Preview

Accounts Receivable and Merchandise Inventory

Satisfactory Essays
Open Document
Open Document
486 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Accounts Receivable and Merchandise Inventory
P5-4A J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and J. Hafner, Capital $4,200. The following transactions were completed during April.

(a) General Journal J1
|Date | |Account Titles and Explanation | |Ref. | |Debit | |Credit |
|Apr. 4 | |Merchandise Inventory | |120 | | 840 | | |
| | |Accounts Payable | |201 | | | | 840 |
| | | | | | | | | |
| 6 | |Merchandise Inventory | |120 | | 40 | | |
| | |Cash | |101 | | | | 40 |
| | | | | | | | | |
| 8 | |Accounts Receivable | |112 | |1,150 | | |
| | |Sales | |401 | | | |1,150 |
| | | | | | | | | |
| | |Cost of Goods Sold | |505 | | 790 | |
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Inventory and Outstanding Checks
    • 1152 Words
    • 5 Pages

    Inventory and Outstanding Checks

    Kenny Harrison Corp., a capital goods manufacturing business that started on January 4, 2008, and operates on a…

    • 1152 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Good Essays

    Harnischfeger Case Study Essay Example
    • 769 Words
    • 4 Pages

    Harnischfeger Case Study Essay Example

    Refer to Note 2, Harnischfeger included in net sales products purchased from Kobe Steel. Also, Financial Statements of certain foreign subsidiaries were included on the basis of their fiscal years ended 31 July 1984. Although it had no significant impact on net income, it did increased net sales by $5.4 million.…

    • 769 Words
    • 4 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    United Health Group
    • 292 Words
    • 2 Pages

    United Health Group

    Harnischfeger registered as a net sale the final sales amount of products bought from Kobe instead of only the gross margin received per unit. It has also taken in consideration the financial statements of some subsidiaries (but not all of them) to increase net sales.…

    • 292 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Accounts Receivable and Sales Return
    • 435 Words
    • 2 Pages

    Accounts Receivable and Sales Return

    Percentage of sales: It is based on prior experience of the business. It is computed as a percentage of credit sales. It ignores the current balance of the allowance account.…

    • 435 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Accounts Receivable and Income Statement
    • 265 Words
    • 2 Pages

    Accounts Receivable and Income Statement

    Based on the analytical procedures calculated in parts a. and b., summarize your observations about Pinnacle's business, including your assessment of the client's business risk.…

    • 265 Words
    • 2 Pages
    Good Essays
    Read More
  • Better Essays

    Inventory Accounting, Auditing, and Balance Sheet Components
    • 1158 Words
    • 5 Pages

    Inventory Accounting, Auditing, and Balance Sheet Components

    5-29 (Assertions) In planning the audit of a client 's inventory, an auditor identified the following…

    • 1158 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    Inventory Management
    • 333 Words
    • 2 Pages

    Inventory Management

    1. Locate a firm that incorporates inventory management. Identify the type of inventory system (fixed order quantity system, fixed order period system, or a hybrid system) it uses.…

    • 333 Words
    • 2 Pages
    Good Essays
    Read More
  • Powerful Essays

    Total Accounts Receivable
    • 2282 Words
    • 10 Pages

    Total Accounts Receivable

    The assessment of Bradmark’s internal controls over its revenue cycle procedures were done through the…

    • 2282 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Vyaderm Case
    • 2678 Words
    • 11 Pages

    Vyaderm Case

    We will first calculate the 1999 actual EVA retroactively and if our figure matches Vyaderm’s then we will use that method to calculate EVA for 2000 and 2001.…

    • 2678 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Best Essays

    Accounts Payable and Purchasing: Questions and Answers
    • 4756 Words
    • 20 Pages

    Accounts Payable and Purchasing: Questions and Answers

    In a voucher system, the sum of all unpaid vouchers in the voucher register equals the firm’s total voucher payable balance.…

