Question :
164.Morris Company uses special journals to record transactions. Below the : 1236983
164.Morris Company uses special journals to record transactions. Below are the sales journal and cash receipts journal for Morris. Prepare the following: a. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the subsidiary ledger. b. Open an Accounts Receivable controlling T-Account. Post the end-of the month totals that affect the Accounts Receivable account only. c. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable controlling account balance.
Sales Journal
DateAccount DebitedInvoiceNumberPRAccounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
12/1Wazoo Co.12006,9003,500
12/1Fargo Co.12013,4001,800
12/3Jansen Co.12027,2004,000
12/6Marsh Co.12033,0001,500
Totals20,50010,800
a.165.Fagin Company uses special journals to record transactions. Below are the sales journal and cash receipts journal for Fagin in the first part of August.Required: a. Open an accounts receivable subsidiary ledger having a T-account for each customer. Post the invoices to the subsidiary ledger. b. Open an Accounts Receivable controlling T-Account. Post the end-of the month totals that affect the Accounts Receivable account only. c. Prepare a schedule of accounts receivable and prove that its total equals the Accounts Receivable controlling account balance.
a.
2,5007,2007,2006,9006,9004,200
2,500004,200
20,80014,100
6,700
166.Valley Company shows the following customer accounts in its subsidiary ledger and the Accounts Receivable account in the general ledger for the month of July. Prepare a schedule of accounts receivable as proof that the subsidiary ledger balances equals the Accounts Receivable controlling account balance.
LaredoSpringDallasPreston
2,5001,2005,6505,6503,9501,9507,200
1,30002,0007,200
Accounts Receivable
19,3008,800
10,500
167.Health Co. Company uses special journals to record transactions. Health Co. uses the perpetual inventory system. Journalize the following transactions in the appropriate special journal. All credit sales have 2/10, n/30 terms.
Nov. 3The company purchased $5,500 of merchandise on credit from Hatch, terms 2/10, n/30.
5The company sold merchandise costing $5,250 to Level Company for $8,900, invoice no. 278.
7The owner, L. Garvey, contributed $15,000 cash to the company.
8The company purchased $7,200 of merchandise on credit from Gentry Company, terms 1/15, n/30.
10The company sold merchandise costing $4,630 to Nance Company for $8,250, invoice no. 279.
14The company received payment from Level Company for the November 5 sale within the discount period.
15Health Co. paid salaries of $5,560 for the first half of the month, check no. 214.
16Health Co. returned $1,200 of the merchandise purchased on November 8 to Gentry Company.
20Health Co. paid Gentry for the purchase on November 8 within the discount period, check no. 215.
22Health Co. purchased office equipment from Vale Co. costing $12,000 on credit, terms n/30.
168.The following information is available for Napa, Inc. (all amounts are in millions):
U.S.Canada.Europe
Segment sales$7,745$8,940$4,780
Segment operating income2,3202,455595
Segment average assets5,5908,7501,480
a. Determine the segment return on assets for each geographic segment. b. Comment on the results. How do the segments compare with respect to profitability?
