Jim Stokes owns and operates a welding supplies company in Fort Liard. All transactions requiring the payment
Question:
Jim Stokes owns and operates a welding supplies company in Fort Liard. All transactions requiring the payment of cash are recorded in the cash payments journal. The account balances as of May 1, 2014, are as follows:
*Will not agree with the amounts included in the accounts payable balances.
Required
a. Journalize the following transactions.
b. Record in the accounts payable ledger and post to the general ledger as appropriate.
c. Prepare a schedule of accounts payable as of May 31, 2014.
Transcribed Image Text:
Accounts Payable Ledger Balance GST Included ame Dominion Gases Co Glover Gauges Co Marker Gloves Co. Prism Accessories Co Vertal Rod Co. $1,454.25 865.23 1,812.95 3,869.17 2,434.06 S69.25 41.20 86.33 184.25 115.91 Partial General Ledger Account Cash Prepaid GST Delivery Truck Accounts Payable Welding Purchases Welding Purchases Discounts Rent Expense Utilities Expense Number Balance 100 $22,941.18 145 170 200 500 510 670 690 2,418.12 10,435.66 56,422.29 506.20 3,730.00 1,204.66 2014 Paid half the amount owed Dominion Gases Co. from previous purchases on account, less a 2% purchases discount, cheque No. 464 1 2 Bought a delivery truck for $21,400 cash, plus GST of 5 Paid the amount owing to Glover Gauges Co., cheque 6 Bought welding merchandise (cash purchase) from Verico 13 Paid the balance due to Prism Accessories Co. after dedu $1,070, cheque No. 465, payable to City Truck Sales Co No. 466 Canada Co., cheque No. 467, $1,846, plus GST 19 23 27 29 30 ing a 5% discount as per usual terms for this company, cheque No. 468 Bought additional welding merchandise (cash purchase) from Pulse Co., cheque No. 469, $850, plus GST. Paid Marker Gloves Co. the amount owed less a 2% purchases discount, cheque No. 470. Paid rent expense to Abbott Properties Co., cheque No. 471, $1,720, plus GST. Paid utilities expense to Stony Plain Utility Co., cheque No. 472, $364, plus GST. Paid $900.00 to Vertal Rod Co., no discount, cheque No. 473. May
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
STOKES WHOLESALE WELDING SUPPLIES CO CASH PAYMENTS JOURNAL STOKES WHOLESALE WELDING SUPPLIES ...View the full answer
Answered By
Atuga Nichasius
I am a Highly skilled Online Tutor has a Bachelor’s Degree in Engineering as well as seven years of experience tutoring students in high school, bachelors and post graduate levels. I have a solid understanding of all learning styles as well as using asynchronous online platforms for tutoring needs. I individualise tutoring for students according to content tutoring needs assessments.
My strengths include good understanding of all teaching methods and learning styles and I am able to convey material to students in an easy to understand manner. I can also assists students with homework questions and test preparation strategies and I am able to help students in math, gre, business , and statistics
I consider myself to have excellent interpersonal and assessment skills with strong teaching presentation verbal and written communication
I love tutoring. I love doing it. I find it intrinsically satisfying to see the light come on in a student's eyes.
My first math lesson that I taught was when I was 5. My neighbor, still in diapers, kept skipping 4 when counting from 1 to 10. I worked with him until he could get all 10 numbers in a row, and match them up with his fingers.
My students drastically improve under my tutelage, generally seeing a two grade level improvement (F to C, C to A, for example), and all of them get a much clearer understanding!
I am committed to helping my students get the top grades no matter the cost. I will take extra hours with you, repeat myself a thousand times if I have to and guide you to the best of my ability until you understand the concept that I'm teaching you.
5.00+
2+ Reviews
10+ Question Solved
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Question Posted:
Students also viewed these Accounting questions
-
Wendy Jones operates a wholesale computer centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal. The account balances as of May 1, 2013, are...
-
Peter Daly operates a photo printing centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1, 2016,...
-
Wendy Jones operates a whole sale computer centre in White horse. All trans-actions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1,...
-
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 2019, are as follows: Prepare a statement of owner's equity for the year. Apr 30 Doug Stone Capital Doug...
