DATE 20X1 April 1 Purchased camera film on credit from Camera & Film Products, Invoice 825, $1,015, terms n/30; freight of $21 prepaid by Camera & Film Products and added to the invoice (total amount due, $1,036). 3 Purchased lenses on credit for $860 from Vision Supplies, Inc., Invoice 998, terms n/30. 11 Purchased DVD camcorders on credit for $5,700 from Optical Products, Invoice 4101, terms n/30. 15 Recorded various purchases of merchandise for cash from April 1 to April 15, $2,600. 26 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,500, terms n/30; freight of $228 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,728). 27 Issued Check 102 for $590 to Vision Supplies, Inc., in partial payment of Invoice 998 dated April 3. 30 Recorded various purchases of merchandise for cash from April 16 to April 30, $3,070. 30 Issued Check 103 to Camera & Film Products in payment of the total amount due on Invoice 825 dated April 1. TRANSACTIONS

DATE 20X1 April 1 Purchased camera film on credit from Camera & Film Products, Invoice 825, $1,015, terms n/30; freight of $21 prepaid by Camera & Film Products and added to the invoice (total amount due, $1,036). 3 Purchased lenses on credit for $860 from Vision Supplies, Inc., Invoice 998, terms n/30. 11 Purchased DVD camcorders on credit for $5,700 from Optical Products, Invoice 4101, terms n/30. 15 Recorded various purchases of merchandise for cash from April 1 to April 15, $2,600. 26 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,500, terms n/30; freight of $228 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,728). 27 Issued Check 102 for $590 to Vision Supplies, Inc., in partial payment of Invoice 998 dated April 3. 30 Recorded various purchases of merchandise for cash from April 16 to April 30, $3,070. 30 Issued Check 103 to Camera & Film Products in payment of the total amount due on Invoice 825 dated April 1. TRANSACTIONS

Name: please answer correct and complete with working for all Annette's Phot
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Description: please answer correct and complete with working for all Annette's Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 20X1. Thefirm purchases its merchandise for cash and on open account. Du

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5PB: The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms...

