b) Sofea Enterprise runs a retail business. All cash andcheque receipt and payment are recorded in the CashBook. The following transactions occurred during themonth of September 2021 and are yet to be recordedin the Cash Book:The debit balance in the Cash and Bank accounts are$2,000 and $17,000 respectively.3/9 Transfer cash $1,000 into the bank account.4/9 Purchased goods worth $3,600 by cheque.5/9 Paid Jamilah & Co. $5,000 by cheque for purchase of goods.6/9 The owner took $500 cash for his own use.8/9 Paid the shop rental $3,000 by cheque.10/9 Received a cheque from Ms. Angie amounting to $3,600 after deducting cashdiscount $400.15/9 Cash sales of $3,200.18/9 Issued $2,850 cheque to Seri Enterprise after deducting cash discount of 5%.20/9 Received $5,000 cheque from Faiz Enterprise.23/9 Cash sales banked the same day, $2,600.28/9 Paid wages to shop assistant by cheque, $1,200.REQUIRED:Prepare a Three-column Cash Book, balancing it at 30September 2021. Bring down the balances to 1 October2021.

Cash Book (Triple Coloum) The most thorough type of cash book has triple currency columns on both…

Answered: 28/9 Paid wages to shop assistant by…

28/9 Paid wages to shop assistant by cheque, $1,200. REQUIRED: Prepare a Three-column Cash Book, balancing it at 30 September 2021. Bring down the balances to 1 October 2021.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 4AP

See similar textbooks

Related questions

Q: The directors of Nico Limited have appointed you as a merger and acquisition specialist. They are…

A: The post-acquisition management stage of the acquisition process follows the completion of the…

Q: Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.4% ×…

A: Retirement payments refer to the payment that is to be paid when the person retires following the…

Q: A business with a periodic system to calculate its inventory, has provided the following…

A: FOB Destination The shipping abbreviation FOB (Freight on Board) Destination denotes that until the…

Q: A) The value of A1 is 800 B) The value of A2 is 56.96 C) The Value of the Annuality 800 D)The…

A: The value will be calculated by using the following formula: Value of Annuity =Amount×(+Rate…

Q: Determine the missing amounts in each of these four separate situations a through d. Supplies…

A: Supplies expense is the cost of consumables utilized during a reporting period. This could be one of…

Q: Calculate the theoretical ex-bonus price and adjustment factor. b) Compute the basic EPS amount…

A: A) Ex-bonus price=$4.00-($4.00/6)= $3.33 Adjustment factor= (3.33/4.00)= 0.83 The theoretical…

Q: November 1, 2018, Payroll.com, an Internet company, has a $10,481.88 checkbook balance. Record the…

A: Check Stubs No.190 Date November 8, 2018 To: Staples For: Office Supplies…

Q: Alta Ski Company's inventory records contained the following information regarding its latest ski…

A: 1. Inventory Valuation Methods - Inventory generally valued by three methods - a. FIFO - Under this…

Q: A, B, C are new lawyers and are decided to form a partnership. . A is to contribute cash of P50,000…

A: Journal entries refers to the entries which are passed by the companies at the end of the accounting…

Q: Current Attempt in Progress Sheridan Inc. reported the following for 2023: Sales Revenue Cost of…

A: The comprehensive income statement is a combined financial statement that indicates standard income…

Q: differences between the organizations in the text boxes inside the circle for each organization and…

A: Answer : Both GASB and FASB have some similarities and differences, as the purpose of both is the…

Q: What is adaptive leadership? explain

A: Answer:- Leadership meaning:- The capacity to influence and direct followers or other members of an…

Q: Bob Jones bought a new log cabin for $60,000 at 5.75% interest for 15 years. Prepare an amortization…

A: The question is based on the concept of Financial Management.

Q: The product of a company passes through three processes to completion. They are known as A, B, and…

A: Process costing is a method of costing used mainly in manufacturing where units are continuously…

Q: Income/compensation Jaime an apprentice chef, slices his index finger off during we $5,000 Jaime is…

A: There is need for the taxes to paid on the money received but some are exempted and some are not…

Q: The following table contains financial statement information for Walmart Inc. $ millions Total…

A: RETURN ON EQUITY The return on equity is a Measure of the Profitability of a Business in relation to…

Q: On December 31, 2019, Leni Company, a financing institution lent P10,000,000 to Digong Corp. due 3…

A: Given in the question: As on December 31, 2022 New Terms Interest due in 2022…

