College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Textbook Question
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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Students have asked these similar questions
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
15-Ms. Bushra sold Merchandise inventory worth OMR 50,000 for credit. Which books of prime entry will record the above transaction?
a.
Purchase journal
b.
General journal
c.
Cash disbursement journal
d.
Sales journal
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.
Chapter 12 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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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- 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, $10,000arrow_forwardJournalize 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_forward
- A 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_forwardFf.115.arrow_forwardEB 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_forward
- Merchandise 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_forwardA5arrow_forwardSales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $630. Determine the following: a. Amount of the sale $ b. Amount debited to Accounts Receivable $ c. Amount received within the discount period $arrow_forward
- Journalizing 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_forwardPrepare the Journal Entries for the following purchase transactions: I. Purchase of merchandise for cash:a. Merchandise is purchased for cash, P35,000b. Merchandise listed at P50,000, subject to a trade discount of 10%, is purchased for cash. II. Purchase of merchandise on account:a. Merchandise purchased on account, credit terms 2/10, n/30, P40,000.b. Merchandise purchased on account, credit terms 3/10, n/30, P28,000.c. Payment is made on invoice (a) within the discount period.d, Payment is made on invoice (b) beyond the discount period.arrow_forwardJacob Co. sells merchandise on credit to Isaiah Co. for $10,400. 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? Oa. $208, May 15 Ob. $416, May 15 Oc. $416, May 16 Od. $208, May 16arrow_forward
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