The following transactions took place for Macy's in January 2023 in opening its new branch in...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following transactions took place for Macy's in January 2023 in opening its new branch in Queens; record them in the General Journal: Jan. 1 Jan. 2 Jan. 8 Jan. 9 Jan. 11 Jan. 12 Jan. 14 Jan. 21 Invested $ 700,000 cash to start the business. Purchased merchandise on account from Calvin Klein, Invoice # 5544, $ 90,000, terms: 2/10, n/30. Returned defective merchandise to Calvin Klein $ 4,500. Sold merchandise for cash $ 60,000. Sold merchandise on account to International Corporation for $ 90,000. Paid the Calvin Klein invoice # 5544 in full, note terms and the return of merchandise on Jan. 8. The customer International Corp. returned merchandise for $ 5,000. Received payment from the Customer International Corporation in full for merchandise sold on credit on Jan. 11, note the customer return on Jan. 14. Required: General Journal The following transactions took place for Macy's in January 2023 in opening its new branch in Queens; record them in the General Journal: Jan. 1 Jan. 2 Jan. 8 Jan. 9 Jan. 11 Jan. 12 Jan. 14 Jan. 21 Invested $ 700,000 cash to start the business. Purchased merchandise on account from Calvin Klein, Invoice # 5544, $ 90,000, terms: 2/10, n/30. Returned defective merchandise to Calvin Klein $ 4,500. Sold merchandise for cash $ 60,000. Sold merchandise on account to International Corporation for $ 90,000. Paid the Calvin Klein invoice # 5544 in full, note terms and the return of merchandise on Jan. 8. The customer International Corp. returned merchandise for $ 5,000. Received payment from the Customer International Corporation in full for merchandise sold on credit on Jan. 11, note the customer return on Jan. 14. Required: General Journal
Expert Answer:
Answer rating: 100% (QA)
Lets record the transactions in the General Journal for Macys for January 2023 Jan 1 Cash 700000 Com... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
The following transactions took place at The Garden Center during June 2019. The Garden Center uses a perpetual inventory system. Record the transactions in a general journal. Use 10 as the page...
-
The following transactions took place at Fine Fashions Outlet during July 2019. Fine Fashions Outlet uses a perpetual inventory system. Record the transactions in a general journal. Use 8 as the page...
-
Required: Prepare the inventory movement records for the month of April applying the Weighted Average and PEPS (FIFO) methods. Analyze the differences in the cost of sales and the balance of...
-
Comparative income statements are available for Johanna's Fine Furs: Required Perform horizontal and vertical analyses on each of the items in the above comparative income statements. Round...
-
PC Planet has just opened its doors. The new retail store sells refurbished computers at a significant discount from market prices. The computers cost PC Planet $100 to purchase and require 10 hours...
-
The Department of Transportation in a foreign county establishes gas-mileage standards that automobiles sold in must meet or else a "gas guzzler" tax is imposed on the sale of the offending types of...
-
Use information from Section 6.7 to estimate which form of electromagnetic radiation is the lowest energy ionizing radiation. Data from section 6.7 When we first introduced the concept of the...
-
The intangible assets section of Cedeno Corporations balance sheet at December 31, 2014, is presented here. Patents ($60,000 cost less $6,000 amortization).............$54,000 Copyrights ($36,000...
-
1. For the arithmetic series + 5 79 10 + 65 +..... calculate t10 and $10.
-
The information provided in this test allows you to set up the Cieneral, Payables and Receivables ledgers for an Ontario company named CHRIS'S WELDING owned and run by Chris George, amaster welder....
-
Implement the function hasDuplicates in the class to Duplicate WordFinder. Input will be given as a line containing a positive integer n, followed by n rows, each containing a string. Output should...
-
Describe the procedures you would develop to liaise with educators, learners, and others to monitor learning and development strategies and relevant resources.
-
Governor Asa Hutchinson announced that nurses in Arkansas would receive a $1,000 monthly bonus payment during the pandemic, and that number would double to $2,000 if they worked in a facility with a...
-
respond to the following post with new insight and a question: Based on Audio Partners' projections there are a few areas for concern. The Sales Revenue seems to be quite inflated for each...
-
An important element in the preparation of an expense budget is: A. Understanding the impact of shifting costs on resources for revenue generating B. Understanding how costs change with changes in...
-
The availability of the cash method has changed over time. We discussed the limitations of the cash method in the course. Please give three distinct examples of taxpayers that MAY use the cash method...
-
This code must be Written in Python Programming Language. I have attached all of the information that I was provided for this question. if you could assist at all it would be greatly appreciated....
-
Citing a scientific article, explain in your own words, how DNA fingerprinting has been used in forensic science to solve crimes and why it may not always be accurate or effective.
-
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...
-
Brian and Kim have a 12-year-old child, Stan. For 2012, Brian and Kim have taxable income of $52,000, and Stan has nonqualifying dividend income of $4,500 and investment expenses of $250. No election...
-
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first...
-
Souvenir Sales. The file SouvenirSales.csv contains monthly sales for a souvenir shop at a beach resort town in Queensland, Australia, between 1995 and 2001. [Source: Hyndman and Yang (2018).] Back...
-
Analysis of Canadian Manufacturing Workers Workhours. The time plot in Figure 18 . 22 describes the average annual number of weekly hours spent by Canadian manufacturing workers...
-
Toys R US Revenues. Figure 18 . 23 is a time plot of the quarterly revenues of Toys R US between 1992 and 1995 (thanks to Chris Albright for suggesting the use of these data, which are available in...
Study smarter with the SolutionInn App