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 MuhammadYousaf
posted
Dec 21 2013 
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal, indicate the journal in which each of the following transactions should be recorded:
Assuming the use of a two-column (all-purpose) general journal, a purchases journal, and a cash payments journal, indicate the journal in which each of the following transactions should be recorded:   Pick the correct journal from the list. a.  Adjustment to prepaid insurance at the end of the month. b.  Purchase of office equipment for cash. c.  Advance payment of a one-year fire insurance policy on the office. d.  Purchase of office supplies for cash. e.  Adjustment to record accrued salaries at the end of the period. f.  Adjustment to prepaid rent at the end of the month. g.  Purchase of office supplies on account. h.  Purchase of services on account. i.  Purchase of an office computer on account. j.  Payment of six months' rent in advance. k.  Adjustment to record depreciation at the end of the month.
o prepaid insurance at the end of the month. b. Purchase of office equipment for cash. c. Advance payment of a one-year fire insurance policy on the office. d...(2331 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
The following revenue journal is for Zeta Services Inc. Assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a $480 beginning balance. In
The following revenue journal is for Zeta Services Inc. Assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a $480 beginning balance. In addition, there were no collections during the period. The T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger are below. a.  Post to the T accounts. b.  Determine the balance in the accounts. c.  Prepare a listing of the accounts receivable customer balances as of March 31, 2014.
he four accounts needed in the customer ledger are below. a. Post to the T accounts. b. Determine the...(2828 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system. In the dropdowns select "Yes" if an account sh
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system. In the dropdowns select "Yes" if an account should be closed, and "No" if it should not be closed. a.  Accounts Payable b.  Advertising Expense c.  Cost of Merchandise Sold d.  Merchandise Inventory e.  Sales f.  Sales Discounts g.  Sales Returns and Allowances h.  Supplies i.  Supplies Expense j.  Valery Lavine, Drawing k.  Wages Payable
to Income Summary at the end of the fiscal year under a perpetual inventory system. In the dropdowns s...(1724 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
The following selected transactions were completed by Capers Company during October of the current year: Required:
The following selected transactions were completed by Capers Company during October of the current year: Required: Journalize the entries to record the transactions of Capers Company for October. For a compound transaction, if an amount box does not require an entry, leave it blank.
Required:The follow...(3799 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
Activation Exercise 6-3: Freight Transactions Terms and Definitions Purchases and sales of merchandise involve freight. The responsibility for freight (buyer or seller) is determined by the terms o
Activation Exercise 6-3: Freight Transactions Terms and Definitions Purchases and sales of merchandise involve freight. The responsibility for freight (buyer or seller) is determined by the terms of sale. The terms of sale will identify when title passes from the seller to the buyer, and thus determines who is responsible for freight. Select the correct terms in the table below. Sales Freight Term Party responsible for paying freight invoice Account debited for freight costs FOB shipping point FOB destination Understanding the Business Transaction FOB Shipping Point, buyer pays invoice Mar. 15, 2015 Majestic Products, Inc. purchased goods from Fulton Corp. on Mar. 15, 2015, FOB shipping point. Boston Trucking invoiced the freight on these goods to Majestic for $250. Under the perpetual inventory method the cost of freight paid by the buyer is part of the cost of merchandise. FOB Destination, seller pays invoice May 6, 2015 Fun Supply Inc. sold goods to Marvel Games, Inc. on May 6, 2015, FOB destination. Mid States Trucking Inc. invoiced the freight on these goods to Fun Supply for $195. Freight paid by the seller, FOB destination, is a selling expense. FOB Shipping point, seller prepays freight May 19, 2015 Fun Supply Inc. sold goods to Marvel Games, Inc. on May 19, 2015, FOB shipping point. Mid States Trucking Inc. invoiced the freight on these goods to Fun Supply for $170. Freight paid by the seller, FOB shipping point, is invoiced to the customer. Recording in the Accounting System FOB Shipping Point, buyer pays invoice Journalize the freight transaction for Majestic Products, Inc. FOB Destination, seller pays invoice Journalize the freight transaction for Fun Supply, Inc. FOB Shipping point, seller prepays freight Journalize the freight transaction for Fun Supply, Inc. Financial Statement Impact Magnificent Mile, Inc., located in Chicago, IL., sells products to Peachtree Inc., located in Atlanta, GA. The freight costs incurred to ship product from Chicago to Atlanta is $6,000. It is assumed that the merchandise inventory for Peachtree is not changing. Thus, any freight costs that are debited to Merchandise Inventory under terms FOB shipping point will eventually be debited to Cost of Merchandise Sold when the goods are sold. Thus, under FOB destination the income statement of the seller is impacted by freight costs through Delivery Expense, a selling expense. Under FOB shipping point, the income statement of the buyer is impacted by freight costs through Cost of Merchandise Sold. Two sets of income statements from Magnificent Mile and Peachtree are provided, one excluding freight costs and a second including freight cost, depending on the FOB term selected. The two sets can be compared to see how freight costs impact the income statement under FOB shipping point and FOB destination. Below is a slider to select the FOB term (destination or shipping point). Select the freight term and compare how the $6,000 freight impacts the income statements of the buyer and seller, and with themselves excluding freight.
