Questions from College Accounting

Q: Ann Benton, owner of Benton’s Galleria, made the following purchases

Ann Benton, owner of Benton’s Galleria, made the following purchases of merchandise on account during the month of October: Oct. 2 Purchase Invoice No. 321, $1,950, from Boggs Distributors. 7 Purchase...

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) Issued credit memo to customer for merchandise ret...

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

Enter the following transactions in a sales 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 in a cash receipts journal: Nov

Enter the following transactions in a cash receipts journal: Nov. 1 Jean Haghighat made payment on account, $750. 12 Marc Antonoff made payment on account, $464. 15 Made cash sales, $3,763. 18 Will Mo...

Q: Enter the following transactions in a purchases journal like the one below

Enter the following transactions in a purchases journal like the one below. Jan. 3 Purchased merchandise from Feng, $6,000. Invoice No. 416, dated January 1, terms 2/10, n/30. 12 Purchased merchandise...

Q: Sandcastles Northwest uses a cash payments journal. Prepare a cash payments

Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandis...

Q: T. M. Maxwell owns a retail business and made the

T. M. Maxwell owns a retail business and made the following sales 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...

Q: Color Florists, a retail business, had the following cash receipts

Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%. Jan. 1 received payment on account from Ray Boyd, $880. 3 Received payment on account from...

Q: Paul Jackson owns a retail business. The following sales, returns

Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax. Apr. 1 sold merchandise to O. L. Meyers, $2,100, plus sales tax. Sale...

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

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