River’s Edge Canoe & Kayak had the following purchases and cash payment transactions for the month of March. In your working papers, record the following transactions on page 16 of the general journal.

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{Mar. 1} & \text{Purchased $\$ 8,200$ in merchandise on account from Trailhead Canoes, Invoice $\mathrm{TC} 202,$ terms $2 / 10, \mathrm{n} / 30 .$}\\ \text{5} & \text{Issued Check 887 for $\$ 98$ to Santini Trucking Company for delivery of merchandise purchased from Trailhead Canoes.}\\ \text{7} & \text{Bought $\$ 230$ in supplies on account from StoreMart Supply, Invoice $S M 101,$ terms $n / 30 .$}\\ \text{9} & \text{Issued Check 888 to World-Wide Insurance Company for $\$ 2,500$ in payment of business insurance premium.}\\ \text{11} & \text{Issued Check 889 to Trailhead Canoes for $\$ 8,036$ in payment of Invoice $\mathrm{TC} 202$ for $\$ 8,200$ less a 2$\%$ cash discount of $\$ 164 .$}\\ \text{15} & \text{Purchased $\$ 6,200$ in merchandise on account from Mohican Falls Kayak Wholesalers, Invoice $45332,$ terms $3 / 15, \mathrm{n} / 45 .$}\\ \text{18} & \text{Issued Debit Memorandum 67 for $\$ 25$ to StoreMart Supply for damaged supplies purchased on March 7.}\\ \text{21} & \text{Paid StoreMart Supply the balance due on their account, $\$ 205$ $(\$ 230 \text { less } \$ 25 \text { credit), Check 890.}$}\\ \text{25} & \text{Returned $\$ 200$ in merchandise to Mohican Falls Kayak Wholesalers, Debit Memorandum 68.}\\ \text{28} & \text{Rollins Plumbing Service completed $\$ 120$ in repair work (Maintenance Expense) on account, Invoice RP432. }\\ \end{array}$$

State the total debit amount to the Purchases account for the month.

Buzz Newsstand’s purchases and cash payment transactions for the month of March are described below. In your working papers: 1. Record the transactions in the general journal, page 7. 2. Post the transactions to the ledger accounts.

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{Mar. 1} & \text{Purchased $\$ 5,600$ in merchandise on account from ADC Publishing, Invoice $785,$ terms $3 / 15, n / 45$}\\ \text{3} & \text{Issued Check 1400 for $\$ 735$ to Pine Forest Publications in payment of Invoice PFP98 for $\$ 750$ less a 2$\\\%$ cash discount of $\$ 15 .$}\\ \text{5} & \text{Issued Check 1401 for $\$ 275$ to Rizzo's Trucking Company for transportation charges. }\\ \text{7} & \text{Issued Check 1402 for $\$ 588$ to Delta Press in payment of Invoice DP166 for $\$ 600$ less a 2$\\\%$ cash discount of $\$ 12$.}\\ \text{9} & \text{American Trend Publishers granted a $\$ 100$ allowance for damaged merchandise, Debit Memorandum 33. }\\ \text{11} & \text{Issued Check 1403 for $\$ 3,200$ to Keystone Insurance Company for the annual premium for business insurance.}\\ \text{15} & \text{Issued Check 1404 for $\$ 5,432$ to ADC Publishing in payment of Invoice 785 for $\$ 5,600$ less a 3$\\\%$ cash discount of $\$ 168$.}\\ \text{18} & \text{Bought $\$ 2,800$ in merchandise on account from Delta Press, Invoice DP204, terms $2 / 10, \mathrm{n} / 30$.}\\ \text{22} & \text{Issued Debit Memorandum 34 to Delta Press for the return of $\$ 300$ in merchandise. }\\ \text{28} & \text{Paid American Trend Publishers the balance due on their account, $\$ 800$ , no discount, Check 1405.}\\ \text{30} & \text{Bought $\$ 120$ in merchandise for cash from ADC Publishing, Check 1406.}\\ \end{array}$$

Calculate how much Buzz Newsstand saved in March by taking cash discounts.

