prepare T- Accounts 30. Paid salaries, P15,00031. Withdrew cash for personal use, P10,00031.Returned defective merchandise purchased for cash, P1,000DATA FOR ADJUSTMENTS:1. Supplies on hand, P8,0002. Prepaid insurance expired, P1,0003. Depreciation of equipment, P4,0004. Merchandise inventory end, P30,000Required:1. Journalize the above transactions using the following account titles: CASH, 101; ACCOUNTSRECEIVABLE, 102;MERCHANDISE INVENTORY, 103; SUPPLIES, 104; PREPAID INSURANCE, 105;OFFICE EQUIPMENT, 106, ACCUMULATED DEPRECIATION, 107; ACCOUNTS PAYABLE, 201; APEX,CAPITAL, 301, APEX DRAWING, 302; PURCHASES, 401; PURCHASE RETURN AND ALLOWANCEES,402, PURCHASE DISCOUNTS, 403; SALES, 501; SALES RETURN AND ALLOWANCES, 502, SALESDISCOUNTS, 503; INCOME SUMMARY, 504; INSURANCE EXPENSE, 601, SUPPLIES EXPENSE, 602;SALARIES EXPENSE, 603; TAXES EXPENSE, 604; RENT EXPENSE, 605; DEPRECIAITON EXPENSE, 6062. Post to the ledger.3. Prepare trial balance Problem 3APEX Company established its merchandising business in January 2, 2020. The following transactionstook place in its first month of operation.Jan. 2 Deposited P500,000 in the company's account.4. Purchased supplies, P10,000 for cash5. Purchased office equipment on account, P40,0008. Paid 1 year insurance< P12,000.10.Purchased goods for cash, P 30,00013.Purchased goods on account, P50,000, terms 3/10, n/30.14. Sold merchandise on account, P40,000, terms 2/10,n/3015 Paid salaries, P15,00016 Paid taxes, P2,00018. Sold merchandise for cash, P30,00019. Paid rent for the month, P15,00020. Returned P2,000 worth of merchandise purchase on account21Paid creditor on account purchased on Jan. 13.22. Received cash from customers on account.25. Purchased goods for cash, P5,00026. Sold merchandise on account, P30,000, 2/10,n/2029. Sold merchandise for cash, P10,000

1) Cash (101) Apex Capital P500,000 Supplies P10,000 Merchandise P30,000 Prepaid Insurance…

