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Unit 3 Accounting 1 Review 1
unit 3 review
36
Accounting
12/14/2011

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Cards

Term
Loopers & Cybrand Accountants purchase office supplies on account from Quick's Supply for $50. What is the journal entry for Loopers & Cybrand Accountants to record this transaction?
Definition
Debit Office Supplies, $50; Credit Accounts Payable/Quick's Supply, $50.
Term
Gill's Grills purchased store supplies on account from Sellers Warehouse for $829. What is the journal entry for Gill's Grills to record this transaction?
Definition
Debit Supplies, $829; Credit Accounts Payable/Sellers Warehouse, $829.
Term
Wally's Watches returned merchandise that was purchased on account to Timer's Distributing, $400. What is the journal entry for Wally's Watches to record this transaction?
Definition
Debit Accounts Payable/Timer's Distributing, $400; Credit Purchases Returns and Allowances, $400.
Term
The Jungle Gym returned merchandise that was purchased on account to Footware Wholesale, $600. What is the journal entry for The Jungle Gym to record this transaction?
Definition
Debit Accounts Payable/Footware Wholesale, $600; Credit Purchases Returns and Allowances, $600.
Term
Tiny's Toys returned merchandise that was purchased on account to Jonah's Distributing, $150. What is the journal entry for Tiny's Toys to record this transaction?
Definition
Debit Accounts Payable/Jonah's Distributing, $150; Credit Purchases Returns and Allowances, $150.
Term
Marvin's Motorcycles paid $125 cash for supplies from Stewart's Supplies. What is the journal entry for Marvin's Motorcycles to record this transaction?
Definition
Debit Supplies, $125; credit Cash, $125.
Term
Classic Cars, Inc. paid $500 cash for supplies from Wendy's Supplies. What is the journal entry for Classic Cars, Inc. to record this transaction?
Definition
Debit Supplies, $500; credit Cash, $500.
Term
Free Time Fishing paid $600 cash for supplies from Go Office Supply. What is the journal entry for Free Time Fishing to record this transaction?
Definition
Debit Supplies, $600; credit Cash, $600.
Term
Digital Electronics paid $189 cash for supplies from We Deliver Supplies. What is the journal entry for Digital Electronics to record this transaction?
Definition
Debit Supplies, $189; credit Cash, $189.
Term
Betty's Boutique purchased merchandise for cash from Jackson Supply for $700. What is the journal entry for Betty's Boutique to record this transaction?
Definition
Debit Purchases, $700; credit Cash, $700.
Term
Corrugated Box Company paid cash to Paper Supply, $686; covering Purchase Invoice No. 88 for $700, less a 2% discount, $14.00. What is the journal entry for Corrugated Box Company to record this transaction?
Definition
Debit Accounts Payable/ Paper Supply, $700; credit Purchases Discount $14 and credit Cash $686.
Term
National Looms paid cash to Cotton Gin Warehouse, $392; covering Purchase Invoice No. 314 for $400, less a 2% discount, $8.00. What is the journal entry for National Looms to record this transaction?
Definition
Debit Accounts Payable/Cotton Gin Warehouse, $400; credit Purchases Discount $8 and credit Cash $392.
Term
Mike's Music paid cash to Sheet Music Supply, $294; covering Purchase Invoice No. 54 for $300, less a 2% discount, $6.00. What is the journal entry for Mike's Music to record this transaction?
Definition
Debit Accounts Payable/ Sheet Music Supply, $300; credit Purchases Discount $6 and credit Cash $294.
Term
River Road Farm Supply paid cash to C-V Chemical Distributors, $779; covering Purchase Invoice No. 623 for $820, less a 5% discount, $41.00. What is the journal entry for River Road Farm Supply to record this transaction?
Definition
Debit Accounts Payable/ C-V Chemical Distributors, $820; credit Purchases Discount $41 and credit Cash $779.
Term
Wanda's Wigs paid cash to Wig Warehouse, $323; covering Purchase Invoice No. 812 for $340, less a 5% discount, $17.00. What is the journal entry for Wanda's Wigs to record this transaction?
Definition
Debit Accounts Payable/ Wig Warehouse, $340; credit Purchases Discount $17 and credit Cash $323.
Term
Computer Phones, Inc. paid cash to Software Supply, $817; covering Purchase Invoice No.2254 for $860, less a 5% discount, $43.00. What is the journal entry for Computer Phones, Inc. to record this transaction?
Definition
Debit Accounts Payable/ Software Supply, $860; credit Purchases Discount $43 and credit Cash $817.
Term
High Roads Mini Golf paid cash to Golf Equipment Distributors, $646; covering Purchase Invoice No.1746 for $680, less a 5% discount, $34.00. What is the journal entry for High Roads Mini Golf to record this transaction?
Definition
Debit Accounts Payable/ Golf Equipment Distributors, $680; credit Purchases Discount $34 and credit Cash $646.
Term
Wally's Wallets paid cash to Leather Products Supply, $437; covering Purchase Invoice No.1284 for $460, less a 5% discount, $23.00. What is the journal entry for Wally's Wallets to record this transaction?
Definition
Debit Accounts Payable/ Leather Products Supply, $460; credit Purchases Discount $23 and credit Cash $437.