Q: The controller of Crane Production has collected the following monthly cost data for analyzing the…

A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of…

Q: statements are prepared for a general purpose? Reflect on that and also on company's stakeholders.…

Q: Mansfield Information Systems (MIS) is an IT support firm. Managers and staff are billed to clients…

A: A budgeted income statement (sometimes called a budget income statement) is a document that helps…

Q: A machine costing $210,200 with a four-year life and an estimated $19,000 salvage value is installed…

A: Depreciation per annum as per straight line method = (Cost - Salvage value)/Useful life

Q: The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next…

A: Cash budget A cash budget is an estimate of a company's cash inflows and expenditures over a…

Q: On December 31, 2021, you sold your gently used car to your friend, Student Y. Instead of a full…

A: When the Fixed Asset Sold Out they Were Credited by Removing From the Books and Receiving the Cash…

Q: 1.1 How much will the shareholders of Surrey Ltd gain or lose on a per share basis. 1.2 Determine…

A: SOLUTION:- 1. The shareholders of Surrey Ltd will gain R 2.29 per share (i.e. R 11.29 - R 9). 2.…

Q: What would be the consolidation worksheet entries in relation to this asset when preparing the…

Q: a manager for Health Care, Inc. Assume a rate of 6.2% on $118,50 n level for Social Security earnin…

A: Net pay refers to the total sum value of money an individual receives on his/her pay check after all…

Q: a On December 1, $11,650 was received for a service contract to be performed from December 1 through…

A: Adjustment Journal Entry Adjusting entries are used to transform money transfers into accrual -…

Q: An industrial plant manager decided to purchase a new generator through financing at a cost of…

A: Amortization is an accounting technique used to periodically lower the book value of a loan or an…

Q: I b) Electroz Ltd has the following data concerning a model electric car it manufactures:< Variable…

A: Cost Plus Pricing Method :— It is a pricing method in which target price is calculated by adding…

Q: The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine,…

A: Accumulated depreciation refers to the concept of compiling all the depreciation levied on the value…

Q: The stockholders equity of Acme Corporation at December 31, 2010 consisted of the following: Common…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Calculate net pay in the following example.

A: Given in the question: FICA Rate 7.65% FITW Rate 15% Paid Per week $475

Q: Carlos purchased a new business asset (five-year property) on February 10, 2021, at a cost of…

A: Depreciation refers to the amount charged on fixed assets by which the asset value decreases over…

Q: Bluegill Company sells 15,500 units at $220 per unit. Fixed costs are $170,500, and operating income…

A: Total sales revenue - Variable cost = Contribution margin And Contribution margin - Fixed cost =…

Q: Zoey Bella Corp. has a payroll of $6,590 for a five-day workweek. Its employees are paid each Friday…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Q: Kesterson Corporation has provided the following information: Cost per Unit Cost per Period…

A: Lets understand the basics. Overhead is total of indirect costs. In other words all indirect…

Q: Following are unadjusted balances along with year-end adjustments for Quinlan Company. Complete the…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Q: XYZ is a calendar-year corporation that began business on January 1, 2022. For the year, it reported…

A: AMT is the Term of Additional Tax Imposed on the Tax payer or on the Assesses when The Income was…

Q: Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported…

A: Cost of the assets: As Per the cost concept, the asset should be recorded at its acquisition cost at…

Q: On July 1, 2022, Nate, a cash basis taxpayer, paid $1,200 of car insurance premiums for a 12 month…

A: The tax ramifications of a return of your insurance premiums depend on how you paid for the policy.…

Q: Capitalization is: A. A corporation's total investments consisting of common stock and preferred…

A: Market cap—or market capitalization—refers to the total value of all a company's shares of stock. It…

Q: TAXATION in the Philippines DAILY 1 2 3 4 5 6 Compensation range 685 and below 685 - 1,095 1,096 -…

A: Taxation is the process through which a taxing body, frequently a government, imposes a financial…

Q: Mr. Zheng purchased a residential flat in Hong Kong with a mortgage loan obtained from a local bank.…

A: In General Property Rent is Get Benefit of 20% And The Expense Related to this Will Get Benefit if…

Q: Jurassic Jumpers Co. (JJ Co.) offers bungee jumping for those looking for an extreme outing. JJ Co.…

A: Adjusting Entries Date General Journal Debit Credit 31-Dec…

Q: What are the advantages of operating and capital leases? What are the disadvantages? Why would a…

