College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 10A, Problem 3P
1.
To determine
Prepare the voucher register, check register and general journal for the October month.
2.
To determine
Show the total of the voucher register and check register for the October month.
3.
To determine
Show the equality of credit and debit column of voucher register and check register.
4.
To determine
Post the prepared register and general journals to vouchers payable account.
5.
To determine
Prepare a schedule for voucher payable.
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Saenz Company uses a voucher system in which it records invoices at the gross amount. The following vouchers were issued during February and were unpaid on March 1:
Voucher Number
Company
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1729
Kipley Company
Merchandise, FOB destination
Feb. 26
$3,436
1732
J. R. Steven
Merchandise, FOB destination
Feb. 28
4,710
The following transactions were completed during March:
Mar.
3
Issued voucher no. 1734 in favor of Larry Company for March rent, $1,220.
3
Issued Ck. No. 1829 in payment of voucher no. 1734, $1,220.
5
Bought merchandise on account from Lorenzo, Inc., $3,890; terms 2/10, n/30; FOB shipping point; freight prepaid and added to the invoice, $72 (total, $3,962). Issued voucher no. 1735.
5
Issued Ck. No. 1830 in payment of voucher no. 1729, $3,401.64 ($3,436 less 1 percent cash discount).
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Issued voucher no. 1736 in favor of Mario Electric Company for electric bill, $216.
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Issued Ck. No. 1831 in payment of…
On June 3, Sunland Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10, n/60, f.o.b.
shipping point. An invoice totalling $98, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the
freight cost. On June 12, the company received a check for the balance due from Chester Company.
on june 3, concord comoany sold to chester merchandise having a sale price of $5,500 with terms 2/10,n/60,F.O.B. shipping point. An invoice totalling $99, terms n/30, was received by chester on june 8 from john booth transportservice for the freight cost. on june 12, the company received a check for the balance due from chester company.
prepare journal entries on the concord company books to record all the events noted above under each of the following basis.
(1) sales and receivable are entered at gross selling price.
(2). sales and receivable are entered at net cash discounts.
Chapter 10A Solutions
College Accounting (Book Only): A Career Approach
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