At the beginning of the current season on April 1, the records of Whispering Winds Pro Shop showed Cash $3,070, Inventory $3,500, and Common Stock $6,570. The following transactions occurred during April 2022. Apr. 5 9 10 12 14 17 20 Purchased golf bags, clubs, and balls on account from Carla Vista Co. $1,800. Received credit from Carla Vista Co. for merchandise returned $400. Sold merchandise on account to members $1,230. The merchandise sold had a cost of $750. 21 Purchased golf shoes, sweaters, and other accessories on account from Sandhill Sportswear $1,070. Paid Carla Vista Co. in full. Received credit from Sandhill Sportswear for merchandise returned $70. Made sales on account to members $890. The cost of merchandise sold was $550. Paid Sandhill Sportswear in full. 30 Received payments on account from members $1,270. Prepare an income statement through gross profit for the month of April 2022. Sales Revenue WHISPERING WINDS PRO SHOP Income Statement (Partial) For the Month Ended April 30, 2022 Sales Returns and Allowances Net Sales 1230

At the beginning of the current season on April 1, the records of Whispering Winds Pro Shop showed Cash $3,070, Inventory $3,500, and Common Stock $6,570. The following transactions occurred during April 2022. Apr. 5 9 10 12 14 17 20 Purchased golf bags, clubs, and balls on account from Carla Vista Co. $1,800. Received credit from Carla Vista Co. for merchandise returned $400. Sold merchandise on account to members $1,230. The merchandise sold had a cost of $750. 21 Purchased golf shoes, sweaters, and other accessories on account from Sandhill Sportswear $1,070. Paid Carla Vista Co. in full. Received credit from Sandhill Sportswear for merchandise returned $70. Made sales on account to members $890. The cost of merchandise sold was $550. Paid Sandhill Sportswear in full. 30 Received payments on account from members $1,270. Prepare an income statement through gross profit for the month of April 2022. Sales Revenue WHISPERING WINDS PRO SHOP Income Statement (Partial) For the Month Ended April 30, 2022 Sales Returns and Allowances Net Sales 1230

Name: At the beginning of the current season on April 1, the records of Whi
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Description: At the beginning of the current season on April 1, the records of Whispering Winds Pro Shop showed Cash $3,070, Inventory $3,500,and Common Stock $6,570. The following transactions occurred during April 2022.Apr. 591012141720Purchased golf bags, clu

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At the beginning of the current season on April 1, the ledger of Carla Vista Pro Shop showed Cash $3,095; Inventory $4,095; and Common Stock $7.190. The following transactions occurred during April 2022. Purchased golf baps, clubs, and balls on account from Arnie Co. $1.785, terms 3/10, n/60, Paid freight on Arnie Co. purchases $95. Apt. Received credit from Arnie Co. for merchandise returned $485. 10 Sold merchandise on account to members $1,595, terms n/30. 12 Purchased golf shoes sweaters, and other accessories on account from Woods Sportswear $988, terms 2/10, n/30. 14 Paid Amie Co. in full. 17 Received credit from Woods Sportswear for merchandise returned $188. 20 Made sales on account to members $964, terms n/30. 21 Paid Woods Sportswear in full 27 Granted credit to members for clothing that did not fit properly 595. :30 Received payments on account from members $1452
Prepare journal entries to record the following transactions entered into by the Wildhorse Co.: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) 2022 Nov. 1 Sold merchandise on account to Mercer, Inc., for $19,000, terms 2/10, n/30. Nov. 5 Mercer, Inc., returned merchandise worth $1,150. Nov. 9 Received payment in full from Mercer, Inc. Date Account Titles and Explanation Debit Credit Nov. 1Nov. 5Nov. 9 Enter an account title to record sales on account on November 1 Enter a debit amount Enter a credit amount Enter an account title to record sales on account on November 1 Enter a debit amount Enter a credit amount Nov. 1Nov. 5Nov. 9 Enter an account title to record merchandise…
The following information was available for Shekinahs business as at 31st December, 2018 Balances as at 01st December 2018 Sales Ledger K929,240 Purchases Ledger K509,300 Totals for the month up to 31st December 2018 Purchases 1,529,480 Sales 2,520,480 Purchases returns 43,080 Bad debts written off 25,060 Discount Allowed 14,920 Discount Received 38,840 Cash from customer 2,409,280 Cash paid to creditors 1,409,520 Required: Prepare the debtors ledger control account and balance it offPrepare the creditors ledger control account and balance it off How much was owed to and how much did Shekinah owe as at 31st december 2018
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $396,000, terms n/30. 31 Issued a 30-day, 4% note for $396,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $174,000 from Triple Creek Bank, issuing a 45-day, 4% note. Jul. 1 Purchased tools by issuing a $258,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $174,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $400,000, paying $114,000 cash and issuing a series of ten 4% notes…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $396,000, terms n/30. 31 Issued a 30-day, 4% note for $396,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $174,000 from Triple Creek Bank, issuing a 45-day, 4% note. Jul. 1 Purchased tools by issuing a $258,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $174,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $400,000, paying $114,000 cash and issuing a series of ten 4% notes…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $215,000, terms n/30. 31 Issued a 30-day, 6% note for $215,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 8% note. Jul. 1 Purchased tools by issuing a $60,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 9% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $320,000, paying $120,000 cash and issuing a series of ten 6% notes for…
You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. Balance all accounts. 2009 July 1 Credit purchases form: K Hill $380; M Norman $500; N Senior $106. 3 Credit sales to: E Rigby $510; E Phillips $246; F Thompson $356. 5 Credit purchases from: R Morton $200; J Cook $180; D Edwards $410; C Davies $66. 8 Credit sales to: A Green $307; H George $250; J Ferguson $185. 12 Returns outwards to: M Norman $30; N Senior $16. 14 Return inwards from: E Phillips $18; F Thompson $22. 20 Credit sales to: E Phillips $188; F Powell $310; E Lee $420. 24 Credit purchases from: C Ferguson $550; K Ennevor $900. 31 Return inwards from: E Phillips $27; E Rigby $30. 31 Return outwards to: J Cook $13; C Davies $11.
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. 31 Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. Jul. 1 Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. 31 Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. Jul. 1 Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar 1. Purchased merchandise on account from Kirkwood Co., $175,000, terms n/30. Mar 31. Issued a 30-day, 6% note for $175,000 to Kirkwood Co., on account. Apr 30. Paid Kirkwood Co. the amount owed on the note of March 31. June 1. Borrowed $400,000 from Triple Creek Bank, issuing a 45-day, 5% note. July 1. Purchased tools by issuing a $45,000, 60-day note to Poulin Co., which discounted the note at the rate of 7% July 16. Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) Aug 15. Paid Triple Creek Bank the amount due on the note of July 16. Aug 30. Paid Poulin Co. the amount due on the note of July 1. Dec 1. Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for $22,000…
The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. Jul. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 6.5% note for $156,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8%…