Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

d,e, f,g must answer within the hour. need those headings used thanks! Below are individual unrelated transactions from ABC Inc. Record each transaction in the

image text in transcribed
image text in transcribed
image text in transcribed d,e, f,g must answer within the hour. need those headings used thanks!
Below are individual unrelated transactions from ABC Inc. Record each transaction in the General Journal directly below it. Assume the company is using a perpetual inventory system. Enter an appropriate description when entering the transactions in the joumal Dates must be entered in the format dd/mmm (io January 15 would bo 15/Jan) a) ABC Inc. established a petty cash fund on October 1, 2014 in the amount of $120. The cheque was drawn, cashed, and its proceeds a) On October 6, 2014, after spending a year trying to collect from a customer, ABC Inc, finally decided that its $519 account was uncollectible and recorded the entry to write it off General Journal Page GJI Account/Explanation Credit Date F Debit e) On October 8, 2014, ABC Inc had $962 of credit card sales with a 4% fee and cash is received immediately. Assume cost of sales was $374 General Journal Page GJI Account Explanation Credit Date F Debit + T + f) On October 10, 2014, ABC Inc. sold S1,520 of merchandise on credit and the cost of this merchandise was $510 General Journal Page GUT Date Account/Explanation F Debit Credit T 9) On October 11, 2014, a credit customer returned part of the merchandise purchased at the beginning of the month, where returned items sold for $710 and cost $280. General Journal Page GJY Date AccountExplanation F Debit Credit + +

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

Step: 3

blur-text-image

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

Public Sector Accounting And Budgeting For Non-Specialists

Authors: G. Jan Van Helden, Ron Hodges

1st Edition

1137376988, 9781137376985

More Books

Students also viewed these Accounting questions

Question

True or False. Matrix multiplication is commutative.

Answered: 1 week ago