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College Accounting A Practical Approach 13th Canadian edition Jeffrey Slater, Debra Good - Solutions

Beside each of the transactions (a) through (c), below enter the number of any of the following six treatments that apply. (More than one number will be used for each.) 1. Journalize into the sales journal. 2. Record immediately to the subsidiary ledger. 3. Post totals from the sales
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2018. The total was $3,200 and terms are 3% 15 days, net 45 days. On March 7, credit memorandum No. 103 was issued to Frost Foundation in the amount of
From the following, calculate what amount Blue Co. can expect to receive from Frost Foundation with respect to invoice No. 6051, dated March 5, 2018. The total was $4,600; the cost of inventory was $3,450; and terms are 3/15, n/45. On March 7, credit memorandum No. 103 was issued to Frost
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
Give two examples of contra-revenue accounts.
Enter each of the following invoices from Karen’s Delivery Service into a sales journal. Total the entries and place appropriate general ledger account numbers below to show where the total would be posted. There is no need to record any details to individual customer accounts. The company uses
On January 11, 2019, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of $4,600 (cost: $1,100). This customer receives a trade discount of 35%. All sales invoices are sold on terms of 2/10, n/30. Due to a manufacturing
On January 11, 2019, Glassiere Co. sold a Model 3146 home theatre equipment cabinet to the HLJ Company on invoice No. 3275. The unit has a list price of $3,800, and this customer receives a trade discount of 40%. All sales invoices are sold on terms of 2/10, n/30. Due to a manufacturing defect, the
Please refer to problem P6-3A. The sales data listed there form the basis for much of this problem. The following cash was received by CIT during August, 2019. 2019 Aug. 3 W. Chan contributed $50,000 and deposited this in the CIT bank account. 11 JIW Enterprises paid Invoice No.
Ashley Murray opened Ashley’s Cosmetic Market on December 1. Ashley offers no sales discounts. The following transactions occurred in December. 2020 Dec.1 Ashley Murray invested $6,000 in the Cosmetic Market from her personal savings account. 5 From the cash register tapes, lipstick
Refer to the information contained in exercise 4, above. During May 2020, Karen’s Delivery Service deposited four cheques as follows. May 5 Karen Good wrote a personal cheque for $10,000 and deposited it in the company bank account. This is an investment by the owner. 12 Deposited
Identify all the journals in which the following accounts would be debited or credited. Use SJ for sales journal, CRJ for cash receipts journal, and GJ for general journal. Some accounts may be used in more than one journal. 1. Cost of Goods Sold
From the following, prepare a schedule of accounts receivable for AVE Co. for May 31, 2020. Accounts Receivable Subsidiary Ledger Partial General Ledger Bliss Co. Accounts Receivable 1200 5/12 SJ1 50 5/25 CRJ1 20 5/31 SJI 110 5/31 CRJI 20 Rowe Co. 5/18 SJ1 60
If special journals are used, what purpose will a general journal serve?
How does the Accounts Receivable control account work with the Accounts Receivable Subsidiary Ledger?
Explain how to calculate net sales.
Why is the accounts receivable subsidiary ledger usually organized in alphabetical order?
When a seller issues a credit memorandum, which three accounts will be affected?
Explain the purpose of a schedule of accounts receivable.
Ely Goldman recently opened a specialty food store in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are Inventory, 115; Store Supplies, 130; Store Equipment, 151; Accounts Payable, 210):2020June 3 Bought
Ely Goldman recently opened a specialty food store in Brantford. As the bookkeeper of his shop, journalize, record, and post when appropriate the following transactions (account numbers are Inventory, 115; Store Supplies, 130; Store Equipment, 151; Accounts Payable, 210).2020June 2 Bought
From the purchases journal below, record in the accounts payable subsidiary ledger and post to the general ledger accounts as appropriate. PURCHASES JOURNAL Page 1 Dr. Inventory Cr. Accounts Payable Invoice Date Account Credited No. PR 2019 April 14 Corrine Axell Co. 21 Mill Village Co. 101
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts payable. Use the same journal headings (all page 1) and chart of accounts that Art’s Clothing Company used in the text. You will have to set up your own accounts payable
For each of the three transactions below, indicate which of these procedures should be used (more than one number can be used). 1. Journalize in purchases journal. 2. Record immediately in subsidiary ledger. 3. Post totals from the purchases journal (except Sundry total) at the end
From the following transactions for Edna Co., when appropriate, journalize, record, post, and prepare a schedule of accounts payable. Use the same journal headings (all page 1) and chart of accounts that Art’s Clothing Company used in the text. You will have to set up your own accounts payable
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, 2019, are as follows: Requireda. Journalize the following transactions.b. Record in the accounts payable
Peter Daly operates a photo printing centre in Whitehorse. Peter has hired you as his bookkeeper to record the following transactions in the cash payments journal. He would like you to record and post as appropriate and supply him with a schedule of accounts payable. (Beginning balances are given
If special journals are used, what purpose will a general journal serve?
