Wendy Jones operates a whole sale computer centre in White horse. All trans-actions requiring the payment of
Question:
Required
a. Journalize the following transaction
b. Record in the accounts payable ledger and post to the general ledger as appropriate.
c. Prepare a schedule of accounts payable.
Transcribed Image Text:
Accounts Payable Ledger Name Alvin Co. Henry Co. Soy Co. Xon Co. Balance $1,200 600 800 1,400 Partial General Ledger Number 110 150 210 510 511 610 620 Balance $17,000 Account Cash Delivery Truck Accounts Payable Computer Purchases Computer Purchases Discount Rent Expense Utilities Expense 4,000 2013 May ry Co. from previous Paid half the amount o 3 Bought a used delivery truck for $12,000 cash, cheque 7 Bought computer merchandise from Lectro Co., cheque 17 Bought additional computer merchandise from Pulse Co. wed Hen purchases of computers on account, less a 2% purchases discount, cheque No. 21. No. 22, payable to Bill Ring Co. No. 23, $3,900 cheque No. 24, $800 Paid Xon Co. the amount owed less a 2% purchases discount, cheque No. 25 Paid rent expense to King's Realty Trust, cheque No. 26, $2,000 24 27 Paid utilities expense to Stone Utility Co., cheque No. 27, $300 Paid half the amount owed Soy Co., no discount, cheque No. 28. May 28 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 73% (15 reviews)
JONES COMPUTER CENTRE CASH PAYMENTS JOURNAL JONES COMPUTER CENTRE ACCOU...View the full answer
Answered By
Mahesh G
I have more than 7 years of experience in teaching physics, mathematics and python programming to more than 600 students including both online and offline tutoring.
I follow the following 7 step fundamental approach towards tutoring.
1. Curiosity, scope, enlightenment of the topic in hand.
2. Problem Definitions and elaboration.
3. Requisite mathematics, analytical abilities and quantitative
aptitude.
4. Preparing Algorithms for problem statement.
5. Concepts with analogies and building algorithm.
6. Introspection and improvising.
7. Daily class wise Cheat sheets(its not cheating) for consolidation.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Question Posted:
Students also viewed these Accounting questions
-
Peter Daly operates a photo printing centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1, 2016,...
-
Peter Daly operates a photo printing centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal (page 5). The account balances as of May 1, 2016,...
-
Wendy Jones operates a wholesale computer centre in Whitehorse. All transactions requiring the payment of cash are recorded in the cash payments journal. The account balances as of May 1, 2013, are...
-
Suppose you buy Bond A at time=0. It is a 2-year, risk-free bond with coupon rate of 7% that compounds annually, and it has a face value of $1,000. (3 points) a) At time = 0, suppose you buy Bond A...
-
The Internal Revenue Service (IRS) provides a toll-free help line for taxpayers to call in and get answers to questions as they prepare their tax returns. In recent years, the IRS has been inundated...
-
One card is drawn from a standard 52-card deck. Determine the probability of selecting a 4 or a diamond.
-
R-12 refrigerant belongs to which group of refrigerants? (a) halo-carbon (b) azeotropes (c) inorganic (d) hydro-carbons
-
Currently, the unit selling price of a product is $ 125, the unit variable cost is $ 105, and the total fixed costs are $ 460,000. A proposal is being evaluated to increase the unit selling price to...
-
You are a manager at a coffee shop. Unfortunately, you have had to turn customers away because your shop doesn't offer some beverages that customers are requesting. Use Kotter's 8-Step ProcesS...
-
According to DuBois, what impediments were created during Reconstruction to prevent African Americans from gaining full equality? What actions did the federal government take to check these...
-
Ernie Costello recently opened a sporting goods shop in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are: Store...
-
The following transactions occurred for Food on the Go of Edmonton for the month of June: Required a. Journalize the transactions in the appropriate journals. b. Record in the accounts receivable...
-
a. Which point in Figure P 29.33, A or B, has a larger electric potential? b. What is the potential difference between A and B? E = 1000 V/m . 7 m 3 cm con
-
A basketball player is running at 5.40 m/s directly toward the basket when he jumps into the air to dunk the ball. He maintains his horizontal velocity. (a)What vertical velocity (in m/s) does he...
-
Build a spreadsheet that identifies the breakeven unit production based on the following: A small bicycle factory is building their first series of mountain bikes. They build the frame from scratch...
-
Suppose that an individual stock's return is normally distributed with a mean of 9.3% and a standard deviation of 4.4%. Suppose that all stocks had the same distribution of returns. What return must...
-
Identify the components (determinants) and the symbols associated with each characteristic. Characteristic This is the rate on short-term U.S. Treasury securities, assuming there is no inflation. It...
-
QUESTION 1 (5 MARKS) b) a) There are two separate spheres; a negatively charged sphere and a neutral sphere as shown in Figure 1 (a). Then, a metal bar is used to connect both spheres as shown in...
-
You are given the dollar value of a product in 2012 and the rate at which the value of the product is expected to change during the next 5 years. Write a linear equation that gives the dollar value V...
-
The MIT Sloan School of Management is one of the leading business schools in the U.S. The following table contains the tuition data for the masters program in the Sloan School of Management. a. Use...
-
Journalize and post the preceding transactions (for exercise 15A-2) using a two-column journal and T accounts. In Exercise 15A-2) 201X Nov. 5 Purchased 5 units at a cost of $10 each. (Inventory on...
-
Madden Sales uses the FIFO method with the perpetual inventory system. Enter the following information in the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date....
-
The Hawk Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, (c) weighted-average methods. Loyola sells only one...
-
The accounts of Grand Pool Service, Inc., follow with their normal balances at April 30, 2021. The accounts are listed in no particular order. (Click the icon to view the accounts.) Read the...
-
What kind of leader do you aspire to be and what are the traits? Explain.
-
10. Create the following row vector A where it has 18 elements (1 to 18). 1 4 7 10 13 16. 11 14 17 a. Use the reshape function to obtain B: == 2 5 8 3 6 9 12 15 18 b. Create a 7 element row vector...
Study smarter with the SolutionInn App