Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of June...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of June 2019. All sales on account come with terms of 3/10, net 30. Jun 1 Received a loan from the bank for $17,000. Jun 6 Sold products for cash to Brock Retailer for $8,400. The products had a cost of $4,620. Jun 8 Sold products on account to Flea Market Montgomery for $11,000. The products had a cost of $6,600. Jun 12 Flea Market Montgomery paid the amount owing from Jun 8. Jun 19 Sold products on account to Brock Retailer for $6,500. The products had a cost of $3,575. Required a) Record the above transactions in the sales journal and the cash receipts journal. b) Post the appropriate transactions from the journals to the subledger accounts. c) At the end of the month, total the journals and update the accounts receivable control account. Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of June 2019. All sales on account come with terms of 3/10, net 30. Jun 1 Received a loan from the bank for $17,000. Jun 6 Sold products for cash to Brock Retailer for $8,400. The products had a cost of $4,620. Jun 8 Sold products on account to Flea Market Montgomery for $11,000. The products had a cost of $6,600. Jun 12 Flea Market Montgomery paid the amount owing from Jun 8. Jun 19 Sold products on account to Brock Retailer for $6,500. The products had a cost of $3,575. Required a) Record the above transactions in the sales journal and the cash receipts journal. b) Post the appropriate transactions from the journals to the subledger accounts. c) At the end of the month, total the journals and update the accounts receivable control account.
Expert Answer:
Answer rating: 100% (QA)
date accounts invoice account receivable sales COGSmerchandise inventory JUNE 8 FLEA MAR... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
Posted Date:
Students also viewed these accounting questions
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
The Suziki Store uses a Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payments Journal and a General Journal. The Oak Store uses a perpetual inventory system. The following...
-
You have just completed your post-graduation in Finance from Tribhuvan University and have been appointed as financial consultant to the Chief Financial Officer in Himalayan Automobile Corporation....
-
Use the following information for this question: Taxable income Marginal tax rate 15% 25% 34% 39% 34% 35% S S 0-S 50,000 75,000 50,000-$ S 75,000 $100,000 $ 100,000-S 335,000 S 335,000-$10,000,000...
-
The following questions are used in the Kaplan CPA Review Course to study pensions and other postretirement benefits while preparing for the CPA examination. Determine the response that best...
-
Moana is a single taxpayer who operates a sole proprietorship. She expects her taxable income next year to be $250,000, of which $200,000 is attributed to her sole proprietorship. Moana is...
-
In 2009 the United States was in a deep recession. What would be the expected effect of a recession on accounts receivable turnover ratios?
-
As a second-year financial analyst for A.J. Straub Investments, you are performing an initial analysis on Reliant Pharmaceuticals. A difficulty youve encountered in making comparisons with its chief...
-
The cost of handling materials in a manufacturing company is an example of a(n): Period cost Direct material cost Indirect material cost. None 2- The salary paid to the CEO of Alaskan Company would...
-
Three-Month Project NOTE! Templates needed Ampersand, Inc., is a small business that operates in Somerset, VT The company is located at 732 Appalachian Way, Somerset, VT 05363. Its federal Employer...
-
For each of these 10 instructions, give the following information: 1. Instruction address, i.e., the value of the program counter [PC]) 2. The instruction at that address, i.e., MOV SP *EAX)
-
1. Go online and visit several websites. Describe the types of online advertising you encounter. What businesses, products, or services are being advertised? Are the advertisements effective or...
-
Bierce Corporation has two manufacturing departments--Machining and Finishing. The company used the following data at the beginning of the year to calculate predetermined overhead rates: Estimated...
-
In a certain section of a toll road, there are loads consisting of the embankment, traffic load (vehicles), and water tank load (only the load caused by the water is counted). The groundwater level...
-
A distillation column is used to separate a mixture of methanol, ethanol, and isopropyl alcohol. The feed stream, with a mass flow rate of 300 kg/hr, has the following composition: Component Species...
-
You have deposited $5,000 in an account that pays 5% interest each year. How much will you have in the account at the end of six years? 2.A certain project will cost a firm $5,000 today. The project...
-
How can staff use AI and machine learning to make proactive decisions about health care records and reimbursement systems? a. through a more efficient review of developing trends b. through improved...
-
(a) With not more than 300 words, examine why Malaysia missed its 2020 targets to divert 40% of waste from landfills and increase recycling rates to 22%. (10 marks) b) Why arent Malaysian recycling?...
-
Refer to the situation described in BE 4-8. Assume instead that the estimated fair value of the segment's assets, less costs to sell, on December 31 was $7 million rather than $10 million. Prepare...
-
Briefly summarize the accounting treatment for intangible assets , explaining the difference between purchased and internally developed intangible assets .
-
A common problem facing any business entity is the debt versus equity decision. When funds are required to obtain assets, should debt or equity financing be used? This decision also is faced when a...
-
Assume WestJet repaired one of its Boeing 737 aircraft at a cost of \(\$ 0.8\) million, which West Jet paid in cash. Further, assume that the WestJet accountant erroneously capitalized this cost as...
-
Assume that at the beginning of 2020, Porter Airlines purchased a Bombardier Q400 aircraft at a cost of \(\$ 25,000,000\). Porter expects the plane to remain useful for five years \((5,000,000...
-
Assume that on September 30, 2020, Swiss, the national airline of Switzerland, purchased an Airbus aircraft at a cost of \( 40,000,000\) ( \(\) is the symbol for the euro). Swiss expects the plane to...
Study smarter with the SolutionInn App