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ACC 291 Week 2 Practice Connect Practice Assignment

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ACC 291 Week 2 Practice Connect Practice Assignment 1 Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow: DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $12,200 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $1,000 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $5,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $4,760 plus a freight charge of $170 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $3,250 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $400 from Swenson Ski Goods for return of defective ski pants; the pants were originally


purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,600 plus a freight charge of $150 from Colorado Ski Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: Post the entries from the general journal to the appropriate accounts in the general ledger and in the accounts payable ledger. Prepare a schedule of accounts payable. GENERAL LEDGER ACCOUNTS 101 Cash, $27,000 Dr. 201 Accounts Payable 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts ACCOUNTS PAYABLE LEDGER ACCOUNTS Alaska Supply Company Cold Mountain Clothing Company Colorado Ski Shop Swenson Ski Goods Analyze: What portion of the purchases in September, before purchases returns and allowances and before purchases discounts, were for clothing items? Include ski boots as a clothing item. 2 NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities: DATE TRANSACTIONS 2019 June 1 Issued Check 101 to purchase merchandise, $4,500. 3 Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,680 from BioCenter


Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103. 15Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Park Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $3,000. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280. 30 Purchased merchandise for $3,200, plus a freight charge of $85, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30. Required: Journalize the transactions in a general journal. Analyze: What was the amount of trade discounts received on the June 15 purchase from Park Research? 3 Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow: DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $12,200 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $1,000 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $5,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $4,760 plus a freight charge of $170 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $3,250


from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $400 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,600 plus a freight charge of $150 from Colorado Ski Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: Record the transactions in a general journal. Analyze: What was the amount of the cash discount on September 12? 4 NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities: DATE TRANSACTIONS 2019 June 1 Issued Check 101 to purchase merchandise, $4,500. 3 Purchased merchandise for $1,700 from BioCenter Inc., Invoice 606; terms 2/10, n/30. 5 Purchased merchandise for $5,850, plus a freight charge of $110, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $150 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,680 from BioCenter Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103. 15 Purchased merchandise with a list price of $9,200 and trade discounts of 20 percent and 15 percent from Park Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase


merchandise, $3,000. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $280. 30 Purchased merchandise for $3,200, plus a freight charge of $85, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30. Required: Post the transactions in to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger. Prepare a schedule of accounts payable at June 30, 2019. GENERAL LEDGER ACCOUNTS 101 Cash, $37,400 Dr. 201 Accounts Payable 501 Purchases 502 Purchases Returns and Allowances 503 Purchases Discounts 504 Freight In ACCOUNTS PAYABLE LEDGER ACCOUNTS BioCenter Inc. New Concepts Corporation Park Research Analyze: What was the amount of merchandise returned to vendors by NewTech Medical Devices in June? 5 Bowden Company (buyer) and Song, Inc. (seller), engaged in the following transactions during January 2019: Bowden Company DATE TRANSACTIONS 2019 Jan. 8 Issued Check 2101 for $2,940 on account to Song, Inc., in payment of Invoice 1885 dated December 30, 2018, less cash discount of $60. 10 Purchased merchandise for $3,500 from Song, Inc., Invoice 1920; terms 2/10, n/30. 15 Received Credit Memorandum 320 from Song, Inc., for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Paid amount due to Song, Inc., for Invoice 1920 of January 10, less the return of January 15 and less the cash discount, Check 2130. 30 Purchased merchandise for $4,400 from Song, Inc., Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS—BOWDEN COMPANY 201 Accounts Payable, $3,000 Cr. ACCOUNTS PAYABLE LEDGER ACCOUNT—BOWDEN COMPANY Song, Inc., $3,000 Song, Inc. DATE TRANSACTIONS 2019 Jan. 8 Received payment of $2,940 on account from Bowden


Company in payment of Invoice 1885 dated December 30, 2018, less cash discount of $60. 10 Sold merchandise for $3,500 on account to Bowden Company, Invoice 1920, terms 2/10, n/30. 15 Issued Credit Memorandum 320 to Bowden Company for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10. 19 Received payment from Bowden Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount. 30 Sold merchandise for $4,400 to Bowden Company, Invoice 1950; terms 2/10, n/30. GENERAL LEDGER ACCOUNTS—SONG, INC. 111 Accounts Receivable, $3,000 Dr. ACCOUNTS RECEIVABLE LEDGER ACCOUNT—SONG, INC. Bowden Company, $3,000 Required: Journalize the transactions above in a general journal for both Bowden Company and Song, Inc. Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bowden Company. Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Song, Inc. Analyze: What is the balance of the accounts payable for Song, Inc., in the Bowden Company accounts payable subsidiary ledger? What is the balance of the accounts receivable for Bowden Company in the Song, Inc., accounts receivable subsidiary ledger? ==============================================

