Question

Al-khamis Shoes was involved in the transactions described below. Required: Prepare the appropriate journal entry for...

Al-khamis Shoes was involved in the transactions described below.
Required: Prepare the appropriate journal entry for each transaction. If an entry is not required, state "No Entry."
1. Purchased OR 9,200 of inventory on account.
2. Paid monthly salaries, OR 1,200.
3. Recorded OR13,900 sales for the first month: Cash: OR8,100; On account: OR5,800.
4. Paid for inventory purchased in event (1).
5. Placed an order for OR 6,600 of inventory.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Rite Shoes was involved in the transactions described below. Purchased $8,700 of inventory on account. Paid...
Rite Shoes was involved in the transactions described below. Purchased $8,700 of inventory on account. Paid weekly salaries and wages, $970. Recorded sales for the first week: Cash: $7,600; On account: $5,800. Paid for inventory purchased in event (1). Placed an order for $6,700 of inventory. Required: Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fielRite Shoes was involved in the transactions described...
Rite Shoes was involved in the transactions described below. Purchased $8,700 of inventory on account. Paid...
Rite Shoes was involved in the transactions described below. Purchased $8,700 of inventory on account. Paid weekly salaries and wages, $970. Recorded sales for the first week: Cash: $7,600; On account: $5,800. Paid for inventory purchased in event (1). Placed an order for $6,700 of inventory. Required: Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiel
Required: 1 Prepare the journal entries to record these transactions. (If no entry is required for...
Required: 1 Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1a. Record the sales revenue of $220 for cash and $120 on account and record the cost of goods sold of $133 using one journal entry. 1b. Record the salaries and wages expense of $90. 2. Calculate the amount that should be reported as net cash flow from operating activities. 3. Calculate...
Smith Shoes completed these merchandising transactions in the month of November. Prepare the journal entries (in...
Smith Shoes completed these merchandising transactions in the month of November. Prepare the journal entries (in the proper format on journal paper) for Smith Shoes for the transactions listed below. OMIT EXPLANATIONS. 11/1 Smith Shoes purchased $3,800 of merchandise on account; terms n / 30 - FOB shipping point. 11/6 Paid freight charges of $100 on the merchandise purchased on 11/1. 11/8 Smith Shoes sold merchandise on account for $2,400, terms 1/10, n/30. The merchandise had an inventory cost of...
Analyze each transaction and prepare the appropriate journal entry. Use journal paper found in Canvas, Modules,...
Analyze each transaction and prepare the appropriate journal entry. Use journal paper found in Canvas, Modules, Accounting Forms. The following transactions occurred during March, 2020 for the ABC Corporation. The company owns and operated a wholesale warehouse. 1) Issued 32,500 shares of Common Stock in exchange for $325,000 in cash 2) Purchased equipment at a cost of $36,000. $12,100 cash was paid and a long term note payable to the seller was signed for the balance owed 3) Purchased inventory...
Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for...
Required: 1. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. a Record the service revenue of $170 for cash and $80 on account. 1. b Record the depreciation expense of $100. 2. Calculate the amount that should be reported as net cash flow from operating activities. 3. Calculate the amount that should be reported as net income 4. Show how the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: John’s purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John’s account was credited by the supplier. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
M4-4 Recording Adjusting Journal Entries [LO 4-2] Prepare the adjusting journal entries for the following transactions....
M4-4 Recording Adjusting Journal Entries [LO 4-2] Prepare the adjusting journal entries for the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1. Supplies for office use were purchased during the year for $640, of which $170 remained on hand (unused) at year-end. 2. Interest of $320 on a note receivable was earned at year-end, although collection of the interest is not due until the following year. 3....
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: John’s purchased merchandise on account for $6,100. Freight charges of $850 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,150 and John’s account was credited by the supplier. Merchandise costing $3,350 was sold for $6,300 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry...
Prepare journal entries to record the following transactions of Sport Shoes Company Started business by issuing...
Prepare journal entries to record the following transactions of Sport Shoes Company Started business by issuing 10,000 ordinary shares for OR50,000. Purchased equipment for OR 5,400, paying OR 1,000 cash and signing a note payable for the balance. Purchased OR 3,800 of supplies on account. Recorded credit sales of OR 8000 for the first week. Paid for supplies purchased in item (3). Paid an insurance company OR 4,800. For a one-year insurance policy Collected OR 4,500 on account from customers...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT