Below are the transactions for October 2022, for The Brown Company. Owner, Sam Smith has asked...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Below are the transactions for October 2022, for The Brown Company. Owner, Sam Smith has asked you the office manager to record the transactions into the correct journal. He has supplied you with the following journals, General Journal, Sales Journal, Cash Receipts Journal, Purchase Journal and Cash Payments Journal Transactions: 2 Owner made a cash investment into the company $26,000 2 Purchased merchandise on account from Racks Co., invoice No. 743. Terms 2/10, n/30, S700. 3 Paid this months' rent, $920 to the landlord Shifty Rentals Inc., cheque 202 3 Sold $2.500 of merchandise on account to H. Holand, sales invoice No. 1. terms 1/10, n/30. Cost of goods sold $1,400 fx A в F G н 14 4 Purchased merchandise on account from Gary Co., invoice No.819. Terms 3/15, n/45, $1,500. 15 5 Sold $1,200 of merchandise on account to T. Traer, sales invoice No. 2, terms 1/10, n/30. Cost of Goods Sold $550. 16 6 Issued debit memorandum No. 101 to Racks Co. for damaged goods re: invoice No. 743, $ 300. 17 8 Bought supplies on account from Staples for $100, Invoice # 325, term n/30. 18 10 Paid salaries, $700, cheque 203 19 10 Sent cheque No. 204 to Racks Co. for invoice No. 743 less returns and discount. 20 13 Received cash from H. Holand in payment for October 3 transaction, less the discount. 21 14 Issued credit memo No. 1 to T. Traer for $100 for merchandise returned from Oct 5 sale on account. Cost of goods returned 22 15 Paid for supplies purchased on October 8, cheque 205 23 15 Received cash from T. Traer for the amount due, less the returns and discount. 24 17 Sent cheque No. 206 to Gary Co, for invoice No. 819 less discount. 25 21 Received Bell Co. telephone bill, to be paid later, $50, term n/30. 26 21 Purchased merchandise on account from Racks Co., invoice No. 784. Terms 2/10, n/30, $1,050. Question Details and Hints General Journal 2 Column Sales Jour... 4 Column Sales Jour... fx A B D F 27 23 Sold $500 merchandise for cash, sales invoice No. 3. Cost of goods sold $250. 28 24 Purchased merchandise from Saw Co. for $1,000 with cheque 207 29 29 Sold $3,600 of merchandise to C Happy FOB shipping point, Invoice no 4, terms 1/10, n/30. Cost of goods sold $1,800. 29 C. Happy was unhappy with some of the goods and returned $300 debit memo 103. Cost of goods returned $150. 30 C. Happy paid her account in full today less returns and discount. 30 31 32 31 Withdrew $400 from the business, cheque 208 33 31 Puchased new computer system from IBM computer solutions for $7,800, Invoice 6285. 34 Paid cash $6,300 (chq #209) and put the remaining balance on account. Terms n/30. 35 36 37 38 39 Question Details and Hints General Journal 2 Column Sales Jour.. 4 Column Sales Jour... fx A B F 40 Chart of Accounts 41 42 Assets Revenue 43 44 101 Cash 400 Sales 45 104 Accounts Receivable 402 Sales Discounts 46 110 Inventory 404 Sales Returns and Allowances 47 120 Computer Equipment 48 125 Vehicle Expenses 49 50 Liabilities 500 Advertising Expense 505 Rent Expense 51 52 204 Accounts Payable 510 Salaries Expense Question Details and Hints General Journal 2 Column Sales Jour... 4 Column Sales Jour... fx A B F 49 50 Liabilities 500 Advertising Expense 505 Rent Expense 51 52 204 Accounts Payable 510 Salaries Expense 53 515 Supplies Expense 54 Owner's Equity 518 Cost of Goods Sold 55 525 Telephone Expense 56 300 Sam Smith, Withdrawals 57 301 Sam Smith, Capital 58 59 60 61 Required: Question Details and Hints General Journal 2 Column Sales Jour.. 4 Column Sales Jour... fx A B D F Journalize the - The journals required are found on the following worksheets, General Journal, 63 64 65 Sales Journal, Cash Receipts Journal, Purchase Journal 66 and Cash Payments Journal 67 - Explanations