User Account

All Pages

Pherigo company uses special journals and a general journal

Assignment Help Accounting Basics
Reference no: EM131139890

Pherigo Co. uses special journals and a general journal. The following transactions occurred during May 2010.

May 1 I. Pherigo invested $50,000 cash in the business.

2 Sold merchandise to B. Sherrick for $6,300 cash.The cost of the merchandise sold was $4,200.

3 Purchased merchandise for $7,200 from J. DeLeon using check no. 101.

14 Paid salary to H. Potter $700 by issuing check no. 102.

16 Sold merchandise on account to K. Kimbell for $900, terms n/30.The cost of the merchandise sold was $630.

22 A check of $9,000 is received from M. Moody in full for invoice 101; no discount given. 

Instructions

(a) Prepare a multiple-column cash receipts journal (see Illustration 7-9) and a multiple-column cash payments journal (see Illustration 7-16). (Use page 1 for each journal.)

(b) Record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.

Reference no: EM131139890

Questions Cloud

The purpose of business : Some companies feel that making money and doing good in society is an either/or strategy. Watch "The Purpose of Business" (53:37). Discuss the following: How do you think companies have changed their strategies on this since this talk in 2006? What i..
How do world trends shape education : Write a analytical essay on the topic "How do world trends shape education"
What is the appropriate degree of employee involement : What is the appropriate degree of employee involement (EI) depends on four "contingencies". How can I rate or evalute the degree of involement associated with a real-world decision-making process.
Supply chain partnerships to achieve global optimization : How can we establish effective supply chain partnerships to achieve global optimization? Explain why strategic alliances are preferred over arm's-length transactions.
Pherigo company uses special journals and a general journal : Prepare a multiple-column cash receipts journal (see Illustration 7-9) and a multiple-column cash payments journal (see Illustration 7-16). (Use page 1 for each journal.)
Montalvo company uses special journals : Record the transaction(s) for September that should be journalized in the sales journal and the purchases journal.
What is the january 31 balance in the control account : Which January transaction would not be recorded in a special journal?
Distinguish between the concepts of mission and vision : Distinguish between the concepts of mission and vision. Provide examples in your explanation.
Trade-offs between cost and risk for commodity products : What are the trade-offs between cost and risk for commodity products? What types of issues are addressed between a buyer and seller to enhance supply chains? How can we establish effective supply chain partnerships to achieve global optimization?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Adria lopez created success systems on october 1 2013 the

adria lopez created success systems on october 1 2013. the company has been successful and its list of customers has

  Cash payments for operating expenses

Cash payments for operating expenses.  Issuance of bonds for land.

  Accounts payable to suppliers of merchandise decreased

Accounts payable to suppliers of merchandise decreased $275,000 during the year.

  In october keane company reports 21000 actual direct labor

in october keane company reports 21000 actual direct labor hours and it incurs 115000 of manufacturing overhead costs.

  Financial statements of the governmental funds

The modified accrual basis of accounting is used in presenting the fund financial statements of the governmental funds because:

  Compute tax depreciation of francis corporation

Francis Corporation purchased an asset at a cost of $50,000 on March 1, 2014.The asset has a useful life of 8 years and a salvage value of $4,000. For tax purposes, the MACRS class life is 5 years. Compute tax depreciation for each year 2014-2019

  Jim one of two equal partners of the jj partnership a

jim one of two equal partners of the jj partnership a general partnership contributed business property with an

  On june 30 2013 the esquire company sold some merchandise

on june 30 2013 the esquire company sold some merchandise to a customer for 30000 and agreed to accept as payment a

  Company afford to pay in dividends

a. How much can the company afford to pay in dividends next year? b. Now assume that the firm actually pays out $1.00 per share in dividends next year. The current cash balance of the firm is $150,000. How much will the cash balance of the firm be..

  Annual adjusting entry

Upland Company borrowed $40,000 on November 1, 2010, by signing a $40,000, 9%, 3-month note. Prepare Upland’s November 1, 2010, entry; the December 31, 2010, annual adjusting entry; and the February 1, 2011, entry.

  Violation of aicpa rules

In a detail response, what violations of internal controls (using documentation), and accounting regulations, could have been violated? Please response as if the CPA firm may have been in violation of AICPA rules or other related organizations. A..

  On january 1 2011 the travis corporation purchased a 22 in

on january 1 2011 the travis corporation purchased a 22 in scott company by procuring 5000 shares of the 25000

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