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

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Donald asks…

I have most of it done, just want to make sure I did it right.?

Assume it is Monday, May 1, the first business day of the month, and you have just been hired?
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2
return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased
on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of $350 cash.
10 Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May
10, terms n10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased $8,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 210,
n30.
12 Received an $854 credit memorandum from Gear Supply Co. for the return of defective office
equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office
salaries, $3,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are
recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. (Such items are
posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is
$1,890).
17 Purchased $13,650 of merchandise from Fink Corp., invoice dated May 14, terms 210,
n60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms
210, n60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies,
$630; and office supplies, $280. Invoice dated May 24, terms n10 EOM.
25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 210,
n30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash
from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office
salaries, $3,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are $66,052 (cost is $42,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. Foot and crossfoot
the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, $553.
b. Ending store supplies inventory, $2,632.
c. Ending office supplies inventory, $504.
d. Depreciation of store equipment, $567.
e. Depreciation of office equipment, $329.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity,
and a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable.

Justin answers:

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

Michael asks…

Can someone please help.?

May 1 Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,710. (Use
two lines to record the transaction. Charge 80% of the rent to Rent Expense—Selling Space
and the balance to Rent Expense—Office Space.)
2 Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).
2 Issued a $175 credit memorandum to Knox, Inc., for defective (worthless) merchandise sold
on April 28 and returned for credit. The total selling price (gross) was $4,725.
3 Received a $798 credit memorandum from Peyton Products for the return of merchandise
purchased on April 29.
4 Purchased the following on credit from Gear Supply Co.: merchandise, $37,072; store supplies,
$574; and office supplies, $83. Invoice dated May 4, terms n10 EOM.
5 Received payment from Knox, Inc., for the balance from the April 28 sale less the May 2
return and the discount.
8 Issued Check No. 3411 to Peyton Products to pay for the $7,098 of merchandise purchased
on April 29 less the May 3 return and a 2% discount.
9 Sold store supplies to the merchant next door at their cost of $350 cash.
10 Purchased $4,074 of office equipment on credit from Gear Supply Co., invoice dated May
10, terms n10 EOM.
11 Received payment from Hensel Company for the May 2 sale less the discount.
11 Purchased $8,800 of merchandise from Garcia, Inc., invoice dated May 10, terms 210,
n30.
12 Received an $854 credit memorandum from Gear Supply Co. for the return of defective office
equipment received on May 10.
15 Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $5,320, and office
salaries, $3,150. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are $59,220 (cost is $38,200). (Cash sales are
recorded daily but are recorded only twice here to reduce repetitive entries.)
15 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. (Such items are
posted daily but are posted only twice each month because they are few in number.)
16 Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $3,990 (cost is
$1,890).
17 Purchased $13,650 of merchandise from Fink Corp., invoice dated May 14, terms 210,
n60.
19 Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
22 Sold merchandise to Lee Services, Invoice No. 8787, for $6,850 (cost is $4,990), terms
210, n60.
23 Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
24 Purchased the following on credit from Gear Supply Co.: merchandise, $8,120; store supplies,
$630; and office supplies, $280. Invoice dated May 24, terms n10 EOM.
25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 210,
n30.
26 Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,210 (cost is $8,230).
26 Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,283.
29 The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $7,000 cash
from the business for personal use.
30 Received payment from Lee Services for the May 22 sale less the discount.
30 Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $5,320, and office
salaries, $3,150. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are $66,052 (cost is $42,500).
31 Post to the customer and creditor accounts. Also post individual items that are not included
in column totals at the end of the month to the general ledger accounts. Foot and crossfoot
the journals and make the month-end postings.
Required
1. Enter these transactions in a sales journal, a purchases journal, a cash receipts journal, a cash disbursements
journal, or a general journal as illustrated in this chapter. Post when instructed to do
so. Assume a perpetual inventory system.
2. Prepare a trial balance in the Trial Balance columns of the work sheet form provided with the working
papers. Complete the work sheet using the following information for accounting adjustments:
a. Expired insurance, $553.
b. Ending store supplies inventory, $2,632.
c. Ending office supplies inventory, $504.
d. Depreciation of store equipment, $567.
e. Depreciation of office equipment, $329.
Prepare and post adjusting and closing entries.
3. Prepare a May 2005 multiple-step income statement, a May 2005 statement of owner’s equity,
and a May 31, 2005, classified balance sheet.
4. Prepare a post-closing trial balance. Also prove the accuracy of subsidiary ledgers by preparing
schedules of both accounts receivable and accounts payable

Justin answers:

To do this assignment, be guided by Larson?Wild?Chiappetta: Fundamental Accounting Principles, Seventeenth Edition, chapter 7.

Daniel asks…

Can someone help with Bishop Company general ledger?

