4 to Hydro Supply Co. in payment of June 16 . accounts rec. Prepare a purchases journal and a cash payments journal to record these transactions. Plumb Line Surveyors provides survey work for construction projects. 211 for purchase of a vehicle, $28,500. This journal entry affects both the balance sheet and income statement as the total expenses increases by $500 while total assets decrease by the same amount on August 31. Received cash from Rogers Co. for services provided, $120. Issued Check No. Issued a check for $3,500 to pay a creditor on account. For another example, on August 31, the company ABC issues a $500 check for the maintenance expense that occurs in early August. on the first watch, he gains 26% and, on the second, he loses 10%. Purchased new equipment for $4,600 and paid for it immediately by check. The office staff use office supplies, while surveying crews use field supplies. If a special journal were used, what type of special journal would be used to record this sales transaction? Issued Invoice No. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Issued Check No. 610 for December rent, $5,260. Metro issued a check to Office Lux for $300 previously purchased supplies on account. Business owners love Patriots accounting software. Based on the long-term relationship, ABC decide to provide a credit term of 30 days. Received cash for damaged supplies returned. Pay., June 30, $34,740. This makes your loss $2,000 ($10,000 $8,000). 2 in payment of field supplies, $4,570, and office supplies, $650. 24. Issued Invoice No. Issued Check No. Explain. Keep this key piece of information in mind as we cover journal entries for the assets: When you first purchase new equipment, you need to debit the specific equipment (i.e., asset) account. Provided security services, $100, to Qwik-Mart Co. in exchange for supplies. Purchased field supplies on account from Wendell Co., $3,240. eager to hold their first big event. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger. power. Cleaning Supplies Dr. Other Accounts Dr. Post. 796 to Pinecrest Co., $5,500. Why might AquaFresh consider using a subsidiary ledger for the field equipment? 347 to Best Friend Supplies Inc. in payment of account from purchase made on September 4. 213 in payment of advertising expense, $8,590. 347 to Best Friend Supplies Inc. in payment of account from purchase made on June 4. Sales revenue will be recorded as $ 100,000 on income statement. Likewise, the company can make the journal entry for issuing check by debiting the accounts payable, asset, or expense account and crediting the bank account. Issued Check No. 57 to Bio Safe Supplies Inc. in payment 6 to Best Office Supply Co. in payment of April 17 invoice, $510. - credit. Issued Check No. Issued checks to pay employees their monthly salaries. Issued Invoice No. Total each of the columns of the special journals and post the appropriate totals to the general ledger; insert the account balances. The Canyons Resort, a Utah ski resort, recently announced a $415 million expansion of lodging properties, lifts, and terrain. Issued Check No. AquaFresh uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants in streams, lakes, and ponds. You need to be aware that a cheap essay does not mean a good essay, as qualified authors estimate their knowledge realistically. Received check for $10,000 from Sajeev Co. in payment of invoice. A count of the supplies revealed that$1,825 of supplies remained on hand at the end of Purchased field supplies on account from Midland Supply Co., $9,780. Debit your Loss on Asset Disposal account $2,000, debit your Accumulated Depreciation account $8,000, and credit your Computers account $10,000. Issued check in paymentfor supplies purchased on account. Purchased office equipment on account from Tek Village Inc., $4,890. Identify the journal most likely used in recording the postings for selected transactions indicated by letter in the T accounts, as follows: The following cash receipts journal headings have been suggested for a small service firm. 12. 612 for $410 to Office To Go Inc. in payment of invoice. Purchased field supplies on account from Tri Cities Supplies, $4,500. Purchased equipment for $3,500 and supplies for $700 from Office Depot, Invoice 501; issued Check 100 for $700 as a down payment with the balance due in 30 days. 7 in payment of salaries, $32,000. Likewise, the company can make the journal entry for issuing check by debiting the accounts payable, asset, or expense account and crediting the bank account. Issued Check No. Apply to them with questions about orders, rates, payments, and more. Take a look at how your journal entry for purchase of asset might look: Remember to make changes to your balance sheet to reflect the additional asset you have and your reduction in cash. What is the balance of the accounts payable controlling account at October 31? 7 views, 0 likes, 0 loves, 0 comments, 0 shares, Facebook Watch Videos from WLTH Radio: WLTH News@6 - News/Traffic/Weather - Rev. PURCHASES JOURNAL PAGE 36 DATE Account Credited Post. The journal entry is debiting accounts receivable of $ 100,000 and credit sales of $ 100,000. Purchased maintenance supplies on account from Bastille Co., $2,430. Issued Invoice No. Issued Invoice No. Issued Check No. Round whole percents to one decimal place. BUY Financial Accounting 15th Edition ISBN: 9781337272124 Author: Carl Warren, James M. Reeve, Jonathan Duchac Publisher: Cengage Learning expand_more Chapter 5 : Accounting Systems expand_more Section: Chapter Questions format_list_bulleted