Questions from College Accounting

Q: Using T accounts for Cash, Accounts Payable, Purchases,

Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with...

Q: The following data were taken from the accounts of Fluter Hardware,

The following data were taken from the accounts of Fluter Hardware, a small retail business. Determine the gross profit.

Q: Journalize the following transactions in a general journal: May 3

Journalize the following transactions in a general journal: May 3 Purchased merchandise from Reed, $6,100. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Omana, $2,500. Invoice...

Q: Using page 3 of a general journal and the following general ledger

Using page 3 of a general journal and the following general ledger and accounts payable ledger accounts, journalize and post the following transactions: July 7 Returned merchandise to Starcraft Indust...

Q: What steps are followed in posting from the cash payments journal to

What steps are followed in posting from the cash payments journal to the accounts payable ledger?

Q: Enter the following cash payments transactions in a general journal:

Enter the following cash payments transactions in a general journal: Sept. 5 Issued Check No. 318 to Whittle Corp. for merchandise purchased August 28, $5,000, terms 2/10, n/30. Payment is made within...

Q: Ryan’s Express, a retail business, had the following beginning balances

Ryan’s Express, a retail business, had the following beginning balances and purchases and payments activity in its accounts payable ledger during October. Prepare a schedule of accou...

Q: J. B. Speck, owner of Speck’s Galleria, made

J. B. Speck, owner of Speck’s Galleria, made the following purchases of merchandise on account during the month of September: Sept. 3 Purchase Invoice No. 415, $2,650, from Smith Distributors. 8 Purch...

Q: Identify the journal (sales, cash receipts, purchases, cash

Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded: (a) Sold merchandise on account. (b) Purchased deliver...

Q: Enter the following transactions in a sales journal. Use a 6

Enter the following transactions in a sales journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to J. Adams, $2,000, plus sales tax. Sale No 488. 4 Sold merchandise on account to B. Cl...