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

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Mark 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.

gkemian555@aol.com
For those of you who post nasty comments to this post. I have completed the work, I posted this question to compare answers so if you have nasty things to say keep them to yourself.

Justin answers:

I hope these illustrated notes will be useful to you:
http://www.newlearner.com/courses/hts/baf3m/term3_class05.htm

http://www.newlearner.com/courses/hts/baf3m/term3_class03.htm

Charles asks…

Help with an Accounting Project?

June 1: Byte of Accounting, Inc. acquired $65,000 in cash from Lauryn and issued 2,600 shares of its common stock.
June 1: Byte of Accounting, Inc. issued 2,530 shares of its common stock to Timothy Lu after $26,250 in cash and computer equipment with a fair market value of $37,000 were received.
June 1: Byte of Accounting, Inc. issued 2,739 shares of its common stock after acquiring from Courtney $53,750 in cash, computer equipment with a fair market value of $14,000 and office equipment with a fair value of $725.
June 2: A down payment of $34,000 in cash was made on additional computer equipment that was purchased for $170,000. A five-year note was executed by Byte for the balance.
June 4: Additional office equipment costing $500 was purchased on credit from Discount Computer Corporation.
June 8: Unsatisfactory office equipment costing $100 was returned to Discount Computer for credit to be applied against the outstanding balance owed by Byte.
June 10: Byte paid $26,000 on the balance it owed on the June 2 purchase of computer equipment.
June 14: A one-year insurance policy covering its computer equipment was purchased by Byte for $5,808 in cash. The effective date of the policy was June 16.
June 16: A check in the amount of $6,000 was received for consulting revenue.
June 16: Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.
June 17: Cash of $4,200 was paid for rent for June and July. Put the total amount into the Prepaid Rent account.
June 17: Received a bill of $250 from the local newspaper for advertising.
June 21: Accounts payable in the amount of $400 were paid.
June 21: A fax machine for the office was purchased for $875 cash.
June 21: Billed various miscellaneous local customers $4,700 for consulting services performed.
June 22: Paid salaries of $985 to equipment operators for the week ending June 18.
June 22: Received a bill for $1,315 from Computer Parts and Repair Co. for repairs to the computer equipment.
June 22: Paid the advertising bill that was received on June 17.
June 23: Purchased office supplies for $705 on credit. Record the purchase as an increase to the assets.
June 23: Cash in the amount of $3,765 was received on billings.
June 28: Billed $5,490 to miscellaneous customers for services performed to June 25.
June 29: Paid the bill received on June 22, from Computer Parts and Repairs Co.
June 29: Cash in the amount of $5,201 was received for billings.
June 29: Paid salaries of $985 to equipment operators for the week ending June 25.
June 30: Received a bill for the amount of $965 from O & G Oil and Gas Co.
June 30: Paid a cash dividend of $0.17 per share to the three shareholders of Byte. [IMPORTANT NOTE: The number of shares of capital stock outstanding can be determined from the first three transactions.]

can someone help me make the journal entries for these transactions? Your help would be much appreciated.

Justin answers:

Dear Tim.please consider using professionals to make the journal entries.The question will be answered within the time you will indicate but note you will be charged a small fee.Please follow this link to get help.
Https://www.thepensters.com/pamirti

William asks…

Assume it is Monday, May 1, the first business day of the month, and you have just been hired?

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:

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

David asks…

I need help with this to pass my class…can anyone please help? I have done all of my work myself til now…?

(terms for all its credit sales are 2_10, n_30 unless stated differently):
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 n_10 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 n_10 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 2_10,
n_30.
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 2_10,
n_60.
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
2_10, n_60.
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 n_10 EOM.
25 Purchased $3,080 of merchandise from Peyton Products, invoice dated May 23, terms 2_10,
n_30.
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:

TL; DR

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