Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
22nd Edition
ISBN: 9781305930421
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 11, Problem 6SEA
JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger and accounts payable ledger accounts, journalize and post the following transactions:
July 7 Returned merchandise to Starcraft Industries, $700.
15 Returned merchandise to XYZ, Inc., $450.
27 Returned merchandise to Datamagic, $900.
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Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger
Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown.
July 7
Returned merchandise to Starcraft Industries, $570.
15
Returned merchandise to XYZ, Inc., $310.
27
Returned merchandise to Datamagic, $960.
General Ledger
Account No.
Account
Balance July 1, 20--
202
Accounts Payable
$10,460
501.1
Purchases Returns and Allowances
---
Accounts Payable Ledger
Name
Balance July 1, 20--
Datamagic
$2,520
Starcraft Industries
4,320
XYZ, Inc.
3,620
Required:
Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions.
GENERAL JOURNAL
PAGE 3
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
20--
Jul. 7
Jul. 15
Jul. 27
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Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger
Instructions
Chart of Accounts
General Journal
General Ledger Accounts Payable Ledger
Instructions
Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts.
March Transactions:
Mar.
Returned merchandise to Tower Industries, $500.
11
Returned merchandise to A & D Arms, $600.
23
Returned merchandise to Mighty Mansion, $325.
General Ledger
Account No.
Account
Balance Mar. 1, 20--
202
Accounts Payable
$7,950
501.1
Purchases Returns and Allowances
Accounts Payable Ledger
Name
Balance Mar. 1, 20--
A & D Arms
$2,100
Mighty Mansion
1,350
Tower Industries
4,500
Required:
Journalize and post the transactions.
Journalizing Sales Returns and Allowances
Selected transactions are shown:
June 1
John B. Abramowitz returned merchandise previously purchased on account (Sale No. 329), $76.
6
Marie L. Perez returned merchandise previously purchased on account (Sale No. 321), $41.
8
L. B. Gruder returned merchandise previously purchased on account (Sale No. 299), $28.
Post the transactions to the appropriate general ledger and accounts receivable ledger accounts.
Chapter 11 Solutions
Bundle: College Accounting, Chapters 1-27, Loose-Leaf Version, 22nd + CengageNOWv2, 2 terms Printed Access Card
Ch. 11 - Prob. 1TFCh. 11 - Prob. 2TFCh. 11 - A trade discount is a reduction from the list or...Ch. 11 - Prob. 4TFCh. 11 - FOB shipping point means that transportation...Ch. 11 - Prob. 1MCCh. 11 - In the income statement, Freight-In is (a) added...Ch. 11 - Prob. 3MCCh. 11 - The difference between merchandise available for...Ch. 11 - Prob. 5MC
Ch. 11 - Prob. 1CECh. 11 - Prob. 2CECh. 11 - Prob. 3CECh. 11 - Prob. 4CECh. 11 - Identify the major documents commonly used in the...Ch. 11 - Prob. 2RQCh. 11 - Describe how each of the following accounts is...Ch. 11 - How are cost of goods sold and gross profit...Ch. 11 - Prob. 5RQCh. 11 - Prob. 6RQCh. 11 - What steps are followed in posting purchases...Ch. 11 - What steps are followed in posting cash payments...Ch. 11 - Prob. 9RQCh. 11 - If the total of the schedule of accounts payable...Ch. 11 - Prob. 1SEACh. 11 - Prob. 2SEACh. 11 - Prob. 3SEACh. 11 - Prob. 4SEACh. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEACh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Ryans Express, a...Ch. 11 - PURCHASES TRANSACTIONS J. B. Speck, owner of...Ch. 11 - CASH PAYMENTS TR ANS ACTIONS Sam Santiago operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Emily...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - Prob. 1SEBCh. 11 - TRADE DISCOUNT AND CASH DISCOUNTS Merchandise was...Ch. 11 - PURCHASE TRANSACTIONS AND T ACCOUNTS Using T...Ch. 11 - COMPUTING GROSS PROFIT The following data were...Ch. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEBCh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Crystals Candles, a...Ch. 11 - PURCHASES TRANSACTIONS Ann Benton, owner of...Ch. 11 - CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Debbie...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - You are working as a summer intern at a rapidly...Ch. 11 - Prob. 1ECCh. 11 - Michelle French owns and operates Books and More,...Ch. 11 - Prob. 1CP
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