The work sheet for River’s Edge Canoe & Kayak is included in your working papers. The trial balance is complete, and all of the adjustments except the one required for uncollectible accounts have been entered. 1. Record the adjustment for uncollectible accounts expense in the Adjustments section of the work sheet. Uncollectible accounts are estimated to be 1.5 percent of net sales. Label the adjustment (a). 2. Complete the work sheet. 3. Prepare an income statement, a statement of retained earnings, and a balance sheet. 4. Record the adjusting entries on page 18 of the general journal. 5. Post the adjusting entries. Record and post the closing entries.

River’s Edge Canoe & Kayak is a retail merchandising business located in Jackson Hole, Wyoming. The beginning balances of the accounts needed to complete this problem are opened in your working papers. In your working papers: 1. Record the transactions on page 19 of the cash payments journal. 2. Post the individual amounts in the Accounts Payable Credit column on a daily basis to the creditors’ accounts. 3. Post the individual amounts in the General Debit and Credit columns on the date the transaction occurred. 4. Foot, prove, total, and rule the cash payments journal. 5. Post the column totals at the end of the month. 6. Prepare a schedule of accounts payable. 7. Prove cash at the end of the month. The beginning Cash in Bank balance was $8,000; cash receipts were$7,000; and the ending check stub balance is $8,402.$

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{July 1} & \text{Issued Check 1405 for $\$ 1,372$ to North American Waterways Suppliers in payment on account of $\$ 1,400$ invoice less a 2$\\\%$ discount.}\\ \text{3} & \text{Received insurance premium statement from Rocky Mountain Insurance Company. Issued Check 1406 for $\$ 1,800$.}\\ \text{5} & \text{Issued Check 1407 to Pacific Wholesalers for $\$ 500$ to apply on account.}\\ \text{8} & \text{Received an invoice for $\$ 300$ from Jackson News for advertising. Issued Check 1408.}\\ \text{12} & \text{Issued Check 1409 for $\$ 686$ to Trailhead Canoes in payment on account of $\$ 700$ invoice less a 2$\\\%$ discount.}\\ \text{15} & \text{Issued Check 1410 for $\$ 200$ to Rollins Plumbing Service in full payment of the amount owed on account. }\\ \text{18} & \text{Issued Check 1411 for $\$ 75$ to Ben Jacobs for completing odd jobs in the store (Miscellaneous Expense).}\\ \text{20} & \text{Purchased $\$ 90$ in supplies from StoreMart Supply by issuing Check $1412 .$}\\ \text{22} & \text{Paid StoreMart Supply $\$ 400$ to apply on account, Check 1413.}\\ \text{24} & \text{Issued Check $1414, \$ 700$ to Office Max, store equipment.}\\ \text{25} & \text{Paid Mohican Falls Kayak Wholesalers $\$ 200$ to apply on account, Check $1415 .$}\\ \text{26} & \text{Issued Check 1416 to Office Max, $\$ 150$ to apply on account.}\\ \text{28} & \text{Paid transportation charges of $\$ 125$ to Stein's Trucking, Check 1417.}\\ \end{array}$$

$ Identify the amount that River’s Edge owes its creditors at month end.

Put one cup (8 ounces) of water in a drinking glass. Then take gulps until the water is gone, counting gulps as you go. How many gulps make a cup for you? Repeal to check your consistency. You can use this information throughout the day, even at drinking fountains.

On a separate sheet of paper, answer the questions below. Make sure you read carefully and answer all parts of the questions. How were the Ming and Qing dynasties similar In their treatment of the Europeans? How were they different? Describing

Sunset Surfwear frequently purchases merchandise on account. When it receives invoices, a clerk puts a processing stamp on the invoice indicating the due date, the amount of any discount, and the amount to be paid. The following invoices were received during March.

$$\begin{matrix} \text{ } & \text{Invoice} & \text{Invoice} & \text{Credit} & \text{Invoice}\\ \text{ } & \text{Number} & \text{Date} & \text{Terms} & \text{Amount}\\ \hline \text{1.} & \text{24574} & \text{March 5} & \text{$2 / 10, \mathrm{n} / 30$} & \text{$\$ 3,000.00$}\\ \text{2.} & \text{530992} & \text{March 7} & \text{$3 / 10, \mathrm{n} / 30$} & \text{$5,550.00$}\\ \text{3.} & \text{211145} & \text{March 12} & \text{$2 / 15, \mathrm{n} / 60$} & \text{$729.95$}\\ \text{4.} & \text{45679} & \text{March 16} & \text{$\mathrm{n} / 45$} & \text{345.67}\\ \text{5.} & \text{34120} & \text{March 23} & \text{$2 / 10, \mathrm{n} / 30$} & \text{$1,526.50$}\\ \text{6.} & \text{00985} & \text{March 27} & \text{$\mathrm{n} / 30$} & \text{$700.00$}\\ \end{matrix}$$

