Cycle Tech Bicycles had the following cash payment transactions in March. Instructions In your working papers, record
Question:
Cycle Tech Bicycles had the following cash payment transactions in March.
Instructions
In your working papers, record the transactions on page 19 of the general journal.
Transcribed Image Text:
Date Transactions Mar. 1 Purchased $1,800 in merchandise from Summit Bicycles, Check 2111. 3 7 Issued Check 2112 for $2,450 to Spaulding Inc. in payment of the $2,500 account balance less a 2% cash discount of $50. Issued Check 2113 for $3,100 to Desert Palms Insurance Company for the annual business insurance premium. Paid $175 to Viking Express for delivery of merchandise purchased from Schwinn Inc., FOB shipping point, Check 2114. 12 17 Issued Check 2115 to Suspension Specialists for $3,880 in payment of Invoice 1492 for $4,000 less a 3% cash discount of $120. 20 Received the March bank statement and recorded bankcard fees of $275. CONTINUE
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
Mar 1 Dr Merchandise Inventory 1800 Cr Accounts Payable 1800 Ma...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
During August 2014, Packer Manufacturing had the following cash receipts and disbursements: Cash received from customers .......... $319,000 Cash received from selling equipment ....... 11,200 Cash...
-
CAS Ltd. issued 40,000 shares of Rs 10 each at a premium of 20% on May 01 payable as follows: Rs 4.50 (inclusive of premium) Rs 2.50 On first and final call Rs 5.00 Mr. X, to whom 2,000 shares were...
-
Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%. Dec. 1 Received payment on account from Michael Anderson, $1,360. 2 Received payment...
-
Distinguish between a National Health Insurance system and a National Health Service. Provide examples of each. What kind of a system does the United States have?
-
Trade Barriers against Unfair Competition: Some countries subsidize some of their industries heavily which leads U.S. producers to lobby for tariffs against products from such industries. It is...
-
Jamal is waiting to be a millionaire. He wants to know how long he must wait if a. He invests $24,465.28 at 16% today b. He invests $47,101.95 at 13% today c. He invests $115,967.84 at 9% today d. He...
-
Find consequence of rising fixed costs (Learning Objectives 1, 3) DeAnna Braun sells homemade knit scarves for \(\$ 16\) each at local crafts shows. Her contribution margin ratio is \(62.5 \%\)....
-
The 3-lb uniform rod BD is connected to crank AB and to a collar of negligible weight. A couple (not shown) is applied to crank AB causing it to rotate with an angular velocity of 12 rad/s...
-
2 3 4 5 6 7 8 9 19 Two systems of equations are given below. For each system, choose the best description of its solution. If applicable, give the solution. O The system has no solution. O The system...
-
The chairperson of the department of management at State University wants to forecast the number of students who will enroll in production and operations management (POM) next semester, in order to...
-
a . When are sales transactions posted to the accounts receivable subsidiary ledger? Why? b . When are transactions in the cash receipts journal posted to the accounts receivable subsidiary ledger?...
-
In your working papers, record the following transactions of Alpine Ski Shop on page 2 of the general journal. Use the following accounts: General Ledger Cash in Bank Accounts Receivable Sales Tax...
-
Use the following data to calculate the values of equilibrium output and the investment spending multiplier: C = MPC Y = 0.75 Y I = $2.3 trillion G = $1.7 trillion NX = - $0.5 trillio
-
Stock ZZZ has an expected return of 16%. The market premium is 9% and the risk free rate is 3%. Assume the capital asset model holds. What is stock ZZZ's beta? 1)
-
13 If F(t) 3 +4t2t+5, find F' (t).
-
You run the Investment Management Company HAPPY RETURNS Inc and this month you have three new client applications to invest money in your Global Balanced Portfolio that invests in Equities (up to 60%...
-
In 2015, an independent testing organisation discovered that German vehicle manufacturer Volkswagen had cheated on diesel emissions tests. Volkswagen felt the blow of this scandal almost immediately...
-
How should the fund directors evaluate the quality of services provided by the transfer agent? Do you think customer satisfaction on a service survey would be influenced by fund performance?
-
The table here shows betas for several Canadian companies from yahoo.finance.com. Calculate each stock's expected rate of return using the CAPM. Assume the risk-free rate of interest is 2%. Use a 7%...
-
What are the before image (BFIM) and after image (AFIM) of a data item? What is the difference between in-place updating and shadowing, with respect to their handling of BFIM and AFIM?
-
Lutz Corporation acquired a 100% business-use automobile (MACRS 5-year recovery) on July 1, 2017 for $32,000. The company did not elect Sec. 179 expensing and elects out of bonus depreciation. What...
-
Luby Corporation acquires a 100% business-use automobile (MACRS 5-year recovery) on July 1, 2017 for $36,000. Luby does not elect Sec. 179 and elects out of bonus depreciation. What are depreciation...
-
Tracy acquires an automobile (MACRS 5-year recovery) on March 1, 2017. He uses the automobile 70% of the time in his business and 30% of the time for personal use. The automobile cost $36,000. No...
-
Cost-Volume-Profit Analysis at General Electric Values: Item Amount Selling Price $100,000 Variable Cost $80,000 Fixed Costs $15,000,000 Requirements: Calculate the break-even point in units....
-
Analyze the cost-volume-profit relationship for Coca-Cola. The company sells its beverage product for $2 per unit. The variable cost per unit is $1.20, and the total fixed costs are $50,000....
-
"This is really an odd situation," said Jim Carter, general manager of Highland Publishing Company. " We get most of the jobs we bid on that require a lot of press time in the Printing Department,...
Study smarter with the SolutionInn App