Indicate in which of these five journals each transaction described below will be journalized: 1. SJ 2. PJ 3. CRJ 4. CPJ 5. GJ _______a. Issued credit memo No. 2, $13._______b. Cash sales, $20._______c. Received cheque from Blue Co., $50, less 3% discount._______d.
On July 10, 2020, Huston Co. issued debit memorandum No. 1 for $600 to Park Co. for merchandise returned from invoice No. 731. Your task is to journalize, record, and post this transaction as appropriate. Use the same account numbers as found in the text for Art’s Clothing Company. The general
Explain the use of the controlling account Accounts Payable with the accounts payable subsidiary ledger.
From the following, prepare a schedule of accounts payable for AVE Co. for May 31, 2018. Accounts Payable Subsidiary Ledger General Ledger Accounts Payable 10 5/31 PJ1 Bloss Co. 5/25 CPJ1 10 5/19 PJ1 50 5/31 CPJ 110 Rowe Co. 5/8 PJ1 60
On July 8, 2020, Huston Co. issued debit memorandum No. 1 for $400 to Park Co. for merchandise returned from invoice No. 709. Your task is to journalize, record, and post this transaction as appropriate from the buyer’s point of view. Use the same account numbers as found in the text for Art’s
Journalize, record, and post when appropriate the following transactions into the cash payments journal for Art?s Clothing Company. Use the same headings as found in the text (page 306). All purchases discounts are 2/10, n/30. 2020Apr. 3 Issued cheque No. 201 to A. James Company in payment of its
Why is the accounts payable subsidiary ledger often organized in alphabetical order?
Lois Long received $300 of merchandise from Blue Co. What would be the journal entry on the books of both the buyer and the seller? The cost of the inventory sold was $225.
Journalize, record, and post when appropriate the following transactions into the cash payments journal for Art’s Clothing Company. Use the same headings as found in the text (page 306). All purchases discounts are 2/10, n/30. Accounts Payable Subsidiary Ledger Name Balance Invoice No. $
From exercise E7-5B, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account. E7-5B Journalize, record, and post when appropriate the following transactions into the cash payments journal for Art?s Clothing Company. Use the same
When is a purchases journal used?
From exercise E7-5A, prepare a schedule of accounts payable, and verify that the total of the schedule equals the amount in the controlling account. Data From exercise E7-5A Accounts Payable Subsidiary Ledger Name Balance Invoice No. $ 400 1,000 B. Foss 488 A. James J. Ranch 522 900 562 B.
Explain the difference between F.O.B. shipping point and F.O.B. destination.
When a company issues a debit memorandum, which three accounts will be affected?
Explain the main difference between a cash receipts journal and a cash payments journal.
When is the Sundry column of the cash payments journal posted?
Why would the purchaser issue a debit memorandum?
Explain the purpose of a schedule of accounts payable.
Following is a list of transactions for the month of October. Petty Cash Account (1010) and Miscellaneous Expense Account (5100) have been added to the chart of accounts. Assignment (Excel templates for this Continuing Problem are available in MyAccountingLab.) 1. Record the transactions
What is the purpose of internal control?
The bank statement for Corsen’s Fashion Inc. had an ending cash balance of $3,000 on July 31, 2019. On this date, the company’s cash balance in the general ledger was $4,000. After comparing the bank statement with the company records, the following information was determined: The bank
Consider the following bank statement and general ledger for Kaelen’s Spa. Additional information: 1. On August 19, Kaelen’s Spa purchased $575 worth of nail polish and supplies from Outer Beauty Inc. 2. The spa’s cheque numbers are always three digits in
The following transactions occurred in April 2020 for Brittney’s Designs; Apr. 1 Issued cheque No. 14 for $120 to establish a petty cash fund. 5 Paid $10 from petty cash for postage, voucher No. 1. 8 Paid $19 from petty cash for office supplies, voucher No. 2.a 15 Issued
Why should cheque stubs be filled out first, before the cheque itself is written?
