Question
In: Accounting
The Following Transactions are for Elliot's Business: A.Elliot purchased goods for resale $9631 from Watson. B.He...
The Following Transactions are for Elliot's Business:
A.Elliot purchased goods for resale $9631 from Watson.
B.He sold goods $5000 to Duane on credit
C.Elliot sold goods for cash $1000
D. He paid motor expenses $2785 paying cash
Required:Enter the transactions in Elliot's Ledger.Carry down any balances and check the accuracy of the entries by extracting a trial balance.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Allan set up a trading business, buying and selling
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Allan introduced $500,000 cash into the business bank
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The business bought a motor vehicle with price of
$60,000. The payment was by cheque.
The business bought some inventory for $30,000. The
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The entire inventory purchased in transaction #3 was
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Additional inventory was purchased amounting to
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Dan Watson started a small merchandising business in Year 1. The business experienced the following events...
Dan Watson started a
small merchandising business in Year 1. The business experienced
the following events during its first year of operation. Assume
that Watson uses the perpetual inventory system.
Acquired $33,000 cash from the issue of common stock.
Purchased inventory for $26,400 cash.
Sold inventory costing $15,600 for $30,000 cash.
Required
a. Record the events in a horizontal statement
model. In the Cash Flow column, use OA to designate operating
activity, IA for investment activity, FA for financing activity,...
Dan Watson started a small merchandising business in Year 1. The business experienced the following events...
Dan Watson started a small merchandising business in Year 1. The
business experienced the following events during its first year of
operation. Assume that Watson uses the perpetual inventory system.
Acquired $25,000 cash from the issue of common stock. Purchased
inventory for $20,000 cash. Sold inventory costing $18,600 for
$32,500 cash. Required a. Record the events in general journal
format. b. Post the entries to T-accounts. c. Determine the amount
of gross margin. d. What is the amount of net...
Dan Watson started a small merchandising business in Year 1. The business experienced the following events...
Dan Watson started a small merchandising business in Year 1. The
business experienced the following events during its first year of
operation. Assume that Watson uses the perpetual inventory
system.
Acquired $25,000 cash from the issue of common stock.
Purchased inventory for $20,000 cash.
Sold inventory costing $18,600 for $32,500 cash.
Required
a. Record the events in general journal format.
b. Post the entries to T-accounts.
c. Determine the amount of gross margin.
d. What is the amount of net...
9. _______________ is a warranty that goods sold are properly identified and ready for resale. 10....
9. _______________ is a warranty that goods sold are properly
identified and ready for resale.
10. ______________ is the seller’s right to correct anything
that may be wrong with his goods under the UCC.
11. ______________ is the name of damages under the UCC for the
buyer should the seller not deliver the goods. It is the difference
between the contract price and the price of the replacement goods
obtained. You must use the name we discussed in class—no other...
The following transactions are from Sharper Vision Corporation. Purchased inventory on December 10, 2020, with a...
The following transactions are from Sharper Vision
Corporation.
Purchased inventory on December 10, 2020, with a list price of
$6,000, a trade discount of 20%, and with terms 2/10, n/30.
Returned $800 of inventory to the supplier on December 15,
2020.
Paid $3,200 cash on account on December 19, 2020.
Paid the remaining balance on January 5, 2021.
Perpetual inventory systems
Periodic inventory systems
a. Prepare journal entries for the transactions 1
through 4, assuming that the company uses the...
Tara Kelly Inc. has the following Business Transactions relating to her INVENTORY ACCOUNT Tara Kelly purchased...
Tara Kelly Inc. has the following Business Transactions relating
to her INVENTORY ACCOUNT
Tara Kelly purchased Merchandise Inventory from Gillian’s Gems,
$5,500 terms 2/10, net/30, FOB Shipping Point
Tara paid freight on shipment from Gillian’s Gems $1,250
Tara sold Merchandise Inventory to Logan Inc for $8,250 Cost
$5,400.Terms 2/10, Net/30
Tara returned $1,550 of Merchandise Inventory purchased from
Gillian’s Gems
Logan Inc returned $2,750 of Merchandise Inventory to Tara, cost
$1,420.
Tara paid Gillian within discount period.
Tara paid $1,350...
Presented below are transactions related to Tamarisk, Inc. May 10 Purchased goods billed at $15,600 subject...
Presented below are transactions related to Tamarisk,
Inc.
May 10
Purchased goods billed at $15,600 subject to cash discount
terms of 2/10, n/60.
11
Purchased goods billed at $14,400 subject to terms of 1/15,
n/30.
19
Paid invoice of May 10.
24
Purchased goods billed at $14,400 subject to cash discount
terms of 2/10, n/30.
1. Prepare general journal entries for the transactions above
under the assumption that purchases are to be recorded at net
amounts after cash discounts and...
Presented below are transactions related to Metlock, Inc. May 10 Purchased goods billed at $12,200 subject...
Presented below are transactions related to Metlock,
Inc.
May 10
Purchased goods billed at $12,200 subject to cash discount
terms of 2/10, n/60.
11
Purchased goods billed at $17,100 subject to terms of 1/15,
n/30.
19
Paid invoice of May 10.
24
Purchased goods billed at $13,600 subject to cash discount
terms of 2/10, n/30.
prepare general journal entries for the transactions above under
the assumption that purchases are to be recorded at net amounts
after cash discounts and that...
The following are selected 20X2 transactions of Bishop Corporation. Sept 1 Purchased inventory from Smith Company...
The following are selected 20X2 transactions of Bishop
Corporation.
Sept 1 Purchased inventory from Smith Company on
account for $50,000. Smith records purchases gross and uses a
periodic inventory system.
Oct 1 Issued a $50,000, 12-month, 8%
interest-bearing note to Smith in payment of account.
Oct 1 Signed a zero-interest bearing 12-month
note for $54,000 from the Second Bank and received $50,000.
Required:
a. Prepare journal entries for the selected transactions
above.
b. Prepare adjusting journal entries at December...
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