Your Questions About In Which Journal Is The Return Of Supplies Purchased On Account Recorded

0
0
0
0
0
0
0
0
0
or copy the link

David asks…

Accounting Homework Help!!?

Hi I’m writing some Journal entries for a peachtree project in my class but my numbers aren’t adding up with the correct figures (provided by our teacher) here’s what i’m supposed to journal:

Transaction
Date
Nov.
1Company Reimbursed Lopez in cash for business automobile mileage allowance (Lopez logged 1,000 miles at $0.32 per mile).
2Received $4,633 cash from Liu Corporation for computer services performed.
5Purchased computer supplies for $1,125 cash from Harris Office Products.
8Billed Gomez Co. $5,668 for services performed.
13Received notification from Alex’s Engineering Co. that Success Systems’ bid of $3,950 for an upcoming project is accepted.
18Received $2,208 cash from IFM Company as partial payment of the October 28 bill.
22Donated $250 cash to the United Way in the company’s name.
24Completed work for Alex’s Engineering Co. and sent it a bill for $3,950
25Sent another bill to IFM Company for the past-due amount of $3,000.
28Reimbursed Lopez in cash for business automobile mileage (1,200 miles at $0.32 per mile).
30Paid $1,750 cash for Lyn Addie’s wages for 14 days’ work.
30The Company paid $2,000 cash for Dividends

Here were my answers:
Nov 1
Mileage Expense (DR) 320
cash (CR) 320

Nov. 2
Cash (DR) 4,633
Accounts Receivable (CR) 4,633

Nov. 5
Computer Supplies (DR) 1,125
Cash (CR) 1,125

Nov. 8
Accounts Receivable (DR) 5,668
Computer Services Revenue (CR) 5,668

Nov. 18
Cash (DR) 2,208
Accounts Receivable (CR) 2,208

Nov. 22
Misc. Expense (DR) 250
Cash (CR) 250

Nov. 24
Accounts Receivable (DR) 3,950
Computer Services Revenue(CR) 3,950

Nov 25
Accounts Receivable (DR) 3,000
Computer Services Revenue (CR) 3,000

Nov. 28
Mileage Expense (DR) 384
cash (CR) 384

Nov. 30
Wages Expense (DR) 1750
cash (CR) 1750

Nov 30
Dividends (DR) 2,000
Cash (CR) 2,000

If someone could tell me if this is right i’d really appreciate it! (I checked my figures and I know that my Accounts Receivables and Computer service revenues are off but I don’t know why! :/
Cash

Justin answers:

All but one is correct.

Nov. 2
Cash (DR) 4,633
Computer Services Revenue (CR) 4,633

They don’t say anything about already having recorded the revenue and accounts receivable for the work. If they had, they would have worded it similar to the way they worded the Nov 18 transaction

You should also indicate that for the Nov 13 transaction, no entry is due at that time. If you ignore it, your professor might think you missed that one.

Finally, on the Nov 22 entry, I would probably Debit the account “Charitable Contributions” (or Donations) Expense, rather than Misc. Expense. Charitable contributions are reported separately on the tax returns so you need to keep track of them separately in the books

Donald asks…

Final Project Question?

Use Appendix C for this problem please.

