ACC225 Xinef Company __Complete Correct Answers Complete !!
rubyCpaMbaAll 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
- 10 years ago
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