Financial and Managerial Accounting - Workingpapers
15th Edition
ISBN: 9781337912112
Author: WARREN
Publisher: CENGAGE L
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Chapter 5, Problem 36E
Appendix 1
Discount taken in next fiscal year
Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4,
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Notes Receivable Entries
1. Record the transactions in a general journal.
When required, enter amounts to the nearest cent. If an amount box does not require an entry, leave it blank. Assume 360 days in a year.
J. K. Pratt Co. had the following transactions:
20-1
July 20
Received a $750, 30-day, 5% note from J. Akita in payment for sale of merchandise.
Aug. 19
J. Akita paid note issued July 20 plus interest.
25
Sold merchandise on account to L. Beene, $1,100.
Sept. 5
L. Beene paid $100 and gave a $1,000, 30-day, 6% note to extend time for payment.
Oct. 5
L. Beene paid note issued September 5, plus interest.
10
Sold merchandise to R. Harris for $750: $50 plus a $700, 30-day, 6% note.
Nov. 9
R. Harris paid $200 plus interest on note issued October 10 and extended the note ($500) for 30 days.
Dec. 9
R. Harris paid note extended on November 9, plus interest.
10
Sold merchandise on account to B. Kraus, $1,500.
15
B. Kraus paid $150 on merchandise purchased on…
The entry to record a payment on a $690 account within the 2% discount period would include a:
A.
debit to Accounts Payable for
$676.
B.
debit to Purchases for
$676.
C.
debit to Accounts Payable for
$690.
D.
debit to Cash for
$690.
Urmila ben
Chapter 5 Solutions
Financial and Managerial Accounting - Workingpapers
Ch. 5 - Prob. 1DQCh. 5 - Can a business earn a gross profit but incur a net...Ch. 5 - The credit period during which the buyer of...Ch. 5 - What is the meaning of (A) 1/15, n/60; (B) n/30;...Ch. 5 - How are sales to customers using MasterCard and...Ch. 5 - What is the nature of (A) a credit memo issued by...Ch. 5 - Who is responsible for freight when the terms of...Ch. 5 - Name three accounts that would normally appear in...Ch. 5 - Audio Outfitter Inc., which uses a perpetual...Ch. 5 - Assume that Audio Outfitter Inc. in Discussion...
Ch. 5 - Gross profit During the current year, merchandise...Ch. 5 - Purchases transactions Elkhorn Company purchased...Ch. 5 - Prob. 3BECh. 5 - Freight terms Determine the amount to be paid in...Ch. 5 - Transactions for buyer and seller Shore Co. sold...Ch. 5 - Adjusting entries Hahn Flooring Company uses a...Ch. 5 - Asset turnover ratio Financial statement data for...Ch. 5 - Determining gross profit During the current year,...Ch. 5 - Determining cost of goods sold For a recent year,...Ch. 5 - Chart of accounts Monet Paints Co. is a newly...Ch. 5 - Purchase-related transactions The Stationery...Ch. 5 - Purchase-related transactions A retailer is...Ch. 5 - Purchase-related transactions The debits and...Ch. 5 - Prob. 7ECh. 5 - Purchase-related transactions Journalize entries...Ch. 5 - Sales-related transactions, including the use of...Ch. 5 - Customer refund Senger Company sold merchandise of...Ch. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Sales-related transactions The debits and credits...Ch. 5 - Prob. 14ECh. 5 - Determining amounts to be paid on invoices...Ch. 5 - Sales-related transactions Showcase Co., a...Ch. 5 - Purchase-related transactions Based on the data...Ch. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Normal balances of accounts for retail business...Ch. 5 - Income statement and accounts for retail business...Ch. 5 - Adjusting entry for inventory shrinkage Omega Tire...Ch. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Adjusting entry for customer refunds, allowances,...Ch. 5 - Income statement for retail business The following...Ch. 5 - Determining amounts for items omitted from income...Ch. 5 - Multiple-step income statement On March 31, 20Y9,...Ch. 5 - Multiple-step income statement The following...Ch. 5 - Single-step income statement Summary operating...Ch. 5 - Closing the accounts of a retail business From the...Ch. 5 - Closing entries; net income Based on the data...Ch. 5 - Closing entries On July 31, the close of the...Ch. 5 - Prob. 33ECh. 5 - Prob. 34ECh. 5 - Appendix 1 Adjusting entry for gross method The...Ch. 5 - Appendix 1 Discount taken in next fiscal year...Ch. 5 - Prob. 37ECh. 5 - Rules of debit and credit for periodic inventory...Ch. 5 - Journal entries using the periodic inventory...Ch. 5 - Identify items missing in determining cost of...Ch. 5 - Cost of goods sold and related items The following...