Put the Following Inventories: 2016 Mar. Purchased merchandise from Earl Miller Company on account, $4,000, plus GST.
Fantastic news! We've Found the answer you've been seeking!
Question:
Put the Following Inventories:
Transcribed Image Text:
2016 Mar. Purchased merchandise from Earl Miller Company on account, $4,000, plus GST. Invoice No. 410, dated March 1, terms 2/10, n/30. 4 Sold merchandise to Bill Burton on account, $1,000, plus GST. Invoice No. 1, terms 2/10, n/30. Sold merchandise to Jim Rex on account, $700, plus GST. Invoice No. 2, terms 2/10, n/30. Purchased merchandise from Earl Miller Co. on account, $1,200, plus GST. Invoice No. 415, dated March 8, terms 2/10, n/30. 8 Sold merchandise to Bill Burton on account, $600, plus GST. Invoice No. 3, terms 2/10, n/30. 11 11 Paid cleaning service $300, plus GST. Cheque No. 2. Paid Earl Miller Co. invoice No. 410, dated March 1, cheque No. 3. 12 Jim Rex returned merchandise that cost $300 (before GST) to Abby's Toy House. Abby issued credit memorandum No. 1 to Jim Rex for $300, plus GST. 12 Purchased merchandise from Minnie Katz on account, $4,000, plus GST. Invoice No. 311, dated March 12, terms 1/15, n/60. Sold $1,300 (plus GST) worth of toy merchandise for cash. Paid salaries, $600, cheque No. 4. Abby Ellen invested $10,000 in the toy store. 1 Paid three months' rent in advance, cheque No. 1, $3,000, plus GST. 1 6 13 15 15 18 18 8 Returned merchandise to Minnie Katz in the amount of $1,000, plus GST. Abby's Toy House issued debit memo- randum No. 1 to Minnie Katz. 15 Sold merchandise for cash, $4,000, plus GST. 15 Received payment from Jim Rex, invoice No. 2 (less returned merchandise), less discount, Bill Burton paid invoice No. 1. Sold toy merchandise to Amy Rose on account, $4,000. plus GST. Invoice No. 4, terms 2/10, n/30. 2016 Mar. Purchased merchandise from Earl Miller Company on account, $4,000, plus GST. Invoice No. 410, dated March 1, terms 2/10, n/30. 4 Sold merchandise to Bill Burton on account, $1,000, plus GST. Invoice No. 1, terms 2/10, n/30. Sold merchandise to Jim Rex on account, $700, plus GST. Invoice No. 2, terms 2/10, n/30. Purchased merchandise from Earl Miller Co. on account, $1,200, plus GST. Invoice No. 415, dated March 8, terms 2/10, n/30. 8 Sold merchandise to Bill Burton on account, $600, plus GST. Invoice No. 3, terms 2/10, n/30. 11 11 Paid cleaning service $300, plus GST. Cheque No. 2. Paid Earl Miller Co. invoice No. 410, dated March 1, cheque No. 3. 12 Jim Rex returned merchandise that cost $300 (before GST) to Abby's Toy House. Abby issued credit memorandum No. 1 to Jim Rex for $300, plus GST. 12 Purchased merchandise from Minnie Katz on account, $4,000, plus GST. Invoice No. 311, dated March 12, terms 1/15, n/60. Sold $1,300 (plus GST) worth of toy merchandise for cash. Paid salaries, $600, cheque No. 4. Abby Ellen invested $10,000 in the toy store. 1 Paid three months' rent in advance, cheque No. 1, $3,000, plus GST. 1 6 13 15 15 18 18 8 Returned merchandise to Minnie Katz in the amount of $1,000, plus GST. Abby's Toy House issued debit memo- randum No. 1 to Minnie Katz. 15 Sold merchandise for cash, $4,000, plus GST. 15 Received payment from Jim Rex, invoice No. 2 (less returned merchandise), less discount, Bill Burton paid invoice No. 1. Sold toy merchandise to Amy Rose on account, $4,000. plus GST. Invoice No. 4, terms 2/10, n/30.
Expert Answer:
Answer rating: 100% (QA)
Date Particulars Debit Credit March 01 2016 Investment in toy store 10000 To Cash 10000 March 01 201... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
Students also viewed these accounting questions
-
The accountant at Fighting Kites has always prepared a budget that is calculated using only one estimated volume of sales. He has asked you to help him set up a spreadsheet that can be used for...
-
Pops Drive-Thru Burger Heaven produces and sells quarter-pound hamburgers. Each burger is wrapped and put in a burger bag, which also includes a serving of fries and a soft drink. The price for the...
-
Pops Drive-Thru Burger Heaven produces and sells quarter-pound hamburgers. Each burger is wrapped and put in a burger bag, which also includes a serving of fries and a soft drink. The price for the...
-
Suppose the total cost in dollars of manufacturing q units is C(q) = 3q 2 + q + 500. a. Use marginal analysis to estimate the cost of manufacturing the 41st unit. b. Compute the actual cost of...
-
Harmon Household Products, Inc., manufactures a number of consumer items for general household use. One of these products, a chopping board, requires an expensive hardwood. During a recent month, the...
-
Revise the following sentences to delete the awkward references: a. The vice president in charge of sales and the production manager are responsible for the keys to 34A and 35A, respectively. b. The...
-
Define the following three users of financial accounting disclosures and the relationships among them: financial analysts, private investors, and institutional investors.
-
Direct materials efficiency, mix, and yield variances. Nature's Best Nuts produces specialty nut products for the gourmet and natural foods market. Its most popular product is Zesty Zingers, a...
-
help \f
-
"Part 1: The Performance Lawn Equipment database contains data needed to develop a pro forma income statement. Dealers selling PLE products all receive 18% of sales revenue for their part of doing...
-
Before implementing a macro change, our textbook identifies several considerations we should evaluate before implementing a change (see figure 6.1). Pick 3 of these steps that you feel are most...
-
Name a company in the United States that you are familiar with that you feel is successful despite unethical leadership. Provide examples and defend the company's use of unethical (but lawful)...
-
what ways can businesses integrate ethical considerations into their supply chain management practices to ensure fair labor practices and environmental sustainability ?
-
What is an example of a physical barrier that helps to protect the body from infectious agents?
-
What are some developmental opportunities that organizations can implement to help leaders adopt the agile mindset? Explain in major detail:
-
The lengths of the sides of a rectangular prism are made, twice as long to create a new prism. How does the surface area of the new, larger prism compare to the surface area of the original prism?The...
-
Find the market equilibrium point for the following demand and supply functions. Demand: 2p = - q + 56 Supply: 3p - q = 34
-
Explain what is meant by financing activities.
-
For the payroll week ending on September 30 (the 39th payroll period of the year), the three following employees had gross earnings as indicated. Each had been employed at the same salary since...
-
Journalize the following transactions for the Robe Company of Yorktown and below each entry show all calculations: 2014 Jan. Sold a truck for $3,600 that cost $12,800 and had accumu- lated...
-
Service firm joint costing Graves Learning Services provides a learning service center to students who want to improve their academic performance. The four service programs currently offered are...
-
Joint product decisions The Pearly Waters Perfume Company manufactures various qualities of perfumes and colognes. One popular line of colognes includes three products that result from a joint...
-
Joint product decision analysis The Maplewood Products Company manufactures three wood treatment products in a joint production process. Each product has certain finish and preservative properties...
Study smarter with the SolutionInn App