Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

9. Outstanding checks are checks a not yet paid by your bank b. not yet deducted on your books. c. given to you by

image text in transcribed

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting An Introduction to Concepts Methods and Uses

Authors: Michael W. Maher, Clyde P. Stickney, Roman L. Weil

10th Edition

1111822239, 324639767, 9781111822231, 978-0324639766

More Books

Students also viewed these Accounting questions

Question

What is a wraparound filing? LO7

Answered: 1 week ago

Question

What was the purpose of creating the EDGAR system? LO7

Answered: 1 week ago