Questions from College Accounting

Q: Rossi Wholesalers made sales using the following list prices and trade discounts

Rossi Wholesalers made sales using the following list prices and trade discounts. What amount will be recorded for each sale in the sales journal? 1. List price of $950 and trade discount of 10 percen...

Q: Oliver’s English Gardens, a wholesale firm, made sales using the

Oliver’s English Gardens, a wholesale firm, made sales using the following list prices and trade discounts. What amount will be recorded for each sale in the sales journal? 1. List price of $7,000 and...

Q: The balances of certain accounts of Camille Corporation on April 30,

The balances of certain accounts of Camille Corporation on April 30, 20X1, were as follows: Sales $330,000 Sales Returns and Allowances 4,500 The firm’s net sales are subject to an 8 percent sales tax...

Q: Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished

Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances: Capital account balance...

Q: The accounts receivable ledger for Modern Vintage Antiques follows below.

The accounts receivable ledger for Modern Vintage Antiques follows below. 1. Prepare a schedule of accounts receivable as of January 31, 20X1. 2. What should be the balance in the Accounts Receivable...

Q: The accounting system of Rose and Tea Fine Kitchenware includes the following

The accounting system of Rose and Tea Fine Kitchenware includes the following journals. Indicate which journal is used to record each transaction. JOURNALS Cash receipts journal Cash payments journal...

Q: The following transactions took place at Extreme Bikers. Indicate the general

The following transactions took place at Extreme Bikers. Indicate the general ledger account numbers that would be debited and credited to record each transaction. GENERAL LEDGER ACCOUNTS 101 Cash 205...

Q: The following transactions took place at AutoQuest Car Parts during the first

The following transactions took place at AutoQuest Car Parts during the first week of July. Indicate how these transactions would be entered in a purchases journal like the one shown in this chapter....

Q: On March 19, Beautiful Kitchens, a retail store, received

On March 19, Beautiful Kitchens, a retail store, received Credit Memorandum 244 for $4,125 from M & J Appliance Corporation. The credit memorandum covered a return of damaged trash compactors original...

Q: On April 7, Fisher & Sons Appliances was given an allowance

On April 7, Fisher & Sons Appliances was given an allowance of $1,210 by Modern Kitchens, which issued Credit Memorandum 112. The allowance was for scratches on stoves that were originally purchased o...