Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 5.19E
Journalizing sales transactions
Journalize the following sales transactions for Austin Mall. Explanations are not required.
| Jan. 4 | Sold $10,000 of antiques on account, credit terms are 1115, n/30. Cost of goods is $5,000. |
| 8 | Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $ 150. |
| 13 | Austin Mall received payment from the customer on the amount due from Jan. 4, less the return and discount. |
| 20 | Sold $5,200 of antiques on account. credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,600. |
| 20 | Austin Mall paid $120 on freight out. |
| 25 | Austin Mall negotiated a $500 allowance on the goods sold on Jan. 20. |
| 29 | Received payment from the customer on the amount due from Jan. 20, less the allowance and discount. |
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Journalize the following sales transactions for Antique Mall. Explanations are not
E5-21 Jo
required. The company estimates sales returns at the end of each month.
Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods
Jan. 4
is $8,000.
Received a $300 sales return on damaged goods from the customer. Cost
8.
of goods damaged is $150.
13 Antique
Antique Mall received payment from the customer on the amount due
from Jan. 4, less the return.
20
Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB
destination. Cost of goods is $2,450.
Antique Mall paid $70 on freight out.
20
Received payment from the customer on the amount due from Jan. 20,
29
less the discount.
E5-21 Journalizing sales transactions
Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month.
Jan. 4 Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods is $8,000.
8. Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150.
13. Antique Mall received payment from the customer on the amount due from Jan. 4, less the return.
20. Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450.
20. Antique Mall paid $70 on freight out.
29. Received payment from the customer on the amount due from Jan. 20, less the discount.
Journalize the following transactions for Iron Sports Corp.:
March 1 Iron Sports Corp. sold $64,200 of merchandise on account with credit terms of 2/10, n/30.
Cost of merchandise sold was $29,900.
March 8 Iron Sports Corp. received $5,000 sales return on damaged goods from the customer. The
cost of merchandise returned was $2,400.
March 15 Iron Sports Corp. received payment from the customer on the amount due, less the return
and discount.
Date
March 1
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March 8
March 15
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Chapter 5 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - The two main inventory accounting systems are the...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC Manufacturing purchase d inventory for 5,300...Ch. 5 - Prob. 5QCCh. 5 - Suppose Daves Discounts Merchandise Inventory...Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Prob. 9QCCh. 5 - The journal entry for the purchase of inventory on...
Ch. 5 - What is a merchandiser, and what is the name of...Ch. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods Sold (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - What are the two types of inventory accounting...Ch. 5 - What is an invoice?Ch. 5 - What account is debited when recording a purchase...Ch. 5 - Prob. 9RQCh. 5 - What is a purchase return? How does a purchase...Ch. 5 - Prob. 11RQCh. 5 - How is the net cost of inventory calculated?Ch. 5 - What are the two journal entries involved when...Ch. 5 - When granting a sales allowance, is there a return...Ch. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - What are the four steps involved in the closing...Ch. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23ARQCh. 5 - When recording purchase returns and purchase...Ch. 5 - What account is debited when recording the payment...Ch. 5 - Prob. 26ARQCh. 5 - Is an adjusting entry needed for inventory...Ch. 5 - Highlight the differences in the closing process...Ch. 5 - Describe the calculation of cost of goods sold...Ch. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Journalizing purchase transactions Consider the...Ch. 5 - Journalizing purchase transactions Consider the...Ch. 5 - Journalizing sales transactions Journalize the...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Adjusting for inventory shrinkage Carlas...Ch. 5 - Journalizing closing entries Rockwall RV Centers...Ch. 5 - Use the following information to answer Short...Ch. 5 - Use the following information to answer Short...Ch. 5 - Computing the gross profit percentage Morris...Ch. 5 - Journalizing purchase transactions-periodic...Ch. 5 - Prob. 5.12SECh. 5 - Journalizing closing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - For all exercises, assume the perpetual inventory...Ch. 5 - Journalizing purchase transactions from an invoice...Ch. 5 - Journalizing purchase transactions Hartford...Ch. 5 - Computing missing amounts Consider the following...Ch. 5 - Journalizing sales transactions Journalize the...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing adjusting entries and computing gross...Ch. 5 - Use the following information to answer Exercises...Ch. 5 - Prob. 5.23ECh. 5 - Use the following information to answer Exercises...Ch. 5 - Computing the gross profit percentage Cupcake...Ch. 5 - Journalizing purchase transactionsperiodic...Ch. 5 - Journalizing sales transactions-periodic inventory...Ch. 5 - Journalizing purchase and sales...Ch. 5 - Journalizing dosing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Preparing a multi-step income statement,...Ch. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Preparing a single-step income statement,...Ch. 5 - Journalizing purchase and sale...Ch. 5 - A Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Prob. 5.39BPCh. 5 - Prob. 5.40BPCh. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Prob. 5.42BPCh. 5 - Prob. 5.43BPCh. 5 - Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transactions,...Ch. 5 - Journalizing purchase and sale transactions,...Ch. 5 - Comprehensive Problem for Chapters 1-5 Completing...Ch. 5 - Prob. 5.1CTDCCh. 5 - Dobbs Wholesale Antiques makes all sales under...Ch. 5 - Rae Philippe was a warehouse manager for Atkins...Ch. 5 - Prob. 5.1CTFSC
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