In general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $100 petty cash fund is established. 31 At the end of the month, $12 cash plus the following paid vouchers exist: donations expense, $20; postage
In general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $104 petty cash fund is established. 31 At the end of the month, $21 cash plus the following paid vouchers exist: donations expense, $21; postage
If, in exercise E8-2A, cash on hand was $11, prepare the entry to replenish the petty cash on July 31. Data From exercise E8-2AIn general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $100 petty cash fund is
The following transactions occurred in April and were related to the general journal and petty cash fund of Rick’s Deli of Regina. 2019 Apr. 1 Issued cheque No. 14 for $100 to establish a petty cash fund. 5 Paid $15 from petty cash for postage, voucher No. 1. 8 Paid $20 from
Alanda Murray Bookkeeping Services has only a general journal in its accounting system and uses it to record all the transactions. However the company recently set up a petty cash fund for payment of small items. The following petty cash tranactions were noted by the petty cashier as occurring
The following transactions occurred in March and were related to the general journal and petty cash fund of Samuel & Co. of St. John’s. 2019 Mar. 1 Issued cheque No. 314 for $200 to establish a petty cash fund. 5 Paid $45 from petty cash for postage, voucher No. 1. 8 Paid
Explain the end product of a bank reconciliation.
Identify whether each of the following items affects the bank or book side of the reconciliation, and indicate whether the amount represents an addition or a subtraction. Bank or Book + or - a. Outstanding cheques b. EFT Payments c. Bank service charges d. Deposits in transit e. NSF cheques
If, in exercise E8-2A, cash on hand was $13, prepare the entry to replenish the petty cash on July 31. Data From exercise E8-2AIn general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $100 petty cash fund is
If, in exercise E8-2B, cash on hand was $29, prepare the entry to replenish the petty cash on July 31. Data From Exercise E8-2BIn general journal form, prepare journal entries to establish a petty cash fund on July 2 and replenish it on July 31. 2018 July 2 A $104 petty cash fund is
From the following, record the transactions in Logan’s auxiliary petty cash record and general journal. 2018 Oct. 1 A cheque was drawn (No. 444) payable to Roberta Floss, petty cashier, to establish a $150 petty cash fund. 5 Paid $24 for postage stamps, voucher No. 1. 9 Paid
From the following, record the transactions in Logan’s auxiliary petty cash record and general journal. 2018 Oct. 1 Roberta Floss, the petty cashier, cashed cheque No. 444 to establish a $100 petty cash fund. 5 Paid $18 for postage stamps, voucher No. 1. 9 Paid $12 for
Karen Johnson, the accountant of Hoop Co. of Nelson, has appointed Jim Pool as the petty cash custodian. The following transactions occurred in November. 2019 Nov. 25 Cheque No. 441 was written and cashed to establish a $50 petty cash fund. 26 Paid $8.50 delivery charge for goods
Indicate which of the actions (1 through 4) listed would be necessary for each of the situations (a through f) described below. 1. New cheque written 2. Recorded in general journal 3. Petty cash voucher prepared 4. Recorded in auxiliary petty cash record —— a.
At the end of the day, the clerk for Garret’s Variety Shop noticed an error in the amount of cash he had. Total cash sales from the sales tape were $1,196, while the total cash in the till was $1,156. As part of his cash, Pete keeps a $29 change fund in his shop. Prepare an appropriate general
On March 2, 2019, the accountant for Bergen Carpet Co. of Edmonton was injured in a skiing accident and was advised not to return to work for six weeks. The owners of the company are anxious to ensure that the company’s bank statement is reconciled and have asked you to perform this task. You are
Why do adjustments to the chequebook balance in the reconciliation process need to be journalized?
What is EFT?
What are the major advantages and disadvantages of online banking?
At time of petty cash replenishment, why are the totals of individual expenses debited?
Explain the purpose of a change fund.