    • 4756 Words
    • 20 Pages
    Best Essays
    Read More
  • Good Essays

    Accounts Receivable, Inventory, Long-lived Assets, Bonds
    • 1121 Words
    • 6 Pages

    Accounts Receivable, Inventory, Long-lived Assets, Bonds

    1. GNC has the following information regarding the inventory of its Super Mega, a multivitamins. Assume GNC uses periodic inventory system each quarter and FIFO.…

    • 1121 Words
    • 6 Pages
    Good Essays
    Read More
  • Better Essays

    Warf Computers
    • 1242 Words
    • 5 Pages

    Warf Computers

    WARF COMPUTERS, INC. Financial Analysis Hirra Zahir, Marcus Vaughn, Alejandro Romero, Kevin Zabihi WARF COMPUTERS | Statement of Cash Flows | 2012 | ($ in thousands) | | | | | | | | | | Operations | | | | | | | | | Net income | | | | | $ | 896 | | Depreciation | | | | | | 191 | | Deferred taxes | | | | | | 130 | | Change in assets and liabilities | | | | | | | | Accounts receivable | | | | | (37) | | | Inventories | | | | | 17 | | | Accounts payable | | | | | 20 | | | Accrued expenses | | | | | (118) | | | Other | | | | | | (11) |…

    • 1242 Words
    • 5 Pages
    Better Essays
    Read More
  • Powerful Essays

    Advance Accounting 1
    • 2576 Words
    • 11 Pages

    Advance Accounting 1

    Joint Venture 103 CHAPTER 6 SOLUTIONS TO MULTIPLE CHOICES 6-1: a Assets per Jessica Company- balance sheet P3,550,000 Jessica’s proportionate interest in assets of JV (50%) 1,000,000 Total assets of Jessica P4550,000 6-2: a Total liabilities only of Jenny Co. 6-3: b 6-4: b Investment of Heart P80,000 Profit share: Sales 150,800 Cost of sales (150,800 ÷ 125%) 120,640 Gross profit 30,160 Expenses 10,000 Net Profit 20,160 Profit/loss ratio x 40% 8,064 Balance of investment in JV P88,064 6-5: a Cash P190,000 Merchandise inventory 29,360 Accounts receivable 150,800 Total assets 370,160 Sweet Co’s, proportionate interest x 60% Sweet Company’s share in total asset P222,096 6-6: a Sales 7,200 Cost of sales Purchases P10,000 Merchandise inventory, end (50% of P10,000) __5,000 _5,000 Gross profit 2,200 Expenses ___500 Net profit P 1,700 104 Chapter 6 6-7: b Original investment (cash) P10,000 Profit share (P1,700 / 2) ___850 Balance of Investment account P10,850 6-8: a Joint venture account before profit distribution (credit balance) P 9,000 Unsold merchandise _ _2,500 Joint venture profit before fee to Salas P11,500 Joint venture profit after fee to Salas (P11,500 / 115%) P10,000 6-9: b Fee of Salas (P10,000 x 15%) P 1,500 Profit share of Salas (P10,000 x 25%) _2,500 Total P 4,000 6-10: b Salas Salve Balance before profit distribution P 500 (dr) P 2,000 (cr) Profit share:…

    • 2576 Words
    • 11 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    sales and inventory
    • 357 Words
    • 2 Pages

    sales and inventory

    With the developed system, transactions in the store will be processed quickly and it will improve the performance of the owner and staff.…

    • 357 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Point of Sales and Inventory
    • 1253 Words
    • 6 Pages

    Point of Sales and Inventory

    With a wide array of French-designed bags, watches, garments, shoes, and other fashion products to choose from and offering additional 80 fresh new styles every 6 weeks, members and clients alike always find something to fall for in every catalogue. Backed by highly competitive products, a lucrative marketing plan, and efficient sales and marketing tools, SMPI’s member base continues to grow counting up to more than 260,000 members and over 100 Business Centers nationwide.…

    • 1253 Words
    • 6 Pages
    Good Essays
    Read More

Related Topics