Prepare a multiple-column cash receipts journal

Assignment Help Cost Accounting
Reference no: EM13543394

R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2014.

May

1

R. Santiago invested $40,000 cash in the business.


2

Sold merchandise to Lawrie Co. for $6,300 cash. The cost of the merchandise sold was $4,200.


3

Purchased merchandise for $7,700 from J. Moskos using check no. 101.


14

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


16

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


22

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

Instructions

(a) Prepare a multiple-column cash receipts journal a multiple-column cash payments journal

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

Reference no: EM13543394

Questions Cloud

Show periodic inventory system : Complete the worksheet by extending amounts reported in the adjustment trial balance to the appropriate columns in the worksheet. The company uses the periodic inventory system.
Draw the flow net and determine the quantity of seepage : For a ternary system, three components are present; temperature is also a variable. What is the maximum number of phases that may be present for a ternary system, assuming that pressure is held constant?
Calculate equivalent units of transferred-in costs : Calculate equivalent units of transferred-in costs, direct materials, and conversion costs - summarize total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs.
What was the investors actual real after tax rate of return : What was the investors actual real after tax rate of return and the firm may ask a bank for which of the following to allow it to obtain the permits?
Prepare a multiple-column cash receipts journal : Prepare a multiple-column cash receipts journal a multiple-column cash payments journal - record the transaction(s) for May that should be journalized in the cash receipts journal and cash payments journal.
Prepare adjusting entries required of financial statements : For each of the followig separate cases prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013.
Journalize the payment of bond interest on january : Journalize the payment of bond interest on January 1, 2013 - Prepare the entry to amortize bond premium and to pay the interest due on July 1, 2013, assuming no accrual of interest on June 30.
What portion of the total contract price : Same facts as those shown on page 1139 except that Hamilton uses the cost-recovery method of accounting, what portion of the total contract price would be recognized as revenue in2013?
What is the cost of the raw materials requisitioned : What is the cost of the raw materials requisitioned in June for each of the three jobs and how much direct labor cost is incurred during June for each of the three jobs?

Reviews

Write a Review

Cost Accounting Questions & Answers

  American guitar company manufactures two dissimilar high

american guitar company manufactures two dissimilar high quality acoustic guitars for retailers that are beginner model

  How the lessor determines the lease payment

1) Show how the lessor determines the lease payment; 2) Prepare the appropriate entries for both the lessee and the lessor from the inception of the lease through the return of the equipment back to the lessor.

  Prepare a statement of financial position for abc ltd

Prepare a statement of financial position for ABC ltd as at 30 June 2012 to comply with AASB 101 and prepare a statement of changes in equity for ABC ltd for the year ended 30 June 2012, according to the requirements of AASB 101.

  Curtis rich cost accountant for high power mower company

curtis rich cost accountant for high power mower company currently installed activity based costing at high power st

  Prepare an installment payments schedule

Prepare an installment payments schedule for the first 2 years - Prepare the entrie

  Compute the amount of cash in total

Compute the amount of cash, in total, which the company can expect to collect in May and compute the budgeted dollar amount of inventory which the company should have on hand at the end of April.

  Qswensons meats is taken whether it could replace a meat

qswensons meats is taken whether it could replace a meat grinder patty shaper machine. the new machine will produce 25

  Case study titled revitalizing a brand located in the

case study titled revitalizing a brand located in the online course shell. use the internet or strayer databases to

  Activity-based management talbot partners is a consulting

activity-based management talbot partners is a consulting firm with clients across the nation. within the company is a

  What exactly is the predetermined overhead rate

Describe what manufacturing overhead and describe how it is different than direct labor and direct materials - give at least 3 examples of typical manufacturing overhead

  Prepare the budgets for the quarter ending

Prepare the four budgets for the quarter ending 30 June 2013 only. (Show the total of the three months in these budgets only. Do not show the monthly figures. Round your numbers for these budgets up to zero decimal places):

  Compute the unit product cost under cost absorption costing

Was the CPA correct in suggesting that the company really earned a "profit" for the month?

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