Prepare a form similar to the one that follows. The first invoice has been completed as an example. For each invoice do the following: 1. Determine the due date. Assume that Sunset Surfwear always pays invoices within the discount period. 2. Compute the discount amount, if any. 3. Compute the amount to be paid.

Record the following purchases transactions on page 7 of the general journal in your working papers.

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{Sept. 2} & \text{Purchased $\$900$ in merchandise on account from Sunrise Novelty Supply, Invoice SN110.}\\ \text{7} & \text{Issued Debit Memorandum 18 to Sunrise Novelty Supply for a $\$ 50$ allowance granted on damaged merchandise.}\\ \end{array}$$

Cycle Tech Bicycles had the following cash payment transactions in March. In your working papers, record the transactions on page 19 of the general journal.

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{Mar. 1} & \text{Purchased $\$ 1,800$ in merchandise from Summit Bicycles, Check $2111.$}\\ \text{3} & \text{Issued Check 2112 for $\$ 2,450$ to Spaulding Inc. in payment of the $\$ 2,500$ account balance less a 2$\\\%$ cash discount of $\$ 50 .$}\\ \text{7} & \text{Issued Check 2113 for $\$ 3,100$ to Desert Palms Insurance Company for the annual business insurance premium. }\\ \text{12} & \text{Paid $\$ 175$ to Viking Express for delivery of merchandise purchased from Schwinn Inc., FOB shipping point, Check 2114.}\\ \text{17} & \text{Issued Check 2115 to Suspension Specialists for $\$ 3,880$ in payment of Invoice 1492 for $\$ 4,000$ less a 3$\\\%$ cash discount of $\$ 120$.}\\ \text{20} & \text{Received the March bank statement and recorded bankcard fees of $\$ 275 .$}\\ \text{24} & \text{Paid All-Star News $\$ 130$ to run an advertisement promoting the store, Check 2116.}\\ \text{28} & \text{Bought $\$ 100$ in supplies and $\$ 700$ in store equipment from Superior Store Equipment Inc., Check 2117 for $\$ 800$.}\\ \text{31} & \text{Issued Check 2118 for $\$ 2,185.50$ in payment of monthly wages of $\$ 3,000$ less deductions for the following taxes: Employees' Federal Income Tax Payable, $\$ 480 ;$ Employees' State Income Tax Payable, $\$ 105 ;$ Social Security Tax Payable, $\$ 186 ;$ and Medicare Tax Payable, $\$ 43.50$. }\\ \end{array}$$

Determine the total decrease to the checking account for the month.

A liability resulting from the purchase of goods or services on credit is usually recorded as a. an account receivable. b. an account payable. c. a revenue. d. a reduction of equity. e. a net loss.

A business transaction that involves a purchase on account is considered to be a(n) a. cash transaction. b. credit transaction. c. investment of the owner d. expense transaction.

Meadow Link Golf Club had the following cash payment transactions. Record the following transactions on page 6 of the general journal in your working papers.

$$\begin{array}{rl} \text{Date} & \text{Transactions}\\ \hline \text{May 1} & \text{Purchased $\$ 10,500$ in golf equipment (merchandise) from TopMax Golf Manufacturers, Check 1150.}\\ \text{5} & \text{Issued Check 1151 for $\$ 325$ to Franco's Trucking for delivery charges on merchandise bought from TopMax Golf Manufacturers.}\\ \text{7} & \text{Paid Lone Star Insurance Company $\$ 2,500$ for the annual premium on an insurance policy, Check 1152.}\\ \end{array}$$

Analyze how twin studies help to differentiate the effects of genetic and environmental influences.

Write a word problem that involves finding the area of a regular polygon in a real-world setting. Then solve for an unknown quantity.