ACCT 2101 Homework 7

1)
Finer Company uses a sales journal a purchases journal a cash receipts journal a cash disbursements journal and a general journal. The following transactions occur in the month of May.
Journalize the May transactions that should be recorded in the sales journal assuming the perpetual inventory system is used.
2)
Ali Co. uses a sales journal a purchases journal a cash receipts journal a cash disbursements journal and a general journal. The following transactions occur in the month of November.
The company sold merchandise costing $792 on credit to J. Than for $870 subject to an $17 sales discount if paid by the end of the month.
The company borrowed $3225 cash by signing a note payable to the bank.
J. Ali the owner contributed $4525 cash to the company.
The company sold merchandise costing $126 to B. Cox for $224 cash.
The company paid Hart Co. $3000 cash for the merchandise purchased on November 3.
The company received $853 cash from J. Than in payment of the November 7 purchase.
Journalize the November transactions that should be recorded in the cash receipts journal assuming the perpetual inventory system is used.
3)
Marx Supply uses a sales journal a purchases journal a cash receipts journal a cash disbursements journal and a general journal. The following transactions occur in the month of April.
Issued check no. 212 to Lite to pay the amount due for the purchase of April 20 less the discount.
Journalize the April transactions that should be recorded in the cash disbursements journal assuming the perpetual inventory system is used.
4)
Debited
Sales Cr.
Inventory Cr.
Post to the customer accounts the entries in the sales journal and any portion of the general journal entry that affects a customer’s account.
Post the sales journal amounts first and then any portion of the general journal entry that affects these accounts. Dates may not be chronological in the general ledger accounts.
Prepare a schedule of accounts receivable.
7)
[The following information applies to the questions displayed below.]
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10 n/30).
Purchased $16000 of merchandise on credit from Noth Company invoice dated April 2 terms 2/10 n/60.
Purchased $1450 of office supplies on credit from Custer Inc. Invoice dated April 2 terms n/10 EOM.
Received an $95 credit memorandum from Custer Inc. for the return of some of the office supplies received on April 3.
Purchased $12545 of store equipment on credit from Hals Supply invoice dated April 9 terms n/10 EOM.
Issued Check No. 589 payable to Payroll in payment of sales salaries expense for the first half of the month $9850. Cashed the check and paid employees.
Cash sales for the first half of the month are $59410 (cost is $44300). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
Purchased $11900 of merchandise on credit from Grant Company invoice dated April 17 terms 2/10 n/30.
Purchased $980 of store supplies on credit from Hals Supply invoice dated April 19 terms n/10 EOM.
Received a $1200 credit memorandum from Grant Company for the return of defective merchandise received on April 17.
Received payment from Page Alistair for the April 13 sale less the discount.
Purchased $11650 of merchandise on credit from Noth Company invoice dated April 24 terms 2/10 n/60.
Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the discount.
Issued Check No. 591 payable to Payroll in payment of the sales salaries expense for the last half of the month $9850.
Review the transactions of Wiset Company and enter those that should be journalized in the sales journal.
Review the transactions of Wiset Company and enter those that should be journalized in the cash receipts journal. The terms of all credit sales are 2/10 n/30.
Enter the March 31 balances for Cash ($91000) Inventory ($151000) Long-Term Notes Payable ($142000) and B. Wiset Capital ($100000). Post the total amounts from the journal in the following general ledger accounts and in the accounts receivable subsidiary ledger accounts for Paula Kohr Page Alistair and Nic Nelson.
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10 n/30).
Purchased $14600 of merchandise on credit from Noth Company invoice dated April 2 terms 2/10 n/60.
Purchased $1570 of office supplies on credit from Custer Inc. Invoice dated April 2 terms n/10 EOM.
Received an $90 credit memorandum from Custer Inc. for the return of some of the office supplies received on April 3.
Purchased $12725 of store equipment on credit from Hals Supply invoice dated April 9 terms n/10 EOM.
Issued Check No. 589 payable to Payroll in payment of sales salaries expense for the first half of the month $11450. Cashed the check and paid employees.
Cash sales for the first half of the month are $59710 (cost is $42800). (Cash sales are recorded daily from cash register data but are recorded only twice in this problem to reduce repetitive entries.)
Purchased $11200 of merchandise on credit from Grant Company invoice dated April 17 terms 2/10 n/30.
Purchased $980 of store supplies on credit from Hals Supply invoice dated April 19 terms n/10 EOM.
Received a $1000 credit memorandum from Grant Company for the return of defective merchandise received on April 17.
Received payment from Page Alistair for the April 13 sale less the discount.
Purchased $11145 of merchandise on credit from Noth Company invoice dated April 24 terms 2/10 n/60.
Issued Check No. 590 to Grant Company in payment of its April 17 invoice less the return and the discount.
Issued Check No. 591 payable to Payroll in payment of the sales salaries expense for the last half of the month $11450.
Review the April transactions of Wiset Company and enter those transactions that should be journalized in the purchases journal.