Calculate the total wages earned for each employee. (Assume an overtime rate of time-end-a-half over 40 hours.) Еmployee Jean Knott Abe Janzen Hourly Rate Hours Worked $14.50 38 16.00 42 Mike Toth 17.50 45
From the following information, please complete the chart for gross earnings for the week. (Assume an overtime rate of time-and-a-half over 40 hours.) Number of Hours Hourly Rate $12.00 Gross Earnings Employee Stephen Post Jean Nicola Worked 45 13.50 38 Maria Cardinal 14.00 43 Tony Lee 18.00
From the following information, complete the chart for gross earnings for the week. (Assume an overtime rate of time-and-a-half over 40 hours.) Number of Hours Worked Employee Hourly Rate Gross Earnings Stephen Post Jean Nicola $13.00 46 14.50 40 Maria Cardinal 16.00 36 Tony Lee 19.00 48
In preparing for next year, Tony Freedman has hired two employees to work on an hourly basis assisting with some troubleshooting and repair work. (Excel templates for this Continuing Problem are available on MyAccountingLab.) Assume the following details: a. The following accounts have
Usually, claiming more credits on a TD1 results in receiving more money per paycheque.
Pete Martin has cumulative earnings before this weekly pay period of $50,800. Assuming that he is paid $1,200 this week, manually calculate his deduction for CPP and EI.
Dianne Murray works as a nurse in a hospital at a wage rate of $20.00 per hour. Dianne’s payroll deductions include income tax withheld of 20% of total earnings, CPP deduction of $155.84, EI amounting to $64.67, and a monthly deduction of $40 for a charitable contribution. Required:Calculate
Nickels Company of Windsor has five salaried employees. Your task is to record the following information for the last week of March in a payroll register. Use the tables in the chapter appendices to determine deductions. Assume that each employee contributes $12 per week for union dues.
Nickels Company of Windsor has five salaried employees. Your task is to record the following information in a payroll register for the last week of March. Use the tables in the chapter appendices to determine deductions. Assume that each employee contributes $14 per week for union dues.
All payroll registers must be special journals. True or false?
Calculate Pete’s net pay from question CDE2 above. Income tax is $247.25, and supplemental health insurance is $40.
Complete the table. Account Financial Statement on Category Dr./Cr. Which Account Appears CPP Payable Income Tax Payable Medical Insurance Payable Wages and Salaries Payable Office Salaries Expense Marketing Wages Expense
Complete the table. Account Financial Statement on Category Dr./Cr. Which Account Appears EI Payable Income Tax Payable Employee Donations Payable Wages and Salaries Payable Office Salaries Expense Sales Wages Expense
The payroll records of Devon’s Baseball Corporation’s district office provided the following information for the weekly pay period ended November 5. Note: All employees are paid 1.5 times their hourly wage for hours worked in excess of 40 hours per week. Required a. Complete a
Calculate the total wages earned (assume an overtime rate of time-and-a-half over 40 hours): Employee Hourly Rate No. of Hours Worked a. Marina Lizunova $10 37 b. Jill Jones 12 50
Explain how federal and provincial income tax withholdings are calculated.
Define and state the purpose of the Canada and Quebec Pension Plans.
L. Murray Day Care Services has calculated the following amounts for an employee during the last week of April. Gross wages.............$3,600 Taxes withheld..............775 CPP contributions.........255 EI contributions..............82 a. Calculate the employee’s net
Adam’s DJ Services has three employees who work on an hourly basis and are paid weekly. The current CPP rate is 4.95%; the current EI rate is 1.88%; and the appropriate income tax rate is 23%. Each employee contributes a portion of their pay to the United Way. Payroll information for the week
Christine Ballantyne, the accountant for Smurk Co. of Shelburne, has gathered the following data for the September 23 weekly payroll. Assumptions 1. Income taxes are calculated at 20%, CPP at 4.95%, and EI at 1.88%. Required a. Prepare a payroll register for September
The payroll clerk for the Marlin Company of Armstrong assembled the following data for the company’s five employees before suddenly becoming quite ill. You have been approached to complete the payroll register so that the employees can receive their cheques in a timely fashion. You must (a)
The employer doesn’t have to contribute to the Canada Pension Plan. Agree or disagree?
On January 21, the end of the third weekly pay period of the year, a company’s payroll register showed that its 35 employees had earned $53,450 in sales salaries and $10,500 in office salaries. Withholdings from the employees’ salaries were to include $2,095.56 of CPP, $1056.21 of EI, $12,180
Garret’s Motocross Academy has 25 employees who are paid weekly. The payroll register showed the following payroll deductions for the pay period ending July 4 Required Prepare the journal entries to record payroll for the employee. Gross Pay Income Taxes СРР EI United Way $36,440
What is a calendar year?
Explain the differences in determining CPP and EI deductions.
Marcy Moore recently moved to your city from another large Canadian centre. She was employed as an engineer by a large oil company and was rather well paid. She now works as a senior engineer for a newly established consulting firm. When she moved in October, Marcy had contributed the yearly

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