User Account

All Pages

Journalize the transactions in the general journal

Assignment Help Accounting Basics
Reference no: EM131140049

Velasquez Company has the following selected transactions during March.

Mar. 2 Purchased equipment costing $9,400 from Chang Company on account.

5 Received credit of $410 from Lyden Company for merchandise damaged in shipment to Velasquez.

7 Issued credit of $400 to Higley Company for merchandise the customer returned.

The returned merchandise had a cost of $260.

Velasquez Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal.

Instructions

(a) Journalize the transactions in the general journal.

(b) In a brief memo to the president of Velasquez Company, explain the postings to the control and subsidiary accounts from each type of journal. 

Reference no: EM131140049

Questions Cloud

Collection on account from customers : For each transaction, indicate whether it would normally be recorded in a cash receipts journal, cash payments journal, sales journal, single-column purchases journal, or general journal.
Why do company operators have different informational needs : Why do a company's operators/workers, managers, and executives have different informational needs than shareholders and external suppliers of capital?
Knowledge management value adding activity in construction : -Information Technology " IT. " as a strategic resource in construction management. knowledge management as value adding activity in construction. " innovation" as a source of competitive advantage in construction
How do you use them in your day-to-day activities : How do you use them in your day-to-day activities? What problems have you encountered in the applications? What questions from students or users have you encountered, and how have you responded?
Journalize the transactions in the general journal : In a brief memo to the president of Velasquez Company, explain the postings to the control and subsidiary accounts from each type of journal.
How escalation occurs when making a decision : Chip Davis has been running his car dealership business successfully for five years. This year, he started to suffer losses because some of his customers have defaulted on their payments. A critical analysis of the advice given by the consultant, Dav..
What is capital budgeting : Identify the main difference between- (a) plant assets and current assets,- (b) plant assets and inventory -(c) plant assets and long-term investments.- What is capital budgeting.
Explain what the term brutalized meant to harriet jacobs : Explain what the term "brutalized" meant to Harriet Jacobs. Who was more likely to run away from slavery? Why were women not as likely to run away? Describe how slavery psychologically affected children?
Create a linear best fit line : Write a program that imports the data from the first excel sheet and plot each data set on the same plot. Create another program that plots all the data on its own graph but in the same window. Remember to include titles, legends, and axes labels.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Describe the relationship between national backbone

Describe the relationship between national backbone providers, regional ISPs, and local ISP?

  Compute accounting rate of return on investment

Mahtomedi Corporation is considering investing in specialized equipment costing $240,000. The equipment has a useful life of five years and a residual value of $20,000. Depreciation is calculated using the straight line method. The expected net ca..

  Prepare a properly classified balance sheet

Prepare a properly classified balance sheet for the Green Manufacturing Company on December 31, 2007. List the additional parenthetical or note disclosures (if any) that should be made for each item. Compute the working capital and the current rat..

  Compute the dollar amount of ending inventory and profit

Compute the dollar amount of ending inventory and profit using absorption costing. Compute the dollar amount of ending inventory and profit using variable costing.

  Effects of the understatement of purchases

Effects of the understatement of purchases - compensation to reported earnings and the possible relation between this type of bonus scheme and the accounting errors.

  Prepare a cash flow forecast for the appropriate period

Prepare a cash flow forecast for the appropriate period. Assume that the restaurant will be run for six years, at the end of which the building could be sold for 300,000 pounds but the equipment will have no value at all.

  What are the major tax pros and cons of pass-through

1.what are the major tax pros and cons of pass-through entities versus taxable corporations?2.which business entity

  The following data pertain to the first week of operations

the following data pertain to the first week of operations during the month of

  Adjusted trial balance of the work-sheet

If the unearned revenue account hadan unadjusted normal balance of $4,800 and an adjustment was made debiting the account for $1,500, the account would appear on the adjusted trial balance of the work sheet as a :

  Budgeted sales are january 433000 units february 420000 the

budgeted sales are january 433000 units february 420000. the company requires maintaining units on hand at the end of

  Economic and tax advantages of business expansion

Describe and evaluate some of the economic and tax advantages of business expansion. How do economic and tax implications of expansion influence decisions on whether to expand or not, and if expansion is undertaken, how do these implications shape..

  How would you advise the cfo

After the meeting broke up, the mayor told the CFO to ignore the county attorney because all the Special Revenue Funds are nonmajor and, when combined for financial reporting purposes, the loan would not show up in the basic financial statements a..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd