Peachtree company uses a sales journal, a purchases journal

Assignment Help Accounting Basics
Reference no: EM13904864

Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. 

May 1 Purchased $ 10,100 of merchandise on credit from Krause, Inc., terms n/30. 

8 Sold merchandise costing $ 900 on credit to G. Seles for $ 1,500 subject to a $ 30 sales discount if paid by the end of the month. 

14 Purchased $ 240 of store supplies from Chang Company on credit, terms n/30. 

17 Purchased $ 260 of office supplies on credit from Monder Company, terms n/30. 

24 Sold merchandise costing $ 400 to D. Air for $ 650 cash. 

28 Purchased store supplies from Porter's for $ 90 cash. 

29 Paid Krause, Inc., $ 10,100 cash for the merchandise purchased on May 1.

Prepare headings for a purchases journal like the one in Exhibit 7.9. Journalize the May transactions that should be recorded in the purchases journal.

Reference no: EM13904864

Company total assets turnover

Gardial & Son has an ROA of 12%, a 5% profit margin, and a return on equity equal to 20%. What is the company's total assets turnover? What is the firm's equity multiplier?

Net operating income of dropping product

The companys accounting system, what is the net operating income earned by product S85U and what would be the effect on the companys overall net operating income of dropping

Company total amount of liabilities plus equity

Refer to this chapter's opening feature about Twitter. Assume that the owners decide to open a new Website devoted to micro blogging for accountants and those studying account

Amount of loss-distribution of property

At the time of the liquidation, the property had a FMV of $80,000. What amount of loss can be recognized by Cooper on the distribution of property?

Risk-free rate and expected inflation

Assume that investors have recently become more risk averse, so the market risk premium has increased. Also, assume that the risk-free rate and expected inflation have not c

Prepare an income statement and retained earnings statement

Prepare the adjusted trial balance in the "adjusted and post trial balance" worksheet by transferring the adjusted ending balances from the "Ledger" worksheet - Prepare an i

Journal entries for work in process

Quark Spy Equipment manufactures espionage equipment. Quark uses a job-order cost system and applies overhead to jobs the basis of direct labor-hours. Prepare journal entrie

Sources of the data are printed in capital letters

The data required to reconcile the bank statement as of July 31 have been taken from various documents and records and are reproduced as follows. The sources of the data are

Reviews

Write a Review

 
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