College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Question
Chapter 10, Problem 7SEA
To determine
Journalize the transactions related to sales return and allowances transactions and
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Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
SALES JOURNAL
Page: 79
Date
Account
InvoiceNo.
Ref.
DR Accts.ReceivableCR Sales
DR COGSCR MerchandiseInventory
2019
Feb. 4
Evert Company
17433
E123
2,000.00
Feb. 8
King Inc.
17434
K331
775.30
Feb. 14
Martina Inc.
17435
M132
2,301.99
Feb. 16
Shriver Company
17436
S101
700.00
Total
fill in the blank 1
CASH RECEIPTS JOURNAL
Page: 102
Date
Account
InvoiceNo.
Ref.
CashDR
SalesDiscountsDR
AccountsReceivable,Sales, or OtherAccounts CR
2019
Feb. 1
Cash Sales
475.00
475.00
Feb. 5
Payment from Evert Co.
17433
1,960.00
40.00
2,000.00
Feb. 15
Bank loan
230
1,500.00
1,500.00
Feb. 21
Payment from…
determine the correct amount of the end-of-month posting the sales journal to the
Account Receivable control account. Amount of the end-of-month posting from the sales
journal to the Account Receivable $
Pharoah Products uses both special journals and a general journal. Pharoah also posts customers accounts in the accounts receivable
subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below.
Estes
Bal. 290
215
195
Truong
Bal.
300
300
Gehrke
Bal. 215
215
340
Weiser
Bal. 170
170
150
Which of the following will be the Correct source document assuming that your business issued invoices to customers each day?
a.
Debit note
b.
Receipt
c.
Purchase invoice
d.
Sales invoice
Chapter 10 Solutions
College Accounting, Chapters 1-27
Ch. 10 - Prob. 1TFCh. 10 - All sales, for cash or on credit, can be recorded...Ch. 10 - Sales Tax Payable is a liability account that is...Ch. 10 - Prob. 4TFCh. 10 - Prob. 5TFCh. 10 - A credit sale of 250 plus a 6% sales tax would...Ch. 10 - When 25 of merchandise is returned for a credit on...Ch. 10 - Prob. 3MCCh. 10 - Prob. 4MCCh. 10 - Prob. 5MC
Ch. 10 - Prob. 1CECh. 10 - Prepare journal entries for the following sales...Ch. 10 - Prob. 3CECh. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Prob. 1RQCh. 10 - What is the purpose of a credit memo?Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - Prob. 9RQCh. 10 - Prob. 1SEACh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEACh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEACh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - Prob. 7SEACh. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - Prob. 11SPACh. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - Prob. 1SEBCh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEBCh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEBCh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - You and your spouse have separate charge accounts...Ch. 10 - Prob. 1ECCh. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...
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Similar questions
- JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forwardKelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forward
- The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forwardWhich of the following will be the Correct source document assuming that your business received invoices from various suppliers each day? a. Credit note b. Purchase invoice c. Sales invoice d. Receiptarrow_forwardI've included the answer to part three, so you should be able to fill in the general ledger this time.arrow_forward
- 19. After the posting of the accounts payable ledger and general ledeer is completed, the total of the accounts payable ledger balances should equal the general ledger balance of a. Purchases. Da 20 Jan b. Accounts Receivable. С. Accounts Payable. d. Purchases Returns and Allowances. 20. Amounts are posted individually from the purchases journal to the Credit column of the creditors' accounts in the accounts payable ledger. b. Credit column of the Inventory account in the general ledger. c. Credit column of the Accounts Receivable account in the general ledger. d. Debit column of the Cash account in the general ledger. a. 454arrow_forwardQuestion is attached in the image.arrow_forwardFrom the accounts receivable ledger, prepare a schedule of accounts receivable for Robinson's Auto Supply Center as of May 31, 20--. ACCOUNTS RECEIVABLE LEDGER Account Sal Buchemi Date Item PostRef. Debit Credit Balance May 9 J1 89.00 89.00 19 J2 215.00 304.00 Account Grace Carlton Date Item PostRef. Debit Credit Balance May 10 J2 11,401.00 11,401.00 15 J2 2,263.00 13,664.00 Account Pat Heins Date Item PostRef. Debit Credit Balance May 15 J2 5,278.00 5,278.00 22 J3 5,278.00 0.00 Account Falana Moore Date Item PostRef. Debit Credit Balance May 4 J1 1,139.00 1,139.00 8 J1 423.00 1,562.00 14 J2 1,139.00 423.00 Account Peggy Nelson Date Item PostRef. Debit Credit Balance May 1 J1 23,652.00 23,652.00 10 J2 23,652.00 0.00 14 J2 13,236.00 13,236.00 Account Will Sache Date Item PostRef. Debit Credit Balance…arrow_forward
- On January 12th, Gates Gems returned merchandise they received on account from Gem Warehouse in the amount of $800. What is the journal entry to record this transaction? Debit Accounts Payable/Gem Warehouse, $800; credit Purchases Returns and Allowances, $800 Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases, $800 Debit Purchases, $800; credit Accounts Payable/Gem Warehouse, $800 Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases Returns and Allowances $800arrow_forwardGuardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…arrow_forwardJournalize, record, and post when appropriate, the following transactions into the general journal (p. 2) for Joshua's Clothing. All purchases offer credit terms of 4/10, n/30. Assume the perpetual inventory system. View the April 202X transactions. View the accounts payable subsidiary ledger. View the partial general ledger. Journalize the transactions. (Record debits first, then credits. Exclude explanations from journal entries.) April 1: Issued check no. 20 to A. Morris Company in payment of its March 28 invoice no. 522. Date Apr. 1 Account Titles Debit April 8: Issued check no. 21 to D. Corde in payment of his March 9 invoice no. 821. Date Apr. 8 Account Titles Debit Credit Credit April 15: Issued check no. 22 to B. Nardella in payment of his March 25 invoice no. 488. Date Apr. 15 Account Titles Debit Credit Nextarrow_forward
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