Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August: 3 Aug. 1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30. Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30. Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 245. 4 Purchased office supplies on credit from Echo Co. for $300, terms n/30. Returned merchandise costing $200 to Able Co. from August 1 purchase. Paid Able Co. for the August I purchase, Cheque No. 758. Received payment from Coe Co. for August 4 sale. 15 Paid rent expense $1,500, Cheque No. 759. 18 Received $2,300 for a $2,000 note receivable from Fox Corp. 20 Made payment in full to Baker Co. for the August 3 purchase, Cheque No. 760. 28 Recorded cash sales for the month $9,000. 29 Paid monthly telephone bill $250, Cheque No. 761. 8 9 11 13 Record the above transactions in the appropriate journals below. Ignore transactions that should not be posted to the journals provided. Date Account Date Ch. No. Invoice Date Purchases Journal Terms PR Cash Payments Journal Account Payee Debited PR Accts. Office Other Payable Purchases Suppl. Accts. Credit Debit Debit Debit Cash Credit Pur. Disc., Credit Other Accts. Accts. Pay. Debit Debit Abercrombie Company uses four special journals: Purchases, Sales, Cash Receipts, and Cash Disbursements. The following transactions were incurred during August: 3 Aug. 1 Purchased merchandise from Able Co. for $2,000, terms 2/10, n/30. Purchased merchandise from Baker Co. for $1,000, terms 1/15, n/30. Sold merchandise on credit to Coe Co. for $4,000, terms 2/10, n/30, Invoice No. 245. 4 Purchased office supplies on credit from Echo Co. for $300, terms n/30. Returned merchandise costing $200 to Able Co. from August 1 purchase. Paid Able Co. for the August I purchase, Cheque No. 758. Received payment from Coe Co. for August 4 sale. 15 Paid rent expense $1,500, Cheque No. 759. 18 Received $2,300 for a $2,000 note receivable from Fox Corp. 20 Made payment in full to Baker Co. for the August 3 purchase, Cheque No. 760. 28 Recorded cash sales for the month $9,000. 29 Paid monthly telephone bill $250, Cheque No. 761. 8 9 11 13 Record the above transactions in the appropriate journals below. Ignore transactions that should not be posted to the journals provided. Date Account Date Ch. No. Invoice Date Purchases Journal Terms PR Cash Payments Journal Account Payee Debited PR Accts. Office Other Payable Purchases Suppl. Accts. Credit Debit Debit Debit Cash Credit Pur. Disc., Credit Other Accts. Accts. Pay. Debit Debit
Expert Answer:
Answer rating: 100% (QA)
Date Aug 4 Dak Date Aug 1 Aug 3 Augiz Coe co Account credited Aug ... View the full answer
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
Students also viewed these accounting questions
-
The following transactions were incurred by Nunez Fabricators during January, the first month of its fiscal year. Requirements 1. Record the proper journal entry for each transaction. a. $200,000 of...
-
During the current year, the following transactions were recorded by the general fund of the City of Margate: 1. Acquired new fire-fighting equipment costing $2,250,000. 2. Sold for $370,000 old...
-
The following transactions were incurred by Dimasi Industries during January 2010: 1. Issued $800,000 of direct material to production. 2. Paid 40,000 hours of direct labor at $18 per hour. 3....
-
Adam and Mandeep are in a partnership in retailing computer accessories. The partnership records, exclusive of GST, for this income year, disclose: Receipts ($): 530,000 Payments ($): 175,000 70,000...
-
What are an organization's basic duties under the Occupational Safety and Health Act?
-
Mystic Masters, Inc., provides fortune-telling services over the Internet. In recent years the company has experienced severe financial difficulty. Its accountant prepares adjusting entries on a...
-
Consider your own financial situation and determine whether any of the warning signs of debt problems might apply to you or to someone you know. Analyze what you might do to correct them or how you...
-
Breyer Company purchased packaging equipment on January 3, 2010, for $101,250. The equipment was expected to have a useful life of three years, or 25,000 operating hours, and a residual value of...
-
Take me to the text An inventory record card for item L-324 shows the following details in 2019. Date Purchases Sales Balance Quantity Cost/Unit Quantity Cost/Unit Quantity Cost/Unit Nov 1 52 $66 Nov...
-
Samuel C. Mazilly wrote a personal check that was drawn on Calcasieu- Marine National Bank of Lake Charles, Inc. (CMN Bank). The check was made payable to the order of Lee St. Mary and was delivered...
-
Consider a put option on a stock that currently sells for 100, but may rise to 120 or fall to 80 after 1 year. The risk free rate of return is 10%, and the exercise price is 90. (a) Calculate the...
-
Royal Motors is an auto manufacturer. Until recently, the company has operated as an assembly line. The chassis started at one end of the factory, and as it moved through the plant, parts were added...
-
The new president of the Sawtooth division of the Waterhouse Company is complaining about the limitations that the CEO of Waterhouse Company has placed on him. The Sawtooth division is composed of...
-
The president of the Canby Insurance Company has just read an article on the balanced scorecard. A balanced scorecard is a set of performance measures that reflect the diverse interests and goals of...
-
Many college and university classes now require students to buy e-textbooks. Technology allows professors to monitor how much time each student is spending reading the text, which pages are being...
-
The local electric utility receives thousands of payments every day from its customers. The following processes occur in handling the payments: opening the letters, recording the amount of the check...
-
Using the following article: How Airbnb's 'Experiences' Campaign Took Over Instagram (https://www.business2community.com/instagram/how-airbnbs-experiences-campaign-took-over-instagram-02131974)...
-
Do animals have rights? If so, what are they? What duties do human beings have toward animals? Does KFC protect animal welfare at an acceptable level?
-
Assume that Joist Inc. (the consignee) included $40,000 of inventory held on consignment for Dory Company (the consignor) as part of its physical inventory. (a) What is the effect of this error on...
-
On the basis of the following stockholders equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the...
-
On March 1, 2006, Tim Cochran established Star Realty, which completed the following transactions during the month: a. Tim Cochran transferred cash from a personal bank account to an account to be...
-
Use the exponent distributive rule to expand \((c \times d)^{10}\).
-
Use negative exponents to rewrite the following expressions with no denominator: 1. \(\frac{7^{3}}{13^{9}}\) 2. \(\frac{c^{4}}{d^{8}}\)
-
Simplify the following: 1. \(\left(\frac{4^{2} \times 7}{9^{3}} ight)^{5}\) 2. \(\left(\frac{5 a^{4}}{b^{9}} ight)^{6}\)
Study smarter with the SolutionInn App