Presented below are the purchase and cash payments journals for Fornelli Co. for its first month of
Fantastic news! We've Found the answer you've been seeking!
Question:
Presented below are the purchase and cash payments journals for Fornelli Co. for its first month of operations.
Transcribed Image Text:
PURCHASES JOURNAL P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Ref. N. Alvarado F. Rees 11 July 4 6,800 8,100 5,920 15,300 7,900 J. Gallup 13 C. Werly M. Mangus 20 44,020 CASH PAYMENTS JOURNAL CP1 Other Accounts Accounts Payable Dr. Account Inventory Cr. Cash Cr. Date Debited Ref. Dr. July 4 Supplies 600 600 8,019 6,000 6,800 2,500 15,147 F. Rees Prepaid Rent 15 10 8,100 81 11 6,000 N. Alvarado Owner's Drawings C. Werly 6,800 19 2,500 21 15,300 153 9,100 30,200 234 39,066 PURCHASES JOURNAL P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Ref. N. Alvarado F. Rees 11 July 4 6,800 8,100 5,920 15,300 7,900 J. Gallup 13 C. Werly M. Mangus 20 44,020 CASH PAYMENTS JOURNAL CP1 Other Accounts Accounts Payable Dr. Account Inventory Cr. Cash Cr. Date Debited Ref. Dr. July 4 Supplies 600 600 8,019 6,000 6,800 2,500 15,147 F. Rees Prepaid Rent 15 10 8,100 81 11 6,000 N. Alvarado Owner's Drawings C. Werly 6,800 19 2,500 21 15,300 153 9,100 30,200 234 39,066 PURCHASES JOURNAL P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Ref. N. Alvarado F. Rees 11 July 4 6,800 8,100 5,920 15,300 7,900 J. Gallup 13 C. Werly M. Mangus 20 44,020 CASH PAYMENTS JOURNAL CP1 Other Accounts Accounts Payable Dr. Account Inventory Cr. Cash Cr. Date Debited Ref. Dr. July 4 Supplies 600 600 8,019 6,000 6,800 2,500 15,147 F. Rees Prepaid Rent 15 10 8,100 81 11 6,000 N. Alvarado Owner's Drawings C. Werly 6,800 19 2,500 21 15,300 153 9,100 30,200 234 39,066 PURCHASES JOURNAL P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Ref. N. Alvarado F. Rees 11 July 4 6,800 8,100 5,920 15,300 7,900 J. Gallup 13 C. Werly M. Mangus 20 44,020 CASH PAYMENTS JOURNAL CP1 Other Accounts Accounts Payable Dr. Account Inventory Cr. Cash Cr. Date Debited Ref. Dr. July 4 Supplies 600 600 8,019 6,000 6,800 2,500 15,147 F. Rees Prepaid Rent 15 10 8,100 81 11 6,000 N. Alvarado Owner's Drawings C. Werly 6,800 19 2,500 21 15,300 153 9,100 30,200 234 39,066 PURCHASES JOURNAL P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Ref. N. Alvarado F. Rees 11 July 4 6,800 8,100 5,920 15,300 7,900 J. Gallup 13 C. Werly M. Mangus 20 44,020 CASH PAYMENTS JOURNAL CP1 Other Accounts Accounts Payable Dr. Account Inventory Cr. Cash Cr. Date Debited Ref. Dr. July 4 Supplies 600 600 8,019 6,000 6,800 2,500 15,147 F. Rees Prepaid Rent 15 10 8,100 81 11 6,000 N. Alvarado Owner's Drawings C. Werly 6,800 19 2,500 21 15,300 153 9,100 30,200 234 39,066 PURCHASES JOURNAL P1 Inventory Dr. Accounts Payable Cr. Date Account Credited Ref. N. Alvarado F. Rees 11 July 4 6,800 8,100 5,920 15,300 7,900 J. Gallup 13 C. Werly M. Mangus 20 44,020 CASH PAYMENTS JOURNAL CP1 Other Accounts Accounts Payable Dr. Account Inventory Cr. Cash Cr. Date Debited Ref. Dr. July 4 Supplies 600 600 8,019 6,000 6,800 2,500 15,147 F. Rees Prepaid Rent 15 10 8,100 81 11 6,000 N. Alvarado Owner's Drawings C. Werly 6,800 19 2,500 21 15,300 153 9,100 30,200 234 39,066
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
On January 6 Gramke Co. sells merchandise on account to Colt Inc. for $8,000, terms 1/10, n/30. On January 16 Colt pays the amount due. Instructions Prepare the entries on Gramke Co.s books to record...
