Foundations Of Accounting I: Comprehensive Problem?

Their account balances as of November 30, 2012 (unless otherwise indicated), are as follows:
110 Cash $ 74,370
112 Accounts Receivable 6,178
113 Allowance for Doubtful Accounts 650
115 Merchandise Inventory 2,346
116 Prepaid Insurance 5,750
117 Store Supplies 2,850
123 Store Equipment 100,800
124 Accumulated Depreciation-Store Equipment 31,060
210 Accounts Payable 3,286
211 Salaries Payable 0
218 Interest Payable 0
220 Note Payable (Due 2017) 30,000
($6,000 to be paid in 2013)
310 Randiddle, Capital (January 1, 2012) 46,288
311 Randiddle, Withdrawals 60,000
312 Income Summary 0
410 Sales 296,130
411 Sales Returns and Allowances 10,020
412 Sales Discounts 7,200
510 Cost of Goods Sold 30,250
520 Sales Salaries Expense 34,400
521 Advertising Expense 18,000
522 Depreciation Expense 0
523 Store Supplies Expense 0
529 Miscellaneous Selling Expense 2,800
530 Office Salaries Expense 25,500
531 Rent Expense 24,200
532 Insurance Expense 0
533 Bad Debt Expense 0
539 Miscellaneous Administrative Expense 1,650
550 Interest Expense 1,100
During December, the last month of the accounting year, the following transactions were completed:
Dec. 1. Issued check number 2632 for the December rent, $2,200.
2. Sold two 1200 watt microwaves for cash.
4. Purchased four 1000 watt microwaves on account from Matt Co., terms 2/10,
n/30, FOB shipping point, $596.
5. Issued check number 2633 to pay the transportation charges on purchase of
December 4, $89. (NOTE: Debit Merchandise Inventory. Do not include shipping and purchase discounts to the Inventory Control sheet for this project.)
6. Sold six 1000 watt microwaves and four 1200 watt microwaves on account to Briana Co., invoice 891, terms 2/10, n/30, FOB shipping point.
8. Issued check number 2634 for refund of cash on sales made for cash, $150.
(Customer was going to return goods until an allowance was arranged.)
10. Purchased store supplies on account from Prince Co., terms n/30, $310.
10. Issued check to Matt Co. number 2635 for the full amount due, less discount
allowed. (Round discount to nearest dollar.)
11. Paid Prince Co. full amount due, check number 2636.
12. Issued credit memo for one 1000 watt microwave returned on sale of
December 6. (NOTE: Assume the returned microwave was from the 11/30 inventory)
13. Issued check number 2637 for advertising expense for last half of December, $3,000.
14. Received cash from Briana Co. for the full amount due (less return of December 12 and discount; round to nearest dollar).
19. Issued check number 2638 to buy five 900 watt microwaves, $495.
19. Issued check number 2639 for $596 to Joseph Co. on account.
20. Sold seven 900 watt microwaves on account to Cameron Co., invoice number 892, terms 1/10, n/30, FOB shipping point.
20. To expedite sale on Dec. 20, issued check number 2640 for shipping charges on sale to Cameron on December 20, $120 (NOTE: Cameron Co. will be reimbursing us for this shipping cost).
21. Received $1,396 cash from McKenzie Co. on account, no discount.
21. Purchased three 1200 watt microwaves on account from Elisha Co., terms 1/10, n/30, FOB shipping point, $747, shipping $78 (NOTE: Debit Merchandise Inventory $825, but only put $747 in the Inventory Control Sheet).
24. Received notification that Marie Co. has been granted bankruptcy with no
amount of recovery. We are to write-off her amount due. (Note: See page
365 for entry required.)
26. Issued a debit memo for return of $249 because of damage to one 1200 watt
microwave purchased on December 21, receiving credit from the seller.
27. Issued check number 2641 for sales salaries of $2,050 and office
salaries of $1,400.
28. Purchased store equipment on account from Joseph Co., terms n/30, FOB
destination, $1,200.
29. Issued check number 2642 for store supplies, $70.
29. Purchased seven 1000 watt microwave from Prince Co, terms 1/10, n/30,
FOB shipping point, for $1,113 on account, shipping $107.
30. Sold eight 1000 watt microwaves on account to Briana Co., invoice number
893, terms 2/10, n/30, FOB shipping point.
30. Received cash from sale of December 20, less discount, plus transportation
paid on December 20. (Round calculations to the nearest dollar.)
31. Issued check number 2643 for purchase of December 21, less return
of December 25 and discount. (Round discount to the nearest dollar.)
31. Issued a debit memo for $200 of the purchase returned from
December 28.
——–
Journalize the transactions in a sales journal, purchases journal, cash receipts journal, cash payments journal, or general journal

Both comments and pings are currently closed.

Comments are closed.

Powered by WordPress | Designed by: free css template | Thanks to hostgator coupon and web hosting reviews