Bishop Company completes these transactions and events during?
Bishop Company completes these transactions and events during March of the current year (terms for
all its credit sales are 210, n30):
Mar. 1 Purchased $42,600 of merchandise from Soy Industries, invoice dated March 1, terms 215,
n30.
2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,800 (cost is $7,900).
3 Purchased $1,120 of office supplies on credit from Stacy Company, invoice dated March
3, terms n10 EOM.
3 Sold merchandise on credit to Lance Snow, Invoice No. 855, for $9,200 (cost is $4,600).
6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $20,850 of office equipment on credit from Tells Supply, invoice dated March
9, terms n10 EOM.
10 Sold merchandise on credit to Taylor Few, Invoice No. 856, for $4,600 (cost is $2,300).
12 Received payment from Min Cho for the March 2 sale less the discount.
13 Sent Soy Industries Check No. 416 in payment of the March 1 invoice less the discount.
13 Received payment from Lance Snow for the March 3 sale less the discount.
14 Purchased $31,625 of merchandise from the JW Company, invoice dated March 13, terms
210, n30.
15 Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first
half of the month, $15,900. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are $164,680 (cost is $138,000). (Cash sales are
recorded daily, but are recorded only twice here to reduce repetitive entries.)
16 Purchased $1,670 of store supplies on credit from Stacy Company, invoice dated March 16,
terms n10 EOM.
17 Received a $2,425 credit memorandum from JW Company for the return of unsatisfactory
merchandise purchased on March 14.
19 Received a $630 credit memorandum from Tells Supply for office equipment received on
March 9 and returned for credit.
20 Received payment from Taylor Few for the sale of March 10 less the discount.
23 Issued Check No. 418 to JW Company in payment of the invoice of March 13 less the return
and the discount.
27 Sold merchandise on credit to Taylor Few, Invoice No. 857, for $13,910 (cost is $6,220).
28 Sold merchandise on credit to Lance Snow, Invoice No. 858, for $5,315 (cost is $2,280).
31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last
half of the month, $15,900. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are $174,590 (cost is $143,000).
31 Verify that amounts impacting customer and creditor accounts were posted and that any
amounts that should have been posted as individual amounts to the general ledger accounts
were posted. Foot and crossfoot the journals and make the month-end postings.
Required
1. Open the following general ledger accounts: Cash; Accounts Receivable; Inventory (March 1 beg.
bal. is $300,000); Office Supplies; Store Supplies; Office Equipment; Accounts Payable; Long-
Term Notes Payable; M. Bishop, Capital (March 1 beg. bal. is $300,000); Sales; Sales Discounts;
Cost of Goods Sold; and Sales Salaries Expense. Open the following accounts receivable subsidiary
ledger accounts: Taylor Few, Min Cho, and Lance Snow. Open the following accounts payable subsidiary
ledger accounts: Stacy Company, Soy Industries, Tells Supply, and JW Company.
2. Enter these transactions in a sales journal like Exhibit 7.5, a purchases journal like Exhibit 7.9, a
cash receipts journal like Exhibit 7.7, a cash disbursements journal like Exhibit 7.11, or a general
journal. Number all journal pages as page 2.
3. Prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledgers by
preparing schedules of both accounts receivable and accounts payable.
Prepare the sales journal, purchase journal, cash reciepts journal, cash disbursement journal, general journal, general ledger, accounts recievable ledger, accounts payable, trial blance, schedule of accounts recievable, schedule of accounts payable.

Justin answers:

Hope this helps:
http://www.accountingcoach.com/online-accounting-course/08Xpg01.html

George asks…

Income Statement, Balance Sheet – Can someone please try to expalin the below where I can really understand?

Doug Maltbee formed a lawn service business as a summer job. To start the business on May 1, he deposited $1,000 in a new bank account in the name of the proprietorship. The $1,000 consisted of a $600 loan from his father and $400 of his own money. Doug rented lawn equipment, purchased supplies, and hired fellow students to mow and trim his customer’s lawns.

At the end of each month, Doug mailed bills to his customers. On August 31, he was ready to dissolve the business and return to Louisiana State University for the fall semester. Because he was so busy, he kept few records other than his checkbook and a list of amounts owed to him by customers.

At August 31, Doug’s checkbook shows a balance of $690, and his customers still owe him $500. During the summer, he collected $4,250 from customers. His checkbook lists payments for supplies totaling $400, and he still has gasoline, weedeater cord, and other supplies that cost a total of $50. He paid his employees $1,900, and he still owes them $200 for the final week of the summer.

Doug rented some equipment from Scholes Machine Shop. On May 1, he signed a six-month lease on mowers and paid $600 for the full lease period. Scholes will refund the unused potion of the prepayment if the equipment is in good shape. To get the refund, Doug has kept the mower in excellent condition. In fact, he had to pay $300 to repair a mower.