ACC 291 Week 2 Apply Connect Assignment


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ACC 291 Week 2 Apply Connect Assignment 1 NewTech Medical Devices is a medical devices wholesaler that commenced business on June 1, 2019. NewTech Medical Devices purchases merchandise for cash and on open account. In June 2019, NewTech Medical Devices engaged in the following purchasing and cash payment activities: DATE TRANSACTIONS 2019 June 1 Issued Check 101 to purchase merchandise, $3,100. 3 Purchased merchandise for $1,900 from BioCenter Inc., Invoice 606; terms 1/10, n/30. 5 Purchased merchandise for $4,450, plus a freight charge of $120, from New Concepts Corporation, Invoice 1011, terms 2/10, n/30. 9 Paid amount due to BioCenter Inc. for purchase of June 3, less discount, Check 102. 10 Received Credit Memorandum 227 from New Concepts Corporation for damaged merchandise totaling $250 that was returned; the goods were purchased on Invoice 1011, dated June 5. 11 Purchased merchandise for $1,540 from BioCenter Inc., Invoice 612; terms 2/10, n/30. 14 Paid amount due to New Concepts Corporation for Invoice 1011 of June 5, less the return of June 10 and less the cash discount, Check 103. 15 Purchased merchandise with a list price of $7,800 and trade discounts of 25 percent and 20 percent from Park Research, Invoice 1029, terms n/30. 20 Issued Check 104 to purchase merchandise, $1,600. 25 Returned merchandise purchased on June 20 as defective, receiving a cash refund of $220. 30 Purchased merchandise for $1,800, plus a freight charge of $71, from New Concepts Corporation, Invoice 1080; terms 2/10, n/30. Required:


Journalize the transactions in a general journal. Analyze: What was the amount of trade discounts received on the June 15 purchase from Park Research? 2 Big Country Ski Shop is a retail store that sells ski equipment and clothing. Big Country Ski Shop commenced business on September 1, 2019. The firm purchases merchandise on open account. The firm’s purchases, purchase returns and allowances, and cash payments on account during September 2019 follow: DATE TRANSACTIONS 2019 Sept. 2 Purchased ski boots for $6,000 plus a freight charge of $250 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $11,600 from Alaska Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $940 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $4,400 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Alaska Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $4,160 plus a freight charge of $140 from Alaska Supply Company, Invoice 5950, terms 3/10, n/30. 23 Purchased ski pants for $2,650 from Swenson Ski Goods, Invoice 528, terms n/30. 25 Received Credit Memorandum 245 for $340 from Swenson Ski Goods for return of defective ski pants; the pants were originally purchased September 23 on Invoice 528. 27 Purchased ski sweaters for $3,000 plus a freight charge of $120 from Colorado Ski Shop, Invoice 6722, terms n/30. 30 Issued Check 110 to Colorado Ski Shop in payment of Invoice 6672, dated September 2, less the return of September 7. Required: Record the transactions in a general journal. Analyze: What was the amount of the cash discount on September 12?


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ACC 291 Week 1 Practice Connect Practice Assignment

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ACC 291 Week 1 Practice Connect Practice Assignment attempt 1 1 Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places): DATE TRANSACTIONS 2019 Feb. 2 Sold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15. 2 On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Franks, less discount, on April 10. Required: Record the transactions on April 1 and April 10. 3 Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2


Sold merchandise for cash, $2,500 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. 4 Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale? List price of $6,000 and trade discounts of 40 percent and 15 percent. List price of $7,300 and trade discounts of 25 percent and 8 percent. List price of $7,100 and trade discounts of 20 percent and 5 percent. 5 The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $5,800 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. attempt 2 1 On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,500 on Invoice 1001, terms 2/10, n/30. Payment was received in full from Fronke’s Franks, less discount, on April 10. Required: Record the transactions on April 1 and April 10. 2 Record the following transactions of Lisa’s Fashion Boutique in a general journal. Lisa’s Fashion Boutique operates in a state with 8% sales tax. (Round your intermediate calculations and final answers to 2 decimal places): DATE TRANSACTIONS 2019 Feb.


