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9. Outstanding checks are checks a not yet paid by your bank b. not yet deducted on your books. c. given to you by
9. Outstanding checks are checks a not yet paid by your bank b. not yet deducted on your books. c. given to you by a customer and proved to be worthless.. d. that have been paid by your bank PROBLEM 11 (21 p.) Beside each of the following transactions indicate in which journal the transaction should be recorded. SJ-Sales Journal PJ Purchases Journal CRJ-Cash Receipts Journal CPI Cash Payments Journal GJ General Journal a A customer made a prompt payment to us and received a discount. b. The business paid the balance of its accounts payable. c. The business returned merchandise that it had bought on account from a wholesaler. d. The business recorded the estimate for Bad Debts Expense. e. The business purchased merchandise on account. The business sold merchandise for cash. The owner withdrew cash from the business. h. A customer returned a product they had purchased from us on account. i. The business sold merchandise on account The business sold some of its used office furniture for $1,000 cash k The business recorded closing entries for the end of the accounting period. 1. The business borrowed money from the bank. m. The business used some extra cash to invest in a hot stock The business made its weekly purchase of office supplies on account PROBLEM 12 (7 pts.) Dorian Cosmetics ended the recent quarter with $60,000 of accounts receivable and a credit balance in the Allowance for Uncollectible Accounts of $1,000. The credit sales for the quarter were $350,000. Prepare general journal entries to record a) Uncollectible accounts are estimated to be 1% of credit sales b) Dorian wrote off the $400 balance of a customer, Pete Peters, as uncollectible.
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