Peter's Pewter sells figurines. During the month of August 2022, the following transactions occurred. Aug 3...
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Peter's Pewter sells figurines. During the month of August 2022, the following transactions occurred. Aug 3 Peter invested $4,000 into his business Aug 7 Aug 16 Sold inventory to Joyce Fontane for $500 cash; the inventory had a cost of $240 Sold inventory to Carol Balsdon for $750 on account; the inventory had a cost of $310 Sold inventory to James Stewart for $820 on account; the inventory had a cost of $420 Received full payment from Carol Balsdon for the Aug 16 transaction Aug 17 Aug 24 Assume zero opening balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts receivable general ledger from the general journal. Use the following selected accounts to complete the posting references. Account # Account Description Account Description Cash 101 Pewter, Withdrawals Accounts Receivable 110 Merchandise Inventory 120 Accounts Payable 200 220 300 Bank Loan Pewter, Capital Date Aug 16 Aug 17 Aug 31 Account Carol Balsdon James Stewart Total Sales Revenue Sales Discount Interest Revenue Required a) Record the above transactions in the sales journal and the cash receipts journal. Assume all postings were completed. Show referencing. Invoice # Cost of Goods Sold Office Supplies Expense Salaries Expense Telephone Expense Sales Journal PR ✓ ✓ Accounts Receivable/ Sales (DR/CR) Account # 310 400 405 410 500 510 750 820 1,570 (110/400) 520 525 Page 1 COGS/ Merchandise Inventory (DR/CR) 310 420 730 (500/120) Use the following selected accounts to complete the posting references. Account # Account Description Account Description Cash 101 Pewter, Withdrawals Accounts Receivable 110 Merchandise Inventory 120 Accounts Payable 200 220 300 Bank Loan Pewter, Capital Date Aug 16 Aug 17 Aug 31 Account Carol Balsdon James Stewart Total Sales Revenue Sales Discount Interest Revenue Required a) Record the above transactions in the sales journal and the cash receipts journal. Assume all postings were completed. Show referencing. Invoice # Cost of Goods Sold Office Supplies Expense Salaries Expense Telephone Expense Sales Journal PR ✓ ✓ Accounts Receivable/ Sales (DR/CR) Account # 310 400 405 410 500 510 750 820 1,570 (110/400) 520 525 Page 1 COGS/ Merchandise Inventory (DR/CR) 310 420 730 (500/120) Peter's Pewter sells figurines. During the month of August 2022, the following transactions occurred. Aug 3 Peter invested $4,000 into his business Aug 7 Aug 16 Sold inventory to Joyce Fontane for $500 cash; the inventory had a cost of $240 Sold inventory to Carol Balsdon for $750 on account; the inventory had a cost of $310 Sold inventory to James Stewart for $820 on account; the inventory had a cost of $420 Received full payment from Carol Balsdon for the Aug 16 transaction Aug 17 Aug 24 Assume zero opening balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts receivable general ledger from the general journal. Use the following selected accounts to complete the posting references. Account # Account Description Account Description Cash 101 Pewter, Withdrawals Accounts Receivable 110 Merchandise Inventory 120 Accounts Payable 200 220 300 Bank Loan Pewter, Capital Date Aug 16 Aug 17 Aug 31 Account Carol Balsdon James Stewart Total Sales Revenue Sales Discount Interest Revenue Required a) Record the above transactions in the sales journal and the cash receipts journal. Assume all postings were completed. Show referencing. Invoice # Cost of Goods Sold Office Supplies Expense Salaries Expense Telephone Expense Sales Journal PR ✓ ✓ Accounts Receivable/ Sales (DR/CR) Account # 310 400 405 410 500 510 750 820 1,570 (110/400) 520 525 Page 1 COGS/ Merchandise Inventory (DR/CR) 310 420 730 (500/120) Use the following selected accounts to complete the posting references. Account # Account Description Account Description Cash 101 Pewter, Withdrawals Accounts Receivable 110 Merchandise Inventory 120 Accounts Payable 200 220 300 Bank Loan Pewter, Capital Date Aug 16 Aug 17 Aug 31 Account Carol Balsdon James Stewart Total Sales Revenue Sales Discount Interest Revenue Required a) Record the above transactions in the sales journal and the cash receipts journal. Assume all postings were completed. Show referencing. Invoice # Cost of Goods Sold Office Supplies Expense Salaries Expense Telephone Expense Sales Journal PR ✓ ✓ Accounts Receivable/ Sales (DR/CR) Account # 310 400 405 410 500 510 750 820 1,570 (110/400) 520 525 Page 1 COGS/ Merchandise Inventory (DR/CR) 310 420 730 (500/120)
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Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
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