2022 Aug. A Read aloud P6-4A. Please refer to problem P6-3AD. The sales data listed there...
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2022 Aug. A Read aloud P6-4A. Please refer to problem P6-3AD. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2022: (T Add text 18 Draw 3 W. Chan contributed $50,000 and deposited this in the CIT bank account. 11 JIW Enterprises paid invoice No. 2001, less the credit memo, taking discount. 21 Advanced Technologies in Motion paid invoice No. 2003, taking discount. Case-5 Electronics paid invoice No. 2002, taking their special discount. Manfred Communications dropped off a cheque in full of invoice No. 2004, less the credit memo, and taking the discount. payment Although a day late, the discount was approved by W. Chan. 23 JIW Enterprises paid invoice No. 2005, taking discount. Advanced Technologies in Motion paid invoice No. 2006, taking discount. 31 WMJ Sales paid half of invoice No. 2007, taking the special cash discount on the amount paid. V High 2022 P6-3A. Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT's normal terms are 2/10, n/20, but a couple of customers have been granted special terms of 3/15, n/45. Here are the sales and sales related transactions for CIT during its first month of operations in August 2022. All investory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000). 2 4 5 Sold $4,000 (CP) and $5,500 (TC) to JIW Enterprises. Invoice No. 2001. Normal terms. Sold $3,200 (CP), $1,600 (TC) and $2,600 (SW) to Case 5 Electronics. Invoice No. 2002. Special terms. Sold $2,900 (TC) and $1,200 (SW) to Advanced Technologies in Motion. Invoice No. 2003. Normal terms 6 JIW Enterprises messaged that there was a minor problem with the screens of two of the cell phones they purchased on August 2. Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory. Sol $3,000 (CP), $4,750 (TC), and $1,700 SW to Manfred Communications, Invoice No 204 Norud (Gas 13 Sold 31,4%) (CP), $3,500 (TC), and S$50 (SW to JIN Enterprises. Involce No. 2005. Normal kons 17 Sold $7307CP), S1,400 TC), and $1,tou SW in Advanced Technologies i Monon. Invoice No. 2006. Normülküm 20 The purchasing manager for Mintred Communications dropped by te ricopri that there we a Thunder law in one of the ubkE EL Check Figure Total of Schedule of Accounts Receivable $25,110.00 Required a. Enter the above transactions in the cash receipts journal. b. Record all transactions to the customers' accounts in the AR subsidiary ledger. c. Ensure that the cash receipts journal is completed. d. Post all transactions to the relevant GL accounts at month end. See account numbers below. e. Prepare a schedule of accounts receivable as of Aug. 31, and ensure that the total agrees with GL account number 1300. The company uses these additional GL account numbers. Cash Owner's Equity, W. Chan 1100 3000 2022 Aug. A Read aloud P6-4A. Please refer to problem P6-3AD. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2022: (T Add text 18 Draw 3 W. Chan contributed $50,000 and deposited this in the CIT bank account. 11 JIW Enterprises paid invoice No. 2001, less the credit memo, taking discount. 21 Advanced Technologies in Motion paid invoice No. 2003, taking discount. Case-5 Electronics paid invoice No. 2002, taking their special discount. Manfred Communications dropped off a cheque in full of invoice No. 2004, less the credit memo, and taking the discount. payment Although a day late, the discount was approved by W. Chan. 23 JIW Enterprises paid invoice No. 2005, taking discount. Advanced Technologies in Motion paid invoice No. 2006, taking discount. 31 WMJ Sales paid half of invoice No. 2007, taking the special cash discount on the amount paid. V High 2022 P6-3A. Wilson Chan has just taken over a business started by his aunt in Sarnia, Ontario, and moved the company to Regina, Saskatchewan. The company is called Chan's Imported Technology (CIT for short) and has all new customers in the Regina region. CIT specializes in the sale of three types of advanced electronic devices: cell phones (CP), tablet computers (TC), and smart watches (SW). Wilson wants his bookkeeper to record all sales into the Sales account. CIT's normal terms are 2/10, n/20, but a couple of customers have been granted special terms of 3/15, n/45. Here are the sales and sales related transactions for CIT during its first month of operations in August 2022. All investory sold has a cost of goods sold amount equal to 75% of the sale (for example, if $4,000 of product was sold, the cost of goods sold for that sale would be $3,000). 2 4 5 Sold $4,000 (CP) and $5,500 (TC) to JIW Enterprises. Invoice No. 2001. Normal terms. Sold $3,200 (CP), $1,600 (TC) and $2,600 (SW) to Case 5 Electronics. Invoice No. 2002. Special terms. Sold $2,900 (TC) and $1,200 (SW) to Advanced Technologies in Motion. Invoice No. 2003. Normal terms 6 JIW Enterprises messaged that there was a minor problem with the screens of two of the cell phones they purchased on August 2. Wilson agreed to a credit allowance of $150 and issued credit memorandum No. 101 dated this date. Wilson did not take back the inventory. Sol $3,000 (CP), $4,750 (TC), and $1,700 SW to Manfred Communications, Invoice No 204 Norud (Gas 13 Sold 31,4%) (CP), $3,500 (TC), and S$50 (SW to JIN Enterprises. Involce No. 2005. Normal kons 17 Sold $7307CP), S1,400 TC), and $1,tou SW in Advanced Technologies i Monon. Invoice No. 2006. Normülküm 20 The purchasing manager for Mintred Communications dropped by te ricopri that there we a Thunder law in one of the ubkE EL Check Figure Total of Schedule of Accounts Receivable $25,110.00 Required a. Enter the above transactions in the cash receipts journal. b. Record all transactions to the customers' accounts in the AR subsidiary ledger. c. Ensure that the cash receipts journal is completed. d. Post all transactions to the relevant GL accounts at month end. See account numbers below. e. Prepare a schedule of accounts receivable as of Aug. 31, and ensure that the total agrees with GL account number 1300. The company uses these additional GL account numbers. Cash Owner's Equity, W. Chan 1100 3000
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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