ACC291T Week 2 Apply Exercise SCORE 100 PERCENT - Accounting
Question 1
Lewis Corporation engaged in the following transactions during June.
DATE
TRANSACTIONS
2019
June
4
Purchased merchandise on account from Salinas Company; Invoice 100 for $1,055; terms n/30.
15
Recorded purchases for cash, $1,540.
30
Paid amount due to Salinas Company for the purchase on June 4.
Record these transactions in a general journal.
ANSWER
No
Date
General Journal
Debit
Credit
1
Jun 04, 2019
Purchases
1,055
Accounts payable/Salinas Company
1,055
2
Jun 15, 2019
Purchases
1,540
Cash
1,540
3
Jun 30, 2019
Accounts payable/Salinas Company
1,055
Cash
1,055
Question 2
During the year, a firm purchased $256,700 of merchandise and paid freight charges of $41,770. If the total purchases returns and allowances were $16,040 and purchase discounts were $8,500 for the year, what is the net delivered cost of purchases?
Multiple Choice
$298,470
$273,930
$323,010
$190,390
Question 3
Tune Tones Instrument Tuning Company owes Mandy Lynns Music Studio $5,046 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,685 and made payments on account to Mandy Lynn in the amount of $7,440. The amount Tune Tones owes Mandy Lynn on November 30 is:
Multiple Choice
$6,291.
$3,801.
$11,079.
$7,440.
Question 4
During March a firm purchased $22,730 of merchandise and paid freight charges of $1,800. If the net delivered cost of purchases for the March is $21,980, what is the total purchase returns for March?
Multiple Choice
$0
$1,050
$2,550
$3,600
Question 5
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
DATE
TRANSACTIONS
2019
Feb.
10
Purchased merchandise for $6,700 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30.
13
Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $370 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19
Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Schmidt, Inc.
DATE
TRANSACTIONS
2019
Feb.
10
Sold merchandise for $6,700 on account to Bushard Company, Invoice 1980, terms 2/10, n/30. The cost of merchandise sold was $3,850.
13
Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $370 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $290.
19
Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round final answers to the nearest whole dollar value.)
ANSWER
Journalize the transactions above in a general journal for Bushard Company.
Journalize the transactions above in a general journal for Bushard Company.
No
Date
General Journal
Debit
Credit
1
Feb 10, 2019
Merchandise inventory
6,700
Accounts payable/Schmidt, Inc.
6,700
2
Feb 13, 2019
Accounts payable/Schmidt, Inc.
370
Merchandise inventory
370
3
Feb 19, 2019
Accounts payable/Schmidt, Inc.
6,330
Merchandise inventory
127
Cash
6,203
·
Journalize the transactions above in a general journal for Schmidt Inc.
o
Date
General Journal
Debit
Credit
1
Feb 10, 2019
Accounts receivable/Bushard Company
6,700
Sales
6,700
2
Feb 10, 2019
Cost of goods sold
3,850
Merchandise inventory
3,850
3
Feb 13, 2019
Sales returns and allowances
370
Accounts receivable/Bushard Company
370
4
Feb 13, 2019
Merchandise inventory
290
Cost of goods sold
290
5
Feb 19, 2019
Sales discounts
127
Cash
6,203
Accounts receivable/Bushard Company
6,330
Question 6
Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:
Accounts Payable (control account)
$
7,500
Accounts Payable—Evans Enterprises
1,900
Accounts Payable—Stamos Distributors
3,400
Accounts Payable—Tonetta Company
2,200
GENERAL JOURNAL
DATE
DESCRIPTION
POST.
REF.
DEBIT
CREDIT
2019
Jan.
8
Accounts Payable/Stamos Distributors
330
Cash
330
Made partial payment
on account, Check 1240
10
Accounts Payable/Evans Enterprises
230
Purchases Returns and Allowances
230
Received Credit Memorandum
123 as allowance for
discolored merchandise
Use the final balances of the vendor accounts to prepare a schedule of accounts to payable for Bioplast Jewelry, Inc., as of January 31, 2019.
Does the total of your accounts payable schedule agree with the balance of the accounts payable account in the general ledger at January 31, 2019?
ANSWER
Use the final balances of the vendor accounts to prepare a schedule of accounts payable for Bioplast Jewelry, Inc., as of January 31, 2019.
BIOPLAST JEWELRY, INC.
Schedule of Accounts Payable
January 31, 2019
Evans Enterprises
$1,670
Stamos Distributors
3,070
Tonetta Company
2,200
Total
$6,940
Does the total of your accounts payable schedule agree with the balance of the accounts payable account in the general ledger at January 31, 2019?
