Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns, and discounts for the month of March. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture on account, Invoice 2177, with a 1% trade discount. Credit terms 2/10, n/30. 2 Paid rent for the month of March. Issued Check 145 for $2,100. 6 Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. 8 Purchased $2,400 of merchandise from Fuentes Co. on account, Invoice 2178. Credit terms 1/15, n/30. 11 Returned $400 of the merchandise from Fuentes Co. Received Credit Memorandum 11. 12 Paid Invoice 2177 to Sundance Furniture. Issued Check 147 for $1,940.40. 13 Purchased $3,700 of merchandise (included $150 freight) from Sky Divers Inc. on account, Invoice 2179. Credit terms 1/10, n/30, FOB shipping point. 16 Purchased $210 of office supplies from Willow Inc. on account, Invoice 2180. Credit terms 2/10, n/30. 23 Paid Invoice 2178 to Fuentes Co. Issued Check 148 for $1,980. 26 Paid Invoice 2179 to Sky Divers Inc. Issued Check 149 for $3,700. 27 Purchased $1,745 of merchandise from Sundance Furniture on account, Invoice 2181. Credit terms 2/10, n/30. A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000): 101 142 202 Cash Office Supplies Accounts Payable 501 501.1 501.2 502 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense 521 Required: Journalize the above transactions, 1. 2. Post to the proper general ledger and accounts payable ledger accounts. Remember to use posting references. Prepare a schedule of accounts payable. 3. Ray Polo owns a variety store called Stars Forever. The following are purchases of inventory, returns, and discounts for the month of March. Mar. 2 Purchased $2,000 of merchandise from Sundance Furniture on account, Invoice 2177, with a 1% trade discount. Credit terms 2/10, n/30. 2 Paid rent for the month of March. Issued Check 145 for $2,100. 6 Purchased merchandise from Taylor Supplies. Issued Check 146 for $1,650. 8 Purchased $2,400 of merchandise from Fuentes Co. on account, Invoice 2178. Credit terms 1/15, n/30. 11 Returned $400 of the merchandise from Fuentes Co. Received Credit Memorandum 11. 12 Paid Invoice 2177 to Sundance Furniture. Issued Check 147 for $1,940.40. 13 Purchased $3,700 of merchandise (included $150 freight) from Sky Divers Inc. on account, Invoice 2179. Credit terms 1/10, n/30, FOB shipping point. 16 Purchased $210 of office supplies from Willow Inc. on account, Invoice 2180. Credit terms 2/10, n/30. 23 Paid Invoice 2178 to Fuentes Co. Issued Check 148 for $1,980. 26 Paid Invoice 2179 to Sky Divers Inc. Issued Check 149 for $3,700. 27 Purchased $1,745 of merchandise from Sundance Furniture on account, Invoice 2181. Credit terms 2/10, n/30. A partial chart of accounts is as follows (assume Cash has an existing balance of $20,000): 101 142 202 Cash Office Supplies Accounts Payable 501 501.1 501.2 502 Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Rent Expense 521 Required: Journalize the above transactions, 1. 2. Post to the proper general ledger and accounts payable ledger accounts. Remember to use posting references. Prepare a schedule of accounts payable. 3.
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
1. Share your thoughts on the major purposes of World Trade Organization, International Monetary Fund, and World Bank . Tell me how these three organizations are supporting global trade. Be sure to...
-
Mar 1 Paid rent for march 2400 3 Purchased merchandise on account from Huisman Co terms 210 n30 FOB shipping point 21600 4 Paid transportation charges on purchase of March 3 500 6 Sold merchandise on...
-
All Journals and General Ledger; Trial Balance The transactions completed by AM Express Company during March 2016, the first month of the fiscal year, were as follows: Mar. 1. Issued Check No. 205...
-
Rare Earth Clothing is a retail store specializing in women's clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item...
-
The following information was taken from the financial statements of TKO Company: Required Compute the debt to assets ratio, the debt to equity ratio, and times interest earned for both years. 2012...
-
International Business Machines (NYSE: IBM), which currently pays a dividend of \($3.40\) per share, has been the subject of two other examples in this reading. In one example, an analyst estimated...
-
Which of the following items is not included in the calculation of income from operations? a. Gains on the sale of short-term investments. b. Interest income. c. Interest expense. d. None of the...
-
A. Richard McCarthy (born 2/14/64; Social Security number 100-10-9090) and Christine McCarthy (born 6/1/1966; Social security number 101-21-3434) have a 19-year-old son (born 10/2/99 Social Security...
-
Noble Inc. is considering a four-year project that has an initial after-tax outlay or after-tax cost of $ 110,000 . The future cash inflows from its project are $30,000, $25,000, $50,000 and...
-
Lowes Companies, Inc., is a home improvement company offering a range of products for maintenance, repair, remodeling, and decorating. During the recovery phase since the financial crisis of 2008,...
-
An IPv4 packet has the following header: 0x4500 04ce 123a 4000 0401 554b 4350 1b20 7801 530f. (a) Write the source address in dot decimal format. (b) Write the destination address in dot decimal...
-
It has been said that you do not need database management software to create a database environment. Discuss.
-
It has been said that systems fail when systems builders ignore people problems. Why might this be so?
-
What is the MPC? Use the information in the following table Y C G X $100 $120 $20 $30 $10 $300 $300 $20 $30 -$10 $500 $480 $20 $30 -$30 $700 $660 $20 $30 -$50
-
What is the primary reason for your personal conflicts? Your work conflicts?
-
What is the minimum diameter at section (1) to avoid cavitation at that point? Take \(D_{2}=15 \mathrm{~cm}\). FIGURE P5-59 Water 5 m (1) (2)
-
Tank Circuit Program Print your Student Name and Student Number. 1. Calculate the Capacitor with the input E, permittivity, A, cross-sectional area, d, separated distance. 2. Calculate the resonant...
-
Modify the counter from Exercise 5.44 such that the counter will either increment by 4 or load a new 32-bit value, D, on each clock edge, depending on a control signal Load. When Load = 1, the...
-
Ginos Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Midwest. Ginos Restaurant Corporation, which had 100,000 shares of common stock outstanding, declared a 5-for-1...
-
Brown Trout Outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations: For preparing the adjusting entries, the...
-
Airy Company solicited bids from several contractors to construct an addition to its office building. The lowest bid received was for $575,000. Airy Company decided to construct the addition itself...
-
Refer to the data in Exercise 13-15. Compute the following financial ratios for the year 2009: Data From Exercise 13-15 Comparative financial statements for the Rahul Corporation for the year ended...
-
Simply Spa Collections had a current ratio of 2.5 to 1 on December 31 of the current year. On that date, the companys assets were as follows: Required a. What was the company's current ratio on...
-
Refer to the data in Exercise 13-15. Compute the following financial ratios for the year 2009: Data From Exercise 13-15 Comparative financial statements for the Rahul Corporation for the year ended...
Study smarter with the SolutionInn App