None For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments relatedto inventories in order to determine the amount of cash paid to suppliers. All dollars are in millions.Complete this question by entering your answers In the tabs below.Cash Paid toSuppGeneralJournalCalculate the amount of cash paid to suppliers for each situation.Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10).Cost of GoodsSituationSoldInventory Increase(Decrease)Accounts PayableIncrease (Decrease)Cash Paid toSuppliers120000220060320001442006145200(6)(14)Cash Pad to SungGeneral Journal >

Step 1:Computation of the amount of cash paid to the suppliers:SituationCost of goods soldInventory…

Answered: For each of the five independent…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 3CE

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Accounting Question
For each of the five independent situations below, prepare a journal entry that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers. All dollars are in millions. Cash Paid to Supp General Journal Calculate the amount of cash paid to suppliers for each situation. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Situation Cost of Goods Sold Inventory Increase (Decrease) Accounts Payable Increase (Decrease) Cash Paid to Suppliers 1 215 0 0 2 215 6.5 0 3 215 0 10.6 4 215 6.5 10.6 5 215 (6.5) (10.6) Prepare a journal entries that summarizes the purchases, sales, and payments related to inventories in order to determine the amount of cash paid to suppliers. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your…
For each of the three independent situations determine the amount of cash received from the customers and prepare journal entries that summarize the selling and collection activities for the reporting period. All dollars are in millions. Complete this question by entering your answers in the tabs below. Cash Recd from Cust Determine the amount of cash received from the customers. Note: Enter your answers in millions (.e., 10,000,000 should be entered as 10). Situation 1 2 General Journal 3 Sales Revenue 160 160 160 Accounts Receivable Cash Received from Increase (Decrease) Customers 0 21 (21) Cash Recd from Cust General Journal >
The end-of-the month balance in Igado’s cash disbursement journal “Sundry Account” column is P19,870. How will the column be posted and what is the posting reference will be entered?
The entry to record the cash sale of a webpage by Tellmore in the amount of $500 is: A) debit to Sales for $500, credit to Cash for $500. debit to Cash for $500, credit to Sales for $500. debit to Sales Discounts for $500, credit to Sales for $500. debit to Cash for $500, credit to Sales Discounts for $500.
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount of Terms of Cash Net Invoice Sale Discount Amount Due $9,010.20 4/10, n/30 180.204 $ 8829.996
Calculate the cash discount and the net amount due the transaction (in $). (Round your answers to the nearest cent.) Amount ofInvoice Terms ofSale CashDiscount NetAmount Due $5,010.20 4/10, n/30 $ $
Use the following items to prepare a balance sheet and a cash flow statement. Determine the total assets, total liabilities, net worth, total cash inflows, and total cash outflows. (Omit the "$" sign in your response.) Rent for the month Monthly take-home salary Cash in chequing account Savings account balance Spending for food Balance of educational loan Current value of automobile Telephone bill paid for month Credit card balance Loan payment picture Click here for the Excel Data File Total assets Total liabilities Net worth Total cash inflows Total cash outflows $ $ $ $ 1,410 3,740 650 2,860 1,040 2,320 7,960 70 265 98 Auto insurance Household possessions Stereo equipment Payment for electricity Lunches/parking at work Donations Home computer Value of stock investment Clothing purchase Restaurant spending
Directions: Read each senterce carefully and determine whether the statement is TRUE or FALS E. Write your answers on the space provided before each number. 1. At the beginning of the day, you have P200 cash in your pocket. At the end of the day, you have P50 left. If you make a horizontal analysis of your cash, you would conclude that your cash has decreased by 80% during the day. 2. In 2019, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statement user would conclude that Entity A was able to generate 20% profit from every peso of its sales during the period. 3. Entity A reported irventory balances of P100 and P50 in 2019 and 2018, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from2018 to 2019. 4. An analysis of the intenelationships of infomation in a single period, expressed as parcentages of a common denomirator, is called horizortal analysis. 5. A comparison…
1.2 Show the adjustments that would be required in the cashbooks by completing the following tables in your answer booklet:
Suppose that an organization purchased $800 in supplies to be placed in inventory with cash of $500 and $300 remaining on credit, record the appropriate journal entry.
Which of the following transactions will be recorded in cash payment journal? a. Receipt of income b. Purchase of goods on credit c. Sale of goods for cash d. Payment of monthly expenses

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