Business, 19.04.2021 15:50 alexiagreen1212
Bill Evans began Evans Distributors, a sporting goods distribution company, in January 20X1 and engaged in the transactions below. Assume Evans Distributors and its customers take advantage of all cash discounts.
DATE TRANSACTIONS 20X1
Jan.
1 Bill Evans started Evans Distributors with an investment of $55,750. He also invested personal business equipment worth $7,800.
2 Purchased merchandise for cash, $11,850, Check 100.
3 Sold merchandise on account to Rivera Corporation, $1,010, terms 2/10, n/30, Invoice 1001.
4 Purchased merchandise on account from Tsang Company, $2,420, terms 1/10, n/30, Invoice 1125.
5 Received and paid freight charges related to January 4 purchase of merchandise from Tsang Company, $220, Check 101.
10 Rivera Corporation returned merchandise purchased on January 3; issued credit memo #101 for $220.
11 Received payment in full from Rivera Corporation, after the return of January 10 and after the discount.
13 Paid amount due to Tsang Company for purchase of January 4, Check 102.
15 Recorded cash sales for the two-week period ended January 15 of $7,620.
15 Recorded sales on credit cards for the two-week period ended January 15, $1,315; the bank charges a 3 percent fee on all credit card sales.
15 Paid wages, $2,025, Check 103.
16 Purchased equipment (not for resale), $1,915, Check 104.
17 Paid freight for delivery of equipment purchased on January 16, $230, Check 105.
18 Purchased merchandise on account from Terri Manufacturing with a list price of $6,300, subject to a trade discount of 40 percent, terms 1/10, n/30, Invoice 2078.
20 Sold merchandise on account to Moloney Corp., $3,380, terms 1/10, n/30, Invoice 1002.
21 Purchased merchandise on account from Johnson Company, $2,480, terms 1/10, n/30, Invoice 3204; freight prepaid by Johnson Company and added to invoice, $150. (Total invoice amount, $2,630.00.)
27 Paid amount owed to Terri Manufacturing for purchase of January 18, Check 106.
28 Purchased merchandise from Fronke Sports Fabricators with a list price of $3,280, subject to trade discounts of 25 percent and 10 percent, terms n/30, Invoice 1888.
29 Received amount due from Moloney Corp. for the sale of January 20.
30 Paid amount due to Johnson Company for purchase of January 21, Check 107.
31 Recorded cash sales for the period from January 16–31, $8,225.
31 Recorded sales on the credit cards for the period from January 16–31, $2,520; the bank charges a 3 percent fee on all credit card sales.
Required:
Record the transactions in a general journal.
Answers: 1
Other questions on the subject: Business
Business, 22.06.2019 03:10, jaquisjones68
Transactions that affect earnings do not necessarily affect cash. identify the effect, if any, that each of the following transactions would have upon cash and net income. the first transaction has been completed as an example. (if an amount reduces the account balance then enter with negative sign preceding the number e. g. -15,000 or parentheses e. g. (15, cash net income (a) purchased $120 of supplies for cash. –$120 $0 (b) recorded an adjustment to record use of $35 of the above supplies. (c) made sales of $1,370, all on account. (d) received $700 from customers in payment of their accounts. (e) purchased equipment for cash, $2,450. (f) recorded depreciation of building for period used, $740. click if you would like to show work for this question: open show work
Answers: 3
Business, 22.06.2019 05:00, grangian06
Personal financial planning is the process of creating and achieving financial goals? true or false
Answers: 1
Business, 22.06.2019 06:40, SkyMelvin
10. which of the following is true regarding preretirement inflation? a. defined-benefit plans provide more inflation protection than defined-contribution plans. b. because of preretirement inflation, possible investment-related growth is increased for defined-contribution plans. c. all types of benefits are designed to cope with preretirement inflation. d. preretirement inflation is generally reflected in the increase in an employee's compensation level over a working career.
Answers: 3
Business, 22.06.2019 13:40, LilFabeOMM5889
The cook corporation has two divisions--east and west. the divisions have the following revenues and expenses: east west sales $ 603,000 $ 506,000 variable costs 231,000 300,000 traceable fixed costs 151,500 192,000 allocated common corporate costs 128,600 156,000 net operating income (loss) $ 91,900 $ (142,000 ) the management of cook is considering the elimination of the west division. if the west division were eliminated, its traceable fixed costs could be avoided. total common corporate costs would be unaffected by this decision. given these data, the elimination of the west division would result in an overall company net operating income (loss)
Answers: 1
You know the right answer?
Bill Evans began Evans Distributors, a sporting goods distribution company, in January 20X1 and enga...
Questions in other subjects:
English, 28.02.2021 14:00
Mathematics, 28.02.2021 14:00
Mathematics, 28.02.2021 14:00
Law, 28.02.2021 14:00
Mathematics, 28.02.2021 14:00
English, 28.02.2021 14:00
Mathematics, 28.02.2021 14:00
Biology, 28.02.2021 14:00
