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accounting problems with A+ answers

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solution


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Question;Accounting Principles I;Chapter 7;Special Journal Activity;Complete the following activity and save this file on;your hard drive. Then submit your file;to your instructor on Canvas.;Required: Using the following information for Baker;Company, journalize each of the transactions in the appropriate journal. Upon completion, total each journal and make;sure each is in balance.;(NOTE: All sales are made;with the terms of 1/10, N/30, and Baker's cost of all merchandise sold was 65%;of the sales price.);Jan. 1 Purchased merchandise on;account from Bell Co., $8,900, terms 2/10, N/30.;Jan. 4 Purchased supplies for cash;$80.;Jan. 4 Sold merchandise on account;to Gilbert, $7,500, invoice #371.;Jan. 5 Issued a debit memorandum to;Bell Co. and returned $300 worth of damaged goods.;Jan. 6 Made cash sales for the week;totaling $3,100.;Jan. 8 Purchased merchandise on;account from Law Co., $4,500, terms 2/15, N/30.;Jan. 9 Sold merchandise on account;to Mays Co., $5,600, invoice #372.;Jan. 11 Purchased merchandise on;account from Hatch Co., $2,700, terms 2/10, N/30.;Jan. 11 Paid in full the Bell Co. on;account less a 2% discount.;Jan. 13 Made cash sales for the week;totaling $5,300.;Jan. 15 Received payment from Mays;Co. for invoice #372, less allowable discount.;Jan. 17 Received payment from;Gilbert for invoice #371, less allowable discount.;Jan. 17 Sold merchandise on account;to Amber Co., $1,100, invoice #373.;Jan. 19 Purchased equipment on;account from Johnson Co., $5,500, terms 2/10, N/30.;Jan. 20 Cash sales for the week;totaled $3,200.;Jan. 20 Paid in full the Law Co. on;account less a 2% discount.;Jan. 23 Purchased merchandise on;account from Bell Co., $7,800, terms 2/10, N/30.;Jan. 24 Purchased merchandise on;account from Levine Co., $4,690, terms 2/10, N/30.;Jan. 27 Made cash sales for the week;totaling $3,700.;Jan. 30 Received payment from Amber;Co. for invoice #373, less allowable discount.;Jan. 31 Paid monthly salaries of;$13,000 to employees.;Jan. 31 Sold merchandise on account;to Gilbert, $7,300, invoice #374.;Sales Journal;Date;Account Debited;Invoice;No.;Ref.;Accts. Rec.Dr.;Sales Cr.;Cost of Goods Sold Dr.;Inventory Cr.;Purchases;Journal;Date;Account Credited;Terms;Ref.;Inventory Dr.;Accounts Payable Cr.;Cash Receipts Journal;Date;Account Credited;Ref.;Cash;Dr.;Sales;Discounts;Dr.;Accounts;Receivable;Cr.;Sales;Cr.;Other;Accounts;Cr.;Cost of Goods;Sold Dr.;Inventory Cr.;Cash;Payments Journal;Date;Ck;No.;Accounts;Debited;Ref.;Other;Accounts;Dr.;Accounts;Payable;Dr.;Supplies;Dr.;Inventory;Cr.;Cash;Cr.;General;Journal;Date;Account Titles;and Explanation;Ref.;Debit;Credit

 

Paper#59545 | Written in 18-Jul-2015

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