Question
1. Sold $400 of merchandise to Bass-A-Rama Rentals and $114 of merchandise to Carl Jenkins. Both customers paid cash. 2. Sold $1700 of merchandise to
1. Sold $400 of merchandise to Bass-A-Rama Rentals and $114 of merchandise to Carl Jenkins. Both customers paid cash.
2. Sold $1700 of merchandise to Waterfront Marina on account; terms 3/10, n/30; invoice #18.
3. Received a check from Bass-A-Rama Rentals in full payment of invoice #16.
4. Received a check from Waterfront Marina in full payment of invoices #14 and #15. You must determine the amount of discount allowed, if any.
5. Certain unusable store equipment costing $1,030 was returned by Mr. Hobie and a credit was received from Office Equipment Company. The remaining balance due on the store equipment was paid in full.
6. Purchased $265 of merchandise for resale from Catamaran Corp. on account; terms n/30.
7. Purchased $320 of merchandise for resale from Danforth Tool on account; terms 2/10,n/30.
8. Purchased $1060 of merchandise for resale from Tackle Box Supply on account; terms 2/10, n/30.
9. Sail Board City returned $840 of merchandise purchased on June 17 and requested that their account be credited.
10. Requested & Returned $205 of merchandise purchased from Nautical Industries and was given a credit on the account.
11. Marlinspike Marine signed a 12%, 60-day note dated June 20 to pay the balance of its account. The note has not been recorded yet. Sale date was June 19.
12. Mr. Hobie leased some extra space in the new warehouse to Wayward Fishers. Seaside collected $500 for July and August rent. Use the Rent Revenue account.
Im pretty sure how to do the entries i just dont know what journals/ledgers to post them to
Will give 5 stars thank you!
Journals Ledgers
1. General Journal 1. General Ledger 2. Sales Journal 2. Accounts Receivable Subsidiary Ledger 3. Purchases Journal 3. Accounts Payable Subsidiary Ledger 4. Cash Receipts Journal 5. Cash Payments Journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started