Write the answers to the following questions in the space provided. All of the following questions relate
Question:
All of the following questions relate to February 814.
Register Reports
1. What is the total amount of purchase orders for the period?
2. What is the total amount of purchase invoices for the period?
3. What is the total amount of sales for the period?
Journal and Ledger Reports
4. What are the total debits and credits shown on the purchases journal?
5. What are the total debits and credits shown on the cash payments journal?
6. What are the total debits and credits shown on the sales journal?
7. What are the total debits and credits shown on the cash receipts journal?
8. From the general ledger report, what was the Accounts Receivable account balance on February 14?
9. What is the account balance of the following accounts as of February 14?
Sales
Sales Returns and Allowances
Sales Discount
10. From the trial balance, what is the net amount of sales (Sales minus Sales Returns & Allow.)? Does it equal the total amount of yearly sales shown on the Yearly Sales report?
11. From the schedule of accounts receivable, what is the total due from all customers as of February 14? Does it equal the current balance in the Accounts Receivable account?
12. From the statement of account for Bassett Cleaning, Inc., what is the current account balance?
Inventory Reports and Graph
13. How many items were sold during the period?
14. Which item has the greatest sales volume based on the dollar amount?
15. What is the total amount of yearly sales?
16. From the graph, what customer has the greatest amount of sales to date?
Data From Problem
Feb 08
Ordered the following merchandise from Handy Manufacturing, Inc.,
terms 2/10, n/30. Purchase Order No. 277.
11
Received the following merchandise for Purchase Order No. 275 from
Handy Manufacturing, Inc., terms 2/10, n/30. Purchase Invoice No. 859.
12
Received the following merchandise for Purchase Order No. 276 from
Royal Accessories, Inc., terms 2/10, n/30. Purchase Invoice No. 860.
14
Ordered the following merchandise from Nantz Vacuum Cleaner Co.,
terms 2/10, n/30. Purchase Order No. 278.
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen