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Brief Exercise 7-10 Rauch Computer Components Inc. uses a-(Answered)

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Brief Exercise 7-10

 

Rauch Computer Components Inc. uses a multi-column cash receipts journal.

 

Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.

 


 

(a)

 


 

Accounts

 

Accounts

 

Receivable

 


 

(b)

 


 

Sales Discounts

 


 

(c)

 


 

Cash

 


 

(d)

 


 

Other Accounts

 


 

Column in Cash Journal Receipts

 


 

Exercise 7-5 (Part level Submission)

 

Pennington Company has a balance in its Accounts Payable control account of $8,201 on January 1, 2014. The subsidiary ledger

 

contains three accounts: Hale Company, balance $2,564; Janish Company, balance $1,993; and Valdez Company. During January, the

 

following payable-related transactions occurred.

 

Purchase

 

s

 


 

Payments

 


 

Returns

 


 

$6,631

 


 

$5,625

 


 

$ -0-

 


 

Janish Company

 


 

4,978

 


 

1,993

 


 

3,274

 


 

Valdez Company

 


 

6,616

 


 

6,953

 


 

-0-

 


 

Hale Company

 


 

Don't show me this message again for the assignment

 


 

(a)

 


 

Your answer is incorrect. Try again.

 


 

What is the January 1 balance in the Valdez Company subsidiary account?

 

Balance in the Valdez Company subsidiary account $

 


 

Exercise 7-7 (Part level Submission)

 

R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.

 

May 1

 


 

R. Santiago invested $52,530 cash in the business.

 


 

2

 


 

Sold merchandise to Lawrie Co. for $6,064 cash. The cost of the merchandise sold was $4,591.

 


 

3

 


 

Purchased merchandise for $7,116 from J. Moskos using check no. 101.

 


 

14

 


 

Paid salary to H. Rivera $690 by issuing check no. 102.

 


 

16

 


 

Sold merchandise on account to K. Stanton for $986, terms n/30. The cost of the merchandise sold was $562.

 


 

22

 


 

A check of $8,647 is received from M. Mangini in full for invoice 101; no discount given.

 


 

Don't show me this message again for the assignment

 


 

(a)

 


 

Prepare a multiple-column cash receipts journal and record the transactions for May that should be journalized. (Record entries in the

 

order presented in the problem statement.)

 

R. SANTIAGO CO.

 

Cash Receipts Journal

 

CR1

 

Date

 


 

Account

 


 

R

 

e

 


 

Cash

 


 

Sales

 

Discounts

 


 

Accounts

 

Receivable

 


 

Sales

 

Revenue

 


 

Other

 

Accounts

 


 

Cost of

 

Goods Sold

 


 

Dr.

 

Credited

 


 

f

 


 

Dr.

 


 

Don't show me this message again for the assignment

 


 

Link to Text

 


 

Cr.

 


 

Cr.

 


 

Cr.

 


 

Dr.

 

Inventory

 

Cr.

 


 

 

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