Questions from College Accounting

Q: Enter the following transactions in a cash receipts journal: July

Enter the following transactions in a cash receipts journal: July 6 Daren Chesbrough made payment on account, $527. 10 Made cash sales for the week, $2,470. 14 Adam Casady made payment on account, $39...

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. May 3 Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Mish...

Q: Lakeview Industries uses a cash payments journal. Prepare a cash payments

Lakeview Industries 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 merchandise...

Q: Futi Ishanyan owns a retail business and made the following sales during

Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1 Sale No. 213 to Jeter Manufacturing Co., $1,300, plus sa...

Q: Zebra Imaginarium, a retail business, had the following cash receipts

Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%. Dec. 1 Received payment on account from Michael Anderson, $1,360. 2 Received payment on...

Q: Describe underapplied and overapplied overhead. What is commonly done with the

Describe underapplied and overapplied overhead. What is commonly done with the underapplied or overapplied balance in the factory overhead account?

Q: Owens Distributors is a retail business. The following sales, returns

Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,7...

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: Assume that in year 1, the ending merchandise inventory is overstated

Assume that in year 1, the ending merchandise inventory is overstated by $50,000. If this is the only error in years 1 and 2, indicate which items will be understated, overstated, or correctly stated...

Q: The purchases journal of Kevin’s Kettle, a small retail business,

The purchases journal of Kevin’s Kettle, a small retail business, is as follows: REQUIRED 1. Post the total of the purchases journal to the appropriate general ledger accounts. Use...