To transport employees and equipment to jobs, Doug used a trailer that he bought for $300. He figures that the summer’s work used up one-third of the trailer’s service potential. The business checkbook lists a payment of $460 for cash withdrawals by Doug during the summer. Doug paid his father back during August.

As a team, prepare the income statement of Maltbee Lawn Service for the four months May through August. Prepare the classified balance sheet of Maltbee Lawn Service at August 31.

Justin answers:

The above is definently homework. You would need to go back and reference your accounting book and learn what income statement and balance sheet means. Once you’ve determined this you need to identify the monitor charges and spending that are going back forth. Make a journal entry for every bit of money coming in and out.. Then compile your income statement based off that individuals sales and expenses. Good luck.

Robert asks…

Bishop Company completes these transactions and events during?

Bishop Company completes these transactions and events during March of the current year (terms for
all its credit sales are 210, n30):
Mar. 1 Purchased $42,600 of merchandise from Soy Industries, invoice dated March 1, terms 215,
n30.
2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $15,800 (cost is $7,900).
3 Purchased $1,120 of office supplies on credit from Stacy Company, invoice dated March
3, terms n10 EOM.
3 Sold merchandise on credit to Lance Snow, Invoice No. 855, for $9,200 (cost is $4,600).
6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable.
9 Purchased $20,850 of office equipment on credit from Tells Supply, invoice dated March
9, terms n10 EOM.
10 Sold merchandise on credit to Taylor Few, Invoice No. 856, for $4,600 (cost is $2,300).
12 Received payment from Min Cho for the March 2 sale less the discount.
13 Sent Soy Industries Check No. 416 in payment of the March 1 invoice less the discount.
13 Received payment from Lance Snow for the March 3 sale less the discount.
14 Purchased $31,625 of merchandise from the JW Company, invoice dated March 13, terms
210, n30.
15 Issued Check No. 417, payable to Payroll, in payment of sales salaries expense for the first
half of the month, $15,900. Cashed the check and paid the employees.
15 Cash sales for the first half of the month are $164,680 (cost is $138,000). (Cash sales are
recorded daily, but are recorded only twice here to reduce repetitive entries.)
16 Purchased $1,670 of store supplies on credit from Stacy Company, invoice dated March 16,
terms n10 EOM.
17 Received a $2,425 credit memorandum from JW Company for the return of unsatisfactory
merchandise purchased on March 14.
19 Received a $630 credit memorandum from Tells Supply for office equipment received on
March 9 and returned for credit.
20 Received payment from Taylor Few for the sale of March 10 less the discount.
23 Issued Check No. 418 to JW Company in payment of the invoice of March 13 less the return
and the discount.
27 Sold merchandise on credit to Taylor Few, Invoice No. 857, for $13,910 (cost is $6,220).
28 Sold merchandise on credit to Lance Snow, Invoice No. 858, for $5,315 (cost is $2,280).
31 Issued Check No. 419, payable to Payroll, in payment of sales salaries expense for the last
half of the month, $15,900. Cashed the check and paid the employees.
31 Cash sales for the last half of the month are $174,590 (cost is $143,000).
31 Verify that amounts impacting customer and creditor accounts were posted and that any
amounts that should have been posted as individual amounts to the general ledger accounts
were posted. Foot and crossfoot the journals and make the month-end postings.
Required
1. Open the following general ledger accounts: Cash; Accounts Receivable; Inventory (March 1 beg.
bal. is $300,000); Office Supplies; Store Supplies; Office Equipment; Accounts Payable; Long-
Term Notes Payable; M. Bishop, Capital (March 1 beg. bal. is $300,000); Sales; Sales Discounts;
Cost of Goods Sold; and Sales Salaries Expense. Open the following accounts receivable subsidiary
ledger accounts: Taylor Few, Min Cho, and Lance Snow. Open the following accounts payable subsidiary
ledger accounts: Stacy Company, Soy Industries, Tells Supply, and JW Company.
2. Enter these transactions in a sales journal like Exhibit 7.5, a purchases journal like Exhibit 7.9, a
cash receipts journal like Exhibit 7.7, a cash disbursements journal like Exhibit 7.11, or a general
journal. Number all journal pages as page 2.
3. Prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledgers by
preparing schedules of both accounts receivable and accounts payable.
Prepare the sales journal, purchase journal, cash reciepts journal, cash disbursement journal, general journal, general ledger, accounts recievable ledger, accounts payable, trial blance, schedule of accounts recievable, schedule of accounts payable.

preetypeeps@yahoo.com
For Your Information: for those of you who post nasty comments to my posts I have completed the work I post these wuestion to compare answers so if you have nasty things to say keep them to yourself

Justin answers:

I’ve sent the file to that address above.

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