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Perpetual entries - questions

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School
St. Clair College**We aren't endorsed by this school
Course
ACC 210
Subject
Accounting
Date
Dec 28, 2024
Pages
21
Uploaded by ConstableLorisPerson1309
Part IBusiness BookkeepingThe Chart of Accounts (GL no.) is shown below:Account DescriptionAccount #Account DescriptionAccount #ASSETS - CATEGORY 1REVENUE - CATEGORY 4CASH101SALES400ACCOUNTS RECEIVABLE105SALES RETURNS & ALLOWANCES405PREPAID INSURANCE110SALES DISCOUNTS410INVENTORY115EXPENSES - CATEGORY 5FIXED ASSETS120COGS500ACCUMULATED DEPRECIATION130ADVERTISING505LIABILITIES - CATEGORY 2INSURANCE510ACCOUNTS PAYABLE200MAINTENANCE515UNEARNED REVENUE205RENT520BANK LOAN210PROFESSIONAL FEES530SALARIES & BONUSES540OWNER'S EQUITY - CATEGORY 3TELEPHONE545OWNER'S EQUITY (CAPITAL ACCOUNT)300TRAVEL550INCOME SUMMARY315MISCELLANEOUS555MEALS & ENTERTAINMENT565OTHER REVENUES & EXPENSESINTEREST EARNED ON SAVINGS600DISCOUNTS RECEIVED605INTEREST & BANK CHARGES700LOSS ON DISPOSAL OF EQUIPMENT705Transactions for the month of November:1-MarPurchased inventory on account with terms 2/10, net 30$27,0002-MarReturned defective merchandise to suppliers$7,0005-Marpaid the outstanding balance to the supplier (including discount)6-Marsold $3000 worth of inventory for $10,500 to customer A, 2/10 net 307-Mar10-Marcustomer A pays outstanding balance.$10,00010-MarPurchased inventory on account with terms 3/5, net 30$8,00017-Marpaid the outstanding balance to the supplier17-Marsold $6500 worth of inventory for $15,000 to customer B, 3/5 net 3024-Marcustomer B pays outstanding balance.25-Mar$7,50026-Marthe correct company pays the shippers of the 25th transaction in cash$50027-Mara stock count reveals that $1000 worth of inventory has gone missing$1,00028-Mar6500Smith Right is the owner of Materials & supplies LTD. He has hired you to update the transactions for his business. Smith has provided you with a list of transactions for the month of March. The company’s Chart of Accounts is also included as shown below.customer A returned $500 worth of product, that had a cost of goods value of $200Purchased inventory on account with terms 2/10, net 30. FOB shipping pointsold $1750 worth of inventory for $5,500 to customer C , 3/10 net 30. FOB shipping point
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29-Mar the correct company pays the shippers of the 28th transaction in cash$120
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General JournalDATEDESCRIPTIONGL NO.DRCR
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Part IBusiness BookkeepingThe Chart of Accounts (GL no.) is shown below:Account DescriptionAccount #Account DescriptionAccount #ASSETS - CATEGORY 1REVENUE - CATEGORY 4CASH101SALES400ACCOUNTS RECEIVABLE105SALES RETURNS & ALLOWANCES405PREPAID INSURANCE110SALES DISCOUNTS410INVENTORY115EXPENSES - CATEGORY 5FIXED ASSETS120COGS500ACCUMULATED DEPRECIATION130ADVERTISING505LIABILITIES - CATEGORY 2INSURANCE510ACCOUNTS PAYABLE200MAINTENANCE515UNEARNED REVENUE205RENT520BANK LOAN210PROFESSIONAL FEES530SALARIES & BONUSES540OWNER'S EQUITY - CATEGORY 3TELEPHONE545OWNER'S EQUITY (CAPITAL ACCOUNT)300TRAVEL550INCOME SUMMARY315MISCELLANEOUS555MEALS & ENTERTAINMENT565OTHER REVENUES & EXPENSESINTEREST EARNED ON SAVINGS600DISCOUNTS RECEIVED605INTEREST & BANK CHARGES700LOSS ON DISPOSAL OF EQUIPMENT705Transactions for the month of April1-AprPurchased $18,000 worth of inventory, 2/10 net 30. FOB shipping point.$18,0002-Aprthe correct company pays the shippers in cash for transaction on 1st.$3652-AprPaid monthly rent on warehouse$1,5003-AprReturned $1000 worth of inventory to the supplier.$1,0004-AprReceived a bill for advertising in the local newspapers$1,6006-Aprsold $1700 worth of inventory, to customer A for $5500, 2/10 net 307-AprPaid the outstanding balance to the supplier for purchases made8-Aprsold $100 worth of inventory, to customer B for $400, for cash$4009-Aprcustomer B returned items from the previous day sale, items restocked10-Aprcustomer A settles outstanding account for sale on 6th April11-AprCustomer C pays deposit of $4000 for his next order$4,00012-AprPurchased $12,000 worth of inventory, 2/10 net 30. FOB destination$12,00013-Aprthe correct company pays the shippers in cash for transaction on 12th.$20014-Aprsold $800 worth of inventory to customer C for $4000(use deposit paid on 11th)18-Aprplumbers Inc. fixed toilets $2000 paid in cash$2,00023-Aprpaid supplier to settle account for purchase on 12th of April.Serena Williams is the owner of Sports supplies LTD. She has hired you to update the transactions for her business. Smith has provided you with a list of transactions for the month of November. The company’s Chart of Accounts is also included as shown below.
