Question
Please answer these for me. I want to see if I got the same answer or not. Problem 8.6A Journalizing and posting merchandising transactions for
Please answer these for me. I want to see if I got the same answer or not.
Problem 8.6A Journalizing and posting merchandising transactions for buyer and seller. LO 8-1, 8-3, 8-4
Bowden Company (buyer) and Song, Inc. (seller), engaged in the following transactions during January 2019:
Bowden Company
DATE | TRANSACTIONS | |
2019 | ||
Jan. | 8 | Issued Check 2101 for $2,744 on account to Song, Inc., in payment of Invoice 1885 dated December 30, 2018, less cash discount of $56. |
10 | Purchased merchandise for $1,400 from Song, Inc., Invoice 1920; terms 2/10, n/30. | |
15 | Received Credit Memorandum 320 from Song, Inc., for damaged merchandise totaling $100 that was returned; the goods were purchased on Invoice 1920, dated January 10. | |
19 | Paid amount due to Song, Inc., for Invoice 1920 of January 10, less the return of January 15 and less the cash discount, Check 2130. | |
30 | Purchased merchandise for $3,000 from Song, Inc., Invoice 1950; terms 2/10, n/30. |
GENERAL LEDGER ACCOUNTSBOWDEN COMPANY 201 Accounts Payable, $2,800 Cr.
ACCOUNTS PAYABLE LEDGER ACCOUNTBOWDEN COMPANY Song, Inc., $2,800
Song, Inc.
DATE | TRANSACTIONS | |
2019 | ||
Jan. | 8 | Received payment of $2,744 on account from Bowden Company in payment of Invoice 1885 dated December 30, 2018, less cash discount of $56. |
10 | Sold merchandise for $1,400 on account to Bowden Company, Invoice 1920, terms 2/10, n/30. | |
15 | Issued Credit Memorandum 320 to Bowden Company for damaged merchandise totaling $100 that was returned; the goods were purchased on Invoice 1920, dated January 10. | |
19 | Received payment from Bowden Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. | |
30 | Sold merchandise for $3,000 to Bowden Company, Invoice 1950; terms 2/10, n/30. |
Side note for Expert: These are what you can only use in the "General Journal"
Accounts payable/Bowden Company
Accounts payable/Song, Inc.
Accounts receivable/Bowden Company
Accounts receivable/Song, Inc.
Cash
Cost of goods sold
Freight in
Interest expense
Interest payable
Merchandise inventory
Prepaid advertising
Prepaid insurance
Prepaid rent
Purchases
Purchases discounts
Purchases returns and allowances
Sales
Sales discounts
Sales returns and allowances
Sales tax payable
Then after you are done with the Journal. Do the Ledgers please.
Then Analyze
Thank you for your help! Means a lot.
Bowden Bowden Song Journal Song Ledgers Analyze Journal Ledgers Post the transactions to the appropriate accounts in the geeneral ledger and the accounts payable subsidiary ledger for Bowden Company. Enter as of January 1, 2019 ACCOUNTS PAYABLE SUBSIDIARY LEDGER - Bowden GENERAL LEDGER - Bowden Company Company Accounts Payable TERMS: 2/10, n/30 Account No: 201 Song, Inc. Date Debit Credit Balance Date Debit Credit Balance Jan. 1, 2019 Jan. 1, 2019 GENERAL LEDGER - Song, Inc. ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER - Song, Inc. Bowden Company Accounts Receivable Account No: 111 Terms Balance Date Debit Credit Date Debit Credit Balance Jan. 1, 2019 Jan. 1,2019 Bowden Bowden Analyze Song Journal Song Ledgers Journal Ledgers What is the balance of the accounts payable for Song, Inc., in the Bowden Company accounts payable subsidiary ledger? What is the balance of the accounts receivable for Bowden Company in the Song, Inc., accounts receivable subsidiary ledger? Accounts payable for Song, Inc. Accounts receivable for Bowden Company
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