Accounting homework, please help
Which of the following would effect a company's profit and loss statement?
A) sale salaries
B) Group insurance payable
C) Pension Plan Payable
D) Prepaid Insurance
I think the answer is A.
If J.Williams fifty dollar payment was for an advance, where and when would the fifty dollars be taxed?
A) on tax forms at the end of the year
B) at the time that his advance was issued
C) it was already been taxed on the gross amount of his paycheque
D) None of these
I think the answer is (B)
What journals record the following:
Purchase, sales, general, cash receipts journal, cash payment journal
May 4 received $300 from E.Gilmour representing the balance from a sale in march. (cash receipts journal? )
May 6 made a credit sale of merchandise to w.jones, invoice no.506, $890 (sales journal? )
May 7 e.cotter invested an additional cash of $6,000.
May 8 Sold merchandise on credit to r.hopkins, invoice 507.$2000 (sales journal? )
May 11 Received payment from w.jones for invoice no.506, less a 2% discount. (I said cash payment journal for 878.08)
May 13 R.Hopkins was granted a $90 credit for merchandise returned (general journal? )
May 15 Cash sales for the first half of the month totaled $740 (cash receipts journal)
May 19 sold merchandise on account to R.donovan invoice No.508, $1250 (sales Journal? )
May 21 received payment from r.hopkins for invoice no.507 less return of may 13. ( I figured 1910, and cash receipts journal)
May 25 sold merchandise on account to d.ruddy invoice no.509 $1845 (sales journal)
May 27 obtained a short term loan of 1500 from a local bank (cash receipts journal)
May 28 received payment from R.Donovan for invoice no.508 less a 2%discount (I said 1225, cash receipts journal)
May 31 Cash sales for the second half of the month totaled $620 (cash receipts journal)
I got to get the figures straightened out to get the totals for the cash receipts journal, sales journal, and general journal.
Help please.
