a.-b. Merchandise
Inventory, before adjustment, has a
balance of $6,800. The newly counted inventory balance is...
a.-b. Merchandise
Inventory, before adjustment, has a
balance of $6,800. The newly counted inventory balance is
$7,300.
Unearned Seminar Fees has a balance of $5,300,
representing prepayment by customers for five seminars to be
conducted in June, July, and August 2019. Two seminars had been
conducted by June 30, 2019.
Prepaid Insurance has a balance of $7,800 for six
months’ insurance paid in advance on May 1, 2019.
Store equipment costing $17,710 was purchased on March 31, 2019.
It has...
Account Debit Credit
Cash $1,300
Merchandise inventory 46,000
Store supplies 18,900
Store equipment 147,600
Accumulated depreciation,...
Account Debit Credit
Cash $1,300
Merchandise inventory 46,000
Store supplies 18,900
Store equipment 147,600
Accumulated depreciation, store equipment 29,000
Accounts payable 12,000
Nymeth Sarda, capital 158,800
Nymeth Sarda, withdrawals 2,000
Sales 342,200
Sales discounts 3,000
Sales returns and allowances 9,000
Cost of goods sold 111,600
Sales salaries expense 94,000
Rent expense, selling space 12,000
Office supplies expenses 1,000
Rent expense, office space 56,000
Advertising expense 39,600
Totals $542,000 $542,000
Required
Prepare a classified multi-step income statement.
On March 1, Sather Co. sold merchandise to Boone Co. on account,
$33,800, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account,
$33,800, terms 2/15, n/30. The cost of the merchandise sold is
$18,000. The merchandise was paid for on March 14. Assume all
discounts are taken.
Required:
Journalize the entries for Sather Co. and Boone Co. (on
seperate journals) for the sale, purchase, and payment of amount
due. Refer to the appropriate company’s Chart of Accounts for exact
wording of account titles.
CHART OF ACCOUNTS Sather Co.General Ledger
ASSETS...
Problem 8-2B Record notes payable and notes receivable (LO8-2)
Skip to question [The following information applies...
Problem 8-2B Record notes payable and notes receivable (LO8-2)
Skip to question [The following information applies to the
questions displayed below.] Eskimo Joe’s, designer of the world’s
second best-selling T-shirt (just behind Hard Rock Cafe), borrows
$21 million cash on November 1, 2021. Eskimo Joe’s signs a
six-month, 7% promissory note to Stillwater National Bank under a
prearranged short-term line of credit. Interest on the note is
payable at maturity. Each firm has a December 31 year-end.
Problem 8-2B Part...
On March 1, Sather Co. sold merchandise to Boone Co. on account,
$31,800, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account,
$31,800, terms 2/15, n/30. The cost of the merchandise sold is
$19,000. The merchandise was paid for on March 14.
Journalize the entries for Sather Co. and Boone Co. for the
sale, purchase, and payment of amount due. Refer to the appropriate
company’s Chart of Accounts for exact wording of account
titles.
Chart of Accounts-Sather Co.
CHART
OF ACCOUNTS
Sather Co.
General Ledger
ASSETS
110
Cash
121
Accounts...
On December 28, Silverman Enterprises sold $18,500 of
merchandise to Beasley Co. with terms 2/10, n/30....
On December 28, Silverman Enterprises sold $18,500 of
merchandise to Beasley Co. with terms 2/10, n/30. The cost of the
goods sold was $11,200. On December 31, Silverman prepared its
adjusting entries, yearly financial statements, and closing
entries. On January 3, Silverman issued Beasley a credit memo for
returned merchandise. The returned merchandise originally cost
Silverman $2,350 and was billed (invoiced) for $4,000 with terms
2/10, n/30.
A.
Journalize the entries by Silverman Enterprises to record
the December 28 sale....
Entries for receipt and dishonor of notes receivable
Instructions
Chart of Accounts
Journal
Journalize the transactions...
Entries for receipt and dishonor of notes receivable
Instructions
Chart of Accounts
Journal
Journalize the transactions in the accounts of Safari Games Co.,
which operates a riverboat casino. Refer to the Chart of Accounts
for exact wording of account titles. Assume 360 days in a year.
All transactions on this page must be entered (except for
post ref(s)) before you will receive Check My Work
feedback.Instructions
Apr.
18.
Received a $60,000, 30-day, 7% note
dated April 18 from Glenn Cross...
On December 22, Travis Company purchased merchandise on account
from a supplier for $11,100, terms 2/10,...
On December 22, Travis Company purchased merchandise on account
from a supplier for $11,100, terms 2/10, net 30. Travis Company
paid for the merchandise within the discount period on December
31.
Required:
Under a perpetual inventory system, record the journal entries
required for the above transactions. Refer to the Chart of Accounts
for exact wording of account titles
CHART OF ACCOUNTS
Travis Company
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130
Merchandise Inventory
131
Estimated Returns...