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 asproof that the subsidiary ledger balances equals the Accounts Receivable controlling account balance.
Laredo
Spring
Dallas
Preston
2,500
1,200
5,650
5,650
3,950
1,950
7,200
1,300
0
2,000
7,200
Accounts Receivable
19,300
8,800
10,500
167. HealthCoCompany uses special journals to record transactions. HealthCo uses the perpetual inventory system. Journalize the following transactions in the appropriate special journal. All credit sales have 2/10, n/30 terms.
Nov. 3
The company purchased $5,500 of merchandise on credit from Hatch, terms 2/10, n/30.
5
The company sold merchandise costing $5,250 to LevelCompany for $8,900, invoice no. 278.
7
The owner, L. Garvey, contributed $15,000 cash to the company.
8
The company purchased $7,200 of merchandise on credit from GentryCompany, terms 1/15, n/30.
10
The company sold merchandise costing $4,630 to NanceCompany for $8,250, invoice no. 279.
14
The company received payment from LevelCompany for the November 5 sale within the discount period.
15
HealthCopaid salaries of $5,560 for the first half of the month, check no. 214.
16
HealthCoreturned $1,200 of the merchandise purchased on November 8 to GentryCompany.
20
HealthCopaid Gentryfor the purchase on November 8 within the discount period, check no. 215.
22
HealthCopurchased office equipment from ValeCo. costing $12,000 on credit, terms n/30.
Sales Journal
Date
Account Debited
Invoice Number
PR
Accounts Receivable Dr. Sales Cr.
Cost of Goods Sold Dr.
Inventory Cr.
Purchases Journal
Date
Account
Date of Invoice
Terms
PR
Accounts Payable Cr.
Inventory Dr.
Office Supplies Dr.
Other Accounts Dr.
Cash Receipts Journal
Date
Account Credited
Explanation
PR
Cash Dr.
Sales Discount Dr.
Accounts Receivable Cr.
Sales Cr.
Other Accounts Cr.
Cost of Goods Sold Dr.
Inventory Cr.
Cash Disbursements Journal
Date
Ck. No.
Payee
Account Debited
PR
Cash Cr.
Inventory Cr.
Other Accounts Dr.
Accounts Payable Dr.
General Journal
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 income
2,320
2,455
595
Segment average assets
5,590
8,750
1,480
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?
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more