is a service charge of $16.00. Calculate the reconciled balance. O $162.06 O $2,051.73 O $2,375.85 O $2,498.95arrow_forwardOn May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88arrow_forwardThe information below relates to the Cash account in the ledger of Blossom Company. Balance September 1-$28,400 Cash deposited-$97,800. Balance September 30-$27,900 Checks written-$96,100. The September bank statement shows a balance of $27,200 on September 30 and the following memoranda. Credits Debits Collection of $3,800 note plus interest $60 $3,860 NSF check: J. E. Allen $670 Interest earned on checking account $100 Safety deposit box rent $90 At September 30, deposits in transit were $8,500, and outstanding checks totaled $4,600. Prepare the bank reconciliation at September 30. BLOSSOM COMPANY Bank Reconciliation < $ $ $arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
7.2 Ch 7: Notes Payable and Interest, Revenue recognition explained; Author: Accounting Prof - making it easy, The finance storyteller;https://www.youtube.com/watch?v=wMC3wCdPnRg;License: Standard YouTube License, CC-BY