Question : 166. Valley Company shows the following customer accounts in its : 1257584

 

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?

 

 

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