The chart of accounts of lopez company includes

Assignment Help Accounting Basics
Reference no: EM131140091

The chart of accounts of Lopez Company includes the following selected accounts.

112 Accounts Receivable.... 401 Sales
120 Merchandise Inventory... 412 Sales Returns and Allowances
126 Supplies......... 505 Cost of Goods Sold
157 Equipment........ 610 Advertising Expense
201 Accounts Payable

In July the following selected transactions were completed. All purchases and sales were on account.

The cost of all merchandise sold was 70% of the sales price.
July 1 Purchased merchandise from Fritz Company $8,000.
2 Received freight bill from Wayward Shipping on Fritz purchase $400.
3 Made sales to Pinick Company $1,300, and to Wayne Bros. $1,500.
5 Purchased merchandise from Moon Company $3,200.
8 Received credit on merchandise returned to Moon Company $300.
13 Purchased store supplies from Cress Supply $720.
15 Purchased merchandise from Fritz Company $3,600 and from Anton Company $3,300.
16 Made sales to Sager Company $3,450 and to Wayne Bros. $1,570.
18 Received bill for advertising from Lynda Advertisements $600.
21 Sales were made to Pinick Company $310 and to Haddad Company $2,800.
22 Granted allowance to Pinick Company for merchandise damaged in shipment $40.
24 Purchased merchandise from Moon Company $3,000.
26 Purchased equipment from Cress Supply $900.
28 Received freight bill from Wayward Shipping on Moon purchase of July 24, $380.
30 Sales were made to Sager Company $5,600.

Instructions

(a) Journalize the transactions above in a purchases journal, a sales journal, and a general journal. The purchases journal should have the following column headings: Date, Account Credited (Debited), Ref., Accounts Payable Cr., Merchandise Inventory Dr., and Other Accounts Dr.

(b) Post to both the general and subsidiary ledger accounts. (Assume that all accounts have zero beginning balances.)

(c) Prove the agreement of the control and subsidiary accounts.

Reference no: EM131140091

Questions Cloud

Compute the labor rate and efficiency variances : Compute the materials price and quantity variances for the month.-  Compute the labor rate and efficiency variances for the month.
Compute the company inventory turns and days : Determine the least-cost location using the center-of-gravity method. Plot the five restaurants and the proposed new distribution cen¬ter on a grid map.
Why would an ethics committee use model : Why would an ethics committee use a model? It... increases ethical reasoning decreases emotional volatility increases rapid decision-making assures competent decisions
Small but fast growing emerging economy : Suppose you are a government official of a small but fast growing emerging economy. A company wants to come to your country to start selling a clean fuel that has previously been unavailable there, and it wants to pump the fuel directly into your cou..
The chart of accounts of lopez company includes : In July the following selected transactions were completed. All purchases and sales were on account.
Purpose of generally accepted auditing standards : What is the purpose of Generally Accepted Auditing Standards?
Purpose of generally accepted auditing standards : What is the purpose of Generally Accepted Auditing Standards? a. Describe the 10 basic GAAS standards (framework) providing in detail the sections and principles within each section. b. Describe the Clarity Standards (Fundamental Principles – ASB sta..
Use of forecasting to develop planning premises : Give an example of your use of forecasting to develop planning premises. Which of the three forecasting technique(s) did you use? How effective was the plan that resulted?
What do parallel lines on the ife portrait heads represent : What do the parallel lines on the Ife portrait heads represent? Which of the following is a specialist in ritual that opens the lines of communication between the supernatural and human worlds?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  When an order is received by a restaurants computer it is

the following is a description of ordering food through find your food.the customer uses their computer to go to the

  Community challenges a nonprofit organization for

community challenges a nonprofit organization for physically and mentally challenged people manufactures a variety of

  You work as an accountant for a small land development

you work as an accountant for a small land development company that desperately needs additional financing to continue

  How much is the additional revenue to be charged

A company estimates that ordering costs are $2.00 per order, picking costs are $1.00 per unique item ordered, packing costs are $0.07 per item, and return costs are $40.00 per return. A customer orders $8,000 worth of goods with direct costs of $6..

  Which is the better offer and why

You can take advantage of the dealers offer and finance the car at 1.9% or you can take advantage of the $2,500 rebate and finance the car at the going interest rate of 4.5%. Which is the better offer and why?

  Within a hierarchical database

Within a hierarchical database, what is the name for the built-in linkages in data tables? Which data relationships can be contained in a hierarchical database?

  Professional conduct relates to the acceptance

What factors would you consider in deciding whether to accept an engagement?

  Net present value of the proposed project

The company requires a minimum pretax return of 13% on all investment projects. The net present value of the proposed project is closest to:

  The sales tax rate on restaurant sales

1.Bavarian Bar and Grill opened for business in November 2013.

  Total asset turnover is calculated by dividing gross profit

total asset turnover is calculated by dividing points 21. gross profit by average total assets2. average total

  Maize company incurs a cost of 39 per unit of which 26 is

maize company incurs a cost of 39 per unit of which 26 is variable to make a product that normally sells for 59. a

  Deana hired eric to work with her as co-counsel on criminal

deana hired eric to work with her as co-counsel on criminal cases. he received fifty 50 percent of the fee on those

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