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Mays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.
Lowerys Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowerys Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows: Oct. 3Bought 12 Automatic Fish Feeders from Barrera Company, 959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, 79.45 (total 1,039.33). 4Bought two 18 x 18 Terrarium Stands from Hickman Company, 259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination. 7Bought four Chinchilla Bath Houses from Baldwin, Inc., 67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination. 10Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, 13.94. Oct. 14Bought 20 Zoo Slider Hoods from Douglas, Inc., 2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 140.50 (total 2,740.30). 15Bought four Hanging Bird Baths from Krause, Inc., 71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination. 24Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, 2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination. 27Received credit memo no. 452 from Villa Manufacturing for merchandise returned, 346.78. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., 46.57; Barrera Company, 743.15; Douglas, Inc., 615.20; Hickman Company; Krause, Inc., 23.45; Villa Manufacturing, 725.64. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, record the October 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 2,154.01; Purchases 511, 2,485.12; Purchases Returns and Allowances 512, 287.52; Freight In 514, 48.57. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 95. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 4 Bought fifty 10-speed bicycles from Nielsen Company, 4,775, invoice no. 26145, dated January 3; terms net 60 days; FOB Topeka. 7 Bought tires from Barton Tire Company, 792, invoice no. 9763, dated January 5; terms 2/10, n/30; FOB Topeka. 8 Bought bicycle lights and reflectors from Gross Products Company, 384, invoice no. 17317, dated January 6; terms net 30 days; FOB Topeka. 11 Bought hand brakes from Bray, Inc., 470, invoice no. 291GE, dated January 9; terms 1/10, n/30; FOB Kansas City, freight prepaid and added to the invoice, 36 (total 506). 19 Bought handle grips from Gross Products Company, 96.50, invoice no. 17520, dated January 17; terms net 30 days; FOB Topeka. 24 Bought thirty 5-speed bicycles from Nielsen Company, 1,487, invoice no. 26942, dated January 23; terms net 60 days; FOB Topeka. 29 Bought knapsacks from Davila Manufacturing Company, 304.80, invoice no. 762AC, dated January 26; terms 2/10, n/30; FOB Topeka. 31 Bought locks from Lamb Safety Net, 415.47, invoice no. 27712, dated January 26; terms 2/10, n/30; FOB Dodge City, freight prepaid and added to the invoice, 22 (total 437.47). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Martinez’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Martinez’s inventory consisted of books purchased for $1,600. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Kline Publishers, FOB destination, terms 1/10, n/30. The appropriate party also made a cash payment of $40 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,900. The cost of the books sold was $940. 6 Received $100 credit for books returned to Kline Publishers. 9 Paid Kline Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Blanco Books for $1,700. The cost of the books sold was $1,020. 20 Purchased books on account for $1,200 from Dietz Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60 for…
User Rancho Furniture completed the following transactions relating to the purchase of merchandise during August, the first month of operation. It is the policy of the company to record all purchase invoices at the net amount and to pay invoices within the discount period. Aug.1 Purchased merchandise from Carolina Corporation, invoice price, $21,000; terms 2/10, n/30. Aug.8 Purchased merchandise from Thomas Company, $36,000; terms 2/10, n/30. Aug. 8 Merchandise with an invoice price of $3,000 purchased from Carolina Corporation on August 1 was found to be defective. It was returned to the supplier accompanied by debit memorandum no. 118. Aug. 18 Paid Thomas Company's invoice of August 8, less cash discount. Aug. 25 Purchased merchandise from Shenren Company, $22, 800; terms 2/10, n/30. Aug. 30 Paid Carolina Corporation's invoice of August 1, taking into consideration the return of defective goods on August 8. Assume that the inventory of merchandise on August 1 was $79, 400; on August…
Lens Queen Photo Shop is a retail store that sells cameras and photography supplies. The company began operations April 1, 20X1. The firm purchases its merchandise for cash and on open account. During April, the company engaged in the following transactions: DATE TRANSACTIONS 20X1 April 1 Purchased camera accessories on credit from Vision Supplies, Invoice 825, $1,025, terms n/30; freight of $25 prepaid by Vision supplies and added to the invoice (total amount due, $1,050). 3 Purchased lenses on credit for $960 from Lens Nation, Inc., Invoice 998, terms n/30. 11 Purchased DVD camcorders on credit for $4,700 from Optical Products, Invoice 4101, terms n/30. 15 Recorded various purchases of merchandise for cash from April 1 to April 15, $2,300. 26 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,800, terms n/30; freight of $198 prepaid by Myers Brothers Camera Supplies and added to the invoice (total…
Digital World is a retail store that sells cameras and photography supplies. The firm’s credit purchases and purchases returns and allowances transactions for June 20X1 appear below, along with the general ledger accounts used to record these transactions. The balance shown in Accounts Payable is for the beginning of June. June 1 Purchased instant cameras for $1,850 plus a freight charge of $130 from Pro Photo Equipment, Invoice 4241, dated May 27; the terms are 60 days net. 8 Purchased film for $1,374 from Photo Supplies, Invoice 1102, dated June 3, net payable in 45 days. 12 Purchased lenses for $896 from Nano Glass, Invoice 7282, dated June 9; the terms are 1/10, n/60. 18 Received Credit Memorandum 110 for $300 from Pro Photo Equipment for defective cameras that were returned; they were originally purchased on Invoice 4241, dated May 27. 20 Purchased color film for $1,000 plus freight of $55 from Photo Supplies, Invoice 1148, dated June 15, net…
Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. January Transactions: Jan. 5 Purchased merchandise on account from Elite Warehouse, $3,930. 8 Paid freight charge on merchandise purchased, $280. 12 Sold merchandise on account to Memories Unlimited, $4,820. 15 Received a credit memo from Elite Warehouse for merchandise returned, $800. 22 Issued a credit memo to Memories Unlimited for merchandise returned, $360. Required: Journalize the transactions in a general journal using the periodic inventory method.
Crane’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Crane’s inventory consisted of books purchased for $1,500. During June, the following merchandising transactions occurred. June 1Purchased books on account for $1,400 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $1,600. 6Received $150 credit for books returned to Binsfeld Publishers. 9Paid Binsfeld Publishers in full, less discount. 15Received payment in full from Reading Rainbow. 17Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. 20Purchased books on account for $1,700 from McGinn Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date.…
Crane’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Crane’s inventory consisted of books purchased for $2,000. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,700 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,400. The cost of the books sold was $1,400. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,000. The cost of the books sold was $1,200. 20 Purchased books on account for $2,000 from McGinn Publishers, FOB destination, terms 1/15, n/30. The appropriate party also made a cash payment of $60…
Kern’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Kern’s inventory consisted of books purchased for $1,800. During June, the following merchandising transactions occurred.June 1 Purchased books on account for $1,600 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $50 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,440. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,800. The cost of the books sold was $1,080. 20 Purchased books on account for $1,800 from McGinn Publishers, FOB destination, terms 2/15, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 24…