InBeat CD Shop had the following transactions in March. Instructions Use the T accounts in your working
Question:
InBeat CD Shop had the following transactions in March.
Instructions
Use the T accounts in your working papers. For each transaction:
1. Determine which accounts are affected.
2. Enter the debit and credit amounts in the T accounts.
Transcribed Image Text:
Date Transactions Mar. 2 Purchased merchandise on account from Night Vision and 6 Company, $2,000, Invoice NV-20, terms 2/10, n/30. Issued Check 250 for $85 to Penn Trucking Company for delivering merchandise from Night Vision and Company. Purchased $300 in supplies on account from Temple Store Supply, Invoice 6011, terms n/30. 7 12 Issued Check 251 for $1,960 to Night Vision and Company in payment of Invoice NV-20 for $2,000 less a cash discount of $40. 15 Paid Keystone Insurance Company $2,500 for the annual premium on business insurance, Check 252. 16 Purchased $3,000 in merchandise on account from Night Vision and Company, Invoice NV-45, terms 2/10, n/30. 18 Issued Debit Memorandum 25 for $100 to Night Vision and Company for the return of merchandise. 20 Purchased $900 in merchandise from Dandelion Records, Check 253. 22 Issued Check 254 to Temple Store Supplies for $300 for Invoice 6011.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (8 reviews)
1 Accounts Affected Accounts Payable Cash S...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
-
The Picture Perfect Camera Shop had the following transactions for the month of August 2016. Aug. 1, Purchased cameras for $4,100 plus a freight charge of $220 from the Mason Company, Invoice 532,...
-
Your working papers for an integrated audit being performed under PCAOB Standard No. 5 include the narrative description below of the cash receipts and billing portions of internal control of...
-
Mostert Music Company had the following transactions in March a. Sold instruments to customers for $10,000; rec'd $6,000 in cash and the rest on account, cost of the instrument was $7,000 b....
-
For the car suspension shown in Figure determine the differential equation, transfer function and state space model. Plot the position of the car and the wheel after the car hits a unit bump (that...
-
As a lender, discuss whether you would be satisfied with the current method of classifying cash flows into only three categories. In addition, comment on the usual classification of interest cash...
-
Following are the ages of the winners of the mens Wimbledon tennis championship and the Masters golf championship for the years 1969 through 2016. a. Construct back-to-back split stem-and-leaf plots...
-
The balance sheet of Banc One Corp. at December 31, 2007, reported 500,000 shares of \(\$ 1\) par common stock authorized with 100,000 shares issued. Paid-In Capital in Excess of Par had a balance of...
-
Identify a process that you encounter on a daily basis, such as the lunch cafeteria or the journey from your home to school / work. What are the bottlenecks that limit the through put of this...
-
You purchased the stock of ABC, Inc at a price of $75.86 one year ago today. If you sell the stock today for $60.82 and you received 4 quarterly dividends, $1.54 each, in the past year. What is your...
-
Megabucks is a lottery game played in Massachusetts with the following rules. A random drawing of 6 numbers out of all 36 numbers from 1 to 36 is made every Wednesday and every Saturday. The game...
-
Evaluate the usefulness of subsidiary ledgers.
-
Sunset Surfwear frequently purchases merchandise on account. When it receives invoices, a clerk puts a processing stamp on the invoice indicating the due date, the amount of any discount, and the...
-
What is the equivalent AW of a two-year contract that pays $2,000 at the beginning of the first month and increases by $200 for each month thereafter? MARR = 12% compounded monthly. (a) $10,616 (b)...
-
Acquisition road map: Develop an acquisition road map as a tool for sharing the project with the strategic planning team and the guiding coalition. Specifically, you must address the following...
-
Assume that the cooperative has $1,645,371 of Net Income to allocate to patrons ($1,785,321 Net Income - $139,950 actual Unallocated Reserve contribution). Also assume that 30%, or $493,611, of this...
-
6. Consider the following game between passengers options for a route for a quarter of the year between American and United Airlines where quantities are in thousands of passengers and payoffs are in...
-
Fluctuating market rates ABC Co issues on 1st Jan 2010, a $1,000,000 face value 4-year bond, with a coupon rate of 10%. If the interest rate is 8% for the first 2 years, and 12% for the next 2 years,...
-
Find a comparison of FASB and IFRS. Explain one of the differences between the systems that affect one area of international corporations.
-
Select a food product your group can produce. For example, tortilla chips, ice cream, cookies, or pretzels. List the steps to produce this product. Determine the direct and indirect materials and...
-
1. Use these cost, revenue, and probability estimates along with the decision tree to identify the best decision strategy for Trendy's Pies. 2. Suppose that Trendy is concerned about her probability...
-
Select an organization that you know wellmaybe you work there, have been a volunteer, or just follow it on Twitter. What do you think is the organizations strategy, as that term is discussed in this...
-
Read Lee, C. and Nowell. B. (2015).A Framework for Assessing the Performance of Nonprofit Organizations. Why do the authors suggest that organizational capacity development be included in a...
-
Read Lee, C. and Nowell. B.(2015).A Framework for Assessing the Performance of Nonprofit Organizations. Why do Lee and Nowell argue that commercial funding models can improve capacity?
-
Water flows through a pipe section that tapers from an internal diameter of 200 mm down to 100 mm over a distance of 1 m. Determine the pressure drop over the section for a flow of 0.06 m3s-1. The...
-
Calculate the binding energy per nucleon for Be, 59 Co, 208 pb, and 195 pt. (For the atomic masses, see this table. Enter your answers to at least two decimal places.) (a) Be MeV/nucleon 59 Co...
-
A.Final ProjectTeamProjectCustom Schema: 200 points Extra Credit Group of 3 people : Designer and Developer ( ERD, tables, data ) Team Leader/Power User ( Business Questions/Queries, Real Life...
Study smarter with the SolutionInn App