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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Chapter 13, Problem 3SEB
JOURNAL ENTRIES—PERPETUAL INVENTORY Doreen Woods owns a small variety store. The following transactions took place during March of the current year. Journalize the transactions in a general journal using the perpetual inventory method.
| Mar. | 3 | Purchased merchandise on account from Corner Galleria, $3,500. |
| 7 | Paid freight charge on merchandise purchased, $200. | |
| 13 | Sold merchandise on account to Sonya Specialties, $4,250. The cost of the merchandise was $2,550. | |
| 18 | Received a credit memo from Corner Galleria for merchandise returned, $900. | |
| 22 | Issued a credit memo to Sonya Specialties for merchandise returned, $500. The cost of the merchandise was $300. |
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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…
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Journal Entries-Perpetual Inventory
Instructions
Chart of Accounts
General Journal
Instructions
Doreen Woods owns a small variety store. The following transactions took place during March of the current year.
March Transactions:
Purchased merchandise on account from Corner Galleria, $3,190.
Paid freight charge on merchandise purchased, $215.
Sold merchandise on account to Sonya Specialties, $4,080. The cost of the
merchandise was $2,570.
Mar.
7
13
18
Received a credit memo from Corner Galleria for merchandise returned, $950.
22
Issued a credit memo to Sonya Specialties for merchandise returned, $520. The cost
of the merchandise was $250.
Required:
Journalize the transactions in a general journal using the perpetual inventory method.
%3D
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 |
Chapter 13 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 13 - An overstatement of ending inventory in the year...Ch. 13 - An understatement of ending inventory in the year...Ch. 13 - LO2 Under the perpetual system of accounting for...Ch. 13 - LO3 A fiscal year that starts and ends at the time...Ch. 13 - LO3 If goods are shipped FOB shipping point, the...Ch. 13 - An understatement of ending inventory in the year...Ch. 13 - Prob. 2MCCh. 13 - In rimes of rising prices, the inventory cost...Ch. 13 - In rimes of rising prices, the inventory cost...Ch. 13 - In the application of lower-of-cost-or-market,...
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...
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