WORKING PAPERS F/ FUND ACCOUNTING
WORKING PAPERS F/ FUND ACCOUNTING
22nd Edition
ISBN: 9781308868394
Author: Wild
Publisher: MCG CUSTOM
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Chapter 5, Problem 2BPSB

Prepare journal entries to record the following merchandising transactions of Mason Company, which applies the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 3 in Accounts Payable—OLB.)

July 3 Purchased merchandise from OLB Corp, for SI5.000 under credit terms of 1/10, n/30, FOB destination, invoice dated July 3.
7 Sold merchandise to Brill Co. for $11.500 under credit terms of 2/10, n/60. FOB destination, invoice dated July 7. The merchandise had cost $7.750.
10	Purchased merchandise from Rupert Corporation for $14,200 under credit terms of 1/10, n/45, FOB shipping point, invoice dated July 10. The invoice showed that at Mason's request, Rupert paid the $500 shipping charges and added that amount to the bill. (Hint: Discounts are not applied to freight and shipping charges.)
11	Paid $300 cash for shipping charges related to the July 7 sale to Brill Co.
12	Brill returned merchandise from the July 7 sale that had cost Mason $1,450 and been sold for $1,850. The merchandise was restored to inventory.
14	After negotiations with Rupert Corporation concerning problems with the merchandise purchased on July 10, Mason received a credit memorandum from Rupert granting a price reduction of $2,000.
15	At OLB's request. Mason paid S150 cash for freight charges on the July 3 purchase, reducing the amount owed to OLB.
17 	Received balance due from Brill Co. for the July 7 sale less the return on July 12.
20	Paid the amount due Rupert Corporation for the July 10 purchase less the price reduction granted.
21	Sold merchandise to Brown for $11,000 under credit terms of 1/10, n/30, FOB shipping point invoice dated July 21. The merchandise had cost $7,000.
24	Brown requested a price reduction on the July 21 sale because the merchandise did not meet specifications. Mason sent Brown a credit memorandum for $1,300 to resolve the issue.
30	Received Brown’s cash payment for the amount due from the July 21 sale.
31	Paid OLB Corp, the amount due from the July 3 purchase.
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Provide correct answer general Accounting question
Accounting Cycle Review 15 a-e Carla Vista Corporation's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described below. Debit Credit Cash Accounts Receivable Inventory $27,400 59,000 22,600 Land 62,900 Buildings 96,900 Equipment 42,000 Allowance for Doubtful Accounts $430 Accumulated Depreciation-Buildings 30,500 Accumulated Depreciation-Equipment 15,000 Accounts Payable 19,300 Interest Payable -0- Dividends Payable Unearned Rent Revenue -0- 8,800 Bonds Payable (10%) 54,000 Common Stock ($10 par) 34,000 Paid-in Capital in Excess of Par-Common Stock 6,800 Preferred Stock ($20 par) -0- Paid-in Capital in Excess of Par-Preferred -0- Stock Retained Earnings 72,970 Treasury Stock -0- Cash Dividends Sales Revenue Rent Revenue Bad Debt Expense Interest Expense Cost of Goods Sold Depreciation Expense Other Operating Expenses Salaries and Wages Expense -0- 576,000 -0- -0- -0- 404,000 -0- 39,900 63,100 Total Unrecorded…
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Chapter 5 Solutions

WORKING PAPERS F/ FUND ACCOUNTING

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