All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal. Jun. 1 Jun. 2 Jun. 3 Jun. 4 Jun. 5 Jun. 6 Credit sale (invoice
Piedmont Inc. has the following transactions for the month of July.A. Record the transactions for Piedmont Inc. in the proper special journal, and post them to the subsidiary ledger and general
Why would a company use a subsidiary ledger for its Accounts Receivable?
Any device used to provide the results of processing data is a(n) ________ device.A. SourcesB. InputC. OutputD. Storage
Match the special journal you would use to record the following transactions. Select from the following: A. cash receipts journal B. cash disbursements journal C. sales journal D. purchases
Why are scanners better than keyboards?
Match the special journal you would use to record the following transactions. A. Cash Receipts Journal B. Cash Disbursements Journal C. Sales Journal D. Purchases Journal E. General Journal i. Took
Use the journals and ledgers that follows. Total and rule (draw a line under the column of numbers) the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general
If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customer’s ending balance for the month
Source documents ________.A. Are input devicesB. Are output devicesC. Do not have to be on paperD. Cannot be electronic files
The following transactions occurred for Donaldson Inc. during the month of July.A. Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger.B. Record the same
Using the following account balances, calculate for the two years presented:A. Working capitalB. Current ratio Accounts payable Accounts receivable Cash Prepaid advertising Utilities payable Wages
You have decided to open up a small convenience store in your hometown. As part of the initial set-up process, you need to determine whether to use a perpetual inventory system or a periodic
Match each of the following terms with the best corresponding definition. A. Sales allowance B. Purchase return C. Sales discount D. Purchase discount E. Sales return F. Trade discount G. Purchase
What do credit terms of 4/10, n/30 mean in regard to a purchase?
Costume Warehouse sells costumes and accessories. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses:A. The perpetual inventory systemB. The periodic
Which of the following numbers represents the discount percentage applied if a customer pays within a discount window and credit terms are 3/15, n/60?A. 3B. 15C. 60D. 3 and 15
Review the following transactions for April Anglers and record any required journal entries. Oct. 4 Oct. 5 Oct. 12 Oct. 24 April Anglers purchases 82 fishing poles at $33 each with cash. April
Which of the following is a disadvantage of the perpetual inventory system?A. Inventory information is in real-time.B. Inventory is automatically updated.C. It allows managers to make current
Record journal entries for the following sales transactions of Flower Company. Oct. 12 Oct. 21 Oct. 31 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Sold 40 bushels of
Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays
Which of the following accounts are used when recording a purchase?A. Cash, merchandise inventoryB. Accounts payable, merchandise inventoryC. A or BD. Cash, accounts payable
Record the following purchase transactions of Money Office Supplies. Aug. 3 Aug. 7 Aug. 12 Purchased 45 chairs on credit, at a cost of $55 per chair. Shipping charges are an extra $3 cash per chair
Record the following purchase transactions of Custom Kitchens Inc. Oct. 6 Oct. 9 Oct. 20 Purchased 230 cabinet doors on credit at a cost of $46 per door. Shipping charges are an extra $2 cash per
Record the journal entries for the following sales transactions of Apache Industries. Nov. 7 Nov. 14 Nov. 21 Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60,
Name two situations where cash would be remitted to a retailer from a manufacturer after purchase.
The following is the adjusted trial balance data for Nino’s Pizzeria as of December 31, 2019.A. Use the data provided to compute net sales for 2019.B. Compute the gross margin for 2019.C. Compute
Canary Lawnmowers sold 70 lawnmower parts at $5.00 per part to a customer on December 4 with a cost to Canary of $3.00 per part. Terms of the sale are 5/10, n/25, invoice dated December 4. The
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer?A. $19.50B.
Record the following sales transactions of Money Office Supplies. Apr. 4 Apr. 9 Apr. 19 Made a cash sale to a customer for 15 chairs at a sales price of $80 per chair. The cost to Money Office
If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the inventory for a full refund, and received an allowance for $95, how much would the discount be if the
Record journal entries for the following sales transactions of Balloon Depot. Mar. 8 Mar. 11 Mar. 18 Sold 570 balloon bundles to a customer on credit for $38 per bundle. The cost to Balloon Depot was
The following is the adjusted trial balance data for Emma’s Alterations as of December 31, 2019.A. Use the data provided to compute net sales for 2019.B. Compute the gross margin for 2019.C.
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer?A. Accounts
Record the following sales transactions of Custom Kitchens Inc. Nov. 12 Nov. 16 Nov. 24 Made a cash sale to a customer for 34 cabinet doors at a sales price of $72 per door. The cost to Custom
A retailer discovers that 50% of the total inventory items delivered from the manufacturer are damaged. The original purchase for all inventory was $1,100. The retailer decides to return 20% of the
Review the following situations and record any necessary journal entries for Mequon’s Boutique. May 10 May 14 Mequon's Boutique purchases $2,400 worth of merchandise with cash from a
Review the following situations and record any necessary journal entries for Lumber Farm. Feb. 13 Feb. 19 Lumber Farm purchases $9,650 worth of merchandise with cash from a manufacturer.
A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty inventory parts. Which of the following represents the journal entry for this transaction if the
Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Sep. 10 Sep. 18 Birdy Birdhouses purchases 57 birdhouses at $46 each with cash. Birdy
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019.A. Use the data provided to compute net sales for 2019.B. Compute the gross margin for 2019.C. Compute the
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Mar. 20 Letter Depot purchases $11,420 worth of merchandise on credit from a manufacturer.
Review the following situations and record any necessary journal entries for Clubs Unlimited. Jun. 12 Jun. 18 Clubs Unlimited purchases $3,540 worth of merchandise on credit from a
Which of the following accounts are used when recording the sales entry of a sale on credit?A. Merchandise inventory, cashB. Accounts receivable, merchandise inventoryC. Accounts receivable, salesD.