-
On March 1, Lincoln sold merchandise on account to Amelia Company for $28,000, terms 1/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,000. On March 11, Lincoln receives...
-
On January 6, Compton Limited sold merchandise on account to Singh Inc. for $45,200, terms 2/10, n/30. The merchandise originally cost Compton $26,500. On January 15, Singh paid the amount due. Both...
-
Mr. Lawrence had been the manager at Pleasure Sdn Bhd (PSB) since 1 February 2016. His employment was terminated on 30 April 2021 due to disputes with the directors of PSB. After many appeals,...
-
Require you to manipulate a formula from the inside-back cover to isolate a different variable on the left-hand side. Rearrange formula (6-2) to isolate t on the left side.
-
How many cubic meters of helium are required to lift a balloon with a 400-kg payload to a height of 8 000 m? (Take PHe = 0.180 kg/m3.) Assume that the balloon maintains a constant volume and that the...
-
Explain the main features of volute type and vortex type centrifugal pumps.
-
Medical billing errors and fraud are on the rise. According to the MBAA website, 8 out of 10 times, the medical bills that you get are not right. (Source: Accurate Medical Billing, bit.ly/1lHKIu3,...
-
Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials P Direct labor Variable...
-
This program currently fails to compile. Modify TripleMin() so that item1 can be of a different type than item2 and item3. #include <iostream> using namespace std; template<typename...
-
Solve the following If A = A- 2et sin(8t) -2et cos(8t) -6et cos(8t) -6et sin(8t) then
-
Michael owns a local small business carving wooden ornaments out of hardwood timber 'off cuts' to sell. He purchases a trailer load of redwood from his local Timber Mill - however soon realises that...
-
X Co. owns land all over downtown Toronto. From time to time, X Co. has used John Jones as its agent to sell land that it owns. X Co. hires John and tells him it wants to sell a downtown property...
-
Jean incorporates the business into a company named Jean's Coffee Shop Pty Ltd. Jean is one of three directors under the new corporate structure. The company raises capital to expand the business by...
-
Acme Crane Co. provided crane service for Printskip, Inc. to move a huge printing press for it. Printskip negotiates with Acme to temporarily store the huge printing press at Acme's warehouse and to...
-
1. (40 points) For the open-loop plant dynamics from (2.3.2), determine the closed-loop transfer function from the reference input R(s) to the shaft angle output (s) when using a Proportional...
-
Perform a SWOT analysis with table What role does environment play with this organization? Briefly describe the proposed strategic initiative including the proposed changes and expected outcomes...
-
The population of Detroit, Michigan, decreased from 1,027,974 in 1990 to 688,701 in 2013 (Source: U.S. Census Bureau). Find the average rate of change in the population of Detroit, Michigan, over the...
-
Kicks Shoe Store uses the retail inventory method for its two departments, Womens Shoes and Mens Shoes. The following information for each department is obtained. Instructions Compute the estimated...
-
The following direct materials and direct labor data pertain to the operations of Laurel Company for the month of August. Instructions (a) Compute the total, price, and quantity variances for...
-
The net income for Metz Co. for 2017 was $280,000. For 2017, depreciation on plant assets was $70,000, and the company incurred a loss on disposal of plant assets of $12,000. Compute net cash...
-
Using the data in exercise 2, determine how many units of resources the firm will want to acquire. Data from in exercise 2 Using the information in the following table, calculate the marginal revenue...
-
What does it mean to say that the demand for resources is a derived demand? Is the demand for all goods and services a derived demand?
-
Using the information in the following table, calculate the marginal revenue product (MRP = MPP MR). Unit of Resources Total Resource Output Price Price 1 10 $5 $10 2 25 $5 $10 345 35 $5 $10 40 $5...
Study smarter with the SolutionInn App