Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi, I already have the first part of this completed, Just trying to get this one answer. Brief Exercise 6-9 (Part Level Submission) At December
Hi, I already have the first part of this completed, Just trying to get this one answer.
Brief Exercise 6-9 (Part Level Submission) At December 31, 2014, the following information was available for A. Kamble Company: ending inventory $41,450, beginning inventory $62,450, cost of goods sold $260,230, and sales revenue $392,560. Don't show me this message again for the assignment (a) Your answer is correct. Calculate inventory turnover for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5.) Inventory turnover 5.0 times Don't show me this message again for the assignment Show Solution Show Answer Link to Text Attempts: 2 of 3 used (b) Calculate days in inventory for A. Kamble Company. (Round answer to 1 decimal place, e.g. 1.5. Use 365 days for calculation.) Days in inventory $ days Don't show me this message again for the assignment Link to Text Attempts: 0 of 3 used Save for later Pennington Company has a balance in its Accounts Payable control account of $8,097 on January 1, 2014. The subsidiary ledger contains three accounts: Hale Company, balance $2,527; Janish Company, balance $1,904; and Valdez Company. During January, the following payable-related transactions occurred. Hale Company Janish Company Valdez Company Purchase Payments s $6,477 $6,488 5,062 1,904 6,513 6,273 Return s $ -03,241 -0- Don't show me this message again for the assignment (a) Your answer is correct. What is the January 1 balance in the Valdez Company subsidiary account? Balance in the Valdez Company subsidiary account $ 3,666 Don't show me this message again for the assignment Show Solution Show Answer Link to Text Attempts: 1 of 3 used (b) What is the January 31 balance in the control account? Balance in the control account $ Don't show me this message again for the assignment Exercise 7-7 (Part level Submission) R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014. May R. Santiago invested $51,638 cash in the business. 1 2 3 14 16 22 Sold merchandise to Lawrie Co. for $6,084 cash. The cost of the merchandise sold was $4,312. Purchased merchandise for $6,758 from J. Moskos using check no. 101. Paid salary to H. Rivera $704 by issuing check no. 102. Sold merchandise on account to K. Stanton for $881, terms n/30. The cost of the merchandise sold was $613. A check of $9,304 is received from M. Mangini in full for invoice 101; no discount given. Don't show me this message again for the assignment (a) Your answer is correct. Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. SANTIAGO CO. Cash Receipts Journal CR1 Date Account Credited R ef Cash Dr. Sales Discoun ts Dr. Account s Receiva ble Cr. Sales Revenu e Cr. Other Account s Cr. Cost of Goods Sold Dr. Invento ry Cr. res_EAT_135468 res_EAT_135468 51,638 May 1 51,638 Ow ner's Cap. res_EAT_135468 6,084 6,084 May 2 res_EAT_135468 res_EAT_135468 M. Mangini 9,304 9,304 4,312 May 22 M. Mangini 67,026 9,304 6,084 51,638 4,312 Don't show me this message again for the assignment Show Answer Link to Text Attempts: 2 of 3 used (b) Prepare a multiple-column cash payments journal and record the transactions for May that should be journalized. (Record entries in the order presented in the problem statement.) R. SANTIAGO CO. Cash Payments Journal CP1 Date Ck. No. Account Debited Other R Account ef s Dr. Don't show me this message again for the assignment Account s Payable Dr. Inventor y Cr. Cash Cr. Link to Text Your answer is partially correct. Try again. Selected account balances for Hulse Company at January 1, 2014, are presented below. Accounts Payable Accounts Receivable Cash Inventory $14,270 22,094 17,352 14,185 Hulse's sales journal for January shows a total of $111,718 in the selling price column, and its onecolumn purchases journal for January shows a total of $77,088. The column totals in Hulse's cash receipts journal are: Cash Dr. $60,924; Sales Discounts Dr. $2,248; Accounts Receivable Cr. $45,983; Sales Revenue Cr. $6,918; and Other Accounts Cr. $10,271. The column totals in Hulse's cash payments journal for January are: Cash Cr. $54,223; Inventory Cr. $2,771; Accounts Payable Dr. $46,797; and Other Accounts Dr. $10,197. Hulse's total cost of goods sold for January is $63,372. Accounts Payable, Accounts Receivable, Cash, Inventory, and Sales Revenue are not involved in the \"Other Accounts\" column in either the cash receipts or cash payments journal, and are not involved in any general journal entries. Compute the January 31 balance for Hulse in the following accounts. $ (a) Accounts Payable 44,561 $ (b) Accounts Receivable 87,829 $ (c) Cash $ (d) Inventory 25,130 (e) Sales Revenue $ Don't show me this message again for the assignment Link to TextStep 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