# Acc291t week 2 apply exercise score 100 percent

Question 1

Lewis Corporation engaged in the following transactions during June.

DATE

TRANSACTIONS

2019

June

4

Purchased merchandise on account from Salinas Company;   Invoice 100 for \$1,055; terms n/30.

15

Recorded purchases for cash, \$1,540.

30

Paid amount due to Salinas Company for the purchase on   June 4.

Record these transactions in a general journal.

No

Date

General Journal

Debit

Credit

1

Jun 04, 2019

Purchases

1,055

Accounts payable/Salinas Company

1,055

2

Jun 15, 2019

Purchases

1,540

Cash

1,540

3

Jun 30, 2019

Accounts payable/Salinas Company

1,055

Cash

1,055

Question 2

During the year, a firm purchased \$256,700 of merchandise and paid freight charges of \$41,770. If the total purchases returns and allowances were \$16,040 and purchase discounts were \$8,500 for the year, what is the net delivered cost of purchases?

Multiple Choice

\$298,470

\$273,930

\$323,010

\$190,390

Question 3

Tune Tones Instrument Tuning Company owes Mandy Lynn’s Music Studio \$5,046 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling \$8,685 and made payments on account to Mandy Lynn in the amount of \$7,440. The amount Tune Tones owes Mandy Lynn on November 30 is:

Multiple Choice

\$6,291.

\$3,801.

\$11,079.

\$7,440.

Question 4

During March a firm purchased \$22,730 of merchandise and paid freight charges of \$1,800. If the net delivered cost of purchases for the March is \$21,980, what is the total purchase returns for March?

Multiple Choice

\$0

\$1,050

\$2,550

\$3,600

Question 5

Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:

Bushard Company

DATE

TRANSACTIONS

2019

Feb.

10

Purchased   merchandise for \$6,700 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30.

13

Received   Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling   \$370 that was returned; the goods were purchased on Invoice 1980, dated   February 10.

19

Paid   amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return   of February 13 and less the cash discount, Check 2010.

Schmidt, Inc.

DATE

TRANSACTIONS

2019

Feb.

10

Sold merchandise for \$6,700 on account to Bushard Company,   Invoice 1980, terms 2/10, n/30. The cost of merchandise sold was \$3,850.

13

Issued Credit   Memorandum 230 to Bushard Company for damaged merchandise totaling \$370 that   was returned; the goods were purchased on Invoice 1980, dated February 10.   The cost of the returned goods was \$290.

19

Received payment   from Bushard Company for Invoice 1980 of February 10, less the return of   February 13 and less the cash discount, Check 2010.

Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round final answers to the nearest whole dollar value.)

Journalize the transactions above in a general journal for Bushard Company.

Journalize the transactions above in a general journal for Bushard Company.

No

Date

General Journal

Debit

Credit

1

Feb 10, 2019

Merchandise inventory

6,700

Accounts payable/Schmidt, Inc.

6,700

2

Feb 13, 2019

Accounts payable/Schmidt, Inc.

370

Merchandise inventory

370

3

Feb 19, 2019

Accounts payable/Schmidt, Inc.

6,330

Merchandise inventory

127

Cash

6,203

·

Journalize the transactions above in a general journal for Schmidt Inc.

o

Date

General Journal

Debit

Credit

1

Feb 10, 2019

Accounts receivable/Bushard   Company

6,700

Sales

6,700

2

Feb 10, 2019

Cost of goods sold

3,850

Merchandise inventory

3,850

3

Feb 13, 2019

Sales returns and allowances

370

Accounts receivable/Bushard   Company

370

4

Feb 13, 2019

Merchandise inventory

290

Cost of goods sold

290

5

Feb 19, 2019

Sales discounts

127

Cash

6,203

Accounts receivable/Bushard   Company

6,330

Question 6

Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:

Accounts Payable (control account)

\$

7,500

Accounts   Payable—Evans Enterprises

1,900

Accounts Payable—Stamos Distributors

3,400

Accounts Payable—Tonetta   Company

2,200

GENERAL JOURNAL

DATE

DESCRIPTION

POST.
REF.

DEBIT

CREDIT

2019

Jan.

8

Accounts   Payable/Stamos Distributors

330

Cash

330

on account, Check 1240

10

Accounts Payable/Evans Enterprises

230

Purchases Returns and   Allowances

230

123 as allowance for

discolored merchandise

1. Use the final balances of the      vendor accounts to prepare a schedule of accounts to payable for Bioplast      Jewelry, Inc., as of January 31, 2019.
2. Does the total of your accounts      payable schedule agree with the balance of the accounts payable account in      the general ledger at January 31, 2019?

Use the final balances of the vendor accounts to prepare a schedule of accounts payable for Bioplast Jewelry, Inc., as of January 31, 2019.

BIOPLAST     JEWELRY, INC.

Schedule     of Accounts Payable

January     31, 2019

Evans Enterprises

\$1,670

Stamos Distributors

3,070

Tonetta Company

2,200

Total

\$6,940

Does the total of your accounts payable schedule agree with the balance of the accounts payable account in the general ledger at January 31, 2019?

Total     of accounts payable schedule agrees with balance of the accounts payable     account in the general ledger

Yes

Question 7

Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:

Bushard Company

DATE

TRANSACTIONS

2019

Feb.

