Questions from College Accounting

Q: Based on the following information, compute net sales: Gross

Based on the following information, compute net sales: Gross sales $2,880 Sales returns and allowances 322 Sales discounts 56

Q: Prepare journal entries for the following transactions. Oct. 5

Prepare journal entries for the following transactions. Oct. 5 Sold merchandise on account to B. Farnsby for $280 plus sales tax of 4%. 8 Sold merchandise on account to F. Preetee for $240 plus sales...

Q: Enter the following transactions in a general journal. Use a 5

Enter the following transactions in a general journal. Use a 5% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,800 plus sales tax. Sale No. 228. 3 Sold merchandise on account to J...

Q: Enter the following transactions starting on page 60 of a general journal

Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the c...

Q: Enter the following transactions in a general journal: Nov.

Enter the following transactions in a general journal: Nov. 1 Jean Haghighat made payment on account, $750. 12 Marc Antonoff made payment on account, $464. 15 Cash sales were $3,763. 18 Will Mossein m...

Q: From the accounts receivable ledger shown, prepare a schedule of accounts

From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.

Q: Owns a retail business and made the following sales on account during

Owns a retail business and made the following sales on account during the month of July 20--. There is a 5% sales tax on all sales. July 1 Sale No. 101 to Saga, Inc., $1,200 plus sales tax. 8 Sale No....

Q: What steps are followed in posting purchases returns and allowances from the

What steps are followed in posting purchases returns and allowances from the general journal to the general ledger and accounts payable ledger?

Q: A flowchart showing some of the major documents commonly used in the

A flowchart showing some of the major documents commonly used in the purchasing function of a merchandise business is presented below. Briefly describe each document.

Q: Kay Zembrowski operates a retail variety store. The books include a

Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows: The following transactions are re...