After researching the different forms of business organization,
Natalie Koebel decides to operate “Cookie Creations” as...
After researching the different forms of business organization,
Natalie Koebel decides to operate “Cookie Creations” as a
proprietorship. She then starts the process of getting the business
running. In November 2019, the following activities take
place.
Nov. 8
Natalie cashes her U.S. Savings Bonds and receives $520, which
she deposits in her personal bank account.
8
She opens a bank account under the name “Cookie Creations” and
transfers $500 from her personal account to the new account.
11
Natalie pays...
The following transactions occurred in June through August
2020.
June 1
After much thought, Natalie sells...
The following transactions occurred in June through August
2020.
June 1
After much thought, Natalie sells a mixer to Curtis on credit,
terms n/30, for $1,150 (cost of mixer $620).
30
Curtis calls Natalie. He is unable to pay the amount
outstanding for another month, so he signs a one-month, 8.35% note
receivable.
July 31
Curtis calls Natalie. He indicates that he is unable to pay
today but hopes to have a check for her at the end of the...
Purchase-Related Transactions Using Perpetual Inventory
System
The following selected transactions were completed by Capers
Company during...
Purchase-Related Transactions Using Perpetual Inventory
System
The following selected transactions were completed by Capers
Company during October of the current year:
Oct. 1.
Purchased merchandise from UK Imports Co., $14,558, terms
Freight terms in which the seller pays the transportation costs
from the shipping point to the final destination.FOB destination,
n/30.
3.
Purchased merchandise from Hoagie Co., $10,550, terms Freight
terms in which the buyer pays the transportation costs from the
shipping point to the final destination.FOB shipping point, 2/10,...
1.) Purchase-Related Transactions
Warwick’s Co., a women's clothing store, purchased $23,000 of
merchandise from a supplier...
1.) Purchase-Related Transactions
Warwick’s Co., a women's clothing store, purchased $23,000 of
merchandise from a supplier on account, terms FOB destination,
2/10, n/30. Warwick’s returned $3,500 of the merchandise, receiving
a credit memo, and then paid the amount due within the discount
period.
a. Journalize Warwick’s Co.'s entry to record
the purchase.
b. Journalize Warwick’s Co.'s entry to record
the merchandise return.
c. Journalize Warwick’s Co.'s entry to record
the payment.
2.)
Purchase-Related Transactions
Journalize entries for the following related...
Nicole's Getaway Spa (NGS) has been so successful that Nicole
has decided to expand her spa...
Nicole's Getaway Spa (NGS) has been so successful that Nicole
has decided to expand her spa by selling merchandise. She sells
things such as nail polish, at-home spa kits, cosmetics, and
aromatherapy items. Nicole uses a perpetual inventory system and is
starting to realize all of the work that is created when inventory
is involved in a business. The following transactions were selected
from among those completed by NGS in August.
Aug.
2
Sold a bundle of spa services with...
Comprehensive Accounting Cycle Review 5-02 (Part Level
Submission)
On November 1, 2022, Kingbird had the following...
Comprehensive Accounting Cycle Review 5-02 (Part Level
Submission)
On November 1, 2022, Kingbird had the following account
balances. The company uses the perpetual inventory method.
Debit
Credit
Cash
$25,200
Accumulated
Depreciation—Equipment
$2,800
Accounts Receivable
6,272
Accounts Payable
9,520
Supplies
2,408
Unearned Service Revenue
11,200
Equipment
70,000
Salaries and Wages Payable
4,760
$103,880
Common Stock
56,000
Retained Earnings
19,600
$103,880
During November, the following summary transactions were
completed.
Nov.
8
Paid $9,940 for salaries due employees, of which $5,180 is for...
Purchase- Related Transaction
The Stationery Company purchased merchandise on account from a
supplier for $17,000 terms...
Purchase- Related Transaction
The Stationery Company purchased merchandise on account from a
supplier for $17,000 terms 2/10 n/30. The Stationery Company
returned merchandise with invoice amount of $2, 200 and received
full credit.
a) If The Stationery Company pays invoice within the discount
period, what is the amount of cash required for the payment?
$____________.
Determining Amounts to be Paid on Invoices
Determine the amount to be paid in full settlement of each of
the following invoices, assuming that credit...
Required information
[The following information applies to the questions
displayed below.]
Santana Rey created Business Solutions...
Required information
[The following information applies to the questions
displayed below.]
Santana Rey created Business Solutions on October 1, 2019. The
company has been successful, and its list of customers has grown.
To accommodate the growth, the accounting system is modified to set
up separate accounts for each customer. The following chart of
accounts includes the account number used for each account and any
balance as of December 31, 2019. Santana Rey decided to add a
fourth digit with a...