are reqired for each entry in the General Journal 68 69 Total Each Column of Each Journal as required. Apply Page Numbers 70 71 Provide Posting references as if each entry and total had been posted to the General Ledger and Subledgers. The Chart of Accounts will assist with this part. - Use an X if the amount should not be posted and a P (instead of a check mark 72 73 74 if the amount should be posted should be posted 75 General Journal Question Details and Hints 2 Column Sales Jour... 4 Column Sales Jour... Assighment 3-Questión and Templates and Rubric - Sept 2020 2 2 Q E fx GENERAL JOURNAL - : Assignment 3- Question and Templates and Rubric - Sept 2020 2 Count: 14 SALES JOURNAL Pap Tee 10 12 54 stion Details and Hints General Journal 2 Column Sales Jou... 4 Column Sales Jour... Ca + Assighment 3-Questión and Templates and Rubric - Sept 2020 2 2 Q E fx SALES JOURNAL Page COMPANY NAME Terms PR or Accts Rec Cr. Sales Dr COGSeld Cr. Inventary Inv. Dat Cstoner Acconts Number 11 stion Details and Hints General Journal 2 Column Sales Jour... 4 Column Sales Jou... Ca + Assignment 3- Question and Templates and Rubric - Sept 2020 2 Count: 2 CASH RECEIPTS JOURNAL COMPANY NAME Page Costut Geods d Accounts Sales Sundry Recelvable inventory C Discount Cash Sales Amount Date Dr Cr Dr Account Name PR Cr 10 11 12 13 14 15 4 Column Sales Jour... Cash Receipts Jour... Purchase Journal Cash Payments Jour.. Assignment 3- Question and Templates and Rubric - Sept 2020 2 fx PURCHASE JOURNAL cOMPANYNΑΜΕ Pane Accounts Sundry DR Date on Inv. Payable Inventory Date Account Credited Inveice Terms PR Cr Dr Account PR Amount 10 11 12 13 14 15 16 17 18 19 20. : Assighment 3-Questión and Templates and Rubric - Sept 2020 2 2 Q E fx CASH PAYMENTS JOURNAL Bundy wentory ery Cah Asent : ス Below are the transactions for October 2022, for The Brown Company. Owner, Sam Smith has asked you the office manager to record the transactions into the correct journal. He has supplied you with the following journals, General Journal, Sales Journal, Cash Receipts Journal, Purchase Journal and Cash Payments Journal Transactions: 2 Owner made a cash investment into the company $26,000 2 Purchased merchandise on account from Racks Co., invoice No. 743. Terms 2/10, n/30, S700. 3 Paid this months' rent, $920 to the landlord Shifty Rentals Inc., cheque 202 3 Sold $2.500 of merchandise on account to H. Holand, sales invoice No. 1. terms 1/10, n/30. Cost of goods sold $1,400 fx A в F G н 14 4 Purchased merchandise on account from Gary Co., invoice No.819. Terms 3/15, n/45, $1,500. 15 5 Sold $1,200 of merchandise on account to T. Traer, sales invoice No. 2, terms 1/10, n/30. Cost of Goods Sold $550. 16 6 Issued debit memorandum No. 101 to Racks Co. for damaged goods re: invoice No. 743, $ 300. 17 8 Bought supplies on account from Staples for $100, Invoice # 325, term n/30. 18 10 Paid salaries, $700, cheque 203 19 10 Sent cheque No. 204 to Racks Co. for invoice No. 743 less returns and discount. 20 13 Received cash from H. Holand in payment for October 3 transaction, less the discount. 21 14 Issued credit memo No. 1 to T. Traer for $100 for merchandise returned from Oct 5 sale on account. Cost of goods returned 22 15 Paid for supplies purchased on October 8, cheque 205 23 15 Received cash from T. Traer for the amount due, less the returns and discount. 24 17 Sent cheque No. 206 to Gary Co, for invoice No. 819 less discount. 25 21 Received Bell Co. telephone bill, to be paid later, $50, term n/30. 26 21 Purchased merchandise on account from Racks Co., invoice No. 784. Terms 2/10, n/30, $1,050. Question Details and Hints General Journal 2 Column Sales Jour... 4 Column Sales Jour... fx A B D F 27 23 Sold $500 merchandise for cash, sales invoice No. 3. Cost of goods sold $250. 