10

Purchased   merchandise for \$1,100 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.

13

Received   Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling   \$200 that was returned; the goods were purchased on Invoice 1980, dated   February 10.

19

Paid   amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return   of February 13 and less the cash discount, Check 2010.

Schmidt, Inc.

DATE

TRANSACTIONS

2019

Feb.

10

Sold merchandise for \$1,100 on account to Bushard Company,   Invoice 1980, terms 1/10, n/30.

13

Issued Credit   Memorandum 230 to Bushard Company for damaged merchandise totaling \$200 that   was returned; the goods were purchased on Invoice 1980, dated February 10.

19

Received payment   from Bushard Company for Invoice 1980 of February 10, less the return of   February 13 and less the cash discount, Check 2010.

Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc.

Journalize the transactions above in a general journal for Bushard Company assuming that they use the periodic system.

No

Date

General Journal

Debit

Credit

1

Feb 10, 2019

Purchases

1,100

Accounts payable/Schmidt, Inc.

1,100

2

Feb 13, 2019

Accounts payable/Schmidt, Inc.

200

Purchases returns and allowances

200

3

Feb 19, 2019

Accounts payable/Schmidt, Inc.

900

Purchases discounts

9

Cash

891

·

Journalize the transactions above in a general journal for Schmidt Inc. assuming that they use the periodic system.

No

Date

General Journal

Debit

Credit

1

Feb 10, 2019

Accounts receivable/Bushard   Company

1,100

Sales

1,100

2

Feb 13, 2019

Sales returns and allowances

200

Accounts receivable/Bushard   Company

200

3

Feb 19, 2019

Sales discounts

9

Cash

891

Accounts receivable/Bushard   Company

900

Question 8

Post the entries in the general journal below to the accounts payable account in the general ledger and to the appropriate accounts in the accounts payable ledger.

Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:

Accounts Payable (control account)

\$

7,200

Accounts   Payable—Evans Enterprises

1,800

Accounts Payable—Stamos Distributors

3,300

Accounts   Payable—Tonetta Company

2,100

GENERAL JOURNAL

DATE

DESCRIPTION

POST.
REF.

DEBIT

CREDIT

2019

Jan.

8

Accounts   Payable/Stamos Distributors

340

Cash

340

on account, Check 1240

10

Accounts Payable/Evans Enterprises

240

Purchases Returns and   Allowances

240

123 as allowance for

discolored merchandise

Post the entries in the general journal above to the accounts payable account in the general ledger.

Accounts     Payable

Account     No: 202

Date

Debit

Credit

Balance

Jan. 1, 2019

7,200

Jan. 8, 2019

340

6,860

Jan. 10, 2019

240

6,620

Post the entries in the general journal above to the appropriate accounts in the accounts payable ledger.

Evans Enterprises

Stamos   Distributors

Date

Debit

Credit

Balance

Date

Debit

Credit

Balance

Jan. 1, 2019

1,800

Jan. 1, 2019

3,300

Jan. 10, 2019

240

1,560

Jan. 8, 2019

340

2,960

Tonetta   Company

Date

Debit

Credit

Balance

Jan. 1, 2019

2,100

Question 9

On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for \$3,550 on Invoice 1001, terms 1/10, n/30. The cost of merchandise sold was \$2,100. Payment was received in full from Fronke’s Franks, less discount, on April 10.

Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. (Round final answers to the nearest whole dollar value.)

No

Date

General Journal

Debit

Credit

1

April 01, 2019

Accounts receivable/Fronke’s   Franks

3,550

Sales

3,550

2

April 01, 2019

Cost of goods sold

2,100

Merchandise inventory

2,100

3

April 10, 2019

Sales discounts

36

Cash

3,514

Accounts receivable/Fronke’s   Franks

3,550

Question 10

Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.

DATE

TRANSACTIONS

2019

April

1

Purchased   merchandise on credit from O’Rourke Fabricators, Invoice 885, \$3,450, terms   1/10, n/30; freight of \$65 prepaid by O’Rourke Fabricators and added to the   invoice (total invoice amount, \$3,515).

9

Paid amount due to   O’Rourke Fabricators for the purchase of April 1, less the 2 percent   discount, Check 457.

15

Purchased   merchandise on credit from Kroll Company, Invoice 145, \$1,700, terms 1/10,   n/30; freight of \$120 prepaid by Kroll and added to the invoice.

17

Returned damaged merchandise purchased on April 15 from   Kroll Company; received Credit Memorandum 332 for \$95.

24

Paid the amount due to Kroll Company for the purchase of   April 15, less the return on April 17, taking the 1 percent discount, Check 470.

Record these transactions in a general journal. (Round final answers to the nearest whole dollar value.)

No

Date

General Journal

Debit

Credit

1

April 01, 2019

Merchandise inventory

3,515

Accounts payable/O’Rourke   Fabricators

3,515

2

April 09, 2019

Accounts payable/O’Rourke   Fabricators

3,515

Merchandise inventory

69

Cash

3,446

3

April 15, 2019

Merchandise inventory

1,820

Accounts payable/Kroll Company

1,820

4

April 17, 2019

Accounts payable/Kroll Company

95

Merchandise inventory

95

5

April 24, 2019

Accounts payable/Kroll Company

1,725

Merchandise inventory

16

Cash

1,709