United Sldtes Europe Subtotal 18 13 62 24 45 15 74 401 35 Total. $218 $204 351 $
ID: 2580889 • Letter: U
Question
United Sldtes Europe Subtotal 18 13 62 24 45 15 74 401 35 Total. $218 $204 351 $1,267 $1,033 Check Europe segment return, 65.2% acomect ny completes these transactions and events during March of the current year (terms for all PRO BLEM SET A is cede e 2/10, n/30). Mar. 1 Purchased $43,600 of merchandise from Van Industries, invoice dated March I, terms 2/15, n/30. Problem 7-1A 2 Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,800 (cost is $8,400). 3 Purchased $1,230 of office supplies on credit from Gabel Company, invoice dated March 3, Special journals subsidiary ledgers, trial balance-perpetual terms n/10 EOM. 3 Sold merchandise on credit to Linda Witt, Invoice No. 855, for $10,200 (cost is S5,800). 6 Borrowed $82,000 cash from Federal Bank by signing a long-term note payable. 9 Purchased $21,850 of office equipment on credit from Spell Supply, invoice dated March 9, C3 P1 P2 terms n/10 EOM 10 Sold merchandise on credit to Jovita Albany, Invoice No. 856, for $5,600 (cost is s2.900). 12 Received payment from Min Cho for the March 2 sale less the discount. Sent Van Industries Check No. 416 in payment of the March 1 invoice less the discount. Received payment from Linda Witt for the March 3 sale less the discount 13Explanation / Answer
Church Company General Journal Date Journal Amount (DR) Amount (CR) 1-Mar Mercendise Purchased $ 43,600.00 To Accounts Payable $ 43,600.00 (Being Goods Purchased from Van Industries) 2-Mar Accounts Receivable $ 16,800.00 To Sales $ 16,800.00 (Being Sales to Min Cho vide Invoice No.854) 2-Mar Cost of goods sold $ 8,400.00 To Mercendise Inventory $ 8,400.00 (Being amount of cost of goods sold to Min Cho) 3-Mar Office Supplies $ 1,230.00 To Accounts Payable $ 1,230.00 (Being amout of office supplies purchases from Gabel Company 3-Mar Accounts Receivable $ 10,200.00 To Sales $ 10,200.00 (Being Sales to Linda Witt vide Invoice No.855) 3-Mar Cost of goods sold $ 5,800.00 To Mercendise Inventory $ 5,800.00 (Being amount of cost of goods sold to Linda Witt) 6-Mar Cash $ 82,000.00 To Long term Notes Payable $ 82,000.00 (Being amount borrowed from Federal Bank against long term note payable) 9-Mar Office Equipment $ 21,850.00 To Accounts Payable $ 21,850.00 (Being amount of Office Equipment purchased on credit from Spell Supply) 10-Mar Accounts Receivable $ 5,600.00 To Sales $ 5,600.00 (Being Sales to Jovita Albeny vide Invoice No.856) 10-Mar Cost of goods sold $ 2,900.00 To Mercendise Inventory $ 2,900.00 (Being amount of cost of goods sold to Jovita Albeny) 12-Mar Cash=($16800*98%) $ 16,464.00 Sales Discount=($16800*2%) $ 336.00 To Accounts Receivable $ 16,800.00 (Being Amount received from Min Cho after discount allowed 2%) 13-Mar Accounts Payable $ 43,600.00 To Cash=($43600*98%) $ 42,728.00 To Purchase Discount=($43600*2%) $ 872.00 (Being amount of Cheque paid to Van Industries) 13-Mar Cash=($10200*98%) $ 9,996.00 Sales Discount=($10200*2%) $ 204.00 To Accounts Receivable $ 10,200.00 (Being Amount received from Linda Witt after discount allowed 2%) 14-Mar Mercendise Purchased $ 32,625.00 To Accounts Payable $ 32,625.00 (Being Amount of Mercendise Purchased from CD Company) 15-Mar Sales Salaries $ 18,300.00 To Cash $ 18,300.00 (Being amount of sales salaries paid for the first half of the month) 15-Mar Cash $ 34,680.00 To Sales $ 34,680.00 (Being Amount of Cash Sales for the first half of month) 15-Mar Cost of goods sold $ 20,210.00 To Mercendise Purchase $ 20,210.00 (Being amount of cost of goods sold) 16-Mar Store Supplies $ 1,770.00 To Accounts Payable $ 1,770.00 (Being amount of store supplies from Gabel Company) 17-Mar Accounts Payable $ 2,425.00 