Open the general ledger accounts and accounts receivable

Assignment Help Accounting Basics
Reference no: EM131067443

Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 2016 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sounds engaged in the following transactions: Instructions: Instructions: Open the general ledger accounts and accounts receivable ledger accounts indicated below.

Record the transactions listed above in the general journal. Use page 1 as the page number. Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts receivable ledger. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable control account with the total of the schedule.

General Ledger Accounts 101 Cash ($27,400 Debit) 111 Accounts Receivable ($4,300 Debit) 114 Merchandise Inventory ($35,275 Debit) 401 Sales 421 Sales Returns and Allowances 452 Sales Discounts 501 Cost of Goods Sold Accounts Receivable Ledger Accounts Alto Music Center Country Tunes Hawk Music Center Modern Sounds Music Supply Store ($2,000 Debit) Music Warehouse Oldies Sounds ($2,300 Debit)

Reference no: EM131067443

Questions Cloud

Calculate the standard deviation and variance : The letter grade will be based upon demonstrated mastery of the content and ability to articulate and apply the concepts in the assignment. Keep this in mind while writing your paper.
Describe optimum solution you have chosen for your project : Comprehensively describe the optimum solution you have chosen for your project. Include the location, lay-out, demand/supply balance, financial considerations, and give a detailed specification and quantification for materials and labour required
Vacuum of space with a temperature : The white dwarf is situated in the vacuum of space with a temperature of 2.73K. What is the rate at which the white dwarf radiates energy into space?
Force diagram and express the equations : A 50 kg box is resting on an inclined surface of 32 degrees. The coefficient of friction between the box and the surface is 0.45. Draw a force diagram and express the equations for all the x and y forces.
Open the general ledger accounts and accounts receivable : Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash receipts for the firm during April 2016 follow. The firm sells its merchandise for cash and on open account.
Describe you authentic observation : Identify any mistaken behaviors you observed as well as any triggers (causes) that you observed -  Describe the circumstances briefly and identify the area(s) of development you relate these behaviors.
Traveling with a velocity along horizontal snow : Consider 2 similar situations. First, a snow sled is initially traveling with a velocity along horizontal snow and comes to a stop through friction. A second snow sled is traveling the same initial velocity on identical snow conditions and comes t..
Perpetuity is received via annual payments : A perpetuity is received via annual payments. The first payment, which will occur in 6 years, will be for $1440, and the payments will increase by 4.7% each year after that. If the effective rate of interest is 6.9%, what is the present value of the ..
How these techniques may be employed to solve it problems : Note: This example includes advanced topics, and you are not expected to understand the article fully. It is offered here simply as an example of how these techniques may be employed to solve IT problems.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Paid in cash at the time of conversion

On October 1, 2011, $2,500,000 of these bonds were converted into 35,000 shares of $15 par common stock. Accrued interest was paid in cash at the time of conversion.

  Kent company anticipates total sales for april may and june

kent company anticipates total sales for april may and june of 800000 900000 and 950000 respectively. cash sales are

  Your firm uses return on assets roa to evaluate investment

your firm uses return on assets roa to evaluate investment centers and is considering changing the valuation basis of

  Abc company produces product x product y and product z all

abc company produces product x product y and product z. all three products require processing on specialized finishing

  Debt securities sold to investors that must be repaid at a

debt securities sold to investors that must be repaid at a particular date some years in the future are calledaccounts

  Calculate after tax cash inflow from the disposal

Silver Shades corporation disposes of a capital asset with an oringial cost of 115000 and accumulated depriciation of 62500 for a salvage price of 18000. Silver Shades tax rate is 30%. Calculate after tax cash inflow from the disposal of the capit..

  Determine the variable utilities rate per machine hour

Lewis Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows.

  Russell age50 and linda age45 long have brought you the

russell age50 and linda age45 long have brought you the following information regarding their income and expenses for

  Direction of the effects on the accounting eqution

For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. a. (Sample) Borrowed $ 3,940 from a local bank on a ..

  It is estimated that the direct materials would be id

comp. uses a job costing system. the following cost data are available from the books for the year ended 31st december

  Wellcom corporation has the following sales mix in units

wellcom corporation has the following sales mix in units for its three products a 20 b 35 and c 45. fixed costs total

  A corporation had 20000 shares of 10 par value common stock

a corporation had 20000 shares of 10 par value common stock outstanding on january 10. later that day the board of

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!

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