-
Given that z is a standard normal random variable, find z for each situation. a. The area to the right of z is .01. b. The area to the right of z is .025. c. The area to the right of z is .05. d. The...
-
Use the transactions in problem (47) but prepare a statement of net position for the government-wide financial statements. Assume that the general fund had $180,000 in cash on the first day of the...
-
What aerodynamic factors affect induced drag?
-
Selected worksheet data for Nicholson Company are presented below. Instructions(a) Fill in the missing amounts.(b) Prepare the adjusting entries that weremade. Adjusted Trial Balance Account Titles...
-
A potato is launched out of a building (building A) from the 10th floor which is 15 m high, with a velocity of 55 m/s at an angle of 35.0 above the horizontal. There is a building (building 2) 130 m...
-
Given a database of the results of an election, find the number of seats won by each party. There are some rules to going about this: There are many constituencies in a state and many candidates who...
-
Farber's Fabric Co. of Yellowknife uses a purchases journal and a general journal (page 32) to record the following transactions (continued from July). The GST rate is 5%: The fabric store has...
-
Betty Cardinal runs Cardinals Book Shop in a downtown location. As her newly hired accountant, your task is to do the following (substituting HST at 13% for GST at 5% if your instructor so directs):...
-
A sheet pile wall has been installed partially through a silty sand layer, similar to the one shown in Fig. 7.13(b). Assume a sheet pile 12 m long penetrates 6 m (halfway) into the silty sand layer...
-
Mr . Ricelander uses a rope to hoist a 9 . 8 6 kg mallet from the floor to the ceiling at a constant speed of 1 . 2 1 m / s for a displacement of 5 . 3 9 meters. Determine the work done on the mallet...
-
mr spahn fills up his gas tank in iceland where the currency used is iclandic krona ( isk ) . One us dollar is equivalent to 1 4 4 krona ( $ 1 = 1 4 4 Krona ) and gasoline costs 3 2 5 krona per liter...
-
Find the attractive force ( in newtons ) between a 6 . 7 0 x 1 0 - 5 coulomb point charge and a - 7 . 7 9 x 1 0 - 5 coulomb point charge that are separated by 0 . 0 7 meters.
-
A rocket engineer pumps liquid propane and hydrogen to a rocket engine. The rocket engine is filled up completely. Then, rocket is ignited and accelerated up to the sky in a very fast way. Please...
-
A dust particle has an excess change of 4 . 0 \ x 1 0 ^ 6 electrons and a mass of 4 . 0 \ x 1 0 ^ 8 g . It is initially held at d = 1 . 0 x 1 0 ^ 3 m directly above a fixed object of the same size...
-
Your pro forma income statement shows sales of $1,000,000, cost of goods sold as $500,000, depreciation expense of $100,000, and taxes of $160,000 due to a tax rate of 25%. What are your pro forma...
-
A company produces earbuds. The revenue from the sale of x units of these earbuds is R = 8x. The cost to produce x units of earbuds is C = 3x + 1500. In what interval will the company at least break...
-
The following transactions occurred in April for Joyous Co.: 201X Apr. 1 Issued check no. 14 for $120 to establish a petty cash fund. 5 Paid $10 from petty cash for postage, voucher no. 1. 8 Paid $16...
-
From the following, record the transactions in Burbanks auxiliary petty cash record and general journal as needed: 201X Oct. 1 A check was drawn (no. 444) payable to Eileen Cooper, petty cashier, to...
-
From the following, record the transactions in Burbanks auxiliary petty cash record and general journal as needed: 201X Oct. 1 A check was drawn (no. 444) payable to Eileen Cooper, petty cashier, to...
-
If you weigh your portfolio in 80% risky and 20% risk-free t bills. The optimal risky portfolio consists of 40% in bonds and 60% in ETFs. How much will you have invested in t-bills, bonds, and etfs?
-
b. A 25-year mortgage loan of $184,000 at a 10 percent compound annual interest rate with equal installment payments at the end of each year.
-
What are Cloud-based Services? How does this differ to the common virtualization model?
Study smarter with the SolutionInn App