Question
January a the company paid cash to Lyn Addle for five days’ work at the rate of
January
January ? The company purchased
January 9 The company recelved
January 11 The company completed a tive-day project for Alex’s Engineering Company and billed it
January i3 The company sold merchandise with a retail value of
January is the compary pald $740 cash for frelght charges on the merchandise purchased on January 7.
January 16 The company received
January 17 The company paid Kansas Corporation for the invoice dated January 7 , net of the discount.
yanuary at the compary gave a prite rectuction (allowance) of
January 22 The company received the balance due from liu corporation, net of the discount and the allowance.
January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debtted accounts payable). The defective merchandtse invotce cost, net of the dfscount, was
January
January ? The company purchased
January 9 The company recelved
January 11 The company completed a tive-day project for Alex’s Engineering Company and billed it
January i3 The company sold merchandise with a retail value of
January is the compary pald $740 cash for frelght charges on the merchandise purchased on January 7.
January 16 The company received
January 17 The company paid Kansas Corporation for the invoice dated January 7 , net of the discount.
yanuary at the compary gave a prite rectuction (allowance) of
January 22 The company received the balance due from liu corporation, net of the discount and the allowance.
January 24 The company returned defective merchandise to Kansas Corporation and accepted a credit against future purchases (debtted accounts payable). The defective merchandtse invotce cost, net of the dfscount, was
Ask by Wyatt Warner. in the United States
Mar 21,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
Here are the summarized transactions and calculations:
- January 1: Paid
to Lyn Addle for five days’ work, with four days related to prior year wages payable. - January 1: Santana Rey invested
into the company. - January 7: Purchased
merchandise from Kansas Corporation with a discount. - January 9: Received
from Gomez Company. - January 11: Billed
to Alex’s Engineering Company, debiting Unearned Computer Services Revenue for . - January 13: Sold merchandise to Liu Corporation for
retail and cost. - January 15: Paid
for freight charges. - January 16: Received
from Delta Company. - January 17: Paid Kansas Corporation
after discount. - January 18: Gave
allowance to Liu Corporation. - January 22: Received
from Liu Corporation after discount and allowance. - January 24: Returned defective merchandise to Kansas Corporation and accepted a
credit against future purchases.
These transactions cover the cash payments, investments, purchases, sales, and returns for the month of January.
Solution
To solve the problem, we need to summarize the transactions and calculate the relevant amounts step by step. Let’s break down the transactions provided:
-
January 1: Paid cash to Lyn Addle for five days’ work at
per day. - Total payment:
- Four days relate to prior year wages payable.
- Total payment:
-
January 1: Santana Rey invested an additional
cash into the company. -
January 7: Purchased merchandise from Kansas Corporation for
with terms . - This means a 1% discount is available if paid within 10 days.
-
January 9: Received
cash from Gomez Company as full payment on its account. -
January 11: Completed a project for Alex’s Engineering Company and billed
. - Total price:
- Debited Unearned Computer Services Revenue for
.
- Total price:
-
January 13: Sold merchandise with a retail value of
and a cost of to Liu Corporation. -
January 15: Paid
cash for freight charges on the merchandise purchased on January 7. -
January 16: Received
cash from Delta Company for computer services provided. -
January 17: Paid Kansas Corporation for the invoice dated January 7, net of the discount.
- Discount on
: - Amount paid:
- Discount on
-
January 18: Gave a price reduction (allowance) of
to Liu Corporation and credited Liu’s accounts receivable. -
January 22: Received the balance due from Liu Corporation, net of the discount and the allowance.
- Original sale amount:
- Less allowance:
- Amount received:
- January 24: Returned defective merchandise to Kansas Corporation and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, needs to be calculated.
Now, let’s calculate the defective merchandise invoice cost. Since the invoice cost is not provided, we will assume it is the same as the purchase amount of
Let’s summarize the calculations for the defective merchandise return. The discount on the defective merchandise would also be
Calculation for Defective Merchandise Return
- Invoice cost:
- Discount:
- Net amount for defective merchandise:
Now, let’s summarize the final amounts for each transaction.
If you need further calculations or specific totals, please let me know!
Answered by UpStudy AI and reviewed by a Professional Tutor
Like
error msg
Explain 
Simplify this solution Extra Insights
Wow, January is definitely a busy month for your company! Did you know that tracking cash flow and transactions like these is crucial for maintaining a healthy business? Consistent record-keeping helps in identifying potential financial pitfalls and ensuring that you’re always on top of your assets and liabilities.
Moreover, understanding the terms of purchases and sales, such as those from Kansas Corporation, can save a business a chunk of change! For example, taking advantage of discounts for early payments can significantly reduce costs. Just make sure to pay attention to deadlines; missing out on that can be a common mistake that’s easily avoidable!
