Instructions On February 14, Foster Associates Co. paid $2,400 to repair the transmission on one of its delivery vans. In addition, Foster paid $430 to install a GPS system in its van. Required: Journalize the entries for the transmission and GPS system expenditures. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Instructions On February 14, Foster Associates Co. paid $2,400 to repair the transmission on one of its delivery vans. In addition, Foster paid $430 to install a GPS system in its van. Required: Journalize the entries for the transmission and GPS system expenditures. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 15E

See similar textbooks

Similar questions

Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $2,200 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $320 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $320 written off on August 31 was collected in full.
Oriole Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $307,200; the Accounts Payable control account had a credit balance of $85,300. The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Purchases journal Cash receipts journal Cash payments journal Total sales Total purchases Accounts receivable column total Accounts payable column total $156,000 $58,800 $144,500 $41,300
Sunland Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $ 324,100; the Accounts Payable control account had a credit balance of $ 83,300.The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Total sales $ 158,000 Purchases journal Total purchases $ 51,400 Cash receipts journal Accounts receivable column total $ 137,100 Cash payments journal Accounts payable column total $ 48,600 (a) What is the balance of the Accounts Receivable control account after the monthly postings on July 31? The balance of the Accounts Receivable control account $ enter the balance of the accounts receivable control account in…
Pyramid Corporation is assessed a $40 fee as the result of a $126 NSF check received from a customer for services purchased on account. Neither the fee nor the NSF check has been accounted for on Pyramid’s books.Required:Record the appropriate journal entry to update Pyramid’s books.
To what account(s) is the column total of $174,100 in the sales journal posted?
Sheridan Company uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $300,300; the Accounts Payable control account had a credit balance of $83,600.The July transactions recorded in the special journals are summarized below. No entries affecting accounts receivable and accounts payable were recorded in the general journal for July. Sales journal Total sales $169,300 Purchases journal Total purchases $57,000 Cash receipts journal Accounts receivable column total $141,600 Cash payments journal Accounts payable column total $46,700 What is the balance of the Accounts Receivable control account after the monthly postings on July 31? The balance of the Accounts Receivable control accoun
Gate City Cycles had trouble collecting its account receivable from Sue Ann Noel. On June 19, 2018, Gate City Cycles finally wrote off Noel's $750 account receivable. On December 31, Noel sent a $750 check to Gate City Cycles. Journalize the entries required for Gate City Cycles, assuming Gate City Cycles uses the direct write-off method. On June 19, 2018, Gate City Cycles wrote off Noel's $750 account receivable. Journalize the entry.(Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Jun. 19 On December 31, Noel sent a $750 check to Gate City Cycles. Start by journalizing the entry to reverse the earlier write-off. Date Accounts and Explanation Debit Credit Dec. 31
During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it: a. An invoice for $1,875 of supplies from Kelly Co. was recorded as having been received from Kelley Co., another supplier.b. A credit of $420 to Blackstone Company was posted as $240 in the subsidiary ledger.c. An invoice for equipment of $4,800 was recorded as $4,000.d. The Accounts Payable column of the purchases journal was overstated by $3,600.How will each error come to the bookkeeper’s attention, other than by chance discovery?
Sun City Greenhouse had trouble collecting its account receivable from Sharma Suiza. On June 19, 2025, Sun City Greenhouse finally wrote off Suiza's $700 account receivable. On December 31, Suiza sent a $700 check to Sun City Greenhouse. Journalize the entries required for Sun City Greenhouse, assuming Sun City Greenhouse uses the direct write-off method. On June 19, 2025, Sun City Greenhouse wrote off Suiza's $700 account receivable. Journalize the entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Jun. 19 Accounts and Explanation Debit Credit
Take me to the text YardWorks sells landscaping materials. During the month of July 2019, the following transactions occurred. Assume zero balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts payable general ledger from the general journal. Jul 5 Purchased office supplies for $640 on account from Office Supply Shop. Jul 10 Purchased inventory for $1,140 cash from Rock-N-Roll with Cheque #408. Jul 12 Paid telephone bill for $340 cash with Cheque #409. Jul 17 Paid the amount owing to Office Supply Shop with Cheque #410. Jul 27 Purchased inventory for $3,570 from Pathway Stones on account. Requireda) Record the above transactions in the purchases journal and the cash payments journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts payable control account.Do not enter dollar signs or commas in the input boxes.…
Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Credit