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Journal entry
| No | Account and explanation | Debit | Credit |
| a | Cash | 75200 | |
| Sales revenue | 75200 | ||
| Cost of goods sold | 40797 | ||
| Merchandise inventory | 40797 | ||
| b | Sales return and allowance | 900 | |
| Cash | 900 | ||
| Merchandise inventory | 540 | ||
| Cost of goods sold | 540 | ||
| c | Account receivable | 16000 | |
| Sales revenue | 16000 | ||
| Cost of goods sold | 7600 | ||
| Merchandise inventory | 7600 | ||
| d | Cash | 8000 | |
| Account receivable | 8000 | ||
| e | Sales return and allowance | 256 | |
| Account receivable | 256 | ||
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Required information [The following information applies to the questions displayed below.] Hair World Inc. is a...
Required information The following information applies to the questions displayed below.) The following transactions occur for...
Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information [The following information applies to the questions displayed below.] The transactions listed below are...
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended...
Required information [The following information applies to the questions displayed below.] The transactions listed below are...
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended...
Required information [The following information applies to the questions displayed below] Drs. Glenn Feltham and David...
Required information [The following information applies to the questions displayed below] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 6 2 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation 2 1e $ 3 8 Software Accumulated...
[The following information applies to the questions displayed below.] At the beginning of Year 2, Oak...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Required information [The following information applies to the questions displayed below) Fraud Investigators...
Required information [The following information applies to the questions displayed below) Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year, d. On December 31, $570...
Required information [The following information applies to the questions displayed below.) James Company began the month...
Required information [The following information applies to the questions displayed below.) James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
Required information [The following information applies to the questions displayed below. Chavez Company most recently...
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Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two clas...
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Required information The following information applies to the questions displayed below.) The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $21,000 and receive cash b. Purchase office supplies on account for $11,000. c. Pay $5,200 in salaries to employees for work performed during the month. 2. Record the transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View...
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended...
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving New Books Inc. and Readers' Corner. New Books is a wholesale merchandiser and Readers' Corner is a retail merchandiser. Assume all sales of merchandise from New Books to Readers' Corner are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended...
Required information [The following information applies to the questions displayed below] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 6 2 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation 2 1e $ 3 8 Software Accumulated...
[The following information applies to the questions
displayed below.]
At the beginning of Year 2, Oak Consulting had the following normal
balances in its accounts:
Account
Balance
Cash
$
31,800
Accounts receivable
20,900
Accounts payable
14,900
Common stock
23,900
Retained earnings
13,900
The following events apply to Oak Consulting for Year 2:
Provided $65,500 of services on account.
Incurred $3,500 of operating expenses on account.
Collected $46,800 of accounts receivable.
Paid $39,100 cash for salaries expense.
Paid $16,560 cash as...
Required information [The following information applies to the questions displayed below) Fraud Investigators Inc. operates a fraud detection service. a. On March 31, 10 customers were billed for detection services totaling $32,000. b. On October 31, a customer balance of $1,850 from a prior year was determined to be uncollectible and was written off c. On December 15, a customer paid an old balance of $830, which had been written off in a prior year, d. On December 31, $570...
Required information [The following information applies to the questions displayed below.) James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
Required information [The following information applies to the questions displayed below. Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding. No. 5888 for $1,001 and No. 5893 for $482. The following information is available for its September 30, 2017, reconciliation From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 16,500 9,713 1,674 18,461 CHECKS AND DEBITS Date No....
Required information (The following information applies to the questions displayed below.) On January 1 2021, Red Flash Photography had the following balances Cash, $17.000; Supplies, $8,500, Land, $65,000; Deferred Revenue $5,500, Common Stock $55,000; and Retained Earnings, $30,000. During 2021, the company had the following transactions 1. February 15 Issue additional shares of common stock, $25,eee. 2. May 20 Provide services to customers for cash, $40,000, and on account, $35,000 3. August 31 Pay salaries to employees for work in...
Required information [The following information applies to the questions displayed below.] Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 3,400 shares of common stock have been issued. The following transactions affect stockholders' equity during 2021: March 1 Issue 1,100 shares of common stock for $36 per share. May 15 Purchase 400 shares of treasury stock for $29 per share. July...
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