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24-Apra stock count revealed $1300 of product was missing(assumed stolen)$1,300
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General JournalDATEDESCRIPTIONGL NO.DRCR
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Part IBusiness BookkeepingGeneral JouDATEThe Chart of Accounts (GL no.) is shown below:Account DescriptionAccount #Account DescriptionAccount #ASSETS - CATEGORY 1REVENUE - CATEGORY 4CASH101SALES400ACCOUNTS RECEIVABLE105SALES RETURNS & ALLOWANCES405PREPAID INSURANCE110SALES DISCOUNTS410INVENTORY115EXPENSES - CATEGORY 5FIXED ASSETS120COGS500ACCUMULATED DEPRECIATION130ADVERTISING505LIABILITIES - CATEGORY 2INSURANCE510ACCOUNTS PAYABLE200MAINTENANCE515UNEARNED REVENUE205RENT520BANK LOAN210ACCOUNTING AND LEGAL FEES530SALARIES & BONUSES540OWNER'S EQUITY - CATEGORY 3TELEPHONE545OWNER'S EQUITY (CAPITAL ACCOUNT)300TRAVEL550INCOME SUMMARY315MISCELLANEOUS555MEALS & ENTERTAINMENT565OTHER REVENUES & EXPENSESINTEREST EARNED ON SAVINGS600DISCOUNTS RECEIVED605INTEREST & BANK CHARGES700LOSS ON DISPOSAL OF EQUIPMENT705Transactions for the month of November:Nov 1Purchased inventory from Argos on account, terms 2/15, net 30 $14,000Nov 23000019500Nov 3Paid cash to reduce the balance of accounts payable (not Argos)$2,000Nov 4Returned defective merchandise to suppliers (not Argos)$1,500Nov 5Paid salaries with cash$3,800Nov 6Paid cash for a lawyer's services$2,000Nov 7Purchased inventory on account with terms 3/10, net 30$7,500Nov 832001920Nov 9Borrowed cash from the bank$5,000Nov 10Paid for inventory purchased on Nov 1, less discount of $280$280.00Nov 1125000900Nov 12Charged a magazine advertisement on account$300Nov 13Purchased inventory on account with terms 3/10, net 30$4,000Nov 1480005200Robynne Eaton is the owner of Eaton Camera Inc. She has hired you to update the transactions for her business. Robynne has provided you with a list of transactions for the month of November. The company’s Chart of Accounts is also included as shown below.Sold $30,000 worth of inventory to Kitto Retail Services on account with terms 2/15, net 30. Cost of goods sold: $19,500A customer returned $3,200 worth of goods. The cost of goods sold for the returned inventory is $1,920Collected $25,000 of accounts receivable less approved sales discount of $900Shipped goods to a customer who had put down a deposit of $8,000 for them last month. Cost of goods sold: $5,200
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Nov 15Paid for inventory purchased on Nov 7 less discount of $225$225.00
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urnalDESCRIPTIONGL NO.DRCR
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Part IBusiness BookkeepingThe Chart of Accounts (GL no.) is shown below:Account DescriptionAccount #Account DescriptionAccount #ASSETS - CATEGORY 1REVENUE - CATEGORY 4CASH101SALES400ACCOUNTS RECEIVABLE105SALES RETURNS & ALLOWANCES405PREPAID INSURANCE110SALES DISCOUNTS410INVENTORY115EXPENSES - CATEGORY 5FIXED ASSETS120COGS500ACCUMULATED DEPRECIATION130ADVERTISING505LIABILITIES - CATEGORY 2INSURANCE510ACCOUNTS PAYABLE200MAINTENANCE515UNEARNED REVENUE205RENT520BANK LOAN210PROFESSIONAL FEES530SALARIES & BONUSES540OWNER'S EQUITY - CATEGORY 3TELEPHONE545OWNER'S EQUITY (CAPITAL ACCOUNT)300TRAVEL550INCOME SUMMARY315MISCELLANEOUS555MEALS & ENTERTAINMENT565OTHER REVENUES & EXPENSESINTEREST EARNED ON SAVINGS600DISCOUNTS RECEIVED605INTEREST & BANK CHARGES700LOSS ON DISPOSAL OF EQUIPMENT705Transactions for the month of November:Nov 1Purchased inventory from OTIS on account, terms 2/15, net 30$18,000Nov 3Paid salaries with cash$3,70024000Nov 4Paid cash for professional services$2,50015600Nov 5Nov 6Returned defective merchandise to OTIS$1,500Nov 7Purchased inventory From SPS on account, terms 3/10, net 30$8,500Nov 835002100Nov 9Borrowed cash from the bank$4,5001260Nov 10Paid for inventory purchased on Nov 1, less discount of $330330Nov 11$360.0013000Nov 12purchased advertising space in a newspaper for cash$300850Nov 13Purchased inventory on account with terms 3/10, net 30$8,000Nov 1465004425Tanya-Ann Benedita is the owner of Shoe Haven Inc. She has hired you to update the transactions for her business. Tanya-Ann has provided you with a list of transactions for the month of November. The company’s Chart of Accounts is also included as shown below.Sold $24,000 worth of inventory to Kitto Retail Services on account with terms 2/15, net 30. Cost of goods sold: $15,600A customer returned $3,500 worth of goods. The cost of goods sold for the returned inventory is $2,100Collected $13,000 of accounts receivable less approved sales discount of $850Shipped goods to a customer who had put down a deposit of $6,500 for them last month. Cost of goods sold: $4,425
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Nov 15Paid for inventory purchased on Nov 7 less discount of $225225
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General JournalDATEDESCRIPTIONGL NO.DRCR
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