Selected accounts from the chart of accounts of Valdez SA are shown below 101 Cash 112 Accounts Receivable 120 Inventory 126 Supplies 157 Equipment 201 Accounts Payable 401 Sales Revenue 412 Sales Returns and Allowances 414 Sales Discounts 505 Cost of Goods Sold 726 Salaries and Wages Expense The c...

a b c Sales Journal S1 Date Account Debited Invoice No Ref Accounts Receivable Dr Sales Revenue Cr C ...

Selected accounts from the chart of accounts of Valdez SA are shown below. 101 Cash 112 Accounts

Question:

Selected accounts from the chart of accounts of Valdez SA are shown below.
101 Cash
112
120 Inventory
126 Supplies
157 Equipment
201 Sales Revenue
412 Sales Returns and Allowances
414 Sales Discounts
505 Cost of Goods Sold
726 Salaries and Wages Expense
The cost of all merchandise sold was 60% of the sales price. During January, Valdez completed the following transactions.
Jan. 3 Purchased merchandise on account from Pirkov Co. R$10,000.
4 Purchased supplies for cash R$80.
4 Sold merchandise on account to Hull R$5,600, invoice no. 371, terms 1/10, n/30.
5 Returned R$300 worth of damaged goods purchased on account from Pirkov Co. on January 3.
6 Made cash sales for the week totaling R$3,750.
8 Purchased merchandise on account from Dubois Co. R$4,500.
9 Sold merchandise on account to Phelan Ltd. R$6,400, invoice no. 372, terms 1/10, n/30.
11 Purchased merchandise on account from Akers Co. R$3,700.
13 Paid in full Pirkov Co. on account less a 2% discount.
13 Made cash sales for the week totaling R$6,260.
15 Received payment from Phelan Ltd. for invoice no. 372.
15 Paid semi-monthly salaries of R$14,300 to employees.
17 Received payment from Hull for invoice no. 371.
17 Sold merchandise on account to Mayr Co. R$1,200, invoice no. 373, terms 1/10, n/30.
19 Purchased equipment on account from Barb Ltd. R$5,500.
20 Cash sales for the week totaled R$3,200.
20 Paid in full Dubois Co. on account less a 2% discount.
23 Purchased merchandise on account from Pirkov Co. R$7,800.
24 Purchased merchandise on account from Fifer Ltd. R$5,100.
27 Made cash sales for the week totaling R$4,230.
30 Received payment from Mayr Co. for invoice no. 373.
31 Paid semi-monthly salaries of R$14,300 to employees.
31 Sold merchandise on account to Hull R$9,330, invoice no. 374, terms 1/10, n/30.
Valdez uses the following journals.
1. Sales journal.
2. Single-column purchases journal.
3. Cash receipts journal with columns for Cash Dr., Sales Discounts Dr., Cr., Sales Revenue Cr., Other Accounts Cr., and Cost of Goods Sold Dr./Inventory Cr.
4. Cash payments journal with columns for Other Accounts Dr., Dr., Inventory Cr., and Cash Cr.
5. General journal.
Instructions
Using the selected accounts provided:
(a) Record the January transactions in the appropriate journal noted.
(b) Foot and crossfoot all special journals.
(c) Show how postings would be made by placing ledger account numbers and checkmarks as needed in the journals. (Actual posting to ledger accounts is not required.)
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...