You have just taken over the accounting for Choi Enterprises, whose annual accounting period ends December 31. The company’s previous accountant journalized its transactions through December 15 and posted all items that required posting as individual amounts (see the journals and ledgers in the Working Papers). The company’s transactions beginning on December 16 follow (terms for all its credit sales are 2/10, n/30):
>Dec. 16 Sold merchandise on credit to Hanna Seppa, Invoice No. 916, for $7,700 (cost is $4,600).
>17 Received a $1,040 credit memorandum from Funk Company for the return of merchandise received on December 15.
>17 Purchased $615 of office supplies on credit from KK’s Supply Company, invoice dated December 16, terms n/10 EOM.
> 18 Received a $40 credit memorandum from KK’s Supply Company for the return of office supplies received on December 17.
> 20 Issued a $500 credit memorandum to Bo Brown for defective (worthless) merchandise sold on December 15 and returned for credit.
> 21 Purchased $6,700 of store equipment on credit from KK’s Supply Company, invoice dated December 21, terms n/10 EOM.
> 22 Received payment from Hanna Seppa for the December 12 sale less the discount.
>23 Issued Check No. 623 to Crossland Company in payment of its December 15 invoice less the discount.
> 24 Sold merchandise on credit to Shilo Jones, Invoice No. 917, for $1,200 (cost is $600).
> 24 Issued Check No. 624 to Funk Company in payment of its December 15 invoice less the return and the discount.
> 25 Received payment from Bo Brown for the December 15 sale less the return and the discount.
> 26 Purchased $8,100 of merchandise from Crossland Company, invoice dated December 25, terms 2/10, n/60.
> 29 Sold a neighboring merchant five boxes of file folders (office supplies) at their cost of $50 cash.
> 30 Ken Choi, the sole owner of Choi Enterprises, used Check No. 625 to withdraw $2,500 in cash from the business for personal use.
> 31 Issued Check No. 626 to Jamie Inman, the company’s only sales employee, in payment of her $2,020 salary for the last half of December.
> 31 Issued Check No. 627 to Access Electric Company in payment of its $710 December electric bill.
> 31 Cash sales for the last half of the month are $29,600 (cost is $11,200). (Cash sales are recorded daily but are recorded only twice in this problem to reduce repetitive entries.)

> Required
1. Record these transactions in the journals provided in the working papers.
2. Verify that amounts that should be posted as individual amounts to the general ledger accounts have been posted, including posting to the customer and creditor accounts. (Such items are immediately posted.) Foot and crossfoot the journals and make the month-end postings.
3. Prepare a December 31 trial balance and prove the accuracy of the subsidiary ledgers by preparing schedules of both accounts receivable and accounts payable.

Check Trial balance totals, $219,408

Justin answers:

I’ve sent the file to that address you gave me.

Chris asks…

The work sheet is anking for information from the first of the month, I do not have that?

You have just taken over the accounting for Choi Enterprises, whose annual accounting period ends December 31. The company’s previous accountant journalized its transactions through December 15 and posted all items that required posting as individual amounts (see the journals and ledgers in the Working Papers). The company’s transactions beginning on December 16 follow (terms for all its credit sales are 2_10, n_30):
Dec. 16 Sold merchandise on credit to Hanna Seppa, Invoice No. 916, for $7,700 (cost is $4,600).
17 Received a $1,040 credit memorandum from Funk Company for the return of merchandise
received on December 15.
17 Purchased $615 of office supplies on credit from KK’s Supply Company, invoice dated
December 16, terms n10 EOM.
18 Received a $40 credit memorandum from KK’s Supply Company for the return of office
supplies received on December 17.
20 Issued a $500 credit memorandum to Bo Brown for defective (worthless) merchandise sold
on December 15 and returned for credit.
21 Purchased $6,700 of store equipment on credit from KK’s Supply Company, invoice dated
December 21, terms n10 EOM.
22 Received payment from Hanna Seppa for the December 12 sale less the discount.
23 Issued Check No. 623 to Crossland Company in payment of its December 15 invoice less
the discount.
24 Sold merchandise on credit to Shilo Jones, Invoice No. 917, for $1,200 (cost is $600).
24 Issued Check No. 624 to Funk Company in payment of its December 15 invoice less the
return and the discount.
25 Received payment from Bo Brown for the December 15 sale less the return and the discount.
26 Purchased $8,100 of merchandise from Crossland Company, invoice dated December 25,
terms 210, n60.
29 Sold a neighboring merchant five boxes of file folders (office supplies) at their cost of $50
cash.
30 Ken Choi, the sole owner of Choi Enterprises, used Check No. 625 to withdraw $2,500 in
cash from the business for personal use.
31 Issued Check No. 626 to Jamie Inman, the company’s only sales employee, in payment of
her $2,020 salary for the last half of December.
31 Issued Check No. 627 to Access Electric Company in payment of its $710 December electric
bill.
31 Cash sales for the last half of the month are $29,600 (cost is $11,200). (Cash sales are
recorded daily but are recorded only twice in this problem to reduce repetitive entries.)
Required
1. Record these transactions in the journals provided in the working papers.
2. Verify that amounts that should be posted as individual amounts to the general ledger accounts
have been posted, including posting to the customer and creditor accounts. (Such items are immediately
posted.) Foot and crossfoot the journals and make the month-end postings.
3. Prepare a December 31 trial balance and prove the accuracy of the subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable

Justin answers:

Sorry Bubba but you have to do your own homework. I could do it for you but you must have a visa, master, discover or amex. $45 per hour with a 2 hour minimum.