28 24 Purchased merchandise from Saw Co. for $1,000 with cheque 207 29 29 Sold $3,600 of merchandise to C Happy FOB shipping point, Invoice no 4, terms 1/10, n/30. Cost of goods sold $1,800. 29 C. Happy was unhappy with some of the goods and returned $300 debit memo 103. Cost of goods returned $150. 30 C. Happy paid her account in full today less returns and discount. 30 31 32 31 Withdrew $400 from the business, cheque 208 33 31 Puchased new computer system from IBM computer solutions for $7,800, Invoice 6285. 34 Paid cash $6,300 (chq #209) and put the remaining balance on account. Terms n/30. 35 36 37 38 39 Question Details and Hints General Journal 2 Column Sales Jour.. 4 Column Sales Jour... fx A B F 40 Chart of Accounts 41 42 Assets Revenue 43 44 101 Cash 400 Sales 45 104 Accounts Receivable 402 Sales Discounts 46 110 Inventory 404 Sales Returns and Allowances 47 120 Computer Equipment 48 125 Vehicle Expenses 49 50 Liabilities 500 Advertising Expense 505 Rent Expense 51 52 204 Accounts Payable 510 Salaries Expense Question Details and Hints General Journal 2 Column Sales Jour... 4 Column Sales Jour... fx A B F 49 50 Liabilities 500 Advertising Expense 505 Rent Expense 51 52 204 Accounts Payable 510 Salaries Expense 53 515 Supplies Expense 54 Owner's Equity 518 Cost of Goods Sold 55 525 Telephone Expense 56 300 Sam Smith, Withdrawals 57 301 Sam Smith, Capital 58 59 60 61 Required: Question Details and Hints General Journal 2 Column Sales Jour.. 4 Column Sales Jour... fx A B D F Journalize the - The journals required are found on the following worksheets, General Journal, 63 64 65 Sales Journal, Cash Receipts Journal, Purchase Journal 66 and Cash Payments Journal 67 - Explanations are reqired for each entry in the General Journal 68 69 Total Each Column of Each Journal as required. Apply Page Numbers 70 71 Provide Posting references as if each entry and total had been posted to the General Ledger and Subledgers. The Chart of Accounts will assist with this part. - Use an X if the amount should not be posted and a P (instead of a check mark 72 73 74 if the amount should be posted should be posted 75 General Journal Question Details and Hints 2 Column Sales Jour... 4 Column Sales Jour... Assighment 3-Questión and Templates and Rubric - Sept 2020 2 2 Q E fx GENERAL JOURNAL - : Assignment 3- Question and Templates and Rubric - Sept 2020 2 Count: 14 SALES JOURNAL Pap Tee 10 12 54 stion Details and Hints General Journal 2 Column Sales Jou... 4 Column Sales Jour... Ca + Assighment 3-Questión and Templates and Rubric - Sept 2020 2 2 Q E fx SALES JOURNAL Page COMPANY NAME Terms PR or Accts Rec Cr. Sales Dr COGSeld Cr. Inventary Inv. Dat Cstoner Acconts Number 11 stion Details and Hints General Journal 2 Column Sales Jour... 4 Column Sales Jou... Ca + Assignment 3- Question and Templates and Rubric - Sept 2020 2 Count: 2 CASH RECEIPTS JOURNAL COMPANY NAME Page Costut Geods d Accounts Sales Sundry Recelvable inventory C Discount Cash Sales Amount Date Dr Cr Dr Account Name PR Cr 10 11 12 13 14 15 4 Column Sales Jour... Cash Receipts Jour... Purchase Journal Cash Payments Jour.. Assignment 3- Question and Templates and Rubric - Sept 2020 2 fx PURCHASE JOURNAL cOMPANYNΑΜΕ Pane Accounts Sundry DR Date on Inv. Payable Inventory Date Account Credited Inveice Terms PR Cr Dr Account PR Amount 10 11 12 13 14 15 16 17 18 19 20. : Assighment 3-Questión and Templates and Rubric - Sept 2020 2 2 Q E fx CASH PAYMENTS JOURNAL Bundy wentory ery Cah Asent : ス
Expert Answer:
Answer rating: 100% (QA)
Cash Payment Journal Accounts Chq Sundry PR Inventory Inventory Cash Date Account Debited Payable No ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
Students also viewed these accounting questions
-
The Stationery Company purchased merchandise on account from a supplier for $28,900, terms 1/10, n/30. The Stationery Company returned $6,100 of the merchandise and received full credit. a. What is...
