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Purchased merchandise at a $4,400 price, invoice dated October 16, terms 2y10, ny30.
Paid $15.10 COD shipping charges on merchandise purchased for resale, terms FOB shipping point.
Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of July 31, 2011.
Prepare journal entries to establish the fund on January 3, to replenish it on January 14 and January 31, and to reflect any increase or decrease in the fund.
Prepare a petty cash payments report for March with these categories: delivery expense, mileage expense, postage expense, merchandise inventory .
Prepare the journal entries necessary to bring the company's book balance of cash into conformity with the reconciled cash balance as of December 31, 2011.
How are data in the information storage component of an accounting system used?
What are the normal recording and posting procedures when using special journals and controlling accounts with subsidiary ledgers?
Why does a company need a general journal when using special journals for sales, purchases, cash receipts, and cash disbursements?
Describe the procedures involving the use of copies of a company's sales invoices as a sales journal.
General Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash dis bursements journal, and a general journal.
Identify the accounts receivable balance listed in the general ledger at month's end.
Discuss one Uniform Standards of Professional Appraisal Practice Business Valuation Standard .
Leslie Epstein, an employee of Bormack Manufacturing Company, prepares journal vouchers for general ledger entries.
Identify at least three uestions you want to ask Stanley and information you would gain from the responses.
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal.
Identify the accounts payable balance listed in the general ledger at month's end.
Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory.
Prepare a trial balance of the general ledger and prove the accuracy of the subsidiary ledgers by preparing schedules of both accounts receivable and accounts.
Prepare a May 2011 multiple-step income statement, a May 2011 statement of owner's equity, and a May 31, 2011, classified balance sheet.
Write a memo to her advising how she might modify her current manual accounting system to accommodate the expanded business activities.
Dooling Store's inventory is destroyed by a fire on September 5, 2011.
Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise.
Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 11% and paid .
On May 7, DeSoto returns 200 units because they did not fit the customer's needs. Spare Parts restores the units to its inventory.