George asks…

i need help with choi enterprises?

You have just taken over the accounting for Choi Enterprises, whose annual accounting period ends
December 31. The company’s previous accountant journalized its transactions through December 15
and posted all items that required posting as individual amounts (see the journals and ledgers in the
Working Papers). The company’s transactions beginning on December 16 follow (terms for all its
credit sales are 2_10, n_30):
Dec. 16 Sold merchandise on credit to Hanna Seppa, Invoice No. 916, for $7,700 (cost is $4,600).
17 Received a $1,040 credit memorandum from Funk Company for the return of merchandise
received on December 15.
17 Purchased $615 of office supplies on credit from KK’s Supply Company, invoice dated
December 16, terms n_10 EOM.
18 Received a $40 credit memorandum from KK’s Supply Company for the return of office
supplies received on December 17.
20 Issued a $500 credit memorandum to Bo Brown for defective (worthless) merchandise sold
on December 15 and returned for credit.
21 Purchased $6,700 of store equipment on credit from KK’s Supply Company, invoice dated
December 21, terms n_10 EOM.
22 Received payment from Hanna Seppa for the December 12 sale less the discount.
23 Issued Check No. 623 to Crossland Company in payment of its December 15 invoice less
the discount.
24 Sold merchandise on credit to Shilo Jones, Invoice No. 917, for $1,200 (cost is $600).
24 Issued Check No. 624 to Funk Company in payment of its December 15 invoice less the
return and the discount.
25 Received payment from Bo Brown for the December 15 sale less the return and the discount.
26 Purchased $8,100 of merchandise from Crossland Company, invoice dated December 25,
terms 2_10, n_60.
29 Sold a neighboring merchant five boxes of file folders (office supplies) at their cost of $50
cash.
30 Ken Choi, the sole owner of Choi Enterprises, used Check No. 625 to withdraw $2,500 in
cash from the business for personal use.
31 Issued Check No. 626 to Jamie Inman, the company’s only sales employee, in payment of
her $2,020 salary for the last half of December.
31 Issued Check No. 627 to Access Electric Company in payment of its $710 December electric
bill.
31 Cash sales for the last half of the month are $29,600 (cost is $11,200). (Cash sales are
recorded daily but are recorded only twice in this problem to reduce repetitive entries.)
Required
1. Record these transactions in the journals provided in the working papers.
2. Verify that amounts that should be posted as individual amounts to the general ledger accounts
have been posted, including posting to the customer and creditor accounts. (Such items are immediately
posted.) Foot and crossfoot the journals and make the month-end postings.
3. Prepare a December 31 trial balance and prove the accuracy of the subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable.

Justin answers:

This question comes in its own Excel template. Without your email address, I can’t send you the file.

Steven asks…

Having Trouble- Choi Enterprises?

