Question
In: Accounting
Prepare the journal entries for the following transactions. DFC has total sales for the year of...
Prepare the journal entries for the following transactions.
- DFC has total sales for the year of $2,256,000. Included in the total sales figure are $160,500 of cash sales. During the year, the firm received $2,052,000 of payments on account.
- During the year, the firm determined that accounts totaling $7,500 were uncollectible. Moreover, a $2,000 receivable written off during the year was subsequently collected. The $2,000 is not included in cash collections in “A.” above.
- DFC uses the allowance method to record bad debts. Specifically, the firm uses the percentage of receivables method to compute the allowance for doubtful accounts. For the year ended May 31, 2020, DFC estimates the required allowance for doubtful accounts to be 8% of the gross accounts receivable balance at May 31, 2020.
- DFC purchased $1,400,000 of additional inventory on account during the year. The purchases are charged to accounts payable. Total payments made on account for the year were $1,411,200. Inventory at May 31, 2020 totaled $117,000.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prepare journal entries for the transactions
Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1 Sold merchandise on account to Dodson Company for $10,400, terms 3/10, n/30.
March 3 Dodson Company returned merchandise worth $200 to Molina.
March 9 Molina collected the amount due from Dodson Company from the March 1 sale.
March 15 Molina sold merchandise for $1,000 in its retail outlet. The customer used...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales
transactions of a merchandising company. The company uses a
perpetual inventory system and the gross method. Apr. 1 Sold
merchandise for $7,000, with credit terms n/30; invoice dated April
1. The cost of the merchandise is $4,200. Apr. 4 The customer in
the April 1 sale returned $780 of merchandise for full credit. The
merchandise, which had cost $468, is returned to inventory. Apr. 8
Sold merchandise for $3,000, with...
Prepare General Journal Entries for the following transactions. Then post the journal entries to the General...
Prepare General Journal Entries for the following
transactions. Then post the journal entries to the General Ledger
provided and then prepare an Unadjusted Trial Balance. March
1Dunlop invested $30,000 cash and buildings worth $150,000 in the
company March 2The company rented equipment by paying $2,000 cash
for the first month’s (March) rent. March 5The company purchased
$2,400 of office supplies for cash. March 10The company paid
$7,200 cash for the premium on a 12-month insurance policy.
Coverage begins on March...
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory...
Prepare journal entries for the following credit card sales
transactions (the company uses the perpetual inventory system).
Sold $28,000 of merchandise, which cost $21,400, on Mastercard
credit cards. Mastercard charges a 5% fee. Sold $5,800 of
merchandise, which cost $3,400, on an assortment of bank credit
cards. These cards charge a 4% fee.
1. Sold $28,000 of merchandise on Mastercard credit cards.
Mastercard charges a 5% fee.
2. Record the cost of the sale, $21,400.
3. Sold $5,800 of merchandise...
Prepare journal entries in general journal format to record the following transactions for the City of...
Prepare journal entries in general journal format to record the
following transactions for the City of Dallas General Fund
(subsidiary detail may be omitted)
1. The budget prepared for the fiscal year included total
estimated revenues of $4,693,000, appropriations of $4,686,000 and
estimated other financing uses of $225,000.
2. Purchase orders in the amount of $451,000 were mailed to
vendors.
3. The current year’s tax levy of $4,005,000 was recorded;
uncollectible taxes were estimated to be 2% of the tax...
Prepare the journal entries for the transactions below: Credit terms for all sales on account are...
Prepare the journal entries for the transactions below:
Credit terms for all sales on account are 2/10, n/30. Huff
Fitness uses a perpetual inventory system and therefore records the
cost of merchandise sold as well as the sale.
Apr 2 Received a check for $14,406.00
from Extreme Fitness Club in payment of our invoice of March 27 for
$14,700 less discount.
Apr 2 Issued Check # 2202 for $6,720.00
to Harvey Insurance Company as a prepayment of insurance for a...
Prepare the journal entries for the transactions below: Credit terms for all sales on account are...
Prepare the journal entries for the transactions below:
Credit terms for all sales on account are 2/10, n/30. Huff
Fitness uses a perpetual inventory system and therefore records the
cost of merchandise sold as well as the sale.
Apr 25 Received a credit memo from Iker Enterprises
for merchandise returned, $400.
Apr 25 Sold merchandise on acct, Inv #308 to Ana’s
Gym in the Grove, $9,262.50. COGS is $5,928.
Apr 26 Issued Check #2214 for $13,000 to Payroll for
biweekly...
Prepare journal entries for these transactions for Year 1 and Year 2 and post them to...
Prepare journal entries for these transactions for Year 1 and
Year 2 and post them to T-accounts. lines
1 through 19
[The following information applies to the questions displayed
below.]
Sun Corporation received a charter that authorized the issuance
of 119,000 shares of $6 par common stock and 18,000 shares of $75
par, 6 percent cumulative preferred stock. Sun Corporation
completed the following transactions during its first two years of
operation:
Year 1
1.Jan. 5 Sold 17,850 shares of the...
prepare journal entries for the following transactions Transactions for Eagle View for the Month of December...
prepare journal entries for the following transactions
Transactions for Eagle View for the Month of December 2018
Purchases
Eagle View receives the utility bill for the month. The total
amount due is $500, payable net 20. Eagle View also purchases 50
units of inventory at $500 each and 50 more toolkits at $4
each.
Payroll
Eagle View pays its employees for the fifth two weeks of
business (November 26 through December 9). The gross pay is $2,200,
the employee taxes...
Prepare journal entries for the following transactions: The following selected transactions relate to liabilities of Chicago...
Prepare journal entries for the following transactions:
The following selected transactions relate to liabilities of
Chicago Glass Corporation for 2018. Chicago's fiscal year ends on
December 31.
1. On January 15, Chicago received $7,000 from Henry
Construction toward the purchase of $66,000 of plate glass to be
delivered on February 6.
2. On February 3, Chicago received $6,700 of refundable deposits
relating to containers used to transport glass components,
3. On February 6, Chicago delivered the plate glass to Henry...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- . Use the following information to calculate your company's expected return State Probability Return Boom 20%...
- You are considering the following two projects and can only take one. Your cost of capital...
- C++: Write a program that produces truth tables for the following compound propositions. Write the header...
- 1. What is the historical role of investment bankers ? Has this role changed ? Why...
- How were the original Internet requirements met through its design? What are the two main requirements...
- discuss crowdfunding on platforms: What features of the services incorporate virality? What are some of the...
- A textbook of mass 2.08 kg rests on a frictionless, horizontal surface. A cord attached to...
ADVERTISEMENT