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Mar. 9 Mar. 13 Mar.
Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019.A. Use the data provided to compute net sales for 2019.B. Compute the gross margin or 2019.C. Compute
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if
Review the following situations and record any necessary journal entries for Nine Lives Inc. Jan. 15 Jan. 23 Nine Lives Inc. purchases $8,770 worth of merchandise with cash from a manufacturer.
Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Dec. 10 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer.
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer?A. $1,250B. $1,200C.
Review the following transactions for April Anglers and record any required journal entries. Oct. 4 Oct. 5 April Anglers purchases 82 fishing poles at $33 each with cash. April Anglers purchases 116
The following select account data is taken from the records of Reese Industries for 2019.A. Use the data provided to compute net sales for 2019.B. Prepare a simple income statement for the year ended
The following select account data is taken from the records of Carnival Express for 2019.A. Use the data provided to compute net sales for 2019.B. Prepare a simple income statement for the year ended
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Bella Davies. Apr. 5 Apr. 9 Apr. 14 Apr. 13
What are the main differences between FOB Destination and FOB Shipping Point?
Record journal entries for the following purchase transactions of Flower Company.A. On October 13, Flower Company purchased 85 bushels of flowers with cash for $1,300.B. On October 20, Flower Company
A customer obtains a purchase allowance from the retailer in the amount of $220 for damaged merchandise. Which of the following represents the journal entry for this transaction if the customer has
If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?
On June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10 per bucket. The cost to Lolita is $2 per bucket. The terms of the sale are 2/10, n/60, with an
Which of the following is an example of a contra revenue account?A. SalesB. Merchandise inventoryC. Sales discountsD. Accounts payable
Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Costume Warehouse
Record journal entries for the following transactions of Furniture Warehouse.A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost
Record journal entries for the following transactions of Furniture Warehouse.A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July
Conduct research on a real-world retailer’s trade discounts and policies, and discuss the following questions.• Which company did you choose? What do they sell?• What is a trade discount?•
The following is selected information from Orange Industries. Compute net purchases, and cost of goods sold for the month of June. Sales Gross purchases Sales discounts Purchase returns and
What are some benefits to a retailer for offering a discount to a customer?
Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in
Ariel Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a price of $400 per phone. Terms of the purchase are 3/5, n/30 with an invoice date of November 3.
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory, February 28, 2018 Inventory, March 31, 2018 Purchase
What accounts are used to recognize a retailer’s purchase from a manufacturer on credit?A. Accounts receivable, merchandise inventoryB. Accounts payable, merchandise inventoryC. Accounts payable,
Record journal entries for the following transactions of Barrera Suppliers.A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe
Pharmaceutical Supplies sells medical supplies to customers. Review the following transactions and prepare the journal entry or entries if Pharmaceutical Supplies uses:A. The perpetual inventory
Record journal entries for the following transactions of Mason Suppliers.A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/ 20, n/60, invoice date
For each of the following statements, fill in the blanks with the correct account names.A. A retailer purchases merchandise on credit. The retailer would recognize this transaction by debiting _____
Pharmaceutical Supplies sells medical supplies and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Pharmaceutical
You own your own outdoor recreation supply store. You are in the process of drafting a standard invoice agreement for customer sales conducted on credit. Create a sample sales invoice with the
If a customer purchases merchandise on credit and returns the defective merchandise before payment, what accounts would recognize this transaction?A. Sales discount, cashB. Sales returns and
Review the most recent yearly (or quarterly) income statement for a publicly-traded company and answer the following questions.• What company did you choose, and which income statement format do
On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in
Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Sep. 10 Sep. 18 Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. Birdy
Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Oct. 20 Oct. 30 Purchased 85 bushels of flowers with cash for $1,300. Purchased 240 bushels of flowers
You own a clothing store and use a periodic inventory system. Research like companies in the clothing industry and answer the following questions.• Which inventory system is most used in clothing
What are two advantages and disadvantages of the perpetual inventory system?
Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Nov. 9 Nov. 13 Nov. 14 Nov. 15 Nov.
Blue Barns purchased 888 gallons of paint at $19 per gallon from a supplier on June 3. Terms of the purchase are 2/15, n/45, invoice dated June 3. Blue Barns pays their account in full on June 20. On
Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Nov. 9 Nov. 13 Dish Mart discovers 15
Which of the following is an advantage of the periodic inventory system?A. Frequent physical inventory countsB. Cost prohibitiveC. Time consumingD. Real-time information for managers
Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Nov. 10 Nov. 22 Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10,
What are two advantages and disadvantages of the periodic inventory system?
Which of the following is not a reason for the physical inventory count to differ from what is recognized on the company’s books?A. MismanagementB. ShrinkageC. DamageD. Sale of services to customers
Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Aug. 10 Aug. 12 Aug. 14 Aug. 20 Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a
Review the following sales transactions for April Anglers and record any required journal entries. Oct. 4 Oct. 5 Oct. 12 Oct. 24 April Anglers made a cash sale of 40 fishing poles to customer Billie
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic
Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40,
Record journal entries for the following purchase transactions of Balloon Depot. Feb. 8 Feb. 11 Feb. 18 Purchased 3,000 balloon bundles on credit for $25 per bundle. Terms of the purchase are
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Mar. 9 Mar. 13 Mar.
Which of the following is not included when computing Net Purchases?A. Purchase discountsB. Beginning inventoryC. Purchase returnsD. Purchase allowances
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Bella Davies. Apr. 5 Apr. 9 Apr. 13 Apr.
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual

Showing 1900 - 2000 of 2465

First
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App