ACC225 Xinef Company __Complete Correct Answers Complete !!

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All of the company's accounting work is completed through the end of September and its ledgers show September 30 balances.

 

During October the company experiences the following transactions and events. 

Terms for all credit sales are 2/10, n/30 unless otherwise stated differently. 

Consider purchase payment discounts to be a reduction in inventory. 

When recording a check, the check total is listed on the journal line, not each part. Review your Demonstration Problems.

 

                                                                                                                            XINEF COMPANY

 Inv. No.Check 

Date           DescriptionNameor DateNo.TermsAmount

Oct1       Paid rent (80% selling space, 20% office space)Realty Management LLC101 $4,000

     2      Sold merchandise on credit (cost $4,400)Harker Company11012/10, n/60   6,600

     2       Issued credit memo on returned merch.Buckeye, Inc. Sep. 28      200

                    Total selling price (gross)Buckeye, Inc. Sep. 28   4,800

     3       Received credit memo on returned merch.Dallas Products Sep. 29      800

     4       Purchased merchandise on creditAmes Supply Co. Oct 4 n/10 EOM 35,000

               Purchased store supplies on creditAmes Supply Co. Oct 4 n/10 EOM      600

            Purchased office supplies on creditAmes Supply Co. Oct 4 n/10 EOM      100

     5     Received payment less discount and returnBuckeye, Inc. Sep. 28 2/10 EOM ? 

     8     Paid inv. less 2 % discount and Oct 3 returnDallas Products Sep. 29 102 ? 

     9     Sold store supplies for cash at cost      400

    10    Purchased office equipment on creditAmes Supply Co. Oct 10 n/10 EOM   4,000

    11    Received payment less discountHarker Company Oct 2 ? 

    11    Purchased merchandise on creditGarland, Inc. Oct 10 2/10, n/30   9,000

    12    Received credit memo on returned merch.Ames Supply Co. Oct 10      800

   15    Check issued for sales salariesPayroll103   5,000

          Check issued for office salariesPayroll103   3,000

   15    Cash sales for first half of month (cost $40,000) 60,000

   16    Sold merchandise on credit (cost $2,000)Harker Company11022/10, n/60   4,000

   17   Purchased merchandise on creditNorwalk Corp. Oct 14 2/10, n/60 15,000

  19    Paid invoice less discountGarland, Inc. Oct 10 104 

   22   Sold merchandise on credit (cost $5,000)Sigma Services11032/10, n/60   7,000

   23   Paid invoice less discountNorwalk Corp. Oct 14 105 ? 

   24   Purchased merchandise on creditAmes Supply Co. Oct 23 n/10 EOM   8,000

         Purchased store supplies on creditAmes Supply Co. Oct 23 n/10 EOM      600

         Purchased office supplies on creditAmes Supply Co. Oct 23 n/10 EOM      300

   25   Purchased merchandise on creditDallas Products Oct 23 2/10, n/30   3,000

   26   Sold merchandise on credit (cost $8,000)Static Corp.11042/10, n/60 14,000

   26  Paid Sep electric billUnited Power106   1,200

   29  Issued check to owner for personal useMark G107   7,000

   30  Received payment less discountSigma Services Oct 22 ? 

   30  Check issued for sales salariesPayroll108   6,000

        Check issued for office salariesPayroll108   3,000

  31   Cash sales for second half of month (cost $45,000) 70,000

  

 Additional information: 

 a. The annual insurance premium is $3,600; the policy runs from October through September.    ? 

 b. Ending store supplies inventory      2,500 

 c. Ending office supplies inventory         500 

 d. Estimated depreciation of store equipment         600 

 e. Estimated depreciation of office equipment         300 

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    ACC225 Xinef Company __Complete Correct Answers Complete !! (Use it as a GUIDE)
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