Buzz Newsstands purchases and cash payment transactions for the month of March are described below. Instructions In
Question:
Buzz Newsstand’s purchases and cash payment transactions for the month of March are described below.
Instructions
In your working papers:
1. Record the transactions in the general journal, page 7.
2. Post the transactions to the ledger accounts.
Transcribed Image Text:
Date Transactions Mar. 1 Purchased $5,600 in merchandise on account from ADC Publishing, Invoice 785, terms 3/15, n/45. 3 Issued Check 1400 for $735 to Pine Forest Publications in payment of Invoice PFP98 for $750 less a 2% cash discount of $15. 5 Issued Check 1401 for $275 to Rizzo's Trucking Company for transportation charges. 7 Issued Check 1402 for $588 to Delta Press in payment of Invoice DP166 for $600 less a 2% cash discount of $12. American Trend Publishers granted a $100 allowance for damaged merchandise, Debit Memorandum 33. 9 11 Issued Check 1403 for $3,200 to Keystone Insurance Company for the annual premium for business insurance. 15 Issued Check 1404 for $5,432 to ADC Publishing in payment of Invoice 785 for $5,600 less a 3% cash discount of $168. Bought $2,800 in merchandise on account from Delta Press, Invoice DP204, terms 2/10, n/30. 18 22 Issued Debit Memorandum 34 to Delta Press for the return of $300 in merchandise. 28 Paid American Trend Publishers the balance due on their account, $800, no discount, Check 1405. 30 Bought $120 in merchandise for cash from ADC Publishing, Check 1406.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
1 General Journal Date Account Debit Credit Mar 1 Merchandise 5600 Accounts Payable 5600 Mar 3 Accou...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Buzz Newsstand had the following purchases and cash payment transactions for July. The balance in the accounts payable subsidiary ledger and general ledger accounts are opened in the working papers....
-
Transactions made by Huddleston Co. for the month of March are shown below. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation, similar to...
-
Transactions made by Mickelson Co. for the month of March are shown below. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation, similar to that...
-
4. Using Euler's method to solve following equation with time step of 1. dy = = 4t - 0.5y dt y(0)=2 You only need to write out three steps to get values of y(1), y(2), y(3). 5. Write your Euler's...
-
Describe the three major categories of activities that are shown on the statement of cash flows. Discuss.
-
The following table presents the U.S. unemployment rate for each of the years 1993 through 2016. a. Construct a time-series plot of the unemployment rate. b. For which periods of time was the...
-
Jeremy Hawk, accountant for Rainbow International Corp., was injured in an auto accident. Another employee prepared the following income statement for the year ended December 31, 2007: The individual...
-
Southern Sporting Goods Company makes basketballs and footballs. Each product is produced from two resourcesrubber and leather. The resource requirements for each product and the total resources...
-
A company is considering a $280,000 investment in equipment. The equipment would be used to make a new product for the company to sell. The equipment has an estimated useful life of 7 years and a...
-
Derivation of the equation of change for the Reynolds stresses. At the end of S5.2 it was pointed out that there is an equation of change for the Reynolds stresses. This can be derived by (a)...
-
Here are the column totals of the sales journal for the month of April. In your working papers, post these totals to the appropriate general ledger accounts. SALES JOURNAL SALES SLIP CUSTOMER'S...
-
Rivers Edge Canoe & Kayak had the following purchases and cash payment transactions for the month of March. Instructions In your working papers, record the following transactions on page 16 of the...
-
In an investment proposal involving new technology, the cash flows related to the proposed investment are sometimes compared to the wrong baseline. Explain this statement.
-
On December 1, 2016, Mosby, a U.S. company, sells goods to a German company, with payment of 300,000 euros to be received on March 1, 2017. Mosby also enters into a forward contract on December 1,...
-
Mrs. Lindon had earned income of $25,000, while Mr. Lindon had earned income of $80,000. Payments for child care were $250 per week for a total of 60 weeks. During the current year, Mrs. Lindon spent...
-
Two investors, trading with each other, construct portfolios consistent with their views about the direction of the price of a share. Investor 2 short-sells a share to investor 1 for 10. In addition,...
-
Company A's balance sheet shows $400 million in debt, $75 million in preferred stock, and $325 million in total common equity. Company A's tax rate is 30%,rd = 7%,rps = 6.2%, andrs = 15%. If A has a...
-
xbas y1,2 mber Owin bjec bje b. 12. In 2022, Mr. Francis, a dealer of car, disposed a brand new sports utility vehicle (SUV) which costs P800,000 for P1,200,000, under the following terms: July 1,...
-
CEB Company's beginning raw materials inventory was $105,000. Its net purchases for the period were $900,000, and its ending raw materials inventory was $85,000. What was its cost of raw materials...
-
A firm has the following balance sheet: Assets Cash Accounts receivable Inventory Plant and equipment $ 15,000 150,000 92,000 170,000 $427,000 Liabilities and Equity Accounts payable Long-term debt...
-
Could one individual be a great leader in government, a corporation, or a nonprofit? Why or why not?
-
Read Alternative Organizing and (In)Visibility: Managing Tensions of Transparency and Autonomy in a Nonprofit Organization by Peter Jensen and Rebecca Meisenbach. Why do some nonprofit organizations...
-
Read Alternative Organizing and (In) Visibility: Managing Tensions of Transparency and Autonomy in a Nonprofit Organization by Peter Jensen and Rebecca Meisenbach. According to Jensen and Meisenbach,...
-
es Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Accepted $16,600 on April 1, Year 1, as a retainer for services to be performed evenly...
-
Why does the organizational structure hold political significance? Provide an in-depth analysis of this concept using examples from both academic literature and real-world instances. Additionally,...
-
Dahlia Corporation has a current accounts receivable balance of $439,516. Credit sales for the year just ended were $5,503,810. a. What is the receivables turnover? Note: Do not round intermediate...
Study smarter with the SolutionInn App