what is the cash account? i only have 5 rows to fill.. Roadrunner Bookstore uses the perpetual
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what is the cash account? i only have 5 rows to fill..
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Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of September. Sep 1 Sep 2 Sep 4 Sep 5 Sep 8 Sep 9 Tina Smith invested $95,000 cash and equipment worth $40,000 in Roadrunner Bookstore. Purchased $100,000 of merchandise inventory on credit, Invoice #123 dated Sep 1 from Cengage, terms 2/15, n/45. Roadrunner Bookstore rented a portion of their building to Craft Corners for $1,500 per month. Craft Corners paid Roadrunner Bookstore five months of rent in advance. Issued check #301 payable to Cash to establish a petty cash fund in the amount of $500. Sold merchandise to Rowan University for $75,000 on credit, terms 1/15, n/30. Invoice no. 001. Cost of the merchandise sold is $50,000. Purchased additional equipment totaling $20,000 on credit from Warehouse Depot, terms 3/15, n/45, Invoice #579 dated Sep 8. Sep 10 The cash register's record shows $20,000 in sales at the end of the shift, but the count of cash in the register is $20,050. Cost of the merchandise sold is $12,000. Prepare the journal entry to record the day's cash sales. Sep 11 Sold merchandise to Rutgers University for $22,000 with terms 1/15, n/30. Invoice no. 002. Cost of the merchandise sold is $11,000. Sep 15 Sold merchandise to Rowan University for $35,000, terms 1/15, n/30. Invoice No. 003. Cost of the merchandise sold is $22,000. Sep 16 Issued check #302 made payable to you, the company accountant, for your salary totaling $4,500. Sep 17 Issued check #303 to Cengage for the purchase recorded on Sep 2nd Sep 20 Roadrunner Bookstore signed a short-term note payable in the amount of $55,000 with an interest rate of 8% due in 60 days. Sep 22 Sep 24 Sep 25 Sep 27 Rowan University paid the balance due from the sale on Sep 8th The cash balance in the petty cash drawer is $100. Receipts in the drawer show $75 for Transportation In, $175 for delivery expenses, $80 for postage expense, and $60 for office supplies expenses. Replenish petty cash using check #304 made payable to Cash. Received $12,000 check from Rutgers University for the Sep 11 sale. Issued check #305 made payable to Tina Smith for $20,000 for personal use. Sep 29 Issued check #306 for $6,000 payable to Jones Property Management for September rent. Roadrunner Bookstore uses the perpetual inventory system. Roadrunner Bookstore is owned by Tina Smith. The company had the following transactions for the month of September. Sep 1 Sep 2 Sep 4 Sep 5 Sep 8 Sep 9 Tina Smith invested $95,000 cash and equipment worth $40,000 in Roadrunner Bookstore. Purchased $100,000 of merchandise inventory on credit, Invoice #123 dated Sep 1 from Cengage, terms 2/15, n/45. Roadrunner Bookstore rented a portion of their building to Craft Corners for $1,500 per month. Craft Corners paid Roadrunner Bookstore five months of rent in advance. Issued check #301 payable to Cash to establish a petty cash fund in the amount of $500. Sold merchandise to Rowan University for $75,000 on credit, terms 1/15, n/30. Invoice no. 001. Cost of the merchandise sold is $50,000. Purchased additional equipment totaling $20,000 on credit from Warehouse Depot, terms 3/15, n/45, Invoice #579 dated Sep 8. Sep 10 The cash register's record shows $20,000 in sales at the end of the shift, but the count of cash in the register is $20,050. Cost of the merchandise sold is $12,000. Prepare the journal entry to record the day's cash sales. Sep 11 Sold merchandise to Rutgers University for $22,000 with terms 1/15, n/30. Invoice no. 002. Cost of the merchandise sold is $11,000. Sep 15 Sold merchandise to Rowan University for $35,000, terms 1/15, n/30. Invoice No. 003. Cost of the merchandise sold is $22,000. Sep 16 Issued check #302 made payable to you, the company accountant, for your salary totaling $4,500. Sep 17 Issued check #303 to Cengage for the purchase recorded on Sep 2nd Sep 20 Roadrunner Bookstore signed a short-term note payable in the amount of $55,000 with an interest rate of 8% due in 60 days. Sep 22 Sep 24 Sep 25 Sep 27 Rowan University paid the balance due from the sale on Sep 8th The cash balance in the petty cash drawer is $100. Receipts in the drawer show $75 for Transportation In, $175 for delivery expenses, $80 for postage expense, and $60 for office supplies expenses. Replenish petty cash using check #304 made payable to Cash. Received $12,000 check from Rutgers University for the Sep 11 sale. Issued check #305 made payable to Tina Smith for $20,000 for personal use. Sep 29 Issued check #306 for $6,000 payable to Jones Property Management for September rent.
Expert Answer:
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
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