College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 12, Problem 3CE
LO4 Enter the following transaction in a purchases journal like the one illustrated in the chapter:
Apr. 6 Purchased merchandise from Clever, $1,680. Invoice No. 131, dated April 6, terms n/30.
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Prepare journal entries to record the following transactions.
A. November 19, purchased merchandise inventory, on account, $12,000
B. November 29, paid creditor for part of November 19 purchase, $10,000
26-Mr. Salman bought Merchandise Inventory worth OMR 25,000 on credit. Which books of prime entry will record the above transaction?
a.
Purchase journal
b.
Cash disbursement journal
c.
Sales journal
d.
General journal
25.
Jacob Co. sells merchandise on credit to Isaiah Co. for $11,000. The invoice is dated on May 1 with terms of 2/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount?
a.$440, May 15
b.$440, May 16
c.$220, May 16
d.$220, May 15
Chapter 12 Solutions
College Accounting, Chapters 1-27
Ch. 12 - LO1 The types of special journals a business uses...Ch. 12 - Prob. 2TFCh. 12 - Prob. 3TFCh. 12 - Prob. 4TFCh. 12 - LO4 Purchases returns and allowances are recorded...Ch. 12 - The first step in posting the sales journal to the...Ch. 12 - LO3 In the cash receipts journal, each amount in...Ch. 12 - The journal that should be used to record the...Ch. 12 - A purchases journal usually is used to record all...Ch. 12 - In the cash payments journal, each amount in the...
Ch. 12 - Prob. 1CECh. 12 - LO3 Enter the following transactions in a cash...Ch. 12 - LO4 Enter the following transaction in a purchases...Ch. 12 - Enter the following transactions in a cash...Ch. 12 - Prob. 1RQCh. 12 - List four items of information about each sale...Ch. 12 - Prob. 3RQCh. 12 - Prob. 4RQCh. 12 - Prob. 5RQCh. 12 - Prob. 6RQCh. 12 - Prob. 7RQCh. 12 - Prob. 8RQCh. 12 - Prob. 9RQCh. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - What steps are followed in posting from the cash...Ch. 12 - What steps are followed in posting from the cash...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEACh. 12 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - Prob. 5SEACh. 12 - SALES JOURNAL Futi Ishanyan owns a retail business...Ch. 12 - Prob. 7SPACh. 12 - Prob. 8SPACh. 12 - PURCHASES JOURNAL J. B. Speck, owner of Specks...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPACh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - RECORDING TRANSACTIONS IN THE PROPER JOURNAL...Ch. 12 - Prob. 2SEBCh. 12 - Prob. 3SEBCh. 12 - JOURNALIZING PURCHASES TRANSACTIONS Enter the...Ch. 12 - JOURNALIZING CASH PAYMENTS Sandcastles Northwest...Ch. 12 - SALES JOURNAL T. M. Maxwell owns a retail business...Ch. 12 - Prob. 7SPBCh. 12 - SALES JOURNAL, CASH RECEIPTS JOURNAL, AND GENERAL...Ch. 12 - PURCHASES JOURNAL Ann Benton, owner of Bentons...Ch. 12 - PURCHASES JOURNAL, GENERAL LEDGER, AND ACCOUNTS...Ch. 12 - Prob. 11SPBCh. 12 - PURCHASES JOURNAL, CASH PAYMENTS JOURNAL, AND...Ch. 12 - Prob. 1MYWCh. 12 - Judy Baresford, the store manager of Comfort...Ch. 12 - During the month of October 20--, The Pink Petal...Ch. 12 - Screpcap Co. had the following transactions during...
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- Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.arrow_forwardA seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?arrow_forwardA buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?arrow_forward
- 16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.arrow_forward6. Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal< B. purchases journal« C. cash receipts journal< D. cash disbursements journal E. general journalearrow_forwardFf.115.arrow_forward
- EB 14. LO 6.5 Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $146 cash. Terms of the purchase are 2/15, n/40, FOB Shipping Point, invoice dated December 6. Dec. 10 Wall World sells $3,590 worth of merchandise to a customer, who pays on credit. The merchandise has a cost to Wall World of $1,400. Shipping charges are an extra $115 cash. Terms of the sale are 4/10, n/30, FOB Destination, invoice dated December 10.arrow_forward1. A buyer received an invoice for P6.000 dated June 10. If the terms åré 2/10, n/30 and the buyer paid the invoice within the discount period, what amount will the seller receive? c. P4,800 а. Р6,000 b. P5,880. d. P 120 2. The purchases discount account is a contra account to a. accounts payable. b. purchases. C. sales. d. sales discount. 3. When a seller of merchandise allowed a customer a reduction from the original price for defective goods, the seller will issue to the customer a a. credit memorandum. b. debit memorandum. c. official receipt. d. sales invoice. 4. When the seller advances the transportation costs and the terms of sale are FOB shipping point, the seller records the payment of the transportation costs by debiting a. accounts payable. b. accounts receivable. C. sales. d. transportation in. 5. The account that appears in the chart of accounts for a merchandising entity but not for.a service entity is a. accounts receivable. b. accumulated depreciation. c. advertising…arrow_forwardMerchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $19,200. What is the amount of the sales discount allowable? a.$384 b.$96 c.$192 d.$480arrow_forward
- Please Make All Relevant Journal Entries Related To Above Transactionsarrow_forwardJournalizing Purchases Transactions Enter the following transactions in a purchases journal. May 3 Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Misho, $3,100. Invoice No. 614, dated May 8, terms 2/10, n/30. Purchased merchandise from Alelu Distributors, $4,700. Invoice No. 180, dated May 15, terms 1/15, n/30 18 23 Purchased merchandise from Saltex, $5,900. Invoice No. 913, dated May 22, terms 1/10, n/30 Page: PURCHASES DEBIT POST FROM WHOM PURCHASED INVOICE DATE ACCTS. PAY. NO. REF. CREDIT М.d 1 1 М.d 2 2 М.d 3 М.d 4 4arrow_forwardObj. 2 PR 5-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12. Received check for amount due from Equinox Co. for sale on March 2.arrow_forward
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