general ledger?
You have just taken over the accounting for Choi Enterprises, whose annual accounting period ends
December 31. The company’s previous accountant journalized its transactions through December 15
and posted all items that required posting as individual amounts (see the journals and ledgers in the
Working Papers). The company’s transactions beginning on December 16 follow (terms for all its
credit sales are 2_10, n_30):
Dec. 16 Sold merchandise on credit to Hanna Seppa, Invoice No. 916, for $7,700 (cost is $4,600).
17 Received a $1,040 credit memorandum from Funk Company for the return of merchandise
received on December 15.
17 Purchased $615 of office supplies on credit from KK’s Supply Company, invoice dated
December 16, terms n_10 EOM.
18 Received a $40 credit memorandum from KK’s Supply Company for the return of office
supplies received on December 17.
20 Issued a $500 credit memorandum to Bo Brown for defective (worthless) merchandise sold
on December 15 and returned for credit.
21 Purchased $6,700 of store equipment on credit from KK’s Supply Company, invoice dated
December 21, terms n_10 EOM.
22 Received payment from Hanna Seppa for the December 12 sale less the discount.
23 Issued Check No. 623 to Crossland Company in payment of its December 15 invoice less
the discount.
24 Sold merchandise on credit to Shilo Jones, Invoice No. 917, for $1,200 (cost is $600).
24 Issued Check No. 624 to Funk Company in payment of its December 15 invoice less the
return and the discount.
25 Received payment from Bo Brown for the December 15 sale less the return and the discount.
26 Purchased $8,100 of merchandise from Crossland Company, invoice dated December 25,
terms 2_10, n_60.
29 Sold a neighboring merchant five boxes of file folders (office supplies) at their cost of $50
cash.
30 Ken Choi, the sole owner of Choi Enterprises, used Check No. 625 to withdraw $2,500 in
cash from the business for personal use.
31 Issued Check No. 626 to Jamie Inman, the company’s only sales employee, in payment of
her $2,020 salary for the last half of December.
31 Issued Check No. 627 to Access Electric Company in payment of its $710 December electric
bill.
31 Cash sales for the last half of the month are $29,600 (cost is $11,200). (Cash sales are
recorded daily but are recorded only twice in this problem to reduce repetitive entries.)
Required
1. Record these transactions in the journals provided in the working papers.
2. Verify that amounts that should be posted as individual amounts to the general ledger accounts
have been posted, including posting to the customer and creditor accounts. (Such items are immediately
posted.) Foot and crossfoot the journals and make the month-end postings.
3. Prepare a December 31 trial balance and prove the accuracy of the subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable.

Justin answers:

I’ve sent the file to you.

William asks…

I need help with Choi Enterprises!!!?

I think Im missing something!!!! I need help?!?!
You have just taken over the accounting for Choi Enterprises, whose annual accounting period ends
December 31. The company’s previous accountant journalized its transactions through December 15
and posted all items that required posting as individual amounts (see the journals and ledgers in the
Working Papers). The company’s transactions beginning on December 16 follow (terms for all its
credit sales are 210, n30):
Dec. 16 Sold merchandise on credit to Hanna Seppa, Invoice No. 916, for $7,700 (cost is $4,600).
17 Received a $1,040 credit memorandum from Funk Company for the return of merchandise
received on December 15.
17 Purchased $615 of office supplies on credit from KK’s Supply Company, invoice dated
December 16, terms n10 EOM.
18 Received a $40 credit memorandum from KK’s Supply Company for the return of office
supplies received on December 17.
20 Issued a $500 credit memorandum to Bo Brown for defective (worthless) merchandise sold
on December 15 and returned for credit.
21 Purchased $6,700 of store equipment on credit from KK’s Supply Company, invoice dated
December 21, terms n10 EOM.
22 Received payment from Hanna Seppa for the December 12 sale less the discount.
23 Issued Check No. 623 to Crossland Company in payment of its December 15 invoice less
the discount.
24 Sold merchandise on credit to Shilo Jones, Invoice No. 917, for $1,200 (cost is $600).
24 Issued Check No. 624 to Funk Company in payment of its December 15 invoice less the
return and the discount.
25 Received payment from Bo Brown for the December 15 sale less the return and the discount.
26 Purchased $8,100 of merchandise from Crossland Company, invoice dated December 25,
terms 210, n60.
29 Sold a neighboring merchant five boxes of file folders (office supplies) at their cost of $50
cash.
30 Ken Choi, the sole owner of Choi Enterprises, used Check No. 625 to withdraw $2,500 in
cash from the business for personal use.
31 Issued Check No. 626 to Jamie Inman, the company’s only sales employee, in payment of
her $2,020 salary for the last half of December.
31 Issued Check No. 627 to Access Electric Company in payment of its $710 December electric
bill.
31 Cash sales for the last half of the month are $29,600 (cost is $11,200). (Cash sales are
recorded daily but are recorded only twice in this problem to reduce repetitive entries.)
Required
1. Record these transactions in the journals provided in the working papers.
2. Verify that amounts that should be posted as individual amounts to the general ledger accounts
have been posted, including posting to the customer and creditor accounts. (Such items are immediately
posted.) Foot and crossfoot the journals and make the month-end postings.
3. Prepare a December 31 trial balance and prove the accuracy of the subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable.

Justin answers:

I’ve sent the file to that address you gave me.

Powered by Yahoo! Answers