Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Name Accounting Transactions. For each of the following transactions, write the accounting double entry (if any) for each. Record account names and identify each as

image text in transcribed
Name Accounting Transactions. For each of the following transactions, write the accounting double entry (if any) for each. Record account names and identify each as a debitor credit include dollar figures only where indicated (20 points) 1. A purchase order is issued to a vendor. 2. A sale on account is made to a customer who has purchased three books at $57.00 each. Note that the books cost you $30. each. The sale is subject to 5% sales tax. Include the dollar figures in your entry. 3. A sale of books has been made to a customer paying with a credit card. 4. A payment has been made to a vendor. Your accounting firm has taken a discount. Assume that the purchase was made on account. 5. There has been a receipt of book inventory (accompanied by an invoice) from a vender. The purchase was made on account. 6. Merchandise for resale that your firm had purchased on account is returned to the vendor because it was found to be damaged. Note that the vendor's involce was received and entered into your system. The Invoice has not yet been pald. 7. You receive an invoice from your landlord for next month's rent. 8. Five books costing 552. each are received from a vendor. The vendor has also charged you shipping and handling of 8.50. The lavolce has not yet been received. Include the dollar figures in your entry, 9. Your accounting firm provides a service to a client who pays immediately with a check. 10. Your firm sends an invoice to a customer for 10 books at 515, each. The sale is subject to a 5% sales tax Freight for the shipment will cost $5.60. The customer is alto responsible for paying for the freight. The books originally cost you $20. each. Include the dollar figures in your entry

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

More Books

Students also viewed these Accounting questions

Question

How many kmoles of air are needed to burn 1 kmol of carbon?

Answered: 1 week ago

Question

Describe two of Georg Elias Mllers contributions to psychology.

Answered: 1 week ago