Reference no: EM132721960
Problem - Sam Santiago 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:
General Ledger
Cash $40,000
Accounts Payable 20,000
Accounts Payable Ledger
Fantastic Toys $5,200
Goya Outlet 3,800
Mueller's Distributors 3,600
Van Kooning 7,400
The following are the transactions related to cash payments for the month of May:
May 1 Issued Check No. 426 in payment of May rent (Rent Expense), $2,400.
May 3 Issued Check No. 427 to Mueller's Distributors in payment of merchandise purchased on account, $3,600, less a 3% discount. Check was written for $3,492.
May 7 Issued Check No. 428 to Van Kooning in partial payment of merchandise purchased on account, $5,500. A cash discount was not allowed.
May 12 Issued Check No. 429 to Fantastic Toys for merchandise purchased on account, $5,200, less a 1% discount. Check was written for $5,148.
May 15 Issued Check No. 430 to City Power and Light (Utilities Expense), $1,720.
May 18 Issued Check No. 431 to A-1 Warehouse for a cash purchase of merchandise, $4,800.
May 26 Issued Check No. 432 to Goya Outlet for merchandise purchased on account, $3,800, less a 2% discount. Check was written for $3,724.
May 30 Issued Check No. 433 to Mercury Transit Company for freight charges on merchandise purchased (Freight-In), $1,200.
May 31 Issued Check No. 434 to Town Merchants for a cash purchase of merchandise, $3,000.
Required -
1. Enter the transactions of a general journal.
2. Post from the general journal to the general ledger and the accounts payable ledger.
|
Calculate the net amount to record the invoice
: The purchase price was $5,000, less a 10% trade discount and credit terms of 3/10, n/30. Calculate the net amount to record the invoice
|
|
What was the book value of equipment on january
: Assuming that the equipment had been sold for $11,500 on January 2,1994, instead of $8,500, journalize the entry to record the sale.
|
|
Relationship between firm customers-business-level strategy
: -Explain why do you think a firm must find a concept of the business which is difficult to imitate by the competitors?
|
|
Journalize the extend to record depreciation for six months
: Journalize the Extend to record (1) depreciation for the six months of the current year ending December 31 1995, and (2) the sale of equipment.
|
|
Post from the general journal to the general ledger
: May 1 Issued Check No. 426 in payment of May rent (Rent Expense), $2,400. Post from the general journal to the general ledger and the accounts payable ledger
|
|
How do find the depreciation for the current fiscal
: Find the depreciation for the current fiscal and the fiscal year by the straight line method and By the declining balance method.
|
|
Discuss how technology has impacted international business
: Discuss how technology has impacted international business and how it influence business's competitiveness.
|
|
List the requirements to comply with the food act
: List the requirements to comply with the Food act at state and local levels and Establish the procedures required to ensure the local government requirement
|
|
Post from the general journal to the general ledger accounts
: Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers
|