College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 10, Problem 7SEB
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
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Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate
accounts in the accounts receivable ledger for Calderone Company.
Assume the following account balances at January 1, 20X1:
Accounts Receivable (control account)
Accounts Receivable-John Gibrone
$8,880
5,600
Accounts Receivable-Jim Garcia
2,180
Accounts Receivable-June Lin
1,100
DATE
20X1
Jan. 8
Cash
GENERAL JOURNAL
DESCRIPTION
POST.
REF.
DEBIT CREDIT
560
560
Accounts Receivable/John Gibrone
Received partial payment on
account from John Gibrone
20 Sales Returns and Allowances
Sales Tax Payable
Accounts Receivable/Jim Garcia
Accept return of defective
merchandise, Credit
Memorandum 121; original sale
made on Sales Slip 11102 of
January 2, 20X1
300
24
324
Required:
1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1.
2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account…
Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company.
Assume the following account balances at January 1, 20X1:
Accounts Receivable (control account)
$
8,880
Accounts Receivable—John Gibrone
5,600
Accounts Receivable—Jim Garcia
2,180
Accounts Receivable—June Lin
1,100
GENERAL JOURNAL
DATE
DESCRIPTION
POST.REF.
DEBIT
CREDIT
20X1
Jan.
8
Cash
560
Accounts Receivable/John Gibrone
560
Received partial payment on
account from John Gibrone
20
Sales Returns and Allowances
300
Sales Tax Payable
24
Accounts Receivable/Jim Garcia
324
Accept return of defective…
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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- Using the following accounts, record journal entries using the periodic inventory system for the following sales transactions of Julian Sundries. Purchase Returns and Accounts Receivable Cost of Goods Sold Allowances Accounts Payable Merchandise Inventory Sales Sales Returns and Cash Purchases Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sold 10 tables on credit for $870 per table. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per table to Julian is $560. DR CR • On 11/14, the customer returned 2 slightly damaged tables for a full refund from Julian. DR CR On 11/21, the customer paid their account in full from the November 7 sale. DR CRarrow_forwardUsing the following accounts, record journal entries using the periodic inventory system for the following sales transactions of Julian Sundries. Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances Accounts Payable Merchandise Inventory Sales Cash Purchases Sales Returns and Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sold 10 tables on credit for $870 per table. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per table to Julian is $560. DR CR On 11/14, the customer returned 2 slightly damaged tables for a full refund from Julian. DR CR On 11/21, the customer paid their account in full from the November 7 sale.arrow_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_forward
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