2 Sold merchandise for cash totaling $3,800 to customers using bank credit cards. Record the 2 percent discount on credit card sales at time of sale. 15 Sold merchandise totaling $2,100 to customers using American Express. 20 Received amount due from American Express, less their 3 percent discount, for sales made by customers using American Express on February 15. 3 The following transactions took place at Five Flags Amusement Park during May. Five Flags Amusement Park must charge 8 percent sales tax on all sales: DATE TRANSACTIONS 2019 May 1 Sold merchandise on account to Bill Gomez; issued Sales Slip 1015 for $1,200 plus 8 percent sales tax, terms n/30. 15 Recorded cash sales, $5,800 plus 8 percent sales tax. 31 Received payment on account due from Bill Gomez for the sale on May 1. 4 Main Street Distributors, a wholesale firm, made sales using the following list prices and trade discounts. What amount should be recorded for each sale? List price of $6,000 and trade discounts of 40 percent and 15 percent. List price of $7,300 and trade discounts of 25 percent and 8 percent. List price of $7,100 and trade discounts of 20 percent and 5 percent. 5 Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $2,500 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 for $1,050 plus tax, terms n/30. 6 Accepted return of damaged merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. ==============================================


ACC 291 Week 1 Apply Connect Assignment

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ACC 291 Week 1 Apply Connect Assignment 1 Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions: DATE TRANSACTIONS 2019 Sept. 1 Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $1,600 plus sales tax of $112. 3 Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $800 plus sales tax of $56. 7 Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus sales tax of $28. 12 Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $10,000 plus sales tax of $700. 16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales tax of $49. 17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $1,600 plus sales tax of $112. 18 Received $620 from Candy Cho on account. 20 Received payment in full from Jim Peterson for the sale of September 3, less the return of


September 12. 25 Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $300 plus sales tax of $21. 27 Received payment in full from Bridgette Huffman for the sale of September 7. 29 Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35. 30 Recorded cash sales for the period from September 16 to September 30 of $10,300 plus sales tax of $721. Required: Record the transactions in a general journal. Analyze: What portion of the sales during September were for entertainment items? Assume the cash sales transactions are for nonentertainment items. (Hint: Do not forget to reduce sales by any sales returns or allowances.) 2 Exceptional Electronics began operations September 1, 2019. The firm sells its merchandise for cash and on open account. Sales are subject to a 7 percent sales tax. During September, Exceptional Electronics engaged in the following transactions. DATE TRANSACTIONS 2019 Sept. 1 Sold a high-definition television set on credit to Candy Cho; issued Sales Slip 101 for $3,200 plus sales tax of $224. 3 Sold stereo equipment on credit to Jim Peterson; issued Sales Slip 102 for $1,000 plus sales tax of $70. 7 Sold a microwave oven on credit to Bridgette Huffman; issued Sales Slip 103 for $400 plus sales tax of $28. 12 Accepted return of defective stereo equipment from Jim Peterson; issued Credit Memorandum 101 for $200 plus sales tax of $14. The stereo equipment was sold on September 3. 15 Recorded cash sales for the period from September 1 to September 15 of $9,000 plus sales tax of $630. 16 Sold a gas dryer on credit to Kathy Sundstrand; issued Sales Slip 104 for $700 plus sales tax of $49. 17 Sold a home entertainment system on credit to Mark Navalta; issued Sales Slip 105 for $2,200 plus sales tax of $154. 18 Received $780 from Candy Cho on


account. 20 Received payment in full from Jim Peterson for the sale of September 3, less the return of September 12. 25 Gave Mark Navalta an allowance because of scratches on his home entertainment system sold on September 17, Sales Slip 105; issued Credit Memorandum 102 for $100 plus sales tax of $7 27 Received payment in full from Bridgette Huffman for the sale of September 7 29 Sold a dishwasher on credit to Mark Navalta; issued Sales Slip 106 for $500 plus sales tax of $35. 30 Recorded cash sales for the period from September 16 to September 30 of $11,900 plus sales tax of $833. GENERAL LEDGER ACCOUNTS 101 Cash 401 Sales 111 Accounts Receivable 421 Sales Returns and Allowances 221 Sales Tax Payable ACCOUNTS RECEIVABLE LEDGER ACCOUNTS Candy Cho Jim Peterson Bridgette Huffman Kathy Sundstrand Mark Navalta Required: Post the entries from the general journal into the appropriate accounts in the general ledger and in the accounts receivable ledger. Prepare a schedule of accounts receivable. Analyze: What is the amount of sales tax owed at September 30, 2019? ==============================================

Acc 291 guide  
Acc 291 guide  
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