Question

Jenny’s Designs is a bridal shop. Instructions: Journalize the following transactions completed during October of the current year. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM. Transactions: Oct. 5. Bought store supplies on account from Displays Warehouse, $275.00. M39. 9. Returned merchandise to Hendrix Products,$640.00. DM25. 13. Bought offi ce supplies on account from Offi ce Express, $215.00. M40. 18. Returned merchandise to T-J Designs,$390.00. DM26. 25. Bought store supplies on account from Classic Fixtures, $180.00. M41.

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Related questions

accounting

Cleary’s Music Center has nine employees. The employees are paid weekly with overtime after 40 hours per week. The overtime rate is 1121\frac{1}{2} times the regular rate of pay. Payroll information for the week ending June 12 follows:

EmployeePay Rate HoursDavid Clune$6.953312Richard Lang$7.8038Jane Longas$7.2543Betty Quinn$8.304414John Sullivan$8.303912Kelly Talbert$7.5040Gene Trimbell$9.754212Heidi Varney$8.753414Kevin Wallace$9.2546\begin{array}{lll} \text{Employee} & \text{Pay Rate } & \text{Hours}\\ \text{David Clune} & \text{$\$ 6.95$} & \text{$33\frac{1}{2}$}\\ \text{Richard Lang} & \text{$\$ 7.80$} & \text{38}\\ \text{Jane Longas} & \text{$\$ 7.25$} & \text{43}\\ \text{Betty Quinn} & \text{$\$ 8.30$} & \text{$44\frac{1}{4}$}\\ \text{John Sullivan} & \text{$\$ 8.30$} & \text{$39\frac{1}{2}$}\\ \text{Kelly Talbert} & \text{$\$ 7.50$} & \text{40}\\ \text{Gene Trimbell} & \text{$\$ 9.75$} & \text{$42\frac{1}{2}$}\\ \text{Heidi Varney} & \text{$\$ 8.75$} & \text{$34\frac{1}{4}$}\\ \text{Kevin Wallace} & \text{$\$ 9.25$} & \text{46}\\ \end{array}

Prepare a form similar to the one that follows. Calculate regular earnings, overtime earnings, and gross earnings for each employee.

 TotalPayRegularOvertimeGrossEmployeeHoursRateEarningsEarningsEarningsClune, David3312$6.95$232.83-0-$232.83\begin{matrix} \text{ } & \text{Total} & \text{Pay} & \text{Regular} & \text{Overtime} & \text{Gross}\\ \text{Employee} & \text{Hours} & \text{Rate} & \text{Earnings} & \text{Earnings} & \text{Earnings}\\ \hline \text{Clune, David} & \text{$33\frac{1}{2}$} & \text{\$6.95} & \text{\$232.83} & \text{-0-} & \text{\$232.83}\\ \end{matrix}

accounting

Juanita Ortega runs Outback Guide Service. The accounts she uses to record and report business transactions are listed below.

General Ledger 101 Cash in Bank205 Accounts Payable—105 Accounts Receivable—Peak Equipment Inc.Mary Johnson207 Accounts Payable—130 Office EquipmentPremier Processors140 Computer Equipment301 Juanita Ortega, Capital145 Hiking Equipment 150 Rafting Equipment \begin{matrix} \text{General Ledger} & \text{ }\\ \hline \text{101 Cash in Bank} & \text{205 Accounts Payable—}\\ \text{105 Accounts Receivable—} & \text{Peak Equipment Inc.}\\ \text{Mary Johnson} & \text{207 Accounts Payable—}\\ \text{130 Office Equipment} & \text{Premier Processors}\\ \text{140 Computer Equipment} & \text{301 Juanita Ortega, Capital}\\ \text{145 Hiking Equipment} & \text{ }\\ \text{150 Rafting Equipment} & \text{ }\\ \end{matrix}

For each transaction: 1. In your working papers, prepare a T account for each account. 2. Analyze and record each of the following business transactions in the appropriate T accounts. Identify each transaction by number. 3. After recording all transactions, compute and record the account balance on the normal balance side of each T account. 4. Add the balances of those accounts with normal debit balances. 5. Add the balances of those accounts with normal credit balances. 6. Compare the two totals. Are they the same?

DateTransactionsMay 21. Juanita Ortega transferred an additional $53,250 from her personal savings account into the business checking account.62. Bought hiking equipment for $550, Check 367.73. Bought rafting equipment on account from Peak Equipment Inc. for $2,675.114. Juanita Ortega transferred her own computer, valued at $850, to the business. 165. Bought a cash register for the office on account from Premier Processors for $1,250.196. Sold the computer on credit for $850 to Mary Johnson.227. Paid $500 on account to Peak Equipment Inc., Check 368.248. Purchased shelves for the office for $650, Check 369.289. Paid $1,250 on account to Premier Processors, Check 370.3110. Bought rafting oars for $175, Check 371.\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{May 2} & \text{1. Juanita Ortega transferred an additional $\$53,250$ from her personal savings account into the business checking account.}\\ \text{6} & \text{2. Bought hiking equipment for $\$550$, Check 367.}\\ \text{7} & \text{3. Bought rafting equipment on account from Peak Equipment Inc. for $\$2,675$.}\\ \text{11} & \text{4. Juanita Ortega transferred her own computer, valued at $\$850$, to the business. }\\ \text{16} & \text{5. Bought a cash register for the office on account from Premier Processors for $\$1,250$.}\\ \text{19} & \text{6. Sold the computer on credit for $\$850$ to Mary Johnson.}\\ \text{22} & \text{7. Paid $\$500$ on account to Peak Equipment Inc., Check 368.}\\ \text{24} & \text{8. Purchased shelves for the office for $\$650$, Check 369.}\\ \text{28} & \text{9. Paid $\$1,250$ on account to Premier Processors, Check 370.}\\ \text{31} & \text{10. Bought rafting oars for $\$175$, Check 371.}\\ \end{array}