-
The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The Wheatland Company returned $8,000 of the merchandise and received full credit. a. What is the...
-
On October 5, Lane Company buys merchandise on account from OBrien Company. The selling price of the goods is $5,000, and the cost to OBrien Company is $3,000.On October 8, Lane returns defective...
-
Blackmon Company provides locator services to the city transportation departments. Blackmons service involves installing a dedicated hardware transmitter in each city bus. This transmitter provides...
-
Repeat Problem 14.3, except construct a three-period binomial tree. Assume that Asian options are based on averaging the prices every 4 months. a. What are the possible geometric and arithmetic...
-
From the following transactions, prepare the appropriate general journal entries for the month of May: a. Raw materials costing $76,000 were issued from the storeroom. b. Direct labor of $60,000 was...
-
Determine if the mixed method aspect is concurrent, sequential,, or nested. Develop a hypothetical research scenario that would necessitate the use of the Mixed Method A-B-A Design. The research will...
-
Matthew owns 30 percent of the outstanding stock of Lindman and has the ability to significantly influence the investees operations and decision making. On January 1, 2015, the balance in the...
-
rephrase. PT IS WIDOWED AND ORIGINALLY FROM GERMANY. PT SPOUSE DIED 4 YEARS AGO AND PCG REPORTED SHE HAS STUGGLED WITH ANXIETY AND DEPRESSION EVER SINCE. PT HAS 2 ADULT CHILDRE THAT ARE VERY INVOLVED...
-
Presented below are the financial statements of Rocastle Company. Additional data:1. Dividends of $23,000 were declared and paid.2. During the year equipment was sold for $10,000 cash. This equipment...
-
You are a portfolio manager for Big Bucks Wealth Management Pty Ltd. You would like to construct a share price index to track the performance of four stocks in which your fund is considering making a...
-
Human wants are _____. a) relatively limited b) relatively unlimited c) easily satisfied d) about equal to our productive capacity
-
A PhD driving a cab would be considered __________.
-
The five-year plan had been the main economic plan of _____. a) the United States b) Sweden c) Nazi Germany d) the Soviet Union
-
An automobile manufacturer will accept a shipment of tires only if an inspection of 5 percent of the tires, randomly chosen from the shipment, does not contain any defective tires. The manufacturer...
-
The net thermal efficiency of an internal combustion engine is given by, where HV is the heating value of the fuel and sfc is the specific fuel consumption of the engine. Consider an engine operating...
-
Determining Retained Earnings and Net Income The following information appears in the records of Becker Corporation at year- end: Accounts Receivable $32,000 Retained Earnings Accounts Payable 12,000...
-
What is master production scheduling and how is it done?
-
Listed below are nine terms and definitions associated with the FASBs conceptual framework. Terms 1. Completeness 2. Comparability 3. Neutrality 4. Understandability 5. Cost effectiveness 6....
-
Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2015, the company begins operations by issuing stock for $11,000 and obtaining a loan from a local bank for...
-
Aggressive Corporation approaches Matt Taylor, a loan officer for Oklahoma State Bank, seeking to increase the companys borrowings with the bank from $100,000 to $150,000. Matt has an uneasy feeling...
-
Compare the full sets of public service announcements (PSAs) represented by Figures 7.11, 7.12, and 7.13 by visiting http://city.milwaukee.gov/health/Safe-Sleep-Campaign. Which set is most effective?...
-
In a pair or in small groups, find three online shopping sites that sell similar types of merchandise (e.g., Backcountry.com, Moosejaw.com, REI.com). Consider the following questions: Who are the...
-
Ask someone to follow a set of instructions or to fill out a form. As an alternative, you also might test a document youve created for a course. You also may try ordering food from a website, such as...
Study smarter with the SolutionInn App