1. Discovered error made by Jack Hobie. One-third ($270.00) of the supplies purc
ID: 2423838 • Letter: 1
Question
1. Discovered error made by Jack Hobie. One-third ($270.00) of the supplies purchased from Beach Office Supply on June 2 were actually store supplies rather than office supplies.
2. Sold merchandise over the counter to Bill Hankins for $85 cash.
3. Sold $2,000 of merchandise to Sail Board City on account; terms 3/10, n/30; invoice #17.
4. Received a check from Bill Hankins in the amount of $210 to be applied to invoice #8.
5. Received a check from Laker Marine Supply in full payment of the balance of their account. You must determine if a discount was taken, and if so, how much it was. Seaside Marina only grants discounts on the basis of full payment of an invoice within the discount period.
6. Paid Avis Boat Builders the balance due on Seaside's June 3 merchandise purchase.
7. Sent a check to Catamaran Corp. in full payment of Seaside's June 19 merchandise purchase.
8. Purchased $1050 of merchandise for resale from Tackle Box Supply on account; terms 2/10, n/30.
9. Purchased $1,400 of merchandise for resale from Nautical Industries on account; terms 2/10, n/30.
10. Seaside needed additional space and purchased a warehouse to remodel and the land around it. Prior to arranging permanent financing, Seaside signed a short term construction note payable. The terms of the note are $50,000, 90 days at 16%. The building value was determined to be $40,000.
11. Seaside's ad agency offered Mr. Hobie a special deal. If he purchased an additional $150 of advertising to be used in August, Seaside would receive free layout services. Mr. Hobie paid the agency $150 to be recorded as advertising expense.
Journals Ledgers
1. General Journal 1. General Ledger 2. Sales Journal 2. Accounts Receivable Subsidiary Ledger 3. Purchases Journal 3. Accounts Payable Subsidiary Ledger 4. Cash Receipts Journal 5. Cash Payments Journal
Im pretty sure how to do the entries i just dont know which ledger/journals to post it to
Anything would help will rate 5 stars thank you!
Explanation / Answer
General Journal Entries:
Date Accounts Title and explanation Debit $ Credit $ 1 Store supplies 270 Office supplies 270 (Beach Office Supply on June 2 were actually store supplies rather than office supplies) 2 cash 85 Revenue 85 3 Accounts Receivable 2000 Revenue 2000 (terms 3/10, n/30; invoice #17.) 4 Cash 210 Accounts Receivables 210 (invoice #8) 5 Cash ? Cash discount ? Accounts Receivables ? 6 Accounts Payable ? Cash ? (Paid Avis Boat Builders the balance due on Seaside's June 3) 7 Accounts Payable ? Cash ? (Sent a check to Catamaran Corp. in full payment of Seaside's June 19 ) 8 merchandise for resale 1050 Accounts Payable 1050 (from Tackle Box Supply on account; terms 2/10, n/30) 9 merchandise for resale 1400 Accounts Payable 1400 (from Nautical Industries on account; terms 2/10, n/30.) 10 Warehouse building 40000 Cash 10000 Construction note payable 50000 (signed note with terms 90 days at 16%) 11 Advertising expense 150 Cash 150 (towards Seaside's ad agency offered a special deal)Related Questions
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