TASK 4 Record the transactions below in the sales journal. Make your own sales journal sheets. The following are the credit sales transactions of Lolly Co. for the month of January: Jan 5 Lolly Co. sold merchandise on credit to Twinbee Enterprise, P32,000 exclusive of 12% VAT, Terms: 1/15,n/30 Merchandise was sold on credit to Luke Merchants, P16,000 exclusive of 12% VAT, Terms 2/10, n/30. Merchandise was sold on credit to Ronald Shop, P10,000 exclusive of 12% VAT,Terms: 3/15, n/30. 11 12 Lolly Co. sold merchandise on account to MA Merchants, P15,000 exclusive of 12% VAT, Terms: 2/10,n/30. Lolly Co., sold merchandise on account to AA Trading, P60,000 exclusive of 12% VAT, Terms: 2/15, n/30. 14

TASK 4 Record the transactions below in the sales journal. Make your own sales journal sheets. The following are the credit sales transactions of Lolly Co. for the month of January: Jan 5 Lolly Co. sold merchandise on credit to Twinbee Enterprise, P32,000 exclusive of 12% VAT, Terms: 1/15,n/30 Merchandise was sold on credit to Luke Merchants, P16,000 exclusive of 12% VAT, Terms 2/10, n/30. Merchandise was sold on credit to Ronald Shop, P10,000 exclusive of 12% VAT,Terms: 3/15, n/30. 11 12 Lolly Co. sold merchandise on account to MA Merchants, P15,000 exclusive of 12% VAT, Terms: 2/10,n/30. Lolly Co., sold merchandise on account to AA Trading, P60,000 exclusive of 12% VAT, Terms: 2/15, n/30. 14

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 1AP

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16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.
en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 Transaction 1-a. Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit Credit
Purchase-Related Transactions Stylon Co., a women's clothing store, purchased $28,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30 using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,200, receiving a credit memo. a. ournalize Stylon’s entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank b. Journalize Stylon’s entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
еВook Show Me How Print Item Purchases Journal Instructions Chart of Accounts Supplier List Purchase Journal General Ledger Instructions Ann Benton, owner of Benton's Galleria, made the following purchases of merchandise on account during the month of October: Oct. 2 Purchase Invoice No. 321, $1,950, from Boggs Distributors. 7 Purchase Invoice No. 152, $2,915, from Wolfs Wholesaler. 10 Purchase Invoice No. 634, $3,565, from Komuro & Co. 16 Purchase Invoice No. 349, $2,845, from Fritz & McCord, Inc. 24 Purchase Invoice No. 587, $3,370, from Boggs Distributors. 26 Purchase Invoice No. 764, $2,240, from Sanderson Company. 31 Purchase Invoice No. 672, $1,630, from Wolfs Wholesaler. Required: 1. Record the transactions in the purchases journal. Total the journal. 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts.
Dog Merchandise with a sales price of $5,200 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a a. debit to Sales Discounts for $104 b. debit to Cash for $5,200 c. credit to Sales for $5,096 d. debit to Accounts Receivable for $5,076
Select all that apply A partial Sales Journal for ABC Co. is shown below. Show how to post these transactions into the general ledger by selecting the correct actions below. (Check all that apply.) Account Debited PR Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr. Sparky's 1000 300 Q-Mart 3,500 800 Totals $4,500 $1,100 Multiple select question. A $4,500 credit is posted to the Sales account in the general ledger. An $1,100 debit is posted to the Cost of Goods Sold account in the general ledger. The account number of the Sales account is entered below the Accounts Receivable Dr./Sales Cr. column. A $1,000 debit is posted to the Accounts Receivable account in the general ledger on Mar. 4. An "S" is posted in the PR columns of the general ledger after posting is completed. A check mark is posted in the PR columns of the general ledger after posting is completed.
On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the customer pays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 Account Name Debit Credit Cash 4,000 Sales Discounts 40 Accounts Receivable 3,960 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000
Journalize the following sales transactions for Middleton. Journalize the following sales transactions for Middleton. Mar. Apr. 1 3 10 15 Middleton Supply sold merchandise inventory for $3,400. The cost of the inventory was $2,380. The customer paid cash. Middleton. Supply was running a promotion and the customer received a $160 award at the time of sale that can be used at a future date on any Middleton Supply merchandise. Sold $8,000 of supplies on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is 5,600. Received payment from the customer on the amount due from March 3, less the discount. The customer used the $160 award when purchasing merchandise inventory for $300, the cost of the inventory was $210. The customer paid cash.
Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. 3 The company purchased $2,400 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $633 to J. Than for $696 on credit, subject to a $14 sales discount if paid by the end of the month. 9 The company borrowed $2,850 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $4,150 cash to the company. 18 The company sold merchandise costing $101 to B. Cox for $180 cash. 22 The company paid Hart Co. $2,400 cash for the merchandise purchased on November 3. 27 The company received $682 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,200 in cash. Nov. CASH RECEIPTS JOURNAL Cost of Goods Sold Dr. Accounts Account Sales Other Receivable. Sales Cr. Cr. Date Cash Dr. Credited Discount Dr.…
Record the following transactions in the sales journal: Jan. 15 Invoice #325, sold goods on credit for $2,600, to Maroon 4, account #4501. Jan. 22 Invoice #326, sold goods on credit for $4,000 to BTS, account #5032. Jan. 27 Invoice #327, sold goods on credit for $1,450 to Imagine Fireflies, account #3896. If an amount box does not require an entry, leave it blank.
Journalize the following transactions for a perpetual company: a. Issued credit memo no. 2, $37, to Lee Co. An allowance was granted and the customer kept the merchandise. The sale was on account. b. Cash sales, $175, with a cost of $60. c. Received check from Denise Co., $600, less 1% discount. d. Bought merchandise on account from Jaxon Co., $50, invoice no. 20; term 2/10, n/30. e. Cash purchase of merchandise, $45. f. Issued debit memo to Jaxon Co $30, for merchandise returned from invoice no. 20.