Julia Hamilton started a new company beginning in May of the current year. She sells computers, supplies and software. She also provides consulting services to her customers. Prepare the following monthly Journal Entries and Adjusting Entries for the month of May.
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- On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10Joey Juno began a web-based computer sales and service company on June 1, 20X8, called Juno's Toys. Joey has made a few decisions regarding the accounting system; all prepayments and unearned revenues will be recorded as assets and liabilities and the company will use a periodic inventory system. Juno's Toys completed these transactions during November of the current year: Joey invested $12,000 cash along with $9,000 of used computer equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insurance is effective immediately. Hired a computer technician, named Barney to be paid every two weeks. $23,000 of merchandise was purchased from Eastman Store on account terms 1/10, n30. Freight was paid in amount of $200 for above purchase. Bought $400 of office supplies on account. Sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smith paid $500 cash and put the rest on account, with term 1/15, n30. Bought office furniture for $9,000. Paid $1,000 cash…I Analyze and make journal entries for the following transactions of Dada's Mart owned and operated by Diana . 2020 1 Cash purchases from Macro, P75,000 plus 12% VAT. 5 Purchased goods from Yssa's Fruit Farm for P 67,200, VAT included.Terms: 2/10, n/30. 8 Returned defective goods to Yssa's Fruit Farm, P 5,000, VAT excluded. 10 Bought equipment for office use from Jhamas Marketing, P 35,000 plus VAT. Term: n/60. 15 Paid in full the account to Yssa's Fruit Farms. 20 Purchased goods from Colette Grocery, P33,600, VAT included. Term: 2/10, n/30. 24 Returned defective goods to Colette Grocery, P 5,600, VAT included. 30 Made a full payment to Colette Grocery Jan
- T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…On March 1, Bates Board Shop sells 300 surfboards to local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the inital sale B. the subsequent customer pyament on March 109. Review the following transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers purchases 82 fishing poles at $33 each with cash. Oct. 5 April Anglers purchases 116 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. Oct. 12 April discovers 18 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. April also discovers that 32 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $15 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts. Solution Debit Credit Date Accounts and Explanation
- Romeo Shakespeare is a retailer of love potions, which he sells in the Papen Market in St Thomas. 2020 1. The following details were obtained from the books of Jessica Bailey, a retailer located in Kingston May 1 May 4 Мay 5 May 12 May 18 May 20 Bought furniture $5,000 cheque Started the business with $40,000 in the bank and motor van $60,000 Bought merchandise for $35,000 on credit from Maynard Distributors Sold merchandise for $20,000 on credit toN Bell Sold merchandise $20,000 by cheque Returned merchandise $6,000 to Maynard Distributors May 21 Sold merchandise $32,000 on credit to Bongo Natty May 22 Bought merchandise $25,000 on credit from Kings World Paid for office expenses $7,000 by cheque May 25 May 26 Paid wages $35,000 by cheque May 27 Received $20,000 cheque from N Bell May 28 Took merchandise amounting to $15,000 for personal use Requirements: A. Enter the transactions in the general ledger (t-accounts), and balance off these accounts B. Extract a Trial Balance"Candy Andy” opened a candy shop in St. Lawrence Market. Andy purchases the candy in bulk (wholesale), and resells the merchandise to generate a profit using periodic system. During the months of May and June, the following transactions occurred. Please do the journal entries using periodic system: : May 10 Andy purchased $400 of Skittles from Wrigley Company, terms 2/10, n/30, FOB shipping point. 11 The correct company paid $35 dollars of shipping costs to DHL in cash. 12 Expired Skittles worth $20 were returned to Wrigley Company for full credit. 20 Andy paid Wrigley Company in full June 15 Andy sold all the remaining Skittles for a total price of $950 cash. 15 A customer had their Skittles shipped to them, with freight terms of FOB shipping point. The shipping costs to Purolator were $15. 17 Andy gave a customer a $50 cash sales allowance for unsatisfactory…In this activity, you are going to record a comprehensive transactions involving merchandising concern. Prepare the journal entries, T-accounts and trial balance of a merchandising concern. Cielo Bonita is engaged in buying and selling of novelty items. The following transactions have transpired for the month of Sept. 2020. Sept. 1 – She invested P100,500 cash and an old office equipment presently valued at P33,200 which she bought 2 years ago for P50,000. Sept. 2- Purchased MDSE from ABC Enterprise for P20,000. Terms: n/30, FOB destination. ABC paid P1,500 for the freight cost. Sept. 3- Sold MDSE for cash amounted to P10,600. Sept. 6- Purchased MDSE from Ali Commercial for P26,500. Terms: 50% down payment, balance 2/10, n/30. Sept. 7 – Sold MDSE to Jay Cesar for P12,500. Terms: 2/10, n/30, FOB Shipping point. Sept. 8 – Purchased from COVID Furniture a display counted for P6,000. Terms : 50% down payment, balance 1/10, n/30.92 Sept. 9 – Sold MDSE to Giles Anthony for P14,000. Terms:…
- Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/LossJanuary 15 You conducted the webinar with Fran Barr. When you were done, you sent her an electronic invoice (bill) for $75. She asked if she could electronically pay you $35 at that point and the remainder the following week. While you would have much preferred to collect all of the money right then, you agreed to let her pay the remainder on January 22. Consulting Revenue 35 January 15 Jenny Chen came into your store to discuss an interesting proposal. She asked your store to provide graphic design training/consultations to a group of local non-profit organizations. Jenny said that you would be “on call” for 3 months, and the organizations were willing to pay you in advance for 3 months. You negotiated a fee of $800 per month, and you will begin providing consulting services on 1/16. Jenny wrote your company a check for the upcoming 3 months. Consulting Revenue 2400…These transactions occurred during the second half of January. Continue theGeneral Journal where you left off in the previous chapter. Be sure to account forHST as indicated.20—Jan. 16 Bought advertising space in the local community newspaper, $125plus 13% HST. Issued Cheque #7.16 Paid shipping costs on the merchandise bought on the 5th, $85plus HST. Issued Cheque #8.17 Paid transportation cost for new paint mixer and colour dispenserbought on the 9th and delivered from Toronto. Issued Cheque #9for $84.75 (includes $9.75 HST).20 Cash sales: paint and supplies, $2,500; wallpaper, $2,000; plus HST.21 Paid delivery costs for paint and supplies delivered to our customer,$60 plus HST. Cheque #10.26 Bought paint and supplies, $8,500 plus HST. Cheque #11.26 Paid the shipping on paint and supplies bought today, $45 plusHST. Cheque #12.30 Cash sales: paint and supplies, $3,000; wallpaper, $1,000; plus HST.AT MONTH-ENDPost these entries to the ledger accounts and prepare a trial balance on…