the Following balances are available of Smith Company at the beginning of October 2021: (in dollar)...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
the Following balances are available of Smith Company at the beginning of October 2021: (in dollar) Cash 198400 - Cash on Bank 145200-Inventory 66000 Throughout the month of October transactions below occurred sequently: 05 Oct. purchased $75000 of merchandise on account from K.R. Co. 07. Oct. purchased goods from G.R. Co. 36000 and paid 15000 by check, the rest as following: 10% on cash - 90% on account. 13 Oct. Sales goods to FEED CO. 6000 on account. 15 Oct. The company detected damaged goods amounted 50 related to K.R. Company. 18. Oct. Sales merchandise to Brown Co. amounted 6200 under the following conditions: 45 % on account, 55 % by check. 20 Oct, the company get cash allowances from G.R. CO. 75$ and give allowances to FEED Co. 66$. 22 Oct, the company send back defective goods to K.R. Co. its value 155, and received 188 related to goods with bad quality from brown CO. paid its value on cash. 24 Oct, the company paid half of it's due to K.R. Co. by check. 27 Oct, the company collected all its debt from Feed company as following: 92 % on cash, 8% by check. Required // 1. Journalize the Transactions Above In the General Journal of SMITH Company during October 2021? 2. Posting all entries to the general ledger of SMITH Company? the Following balances are available of Smith Company at the beginning of October 2021: (in dollar) Cash 198400 - Cash on Bank 145200-Inventory 66000 Throughout the month of October transactions below occurred sequently: 05 Oct. purchased $75000 of merchandise on account from K.R. Co. 07. Oct. purchased goods from G.R. Co. 36000 and paid 15000 by check, the rest as following: 10% on cash - 90% on account. 13 Oct. Sales goods to FEED CO. 6000 on account. 15 Oct. The company detected damaged goods amounted 50 related to K.R. Company. 18. Oct. Sales merchandise to Brown Co. amounted 6200 under the following conditions: 45 % on account, 55 % by check. 20 Oct, the company get cash allowances from G.R. CO. 75$ and give allowances to FEED Co. 66$. 22 Oct, the company send back defective goods to K.R. Co. its value 155, and received 188 related to goods with bad quality from brown CO. paid its value on cash. 24 Oct, the company paid half of it's due to K.R. Co. by check. 27 Oct, the company collected all its debt from Feed company as following: 92 % on cash, 8% by check. Required // 1. Journalize the Transactions Above In the General Journal of SMITH Company during October 2021? 2. Posting all entries to the general ledger of SMITH Company?
Expert Answer:
Answer rating: 100% (QA)
Journal Entries Formula Tables General Ledger 1 2 Date Particuars 3 1012021 Balance BF 4 5 6 7 8 Dat... View the full answer
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
We have titrated natural water in which the primary buffering agent is carbonate species and understood how to predict the titration curve using the equilibrium constants of those weak acids. Plot...
-
Quantum, Inc. has warrants outstanding that allow the holder to purchase 1.5 shares of stock per warrant at $30 per share (exercise price). Thus, each individual share can be purchased at $30 with...
-
Refer to the information in E19-3. Instructions (a) Prepare a pension work sheet: insert the January 1, 2014 balances and show the December 31, 2014 balances. (b) Prepare all journal entries.
-
There are many national paralegal associations. Determine whether California has its own paralegal association.
-
Danna Martin, president of Mays Electronics, was concerned about the end-of-the year marketing report that she had just received. According to Larry Savage, marketing manager, a price decrease for...
-
What role does organizational culture play in shaping employee attitudes, behaviors, and performance outcomes, and how can leaders cultivate a culture that fosters innovation, adaptability, and...
-
Adriaan Taylor Corporation is a newly formed entity that engages in the purchase and resale of amphibious tour vehicles. Purchases for the first year of operation were as follows: Date Purchases...
-
Three years ago, Leopoldo Corp. issued 6.5% coupon bonds with an original maturity of 20 years.These bonds pay semiannual coupons, and are currently trading at 110% of face value. (i)Calculate the...
-
1)What is Constructor? 2)What is default constructor? 3)Constructor Overloading: 4) What is method overloading? 5)Can we overload main method in java? 6) What is method overriding? 7)Can we override...
-
Cameron is saving for his retirement 20 years from now by setting up a savings plan. He has set up a savings plan wherein he will deposit $129.00 at the end of each month for the next 11 years....
-
3. Write half a page on the following: i. ii. Discuss semantic web and Al. Discuss the Semantic web and traditional web. What are the advantages of semantic web over traditional web. iii. Natural...
-
Find the limit of the sequence as n approaches infinity: ap= 2n-7 5n+8 Preview
-
There exists a close connection between high fertility, land tenure insecurity of the poor, land distribution, the low status of women among the poor, poor property rights, the dependence of the poor...
-
A plate is held in place by four (4) rivets as shown in the figure. Find the maximum shear stress on the most heavily loaded rivet. All rivets are 5/8-inches in diameter, and the 15,000 lb loading is...
-
Prepare a stock card using the following information A company is registered for GST which it pays quarterly, assume GST was last paid on the 30th of June 2019. It uses weighted average cost...
-
The Use of Net Income and Cash Flow to Evaluate a Company After you have gained ï¬ ve years of experience with a large CPA firm, one of your clients, Duke Inc., asks you to take over as...
-
PepsiCo Inc. and Subsidiaries reported the following amounts in various statements included in its 2008 annual report. (All amounts are stated in millions of dollars.) Net income for 2008 . . . . . ....
-
The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the year ended December 31, 2010: Required 1. Prepare a single-step income...
-
Using the fourth-order Runge-Kutta method, solve Problem 11.15. Data From Problem 11.15:- Using the second-order Runge-Kutta method, solve the differential equation \(\ddot{x}+1000 x=0\) with the...
-
Using the central difference method, find the response of the two-degree-of-freedom system shown in Fig. 11.2 when \(c=2, F_{1}(t)=0, F_{2}(t)=10\). Figure 11.2:- X1(t) -x2(t) F(1) k=2 -F2(t) k = 4...
-
Using the central difference method, find the response of the system shown in Fig. 11.2 when \(F_{1}(t)=10 \sin 5 t\) and \(F_{2}(t)=0\). Figure 11.2:- X1(t) -x2(t) F(1) k=2 -F2(t) k = 4 k2=6 00000...
Study smarter with the SolutionInn App