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Cost of goods sold Based on the following data,...Ch. 5 - Appendix 2 Cost of goods sold Identify the errors...Ch. 5 - Closing entries using periodic inventory system...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - A Sales and purchase-related transactions for...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income statement and balance sheet...Ch. 5 - Appendix 2 Purchase-related transactions using...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - Appendix 2 PR 5-9A Sales and purchase-related...Ch. 5 - 2. Net income, 185,000 Appendix 2 PR 5-10A...Ch. 5 - Purchase-related transactions using perpetual...Ch. 5 - Sales-related transactions using perpetual...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - Sales and purchase-related transactions for seller...Ch. 5 - Multiple-step income statement and balance sheet...Ch. 5 - Single-step income Statement and balance sheet...Ch. 5 - Purchase-related transactions using periodic...Ch. 5 - Sales and purchase-related transactions using...Ch. 5 - Appendix 2 Sales and purchase-related transactions...Ch. 5 - Appendix 2 PR 5-10B Periodic inventory accounts,...Ch. 5 - Palisade Creek Co. is a retail business that uses...Ch. 5 - Analyze and compare Amazon.com and Netflix...Ch. 5 - Analyze Dollar General Dollar General Corporation...Ch. 5 - Compare Dollar Tree and Dollar General The asset...Ch. 5 - Analyze and compare CSX, Union Pacific, and YRC...Ch. 5 - Analyze Home Depot The Home Depot (HD) reported...Ch. 5 - Analyze and compare Kroger and Tiffany The Kroger...Ch. 5 - Prob. 7MADCh. 5 - Ethics in Action Margie Johnson is a staff...Ch. 5 - Prob. 2TIFCh. 5 - Prob. 5TIFCh. 5 - Prob. 6TIFCh. 5 - Prob. 7TIF
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- SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, MCs estimates that 2,400 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,400. Use accounts as illustrated in the chapter.arrow_forwardEntries for Discounted Note PayableA business issued a 90-day note for $36,000 to a creditor on account. The note was discounted at 9%. Assume a 360-day year.a. Journalize the entry to record the issuance of the note. For a compound transaction, if an amount box does not require an entry, leave it blank. If necessary, round to one decimal place.a. Accounts Payable Notes Payable Interest Expense b. Journalize the entry to record the payment of the note at maturity.arrow_forwardEntries for Discounted Note Payable A business issued a 30-day note for $48,000 to a creditor on account. The note was discounted at 8%. Assume a 360-day year. a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round to one decimal place. 38 a. b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. b.arrow_forward
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- Calculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $27.59 October 16 Credit $10.00 October 25 Purchase $121.60 average daily balance = $arrow_forwardCalculate the average daily balance (in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.)arrow_forwardjournalize the following entries on the books of the borrower. Assume a 360-day year. January 1 Aggie Co. purchased merchandise on account from Low Co. for $40,000. January 30 Aggie Co. issued a 60-day, 6% note for $40,000 March 29 Aggie Co. paid the amount due at maturity Date Account Title Debit Credit Jan 1 Jan 30 March 29arrow_forward
- Entries for discounted note payable A business issued a 60-day note for $48,000 to a bank. The note was discounted at 7%. Assume a 360 days in a year. Question Content Area a. Journalize the entry to record the issuance of the note. If an amount box does not require an entry, leave it blank. If necessary, round your answers to one decimal place. blank Account Debit Credit - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area b. Journalize the entry to record the payment of the note at maturity. If an amount box does not require an entry, leave it blank. blank Account Debit Credit - Select - - Select - - Select - - Select -arrow_forwardThe invoice date for a bill is April 14 with the terms 2/15 ROG. If the goods were received on June 3, determine the discount date and due date. A. July 18 and May 25 B.June 18 and July 8 C.April 29 and May 19 D.June 8 and July 18arrow_forwardRecord the sale by Balus Company of $131,000 in accounts receivable on May 1. Balus is charged a 3.00% factoring fee. View transaction list Journal entry worksheet 1 Record the sale of receivable. Note: Enter debits before credits. Date May 01 Record entry General Journal Clear entry Debit Credit View general journalarrow_forward
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