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  • The Chart of Accounts of Lopez Company Includes The Following PDF

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    The document outlines the chart of accounts and July transactions for Lopez Company. The chart of accounts includes accounts receivable, merchandise inventory, supplies, equipment, accounts payable, cost of goods sold, and advertising expense. In July, the company purchased merchandise from and made sales to several companies, purchased supplies and equipment, and paid advertising bills. Journal entries were made for the transactions in purchases, sales, and general journals then posted to ledgers.

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    The document outlines the chart of accounts and July transactions for Lopez Company. The chart of accounts includes accounts receivable, merchandise inventory, supplies, equipment, accounts payable, cost of goods sold, and advertising expense. In July, the company purchased merchandise from and made sales to several companies, purchased supplies and equipment, and paid advertising bills. Journal entries were made for the transactions in purchases, sales, and general journals then posted to ledgers.

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    97 views1 page

    The Chart of Accounts of Lopez Company Includes The Following PDF

    Uploaded by

    Anbu jaromia
    The document outlines the chart of accounts and July transactions for Lopez Company. The chart of accounts includes accounts receivable, merchandise inventory, supplies, equipment, accounts payable, cost of goods sold, and advertising expense. In July, the company purchased merchandise from and made sales to several companies, purchased supplies and equipment, and paid advertising bills. Journal entries were made for the transactions in purchases, sales, and general journals then posted to ledgers.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    The chart of accounts of Lopez Company includes the

    following
    The chart of accounts of Lopez Company includes the following selected accounts.112
    Accounts Receivable.... 401 Sales120 Merchandise Inventory... 412 Sales Returns and
    Allowances126 Supplies......... 505 Cost of Goods Sold157 Equipment........ 610 Advertising
    Expense201 Accounts PayableIn July the following selected transactions were completed. All
    purchases and sales were on account.The cost of all merchandise sold was 70% of the sales
    price.July 1 Purchased merchandise from Fritz Company $8,000.2 Received freight bill from
    Wayward Shipping on Fritz purchase $400.3 Made sales to Pinick Company $1,300, and to
    Wayne Bros. $1,500.5 Purchased merchandise from Moon Company $3,200.8 Received credit
    on merchandise returned to Moon Company $300.13 Purchased store supplies from Cress
    Supply $720.15 Purchased merchandise from Fritz Company $3,600 and from Anton Company
    $3,300.16 Made sales to Sager Company $3,450 and to Wayne Bros. $1,570.18 Received bill
    for advertising from Lynda Advertisements $600.21 Sales were made to Pinick Company $310
    and to Haddad Company $2,800.22 Granted allowance to Pinick Company for merchandise
    damaged in shipment $40.24 Purchased merchandise from Moon Company $3,000.26
    Purchased equipment from Cress Supply $900.28 Received freight bill from Wayward Shipping
    on Moon purchase of July 24, $380.30 Sales were made to Sager Company
    $5,600.Instructions(a) Journalize the transactions above in a purchases journal, a sales journal,
    and a general journal. The purchases journal should have the following column headings: Date,
    Account Credited (Debited), Ref., Accounts Payable Cr., Merchandise Inventory Dr., and Other
    Accounts Dr.(b) Post to both the general and subsidiary ledger accounts. (Assume that all
    accounts have zero beginning balances.)(c) Prove the agreement of the control and subsidiary
    accounts.View Solution:
    The chart of accounts of Lopez Company includes the following
    SOLUTION-- http://accountinginn.online/downloads/the-chart-of-accounts-of-lopez-company-
    includes-the-following/

    For Solutions Visit accountinginn.online


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