Answered: Jan. 2 Deposited P500,000 in the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Ajman-Retail-Mart-Mart LLC completed the following merchandising transactions in the month of March 2024. At the beginning of March, the ledger of Ajman-Retail-Mart showed Cash of AED12,000 and Owner's Capital of AED450,000. The following are the transactions in March. Date Transactions March 2 Purchased merchandise on account from Wahid Supply AED6,200, terms 1/10, n/30. 4 Sold merchandise on account AED5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was AED3,400. 5 Paid AED240 freight on April 4 sale. 6 11 13 14 16 18 Received credit from Wahid Supply for merchandise returned AED500. Paid Wahid Supply in full, less discount. Received collections in full, less discounts, from customers billed on April 4. Purchased merchandise for cash AED3,800. Received refund from supplier for returned goods on cash purchase of April 14, AED500. Purchased merchandise from Bayan LLC AED4,500, FOB shipping point, terms 2/10, n/30. 20 23 26 27 29 222222 30 Paid freight on…
Activity 2: The transactions for DEF Company for the month of April, 2021 are shown below. (Assume the company is a vat registered business and assume 12% VAT is inclusive in the amounts in the transactions.) Date Transactions April 2 DEF sold and shipped merchandise worth P250,000 to AM Company terms 1/15, n/30. 4 AM Company reported P5,800 of merchandise damaged in shipment, and a credit memo was issued for this. 6 Purchased office supplies for P3,568 cash. 7 Sold P120,000 of merchandise to Lily Company, terms: 2/10, n/30. Purchased merchandise for P244,000 cash. 8 10 Cash sales for the first 15 days is P188,000. 12 Purchased merchandise worth P300,000, terms: 20% downpayment, balance 2/10, n/30. 14 Returned defective merchandise worth P30,000 purchased on April 12. 16 Received full payment from AM Company for sale of April 2. 17 Received full payment from Lily Company. 22 Paid commission of salesmen, P60,000. 22 Paid in full the purchase dated April 12. Cash sales for the last 15…
Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…
Current Attempt in Progress Ivanhoe Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June 15 Loaned $61,200 cash to A. Morgan on a one-year, 7% note. Sold goods to H. Giorgi on account for $14,400, terms n/30. The goods cost Ivanhoe $9,000. Ivanhoe uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $24,000, three-month, 5% note. The goods cost Ivanhoe $16,000. H. Giorgi was unable to pay her account. Giorgi gave Ivanhoe a six-month, 6% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. H. Giorgi defaulted on the note. Future payment is expected. Record the transactions for Ivanhoe Supply Co. (Credit account titles are automatically indented when the amount is entered. Do not indent
Problem 12: Miss Paki Poot, the bookkeeper of "Mura Lang Bavad Enterprises" has reported the balances of the following accounts on December 31, 2020 at the end of its accounting period. (Gross profit rate is 15% base on sales) Sales Purchases 634,000 478,000 339,000 P Merchandise Inventory, end (physical count) Accounts Receivable 150,000 During your conduct of the cut-off test, you gathered the following information: Transactions related to Sales Date Items 1. Shipped Received Jan. 1, 2021 Jan. 1, 2021 Remarks Terms F.O.B Shipping Point F.O.B Destination F.O.B Shipping Point F.O.B Destination Dec. 31, 2020 Dec. 25, 2020 Dec. 30, 2020 Dec. 30, 2020 Amount 6,000 Recorded as sales in January 15,000 Recorded as sales in December 10,000 20,000 Not recorded as sales in December 25,000 Recorded as sales in December 9,000 Recorded as sales in January 2. 3. Dec. 31, 2020 Recorded as sales in December 4. Jan. 2, 2021 Jan. 4, 2021 Jan. 1, 2021 Transactions related to Purchases 5. F.O.B…
Year 1 Apr. 20 Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. May 19 Replaced the April 20 account payable to Nguyen with a 90-day, 8%, $38,000 note payable along with paying $11,750 in cash. July 8 Borrowed $102,000 cash from NMR Bank by signing a 120-day, 10%, $102,000 note payable. Aug. 17 Paid the amount due on the note to Nguyen at the maturity date. Nov. 5 Paid the amount due on the note to NMR Bank at the maturity date. Nov. 28 Borrowed $60,000 cash from Chicago Bank by signing a 60-day, 6%, $60,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 Jan. 27 Paid the amount due on the note to Chicago Bank at the maturity date. 1. Prepare a Calculation of Interest Gonzalez Co. Calculation of interest expense August 17 - Nguyen note: Principal Interest rate Number of days' interest to be recorded…
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,000 (cost is $3,000). 3 Purchased $1,480 of office supplies on credit from Custer, Inc., terms n/30. 4 Issued Check No. 587 to World View for advertising expense of $899. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500). 6 Returned $80 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces Accounts Payable by that amount. 9 Purchased $12,125 of store equipment on credit from Hal’s Supply, terms n/30. 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,500 (cost is $7,000). 12 Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $286. 13 Received payment from Page Alistair for the April 3 sale…
please
Current Attempt in Progress On January 1, 2022, the ledger of Swifty Company contains these ability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue Jan 5 During January, these selected transactions occurred (a) 12 14 20 21 $51,500 7,400 25 17.000 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes. Performed services for customers who had made advance payments of $10,500. (Credit Service Revenue) Paid state revenue department for sales taxes collected in December 2021 ($7,400) Sold 900 units of a new product on credit at $50 per unit, plus 8% sales tax. This new product is subject to a 1-year warranty. Borrowed $24.750 from Girard Bank on a 3-month, 8 %, $24.750 note.. Sold merchandise for cash totaling $10,908, which includes 8% sales taxes
Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on January 29 to record the sale of the goods? O Debit Cash $700 Credit Sales Revenue S700 O Debit Accounts Receivable $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $250 Credit Inventory $250 Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold S250 Credit Inventory $250 O Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $500 Credit Inventory 5500
Required information [The following information applies to the questions displayed below.] Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31. Jan.15 Purchased and paid for merchandise. The invoice amount was $26,500; assume a perpetual inventory system. Apr. 1 Borrowed $700,000 from Summit Bank for general use; signed a 10-month, 6% annual interest- bearing note for the money. June14 Received a $15,000 customer deposit for services to be performed in the future. July15 Performed $3,750 of the services paid for on June 14. Dec.12 Received electric bill for $27,860. Vigeland plans to pay the bill in early January. 31 Determined wages of $15,000 were earned but not yet paid on December 31 (disregard payroll taxes). 2. Prepare the adjusting entries required on December 31. (If no entry is required for a transaction/event, select journal entry required" in the first account field.) View transaction list Journal entry worksheet…
A select list of transactions of Namely Company are listed below: Date Transaction Description Issued a $40,000 note to Lake Company in exchange for a machine. Lake discounted the note at 9%. The note is due on October 1, 2022. 3/1/2022 9/1/2022 Purchased merchandise on account from Aspen Co., $12,000. 10/1/2022 Paid Lake Company the amount due on the note of March 1. 11/1/2022 Issued a 3-month, 12% note for $12,000 to Aspen Co. on account. 12/31/2022 Accrued interest on the Aspen Co. note. 2/1/2023 Paid Aspen Co. the amount owed on the note of November 1. Required: Prepare journal entries (journal entry descriptions NOT required) for Namely Company to record the transactions above. If necessary, round all figures to whole dollars. Namely's fiscal year end is December 31st.

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