udCountimIg 3y3tem.)Feb 01Take $4,000 cash out of Big Bank to pay for February's warehouse rent.Sale of inventory to a customer – selling price $62,000 – cost of inventory sold$16,000 – customer paid cash which was deposited in Big Bank.Feb 04Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned.Sale of inventory to a customer – selling price $88,000 – cost of inventory sold$22,000 – customer will pay in the future.Feb 15Feb 18Sale of inventory to a customer – selling price $110,000 – cost of inventory sold$28,000 – customer pays $40,000 cash which is deposited in Little Bank – customerwill pay for the remaining amount of the sale in 30 days.Feb 22Purchase additional inventory - pay $17,000 cash out of Big Bank for the inventory.Feb 27Take $23,000 cash out of Little Bank to pay employees for wages they have earned.Adjust the Interest Payable-Big Bank account to record the $600 of interest owed toBig Bank for February – interest will be paid in June.Feb 28Adjust the Interest Payable-Little Bank account to record the $450 of interest owedto Little Bank for February – interest will be paid in March.Feb 28Requirement 2Post the entries from the General Journal to the General Ledger accounts, Income StatementExpenses:Net IncomeCalculation ofRetained Earnings as ofFeb. 28 for the Balance Sheet

Retained earnings refers to that portion of the profit or earnings of a company which is retained or…

Answered: Income Statement

Business

Accounting

Income Statement

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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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
the cash receipts journal. Total and rule the sales journal. Ignore sales taxes. Use the journal format provided below in entering the following transactions it Oct. 1 Collected from Ali Go P12,000 payment on account. 8 Cash sales for the week, P60,000. 10 Gino Pavone made a P12,000 payment on account. 15 Collected from Melissa Perez P71,400 payment on account. 17 Cash sales for the week, P52,000. 19 Owner invested additional cash into the business, P45,000. 25 Collected from Sue Lee P17,200 on account. 30 A bank loan is approved and release to the company, P70,000. ANSWER SHEET CASH RECEIPTS JOURNAL Pagel Debit Credits Date O.R. 2020 Description Accounts Other No. Cash Sales Receivable Accounts 1. 1.
Apr. 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 8%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $57,000 cash from NBR Bank by signing a 120-day, 11%, $57,000 note payable. __?__ Paid the amount due on the note to Locust at the maturity date. __?__ Paid the amount due on the note to NBR Bank at the maturity date. Nov. 28 Borrowed $30,000 cash from Fargo Bank by signing a 60-day, 6%, $30,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank.
On November 2, 2022, Crane Company has cash sales of $6040 from merchandise having a cost of $3540. The entries to record the day's cash sales will include: O a $3540 credit to Cost of Goods Sold. O a $6040 debit to Accounts Receivable. O a $3540 credit to Inventory. O a $6040 credit to Cash. Save for Later Attempts: 0 of 1 used Submit Answer
A seller of goods had the following details of sales and collection during the month: Receivables, beginning P 200,000.00 Gross sales 400,000.00 Less: Collection 500,000.00 Receivables, end P 100,000.00 1. What is the amount subject to business tax? a. P500,000 b. P400,000 c. P300,000 d. P200,000 2. In the immediately preceding problem, determine the amount subject to business tax if the taxpayer is a seller of services. a. P500,000 b. P400,000 c. P300,000 d. P200,000
Business registered as 15% vat. They use perpetual inventory systems and all goods mark up at 20% above cost, before taking into account any trade discount. Prepare a cashbook payment and cashbook receipts Owner contributed R5 000 cash Cash sales R13 800 including vat Cash purchases R8 000 excluding vat Paid telkom for telephone account R345 Paid R2 000 towards a loan settlement with mzansi bank Cash sales R5 750 including vat Cash purchases R4 600 including vat Paid wages R800
Selected information from the statement of financial position of MR Company at November 30 and December 31 is presented below. The company uses the perpetual inventory system and all sales to customers are made on credit. November 30 Credit Debit 20,000 10,000 14,000 Accounts receivable Prepaid insurance Inventory Accounts payable Wages payable The following cash flow information is also available: 24,000 10,000 a. Cash collected from credit customers - P160,000 b. c. 16. How much is MR company's sales for the month of December? a. P174,000 P147,000 b. P164,000 P146,000 Cash paid for insurance - P 10,000 Cash paid to suppliers of inventory - P 120,000 (the entire accounts payable relate to inventory purchases. d. Cash paid to employees for wages - P 20,000 c. d. 17. How much is the MR company's December cost of goods sold? a. P182,000 c. b. P128,000 d. December 31 Debit Credit 6,000 15,000 12,000 P121,000 P112,000 30,000 6,000 18. How much is MR company's insurance expense for the…
On November 30, Petrov Company has $127,000 of accounts receivable and uses the perpetual inventory system. December 4 Sold $7,810 of merchandise (that had cost $4,998) to customers on credit, terms n/30. December 9 Sold $17,780 of accounts receivable to Main Bank. Main charges a 6% factoring fee. December 17 Received $4,296 cash from customers in payment on their accounts. December 27 Borrowed $10,160 cash from Main Bank, pledging $13,208 of accounts receivable as security for the loan. (1) Prepare journal entries to record the above transactions. (2) Which transaction would most likely require a note to the financial statements?
nter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule the journal. If an amount box does not require an entry, leave it blank. ct. 1 Jim White made a $600 payment on account. 8 Cash sales for the week, $3,000, plus sales tax. 10 Kristin Ludwin made a $600 payment on account. 15 Melissa Perez made a $3,570 payment on account. 17 Cash sales for the week, $2,600, plus sales tax. 25 Sue Lee paid $860 on account. 30 Matt Chang paid $934 on account. CASH RECEIPTS JOURNAL Page 1 Accounts Sales Tax Account General Receivable Payable Date Credited Post. Ref. Credit Credit Sales Credit Credit Cash Debit Oct. 1 Jim White 8 Cash sales 10 Kristin Ludwin 15 Melissa Perez 17 Cash sales 25 Sue Lee 30 Matt Chang
On November 30, Petrov Company has $128,700 of accounts receivable and uses the perpetual inventory system. December 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit, terms n/30. December 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. December 17 Received $5,859 cash from customers in payment on their accounts. December 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. (1) Prepare journal entries to record the above transactions. (2) Which transaction would most likely require a note to the financial statements? Required 1 Required 2 Prepare journal entries to record the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet
qw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…
You are provided with the following information: Sales for the year $400 000 Discounts provided during the year to customers for early payment $10 000 Doubtful debts expense for the year $5 000 Opening balance of accounts receivable $90 000 HI5020Tutorial T1 2021 Closing balance of accounts receivable $80 000 Opening balance of the provision for doubtful debts $9 000 Closing balance of the provision for doubtful debts $8 000 Cost of goods sold for the year $60 000 Purchases for the year (on credit terms) $80 000 Discounts received for early payment to suppliers $2 000 Stock write-offs owing to water damage caused by melting ice in the Antarctic $5 000 Opening balance of trade creditors $40 000 Closing balance of trade creditors $35 000 Opening balance of inventory $10 000 Closing balance of inventory $25 000…