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Happy Trails Inc. has a September 1 accounts payable balance of $525, which consist of $340 due Labradore Inc. and $185 due Meow Mart Inc. Transactions related to purchases and cash payments completed by Happy Trails Inc. during the month of September 2012 are as follows:
Sept. 4. Purchased pet supplies from Best Friend Supplies Inc. on account, $230. 6. Issued check No. 345 to Labradore Inc. in payment of account, $340. 13. Purchased pet supplies from Poodle Pals Inc., $660 18. Issued check No 346 to Meow Mart Inc. in payment of account, $185 19. Purchased office equipment from Office Helper Inc. on account, $2,250 23. Issued Check No. 347 to Best Friends supplies Inc. in payment of account from purchase made on Sept 4. 27. Purchased pet supplies from Meow Mart Inc. on account, $350 30. Issued Check No. 348 to Sanders Inc. for cleaning expense, $50 A. Prepare a purchase journal and a cash payments journal to record these transactions. The forms of the journal are similar to those used in the text. Place a check mark in the Post Ref. column to indicate when the accounts payable subsidiary ledger should be postted. Happy Trials Inc. uses the following accounts:
B. Prepare a listing of accounts payable subsidiary ledger balances on September 30, 2012. Verify that the total of the accounts payable subsidiary ledger balances equals the balance of the accounts payable control acount on September 30, 2012. C. Why does Happy Trials use a subsidiary ledger for accounts payable?
entries for issuing and calling bonds loss polders corp. a wholesaler of office equipment issued 14800000 of 20-year 10
Jan dies in 2009 owning a passive activity with an adjusted basis of $60,000. Its fair market value at that date is $65,000. Suspended losses relating to the property were $15,000. Which of the following statements is true?
A farm brings 15 tons of watermelon to market. Find a 90% confidence interval for the population mean cash value of this crop. What is the margin of error?
This project is expected to generate $44,000 of net cash inflows each year of its 6 year life. The project has no salvage value. What was the initial investment required for this project?
canillon company is considering the disposal of equipment that is no longer needed for operations. the equipment
monkeysuits inc. makes costumes for movies and television shows. jay tribini the companys owner prepared the following
crede inc. has two divisions. division a makes and sells student desks. division b manufactures and sells reading
Which financial statement should be studied most closely to determine if a company has the ability to pay a significant debt?
Review the transactions and financial position of Gooseberry Inc. for May 31 in the Excel Template.
Mark hopes to earn a return of 10 percent on such investments. What is the present value of the retreading operation? Should Mark purchase the retreading machine?
Barr Company acquires 60, 10%, 5 year, $1,000 Community bonds on January 1, 2010 for $61,250. This includes a brokerage commission of $1,250. The journal entry to record this investment includes a debit to
check your worksheet by changing the beginning work in process inventory to 100 units the units started into production
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