Total of accounts payable schedule agrees with balance of the accounts payable account in the general ledger
Yes
Question 7
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
DATE
TRANSACTIONS
2019
Feb.
10
Purchased merchandise for $1,100 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.
13
Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19
Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Schmidt, Inc.
DATE
TRANSACTIONS
2019
Feb.
10
Sold merchandise for $1,100 on account to Bushard Company, Invoice 1980, terms 1/10, n/30.
13
Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19
Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc.
ANSWER
Journalize the transactions above in a general journal for Bushard Company assuming that they use the periodic system.
No
Date
General Journal
Debit
Credit
1
Feb 10, 2019
Purchases
1,100
Accounts payable/Schmidt, Inc.
1,100
2
Feb 13, 2019
Accounts payable/Schmidt, Inc.
200
Purchases returns and allowances
200
3
Feb 19, 2019
Accounts payable/Schmidt, Inc.
900
Purchases discounts
9
Cash
891
·
Journalize the transactions above in a general journal for Schmidt Inc. assuming that they use the periodic system.
No
Date
General Journal
Debit
Credit
1
Feb 10, 2019
Accounts receivable/Bushard Company
1,100
Sales
1,100
2
Feb 13, 2019
Sales returns and allowances
200
Accounts receivable/Bushard Company
200
3
Feb 19, 2019
Sales discounts
9
Cash
891
Accounts receivable/Bushard Company
900
Question 8
Post the entries in the general journal below to the accounts payable account in the general ledger and to the appropriate accounts in the accounts payable ledger.
Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:
Accounts Payable (control account)
$
7,200
Accounts Payable—Evans Enterprises
1,800
Accounts Payable—Stamos Distributors
3,300
Accounts Payable—Tonetta Company
2,100
GENERAL JOURNAL
DATE
DESCRIPTION
POST.
REF.
DEBIT
CREDIT
2019
Jan.
8
Accounts Payable/Stamos Distributors
340
Cash
340
Made partial payment
on account, Check 1240
10
Accounts Payable/Evans Enterprises
240
Purchases Returns and Allowances
240
Received Credit Memorandum
123 as allowance for
discolored merchandise
ANSWER
Post the entries in the general journal above to the accounts payable account in the general ledger.
Accounts Payable
Account No: 202
Date
Debit
Credit
Balance
Jan. 1, 2019
7,200
Jan. 8, 2019
340
6,860
Jan. 10, 2019
240
6,620
Post the entries in the general journal above to the appropriate accounts in the accounts payable ledger.
Evans Enterprises
Stamos Distributors
Date
Debit
Credit
Balance
Date
Debit
Credit
Balance
Jan. 1, 2019
1,800
Jan. 1, 2019
3,300
Jan. 10, 2019
240
1,560
Jan. 8, 2019
340
2,960
Tonetta Company
Date
Debit
Credit
Balance
Jan. 1, 2019
2,100
Question 9
On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,550 on Invoice 1001, terms 1/10, n/30. The cost of merchandise sold was $2,100. Payment was received in full from Fronke’s Franks, less discount, on April 10.
Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. (Round final answers to the nearest whole dollar value.)
ANSWER
No
Date
General Journal
Debit
Credit
1
April 01, 2019
Accounts receivable/Fronkes Franks
3,550
Sales
3,550
2
April 01, 2019
Cost of goods sold
2,100
Merchandise inventory
2,100
3
April 10, 2019
Sales discounts
36
Cash
3,514
Accounts receivable/Fronkes Franks
3,550
Question 10
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.
DATE
TRANSACTIONS
2019
April
1
Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,450, terms 1/10, n/30; freight of $65 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,515).
9
Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457.
15
Purchased merchandise on credit from Kroll Company, Invoice 145, $1,700, terms 1/10, n/30; freight of $120 prepaid by Kroll and added to the invoice.
17
Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $95.
24
Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470.
Record these transactions in a general journal. (Round final answers to the nearest whole dollar value.)
ANSWER
No
Date
General Journal
Debit
Credit
1
April 01, 2019
Merchandise inventory
3,515
Accounts payable/O’Rourke Fabricators
3,515
2
April 09, 2019
Accounts payable/O’Rourke Fabricators
3,515
Merchandise inventory
69
Cash
3,446
3
April 15, 2019
Merchandise inventory
1,820
Accounts payable/Kroll Company
1,820
4
April 17, 2019
Accounts payable/Kroll Company
95
Merchandise inventory
95
5
April 24, 2019
Accounts payable/Kroll Company
1,725
Merchandise inventory
16
Cash
1,709
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