Date Transaction 1 Made cash sales of $6,300; the cost of the inventory was $3,700. 5 Purchased $2,000 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $1,900. 13 Paid sales salaries of $900 and office salaries of $600. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. 21 Purchased $600 of inventory for cash. 27 Sold land that had originally cost $1,900 for $2,600. May Roguirodi
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Mead Company uses a perpetual inventory system and engaged in the following transactions durig the month of May:
Record the preceding transactions in a general journal.
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- Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?May 1 Made cash sales of $7,100; the cost of the inventory was $3,600. 5 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $9,000; made a down payment of $2,300 and agreed to pay the balance in 60 days. 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,900 for $3,200. Required: Record the preceding transactions in a general journal.1. Purchased inventory with a cost of $26,300 on account. li. Sales on account to customers totalled $59,300. lii. Payments made to employees for wages totalled $19,000. iv. Cash collections from customers settling their accounts totalled $42,100. v. Invoice received from the utility company for $3700 is due in 30 days. Vi. Payments totalling $21,000 were made to suppliers to settle part of the balance owing to them Vii. Received a deposit of $2,600 from a customer for goods to be delivered next month. Calculate the revenue, expenses, net income that would be reported on the cash basis. Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g (45).) Revenues Expenses Net Income / (Loss) $ $
- Halifax Fisheries Inc. began the month of March with $760,000 of current assets, a current ratio of 2.5 to 1, and a quick ratio of 1.1 to 1. During the month, it completed the following transactions:Mar. 6 Bought $86,000 of merchandise on account. (The company uses a perpetual inventory system.) 11 Sold merchandise that cost $70,000 for $118,000. 15 Collected a $30,000 account receivable. 17 Paid a $32,000 account payable. 19 Wrote off a $14,000 bad debt against Allowance for Doubtful Accounts. 24 Declared a $1.75 per share cash dividend on the 41,000 outstanding common shares. 28 Paid the dividend declared on March 24. 29 Borrowed $90,000 by giving the bank a 30-day, 19% note. 30 Borrowed $110,000 by signing a long-term secured note. 31 Used the $200,000 proceeds of the notes to buy additional machinery.Required:Prepare a schedule showing Halifax Fisheries Inc.’s current ratio, quick ratio, and working capital after each of the transactions. (Round ratios to 2 decimal places and other…6.1. ABC Merchandising had the following transactions: 1. Purchased goods and made payment by cash in bank at S6,600. Freight-in was $220 (with VAT), paid by cash on hand. 2. Purchased materials on account for $7,350 (including 5% VAT) with credit terms 1/10, n/30 (if customer made payment within 10 days, they will received 1% discount) 3. Purchased tools on account for $4,400 (including 10% VAT). 4. Return a part of tools purchased in (3) for sales price with VAT of $2,200 5. Paid within the discount period for materials in (2). 6. Paid for tools in (3) by cash in bank. Requirement: Record transaction 6.2. Company pay VAT by the tax deduction method, accounting for inventories by perpetual inventory system, determination of price of inventories by FIFO method. Beginning balance: Acc 152: 10.000.000 VND (1000 units of A) Acc 153: 2.000.000 VND (100 units of T) During the period the following transactions occur: Requirement: Record transaction 1. Purchase 5.000 units of A on account,…Parson Corporation, a wholesaler, provided the following information: Month January February March April May Merchandise Purchases 150,000 156,000 144,000 162,000 168,000 A. Cash collections B. Cash disbursements C. Cash balance Sales. 188,000 182,000 181,000 194,000 182,000 Customers pay 70% of their balances in the month of sale, 20% in the month following sale, and 10% in the second month following sale. The company pays all invoices in the month following purchase and takes advantage of a 3% discount on all amounts due. Cash payments for operating expenses in May will be $123,500; Parson's cash balance on May 1 was $135,800. Required: A. Determine the expected cash collections during May. B. Determine the expected cash disbursements during May. C. Determine the expected cash balance on May 31.
- On November 30, Petrov Company has $127,000 of accounts receivable and uses the perpetual inventory system. December 4 Sold $7,810 of merchandise (that had cost $4,998) to customers on credit, terms n/30. December 9 Sold $17,780 of accounts receivable to Main Bank. Main charges a 6% factoring fee. December 17 Received $4,296 cash from customers in payment on their accounts. December 27 Borrowed $10,160 cash from Main Bank, pledging $13,208 of accounts receivable as security for the loan. (1) Prepare journal entries to record the above transactions. (2) Which transaction would most likely require a note to the financial statements?Keep Calm Company provided the following information for the current year: Accounts receivable, January 1 2,100,000 Accounts receivable, December 31 2,700,000 Collections of accounts during the year 9,000,000 Inventory, January 1 4,500,000 Purchases during the year 5,800,000 All sales are made on account. The mark up on cost is 20% What is the estimated inventory. December 31?On November 30, Petrov Company has $128,700 of accounts receivable and uses the perpetual inventory system. December 4 Sold $7,245 of merchandise (that had cost $5,000) to customers on credit, terms n/30. December 9 Sold $20,000 of accounts receivable to Main Bank. Main charges a 4% factoring fee. December 17 Received $5,859 cash from customers in payment on their accounts. December 27 Borrowed $10,000 cash from Main Bank, pledging $12,500 of accounts receivable as security for the loan. (1) Prepare journal entries to record the above transactions. (2) Which transaction would most likely require a note to the financial statements? Required 1 Required 2 Prepare journal entries to record the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet
- Company A sold merchandise for $171,000 cash during July. Returns that month totaled $3,600. If the company's gross profit rate is 40%, the company will report monthly net sales revenue and cost of goods sold of O $167,400 and $100,440. O $171,000 and $100,440. $171.000 and $102,600. O $167,400 and $66,960The following information is available from the accounting records of Waxford Ltd.: 19-- January February March April Purchases R42 000 48 000 54 000 36 000 Purchases Total sales Administrative expenses Total sales R72 000 66 000 Twenty percent of sales are expected to be for cash. Collections from customers are normally 70% in the month of sale, 20% in the month following the month of sale, and 9% in the second month following the month of sale. Customers paying in the month of sale get a 5% discount. 78 000 60 000 The corporation pays its creditors in the month following the month of purchase, and qualifies for a 5% discount on all its purchases. Budgeted information for the months of May and June is as follows: May R45 000 72 000 14 500 June R42 000 70 000 16 600 Administrative expenses, which include depreciation of R600 per month, are payable in the month incurred. Rates for the year, amounting to R1 500, are included in the administrative expenses for June. The balance per cash…The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00. Find the following: a.) Cost of goods sold