Reference no: EM13913218
The chart of accounts of LR Company includes the following selected accounts.
112 Accounts Receivable 401 Sales Revenue
120 Inventory 412 Sales Returns and Allowances
126 Supplies 505 Cost of Goods Sold
157 Equipment 610 Advertising Expense
201 Accounts Payable
In July, the following selected transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price.
July 1 Purchased merchandise from Eby Company $8,000.
2 Received freight bill from Shaw Shipping on Eby purchase $400.
3 Made sales to Fort Company $1,300, and to Hefner Bros. $1,500.
5 Purchased merchandise from Getz Company $3,200.
8 Received credit on merchandise returned to Getz Company $300.
13 Purchased store supplies from Dayne Supply $720.
15 Purchased merchandise from Eby Company $3,600 and from Bosco Company $4,300.
16 Made sales to Aybar Company $3,450 and to Hefner Bros. $1,870.
18 Received bill for advertising from Welton Advertisements $600.
21 Sales were made to Fort Company $310 and to Duncan Company $2,800.
22 Granted allowance to Fort Company for merchandise damaged in shipment $40.
24 Purchased merchandise from Getz Company $3,000.
26 Purchased equipment from Dayne Supply $900.
28 Received freight bill from Shaw Shipping on Getz purchase of July 24, $380.
30 Sales were made to Aybar Company $5,600.
Journalize the transactions above in a purchases journal, a sales journal, and a general journal. Purchase Journal includes Date, Account credited (debited), ref, Accounts Payable, Inventory Dr., Other accounts Dr.
Sales Jounral is set up as:
Date, Account Debited , Ref, Accounts Receivable Dr., Sales Revenue Cr. , Cost of Goods Sold Dr., Inventory Cr.
List Credit Accounts
Post to both General and Subsidiary Ledgers
Prove the agreement of the control and subsidiary accounts
|
The advertising media and creative department work
: Discuss the following:Why is it important that the advertising media and creative department work closely together?Why is public relations sometimes referred to as a marketing stepchild?
|
|
Estimate the stock price of a non-dividend paying stock
: From a theoretical view, explain the merits and/or pitfalls of using the dividend growth model to estimate the stock price of a non-dividend paying stock.
|
|
Net operating loss and irs
: Salt Lake Resorts Inc. believes that either a tax benefit results or it can carry forward the $50,000 net operating loss to 2014. Is the IRS right? Why?
|
|
Considering new three-year expansion project
: Purple Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2.67 million. The fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be..
|
|
General and subsidiary ledgers
: Post to both General and Subsidiary Ledgers Prove the agreement of the control and subsidiary accounts
|
|
Planning for diversity
: Planning for Diversity- Knowing this, if you were a chief of police or a sheriff of this area, how would you plan to train and deploy your personel to best serve the various racial population groups
|
|
Amount to use annual sales figure when evaluating project
: Orange Corp. currently sells 26,000 motor homes per year at $64,000 each, and 10,000 luxury motor coaches per year at $101,000 each. The company wants to introduce a new portable camper to fill out its product line; it hopes to sell 21,000 of these c..
|
|
Write a matlab m-code which solve finite difference equation
: Write a Matlab M-code program which solves the Finite Difference equations for the unknown temperatures Ti where the value of N, the number of internal nodes in the vertical direction.
|
|
Axis depends on the time
: The position of a particle moving along the x axis depends on the time according to the equation x = ct^2 - bt^5, where x is in meters and t in seconds. Let c and b have numerical values 2.5 m/s^2 and 1.6 m/s^5, respectively.
|