below. Sales Freight Term Party responsible for paying freight invoice Account debited for freight costs FOB shipping point FOB destination Understanding the Business Transaction FOB Shipping Point, buyer pays invoice Mar. 15, 2015 Majestic Products, Inc. purchased goods from Fulton Corp. on Mar. 15, 2015, FOB shipping point. Boston Trucking invoiced the freight on these goods to Majestic for $250. Under the perpetual inventory method the cost of freight paid by the buyer is part of the cost of merchandise. FOB Destination, seller pays invoice May 6, 2015 Fun Supply Inc. sold goods to Marvel Games, Inc. on May 6, 2015, FOB destination. Mid States Trucking Inc. invoiced the freight on these goods to Fun Supply for $195. Freight paid by the seller, FOB destination, is a selling expense. FOB Shipping point, seller prepays freight Ma...(11469 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to su
Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing (1) posting to general ledger accounts or (2) posting to subsidiary ledger accounts.
general ledger accounts or (2) posting to su...(789 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
For a recent year, Best Buy reported revenue of $50,272 million. Its gross profit was $12,637 million. What was the amount of Best Buy's cost of merchandise sold? (Enter answer in millions.)
For a recent year, Best Buy reported revenue of $50,272 million. Its gross profit was $12,637 million. What was the amount of Best Buy's cost of merchandise sold? (Enter answer in millions.)
n millions.)For a recent year, Best Bu...(160 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
A retailer is considering the purchase of 250 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $400 a unit, total of $100,000, 1/10, n/30, no charge
A retailer is considering the purchase of 250 units of a specific item from either of two suppliers. Their offers are as follows: Supplier One: $400 a unit, total of $100,000, 1/10, n/30, no charge for freight. Supplier Two: $399 a unit, total of $99,750, 2/10, n/30, plus freight of $975. Price of Supplier One: Price of Supplier Two: Which of the two offers, Supplier One or Supplier Two, yields the lower price?
m from either of two suppliers. Their offers are as follows: Supplier One: $400 a ...(598 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
Journalize entries for the following related transactions of Platypus Company:
Journalize entries for the following related transactions of Platypus Company: a.  Purchased $71,500 of merchandise from Sitwell Co. on account, terms 1/10, n/30. b.  Paid the amount owed on the invoice within the discount period. For a compound transaction, if an amount box does not require an entry, leave it blank. c.  Discovered that $13,500 (before purchases discount of 1%) of the merchandise was defective and returned items, receiving credit. d.  Purchased $9,000 of merchandise from Sitwell Co. on account, terms n/30. e.  Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).
00 of merchandise from Sitwell Co. on account, terms 1/10, n/30. b. Paid the amount owed on the invoice within the discount p...(1690 more words & 0 attachments).
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 MuhammadYousaf
posted
Dec 21 2013 
Sombrero Co., a furniture wholesaler, sells merchandise to Belarus Co. on account, $64,300, terms 2/10, n/30. The cost of the merchandise sold is $38,000. Sombrero Co. issues a credit memo for $13,30
Sombrero Co., a furniture wholesaler, sells merchandise to Belarus Co. on account, $64,300, terms 2/10, n/30. The cost of the merchandise sold is $38,000. Sombrero Co. issues a credit memo for $13,300 for merchandise returned and subsequently receives the amount due within the discount period. The cost of the merchandise returned is $8,000. a.  Journalize Sombrero Co.'s entries for (1) the sale, including (2) the cost of the merchandise sold. b.  Journalize Sombrero Co.'s entries for (1) the credit memo, including (2) the cost of the returned merchandise. c.  Journalize Sombrero Co.'s entry for the receipt of the check for the amount due from Belarus Co. For a compound transaction, if an amount box does not require an entry, leave it blank.
he credit memo, including (2) the cost of the returned merchandise. c. Journalize Sombrero Co.'s entry for the receipt of the check for the amount du...(1589 more words & 0 attachments).
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