To Purchase return & allowances $ 2,425.00 (Being amount of Purchase return to CD Comany) 19-Mar Accounts Payable $ 630.00 To Office Equipment $ 630.00 (Being amount of credit memorandum from Spell Supply) 20-Mar Cash=($5600*98%) $ 5,488.00 Sales Discount=($5600*2%) $ 112.00 To Accounts Receivable $ 5,600.00 (Being Amount received from Jovita Albany after discount allowed 2%) 23-Mar Accounts Payable=($32625-$2425) $ 30,200.00 To Cash $ 29,596.00 To Purchase Return & Allowances $ 604.00 (Being Amount of Cash Paid after return & discount) 27-Mar Accounts Receivable $ 14,910.00 To Sales $ 14,910.00 (Being amount of Sales to Jovita Albany vide Invoice no.857) 27-Mar Cost of goods sold $ 7,220.00 To Mercendise Purchase $ 7,220.00 (Being amount of cost of goods sold to Jovta Albany) 28-Mar Accounts Receivable $ 4,315.00 To Sales $ 4,315.00 (Being amount of Sales to Linda Witt vide Invoice no.858) 28-Mar Cost of goods sold $ 3,280.00 To Mercendise Purchase $ 3,280.00 (Being amount of cost of goods sold to Linda Witt) 31-Mar Sales Salaries $ 18,300.00 To Cash $ 18,300.00 (Being amount of sales salaries paid for the first half of the month) 31-Mar Cash $ 30,180.00 To Sales $ 30,180.00 (Being amount of Cash Sales) 31-Mar Cost of goods sold $ 16,820.00 To Mercendise Purchase $ 16,820.00 (Being amount of cost of goods sold ) Cash Receipts Journal Date Account Credited Explanation Cash (Dr) Sales Discount(Dr) Accounts Receivable(Cr) Sales(Cr) Other Accounts(cr) 6-Mar Long Term Note Payable Note to Bank $ 82,000.00 $ 82,000.00 12-Mar Min Cho Inv.No.854 $ 16,464.00 $ 336.00 $ 16,800.00 13-Mar Linda witt Inv.No.855 $ 9,996.00 $ 204.00 $ 10,200.00 15-Mar Cash Sales Cash sales $ 34,680.00 $ 34,680.00 20-Mar Jovita Albany Inv.No. 856 $ 5,488.00 $ 112.00 $ 5,600.00 31-Mar Cash Sales $ 30,180.00 $ 30,180.00 Cash A/c Particular Amount(DR) Particular Amount (CR) To Bal B/d $ 10,000.00 By Salaries $ 18,300.00 To Long term Note Payable $ 82,000.00 By Accounts Payable $ 42,728.00 To Min Cho $ 16,464.00 By Accounts Payable $ 29,596.00 To Linda Witt $ 9,996.00 By Salaries $ 18,300.00 To Sales $ 34,680.00 By Bal C/d $ 79,884.00 To Jovita Albany $ 5,488.00 To Sales $ 30,180.00 Total $ 188,808.00 Total $ 188,808.00 Account Receivable Particular Amount(DR) Particular Amount (CR) To Sales $ 16,800.00 By cash $ 16,464.00 To Sales $ 10,200.00 By Sales Discount $ 336.00 To Sales $ 5,600.00 By cash $ 9,996.00 To Sales $ 14,910.00 By Sales Discount $ 204.00 To Sales $ 4,315.00 By cash $ 5,488.00 By Sales Discount $ 112.00 By Bal c/d $ 19,225.00 Total $ 51,825.00 Total $ 51,825.00 Account Payable Particular Amount(DR) Particular Amount (CR) To Purchase return and allowances $ 2,425.00 By Mercendise Purchased $ 43,600.00 To Office Equipment $ 630.00 By Office Supplies $ 1,230.00 To Cash $ 29,596.00 By Office Equipment $ 21,850.00 To Purchase discount $ 604.00 By Mercendise Purchased $ 32,625.00 To Bal C/d $ 67,820.00 By Store Supplies $ 1,770.00 Total $ 101,075.00 Total $ 101,075.00 Sales A/c Particular Amount(DR) Particular Amount (CR) To Bal C/d $ 116,685.00 By Accounts Receivable $ 16,800.00 By Accounts Receivable $ 10,200.00 By Accounts Receivable $ 5,600.00 By Cash $ 34,680.00 By Accounts Receivable $ 14,910.00 By Accounts Receivable $ 4,315.00 By Cash $ 30,180.00 Total $ 116,685.00 Total $ 116,685.00 Cost of Goods Sold Particular Amount(DR) Particular Amount (CR) To Mercendise Inventory $ 8,400.00 By Bal C/d $ 116,685.00 To Mercendise Inventory $ 5,800.00 To Mercendise Inventory $ 2,900.00 To Mercendise Inventory $ 20,210.00 To Mercendise Inventory $ 7,220.00 To Mercendise Inventory $ 3,280.00 To Mercendise Inventory $ 16,820.00 Total $ 116,685.00 Total $ 116,685.00
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