Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Page May May 12 Received payment from Chinook Tractor Company for the May 2 sale Received a credit memorandum from Taber Supply Co. for defective

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Page May May 12 Received payment from Chinook Tractor Company for the May 2 sale Received a credit memorandum from Taber Supply Co. for defective office equipment received on May 10 and returned for credit. The amount of the return was: Recorded the cash sales for the first half of the month. The total retail price for the merchandise is: The wholesale cost of the merchandise is: $4,080.00 May 15 $25,000.00 $12,750.00 May 17 May 22 $14,500.00 Received merchandise and an invoice dated May 14, terms 2/10, 1/60 from The Kipp Corp. The amount of the invoice was: Sold merchandise to Coaldale Services, Invoice 8786. Terms 2/10, n/60. The total retail price for the merchandise is The wholesale cost of the merchandise is: Issued cheque #3413 to Sparks Power Works in payment of the April electric bill. The amount of the bill was: The owner, Benny Kodiak, withdrew money from the business for personal use using cheque #3414. The amount of the withdrawal $36,000.00 $18,360.00 May 26 May 29 $700.00 May 30 $3,500.00 May 30 May 30 $45.00 Received payment from Coaldale Services for the May 22 sale Issued cheque # 3415 to Thumb-Tack Supply for photocopy paper Issued cheque #3416, payable to Al's Delivery Services for the following transaction: shipping cost for incoming merchandise Recorded the cash sales for the second half of the month. The total retail price for the merchandise ise The wholesale cost of the merchandise is: May 31 $450.00 $45,000.00 $22,950.00 Page of 5 Beginning Balances, May 1, 2020 Credit Debit 20,000 6,000 0 15,000 0 85,000 6,000 14,000 4,000 50,000 40,000 100,000 Account 101 105a 105b 1050 1050 119 124 125 128 163 164 165 166 201a 2016 2010 2010 301 302 413 414 415 425 502 612 613 620 621 637 641 642 650 651 661 690 901 Total Account Name Cash Accounts Receivable -Turin Corp. Accounts Receivable-Chinook Tractor Co. Accounts Receivable-Waterton Farms Inc. Accounts Receivable-Coaldale Services Merchandise Inventory Office Supplies Store Supplies Prepaid insurance Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable - Kipp Corp. Accounts Payable-Windworks Inc. Accounts Payable - Canola Products Accounts Payable -Taber Supply Co. Benny Kodiak, Capital Benny Kodiak, Withdrawals Sales Sales Returns and Allowances Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense, Office Equipment Depreciation Expense, Store Equipment Office Salaries Expense Sales Salaries Expense Insurance Expense Rent Expense, Office Space Rent Expense. Selling Space Office Supplies Expense Store Supplies Expense Bank Charges Expense Utilities Expense Income Summary 55,000 0 25,000 60,000 0 120,000 0 OOO OOOOO 0 0 D 0 0 0 0 0 0 300,000 300.000 Page May May 12 Received payment from Chinook Tractor Company for the May 2 sale Received a credit memorandum from Taber Supply Co. for defective office equipment received on May 10 and returned for credit. The amount of the return was: Recorded the cash sales for the first half of the month. The total retail price for the merchandise is: The wholesale cost of the merchandise is: $4,080.00 May 15 $25,000.00 $12,750.00 May 17 May 22 $14,500.00 Received merchandise and an invoice dated May 14, terms 2/10, 1/60 from The Kipp Corp. The amount of the invoice was: Sold merchandise to Coaldale Services, Invoice 8786. Terms 2/10, n/60. The total retail price for the merchandise is The wholesale cost of the merchandise is: Issued cheque #3413 to Sparks Power Works in payment of the April electric bill. The amount of the bill was: The owner, Benny Kodiak, withdrew money from the business for personal use using cheque #3414. The amount of the withdrawal $36,000.00 $18,360.00 May 26 May 29 $700.00 May 30 $3,500.00 May 30 May 30 $45.00 Received payment from Coaldale Services for the May 22 sale Issued cheque # 3415 to Thumb-Tack Supply for photocopy paper Issued cheque #3416, payable to Al's Delivery Services for the following transaction: shipping cost for incoming merchandise Recorded the cash sales for the second half of the month. The total retail price for the merchandise ise The wholesale cost of the merchandise is: May 31 $450.00 $45,000.00 $22,950.00 Page of 5 Beginning Balances, May 1, 2020 Credit Debit 20,000 6,000 0 15,000 0 85,000 6,000 14,000 4,000 50,000 40,000 100,000 Account 101 105a 105b 1050 1050 119 124 125 128 163 164 165 166 201a 2016 2010 2010 301 302 413 414 415 425 502 612 613 620 621 637 641 642 650 651 661 690 901 Total Account Name Cash Accounts Receivable -Turin Corp. Accounts Receivable-Chinook Tractor Co. Accounts Receivable-Waterton Farms Inc. Accounts Receivable-Coaldale Services Merchandise Inventory Office Supplies Store Supplies Prepaid insurance Office Equipment Accumulated Depreciation Office Equipment Store Equipment Accumulated Depreciation, Store Equipment Accounts Payable - Kipp Corp. Accounts Payable-Windworks Inc. Accounts Payable - Canola Products Accounts Payable -Taber Supply Co. Benny Kodiak, Capital Benny Kodiak, Withdrawals Sales Sales Returns and Allowances Sales Discounts Interest Revenue Cost of Goods Sold Depreciation Expense, Office Equipment Depreciation Expense, Store Equipment Office Salaries Expense Sales Salaries Expense Insurance Expense Rent Expense, Office Space Rent Expense. Selling Space Office Supplies Expense Store Supplies Expense Bank Charges Expense Utilities Expense Income Summary 55,000 0 25,000 60,000 0 120,000 0 OOO OOOOO 0 0 D 0 0 0 0 0 0 300,000 300.000 Page

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

Financial Accounting And Reporting A Global Perspective

Authors: Herve Stolowy, Yuan Ding, Luc Paugam

6th Edition

147376730X, 9781473767300

More Books

Students also viewed these Accounting questions

Question

How is the NDAA used to shape defense policies indirectly?

Answered: 1 week ago