A: Answer:- Lease meaning:- A lease is a kind of legal agreement that requires the user to pay the…

Q: A machine has an initial cost of P91,123.71 and a salvage value of P14,839.26 after 7 years. What is…

A: Total Depreciation under Straight Line Depreciation = Annual Depreciation x No. of years Annual…

Q: A furniture manufacturer specializes in wood tables. The tables sell for $100 per unit and incur $40…

A: Break Even Point (BEP) :— It is the point at which total cost is equal to total revenue. At this…

Q: Cash in hand means

A: CASH IN HAND Cash in Hand are Shown under the Current Assets in The Balance Sheet of the…

Q: 15 Required information [The following information applies to the questions displayed below.] Preble…

A: FLEXIBLE BUDGET A flexible budget is a budget that changes as per the activity level or production…

Q: Prepare the journal entry (or entries) required to record a)the original transaction, and b) the…

A: In case of multiple questions, we are allowed to solve only the first question. If you want other…

Question

b) Sofea Enterprise runs a retail business. All cash and
cheque receipt and payment are recorded in the Cash
Book. The following transactions occurred during the
month of September 2021 and are yet to be recorded
in the Cash Book:
The debit balance in the Cash and Bank accounts are
$2,000 and $17,000 respectively.
3/9 Transfer cash $1,000 into the bank account.
4/9 Purchased goods worth $3,600 by cheque.
5/9 Paid Jamilah & Co. $5,000 by cheque for purchase of goods.
6/9 The owner took $500 cash for his own use.
8/9 Paid the shop rental $3,000 by cheque.
10/9 Received a cheque from Ms. Angie amounting to $3,600 after deducting cash
discount $400.
15/9 Cash sales of $3,200.
18/9 Issued $2,850 cheque to Seri Enterprise after deducting cash discount of 5%.
20/9 Received $5,000 cheque from Faiz Enterprise.
23/9 Cash sales banked the same day, $2,600.
28/9 Paid wages to shop assistant by cheque, $1,200.
REQUIRED:
Prepare a Three-column Cash Book, balancing it at 30
September 2021. Bring down the balances to 1 October
2021.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due Labradore Inc. and 300 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Tails Inc. during the month of September 20Y4 are as follows: a. Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those used in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Happy Tails Inc. uses the following accounts: b. Prepare a listing of accounts payable creditor balances on September 30, 20Y4. Verify that the total of the accounts payable creditor balances equals the balance of the accounts payable controlling account on September 30, 20Y4. c. Why does Happy Tails Inc. use a subsidiary ledger for accounts payable?
The revenue and cash receipts journals for Mirage Productions Inc. follow. The accounts receivable control account has a August 1, 2016, balance of 4,230 consisting of an amount due from Celestial Studios Inc. Prepare a listing of the accounts receivable customer balances and verify that the total agrees with the ending balance of the accounts receivable controlling account.
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a general journal, page 1. Assume the periodic inventory method is used. If using QuickBooks, record transactions using either the journal entry method or the forms-based approach as directed by your instructor. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. If using QuickBooks or general ledger, ignore Steps 2, 3, and 4. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable (A/R Aging Detail report in QuickBooks) and a schedule of accounts payable (A/P Summary Detail report in QuickBooks). Do the totals equal the balances of the related controlling accounts?
The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. If you are using the form-based approach with QuickBooks or general ledger, select Cash Sales as the customer for all cash sales transactions. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals on scratch paper. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.
Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Wisk Away Cleaning Services Inc. uses the following accounts:
Transactions related to revenue and cash receipts completed by Albany Architects Co. during the period November 230, 2016, are as follows: Instructions 1. Insert the following balances in the general ledger as of November 1: 2. Insert the following balances in the accounts receivable subsidiary ledger as of November 1: 3. Prepare a single-column revenue journal (p. 40) and a cash receipts journal (p. 36). Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. The Fees Earned column is used to record cash fees. Insert a check mark () in the Post. Ref. column when recording cash fees. 4. Using the two special journals and the two-column general journal (p. 1), journalize the transactions for November. Post to the accounts receivable subsidiary ledger, and insert the balances at the points indicated in the narrative of transactions. Determine the balance in the customers account before recording a cash receipt. 5. Total each of the columns of the special journals, and post the individual entries and totals to the general ledger. Insert account balances after the last posting. 6. Determine that the sum of the customer balances agrees with the accounts receivable controlling account in the general ledger. 7. Why would an automated system omit postings to a controlling account as performed in step 5 for Accounts Receivable?