What was the total debit to the purchases account

Assignment Help Managerial Accounting

Reference no: EM131190753

Manual Accounting

(The bad old days)

The Benjamin Company completed these transactions during January of the current year:

January 1, Began business by selling stock for $750,000.00.

January 1, Rented office space for 1 month using check number 800 for $10,000.00 to Smithlord Properties. (Example posted to cash disbursement journal).

January 2, Purchased office furniture and equipment on credit from McKay Company, invoice mck66 dated January 9, terms 2/10, net 30, $20,499.11. (Example posted to purchases journal).

January 2, Sold merchandise on credit to John Nelson. Invoice No. 324, $7,965.37. (Terms for all credit sales are 2/10, n/30). (Example posted to sales journal).

January 3, Purchased on credit from Cosair Company office supplies, $1224.54, invoice xx12 dated January 3, due in 30 days. Supplies are expected to last for approximately 4 months.

January 3, Received merchandise and invoice F1 dated Jan 1, terms 2/10, n/30; from Farnswood Company, $213,022.22.

January 3, Sold merchandise on credit to Thomas Zak, Invoice no 325, $4,666.88.

January 10, Sent Farnswood Company Check no. 876 in payment of its January 1 invoice less the discount.

January 10, Sold merchandise on credit to Margo Edwards, Invoice no. 326, $8,375.21.

January 11. Sold merchandise on credit to Ken Duclose, Invoice no. 327, $5,554.23

January 12, Received payment from John Nelson for the January 2 sales less the discount check number 4444. (Example posted to cash receipts journal).

January 13, Received payment from Thomas Zak for the January 3 sales less the discount check number 12345.

January 15, Issued check no. 877 payable to payroll, in payment of sales salaries for the first half of the month, $7,950.00. Cashed the check and paid the employees.

January 15, Cash sales for the first half of the month were $77,341.22. (Normally cash sales are posted daily, but for the purposes of this problem you are going to post them all at once.)

January 19, Received payment from Margo Edwards for the sale of January 10 less the discount check number 8888.

January 20, Received merchandise and invoice F2 dated Jan 19, terms 2/10, n/30; from Farnswood Company, $113,044.44.

January 27, Sold merchandise on credit to Margo Edwards, Invoice no. 328, $6,458.22

January 28, Sold merchandise on credit to Thomas Zak, Invoice no 329, $26,544.11.

January 29, Sold merchandise on credit to Heather Terry, Invoice no 330, $11,123.45.

January 31, Issued check no. 879 payable to payroll, in payment of sales salaries for the second half of the month, $7,950.00. Cashed the check and paid the employees.

January 31, Cash sales for the second half of the month were $72,345.00. (Normally cash sales are posted daily, but for the purposes of this problem, you are going to post them all at once.)

January 31, Paid for utilities (water, power, etc) to Unified Utilities Inc. $1,454.77 check number 880.

January 31, Paid for advertising from AdsRus for January $10,500.00 check number 881

January 31, Estimated the expected life of the office furniture and equipment to be 5 years with no salvage value. Manson Company will take a full month of straight-line depreciation in January.

January 31, Counted ending inventory valued at $ 196,312.00.

January 31, Counted office supplies and determined that approximately $625.00 worth of supplies were left and that the rest had been used in January.

Question 1

What are the total cash disbursements from the cash disbursements journal?

Enter unformatted amount, e.g., 99999.99

Question 2

What is the ending cash balance for January? Enter unformatted amount, e.g., 99999.99

Question 3

How many general journal entries were made in January? Enter as a number using Arabic numerals, e.g., 1

Question 4

What method of inventory tracking is the company using?

Question 5

What is the net income to 2 decimal places for January? Enter monetary amount excluding any formatting, e.g. 9999.99.

Question 6

What was the total debit to the purchases account for January?

Enter unformatted amount, e.g., 99999.99

Question 7

What are the total sales from the sales journal?

Enter without formatting, e.g., 9999.99.

Question 8

The number of customers who have outstanding AR balances with us on January 31, is

Question 9

What are the total Liabilities and Equity from your balance sheet?

Enter amount without formatting, e.g., 9999999.99

Reference no: EM131190753

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