Home>Business & Finance homework help>Accounting homework help   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 Lynn’s 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/Fronke’s   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/Fronke’s   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