Reference no: EM131140146
The post-closing trial balance for Cortez Co. is as follows.
.PNG)
The subsidiary ledgers contain the following information: (1) accounts receivable-
J. Anders $2,500, F. Cone $7,500, T. Dudley $5,000; (2) accounts payable-J. Feeney $10,000, D. Goodman $18,000, and K. Inwood $15,000. The cost of all merchandise sold was 60% of the sales price.
The transactions for January 2011 are as follows.
Jan. 3 Sell merchandise to M. Rensing $5,000, terms 2/10, n/30.
5 Purchase merchandise from E.Vietti $2,000, terms 2/10, n/30.
7 Receive a check from T. Dudley $3,500.
11 Pay freight on merchandise purchased $300.
12 Pay rent of $1,000 for January.
13 Receive payment in full from M. Rensing.
14 Post all entries to the subsidiary ledgers. Issued credit of $300 to J. Anders for returned merchandise.
15 Send K. Inwood a check for $14,850 in full payment of account, discount $150.
17 Purchase merchandise from G. Marley $1,600, terms 2/10, n/30.
18 Pay sales salaries of $2,800 and office salaries $2,000.
20 Give D. Goodman a 60-day note for $18,000 in full payment of account payable.
23 Total cash sales amount to $9,100.
24 Post all entries to the subsidiary ledgers. Sell merchandise on account to F. Cone $7,400, terms 1/10, n/30.
27 Send E.Vietti a check for $950.
29 Receive payment on a note of $40,000 from B. Lemke.
30 Post all entries to the subsidiary ledgers. Return merchandise of $300 to G. Marley for credit.
Instructions
(a) Open general and subsidiary ledger accounts for the following.
101 Cash............... 301 B. Cortez, Capital
112 Accounts Receivable.......... 401 Sales
115 Notes Receivable.......... 412 Sales Returns and Allowances
120 Merchandise Inventory......... 414 Sales Discounts
157 Equipment.............. 505 Cost of Goods Sold
158 Accumulated Depreciation-Equipment. 726 Sales Salaries Expense
200 Notes Payable............ 727 Office Salaries Expense
201 Accounts Payable.......... 729 Rent Expense
(b) Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal (see Illustration 7-9), a cash payments journal (see Illustration 7-16), and a general journal.
(c) Post the appropriate amounts to the general ledger.
(d) Prepare a trial balance at January 31, 2011.
(e) Determine whether the subsidiary ledgers agree with controlling accounts in the generalledger.
|
Examine the prescription drug pricing
: Examine the prescription drug pricing and pharmaceutical company profitability: State your assessment of the pros and cons of the existing situation
|
|
They produce any dangerous waster products
: Assume that you are a business owner seeking a location for a new factory. Your company makes products that are relatively “clean” that is, they do not pollute the enviroment, nor will they produce any dangerous waster products. Thus most communities..
|
|
Prepare a static budget for the company
: Prepare a static budget for the company. - How will your recommendations impact customer profitability or divisional profitability?
|
|
Discuss a defense or foreign policy pursued us government
: Identify and discuss a defense or foreign policy pursued by the United States government. Within your discussion, include some of the events and actions leading up to, during, and after these policies
|
|
Record the january transactions in a sales journal
: Record the January transactions in a sales journal, a single-column purchases journal, a cash receipts journal (see Illustration 7-9), a cash payments journal (see Illustration 7-16), and a general journal.
|
|
Expalin effects that war and peace have on foreign aid
: Use the Internet to research one developing nation of your choice. Your research should include an examination of the effects that war and peace have on the distribution of foreign aid.
|
|
Describe the process by which federal budget is developed
: What legal and political influences can affect the decisions of judges? How does the judiciary play a part in policymaking? Describe the process by which the federal budget is developed
|
|
How a particular political perspective derives
: In discussing one of these topics, the goal is to relate how a particular political perspective derives from process philosophy (such as socialism). I would like to use the court case roe vs wade for the topic
|
|
Write the normal equations for this case
: Are the values of ak from part (c) what you would expect for this signal? Justify your answer clearly. (f) Suppose you wish to model the signal now with p = 3. Write the normal equations for this case.
|