Term
Billy Bob's B-B-Q paid cash to Pork Distributors, $418; covering Purchase Invoice No. 1921 for $440, less a 5% discount, $22.00. What is the journal entry for Billy Bob's B-B-Q to record this transaction?
Definition
Debit Accounts Payable/ Pork Distributors, $440; credit Purchases Discount $22 and credit Cash $418.
Term
Cara's CDs paid cash on account to Willie's Wholesale, $595, covering Purchase Invoice No. 60. What is the journal entry for Cara's CDs to record this transaction?
Definition
Debit Accounts Payable/Willie's Wholesale $595; credit Cash, $595.
Term
Tricky Ricky's Appliances sold merchandise on account to Smith Builders for $880, plus sales tax of $40. What is the journal entry for Tricky Ricky's Appliances to record this transaction?
Definition
Debit Accounts Receivable/Smith Builders, $920; Credit Sales $880, Sales Tax Payable, $40.
Term
Diane's Perfume Wholesale sold merchandise on account to Select Perfumes for $437, plus sales tax of $23. What is the journal entry for Diane's Perfume to record this transaction?
Definition
Debit Accounts Receivable/Select Perfumes, $460; Credit Sales, $437, Sales Tax Payable, $23.
Term
The Wayback Antique Supply sold Old Treasures, merchandise on account for $137, plus sales tax of $8. What is the journal entry for Wayback Antique Supply to record this transaction?
Definition
Debit Accounts Receivable/Old Treasures, $145; Credit Sales $137, Sales Tax Payable, $8.
Term
The All Wet Pet House sold Quiet Pets, fish on account for $145, plus sales tax of $10. What is the journal entry for The All Wet Pet House to record this transaction?
Definition
Debit Accounts Receivable/Quiet Pets, $155; Credit Sales, $145, Sales Tax Payable, $10.
Term
The Hot Spot Donut Shop sold donuts on account to The Corner Church for $50. What is the journal entry for Hot Spot Donut Shop to record this transaction?
Definition
Debit Accounts Receivable/ The CornerChurch, $50; Credit Sales $50.
Term
The Toy Box sold merchandise for cash to Great Gift Boxes for $265, plus sales tax of $20. What is the journal entry for The Toy Box to record this transaction?
Definition
Debit Cash, $285; Credit Sales, $265, Sales Tax Payable, $20.
Term
The Toy Shop sold merchandise to Spirit Church for $41 cash. What is the journal entry for The Toy Shop to record this transaction?
Definition
Debit Cash, $41; Credit Sales, $41.
Term
Rubber Compounds sold merchandise for cash to The Shoe Maker for $773, plus sales tax of $56. What is the journal entry for Rubber Compounds to record this transaction?
Definition
Debit Cash, $829; Credit Sales, $773, Sales Tax Payable, $56.
Term
Quick Supply sold office supplies for cash to Jet Set Travel for $45, plus sales tax of $3. What is the journal entry for Quick Supply to record this transaction?
Definition
Debit Cash, $48; Credit Sales, $45, Sales Tax Payable, $3.
Term
Turf Supplies sold merchandise for cash to Circle Golf Club for $1,150, plus sales tax of $83. What is the journal entry for Turf Supplies to record this transaction?
Definition
Debit Cash, $1,233; Credit Sales, $1,150, Sales Tax Payable, $83.
Term
Icy Treats purchased merchandise for cash from Flavor Supply for $100. What is the journal entry for Icy Treats to record this transaction?
Definition
Debit Purchases, $100; credit Cash, $100.
Term
Dipper's Ice Cream Parlor returned merchandise that was purchased on account to The Ice Cream Company, $600. What is the journal entry for Dipper's Ice Cream Parlor to record this transaction?
Definition
Debit Accounts Payable/The Ice Cream Company, $600; Credit Purchases Returns and Allowances, $600.
Term
Valley Products paid cash to Carolina Distributors, $882; covering Purchase Invoice No. 1734 for $900, less a 2% discount, $18.00. What is the journal entry for Valley Products to record this transaction?
Definition
Debit Accounts Payable/ Carolina Distributors, $900; credit Purchases Discount $18 and credit Cash $882.
Term
Sally's Shoes sold merchandise for cash to Happy's Distributing for $200, plus sales tax of $15. Happy's Distributing later returned the merchandise. What is the journal entry for Sally's Shoes to record the returned merchandise?
Definition
Debit Sales Returns and Allowances, $200, Sales Tax Payable, $15; Credit Cash, $215.
Term
Lucy's Famous Mexican Food sold merchandise for $26, plus sales tax of $1, to Craig Morton, who paid for the merchandise with a bank credit card at the time of the sale. What is the journal entry for Lucy's Famous Mexican Food to record this transaction?
Definition
Debit Cash, $27; Credit Sales, $26, Sales Tax Payable, $1.
Term
Big Kites Mfg. sold merchandise for $432, plus sales tax of $36, to Mountain Soaring, who paid for the merchandise with a bank credit card at the time of the sale. What is the journal entry for Big Kites Mfg. to record this transaction?
Definition
Debit Cash, $468; Credit Sales, $432, Sales Tax Payable, $36.