College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
bartleby

Videos

Textbook Question
Book Icon
Chapter 13, Problem 2SEA

JOURNAL ENTRIES—PERIODIC INVENTORY Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method.

Jan.    5 Purchased merchandise on account from Prestigious Jewelers, $3,300.
    8 Paid freight charge on merchandise purchased, $300.
    12 Sold merchandise on account to Diamonds Unlimited, $4,500.
    15 Received a credit memo from Prestigious Jewelers for merchandise returned, $700.
    22 Issued a credit memo to Diamonds Unlimited for merchandise returned, $900.
Blurred answer
Students have asked these similar questions
Journal Entries-Periodic Inventory Paul Nasipak owns a business called Diamond Distributors. The following transactions took place during January of the current year. Jan. 5 Purchased merchandise on account from Prestigious Jewelers, $3,190. 8 Paid freight charge on merchandise purchased, $340. 12 Sold merchandise on account to Diamonds Unlimited, $4,380. 15 Received a credit memo from Prestigious Jewelers for merchandise returned, $660. 22 Issued a credit memo to Diamonds Unlimited for merchandise returned, $900. Journalize the transactions in a general journal using the periodic inventory method. Page: DOC. POST. NO. REF. DATE ACCOUNT TITLE DEBIT CREDIT 20-- 1. Jan. 5 2 3. 4 4 6. 7. 12 10 15 10 11 11 12 12 13 22 13 14 14 15 15 I II II 1I |
Journal Entries-Perpetual Inventory Joan Ziemba owns a small variety store. The following transactions took place during March of the current year. Mar. 3 Purchased merchandise on account from City Galleria, $3,100. 7 Paid freight charge on merchandise purchased, $200. Sold merchandise on account to Amber Specialties, $3,500. The cost of the 13 merchandise was $2,100. 18 Received a credit memo from City Galleria for merchandise returned, $650. Issued a credit memo to Amber Specialties for merchandise returned, $600. The 22 cost of the merchandise was $280. Journalize the transactions in a general journal using the perpetual inventory method. Page: DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 Mar. 3 Merchandise inventory - 1. Accounts pavable/City Galleria - 2 3 Merchandise inventory - 4 7 4 Cash- 6. 7 13 Accounts receivable/Amber Specialties - 7. 8 Sales- 8 Record Sale Cost of goods sold E Merchandise inventory - 10 13 10 11 11 12 Record Cost 12 Accounts payable/City…
Journalize the transactions using perpetual inventory system

Chapter 13 Solutions

College Accounting, Chapters 1-27

Ch. 13 - LO1 If the ending inventory is overstated by...Ch. 13 - Using the following information, compute the...Ch. 13 - Use the following information to compute cost of...Ch. 13 - Kulsrud Company would like to estimate the current...Ch. 13 - What financial statements are affected by an error...Ch. 13 - What is the main difference between the periodic...Ch. 13 - Is a physical inventory necessary under the...Ch. 13 - Is a physical inventory necessary under the...Ch. 13 - In a period of rising prices, which inventory...Ch. 13 - What two factors are taken into account by the...Ch. 13 - Which inventory method always follows the actual...Ch. 13 - When lower-of-cost-or-market is assigned to the...Ch. 13 - List the three steps followed under the gross...Ch. 13 - List the five steps followed under the retail...Ch. 13 - INVENTORY ERRORS Assume that in year 1, the ending...Ch. 13 - JOURNAL ENTRIESPERIODIC INVENTORY Paul Nasipak...Ch. 13 - JOURNAL ENTRIESPERPETUAL INVENTORY Joan Ziemba...Ch. 13 - ENDING INVENTORY COSTS Sandy Chen owns a small...Ch. 13 - LOWER-OF-COST-OR-MARKET Stalberg Companys...Ch. 13 - SPECIFIC IDENTIFICATION, FIFO, LIFO, AND...Ch. 13 - COST ALLOCATION AND LOWER-OF-COST-OR-MARKET...Ch. 13 - Prob. 8SPACh. 13 - RETAIL INVENTORY METHOD The following information...Ch. 13 - INVENTORY ERRORS Assume that in year 1, the ending...Ch. 13 - JOURNAL ENTRIESPERIODIC INVENTORY Amy Douglas owns...Ch. 13 - JOURNAL ENTRIESPERPETUAL INVENTORY Doreen Woods...Ch. 13 - ENDING INVENTORY COSTS Danny Steele owns a small...Ch. 13 - LOWER-OF-COST-OR-MARKET Bouie Companys beginning...Ch. 13 - SPECIFIC IDENTIFICATION, FIFO, LIFO, AND...Ch. 13 - COST ALLOCATION AND LOWER-OF-COST-OR-MARKET Hall...Ch. 13 - GROSS PROFIT METHOD A flood completely destroyed...Ch. 13 - RETAIL INVENTORY METHOD The following information...Ch. 13 - Hurst Companys beginning inventory and purchases...Ch. 13 - Bhushan Company has been using LIFO for inventory...
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Text book image
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Text book image
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
Text book image
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Text book image
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
Text book image
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
IAS 29 Financial Reporting in Hyperinflationary Economies: Summary 2021; Author: Silvia of CPDbox;https://www.youtube.com/watch?v=55luVuTYLY8;License: Standard Youtube License