ACC 201/202 MYACCLAB E-TEXT ONLY >I<
16th Edition
ISBN: 9781323118047
Author: Pearson
Publisher: PEARSON C
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Textbook Question
Chapter 5, Problem 5.20E
Journalizing purchase and sales transactions
Journalize the following transactions for Santa Fe Art Gift Shop. Explanations are not required.
| Feb. 3 | Purchased $2,800 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. |
| 7 | Returned $700 of defective merchandise purchased on February 3. |
| 9 | Paid freight bill of $400 on February 3 purchase. |
| 10 | Sold merchandise inventory on account for $4,800. Payment terms were 1/ 15, n/30. These goods cost the company $2.400. |
| 12 | Paid amount owed on credit purchase of February 3, less the return and the discount. |
| 16 | Granted a sales allowance of $1 00 on the February 10 sale. |
| 23 | Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount. |
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Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $800 (cost of goodssold of $500) was made to Sarah’s Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system.Required:1. Give the journal entry Cycle Wholesaling would make to record the sale to Sarah’s Cycles.2. Give the journal entry to record the collection of the account, assuming it was collected in fullon February 9.3. Give the journal entry, assuming, instead, that the account was collected in full on March 2.4. Calculate the gross profit percentage for the sale to Sarah’s Cycles (rounded to one decimalplace), assuming the account was collected in full on February 9.
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January 6 Purchased goods from Goldmark Company on account, $10,000, terms 4/10, n/30.
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January 16 Paid the amount due to Goldmark Company.
Date
Account Title
Debit
Credit
X
3
?
mework
Journalize the following transact
Exclude explanations from journ
(Click the icon to view the tr
Date
Nov. 11
Date
Accounts Paya
Purchase D
Cash
Nov. 22
More info
Cash
Purchase Discounts
Accounts Receivable
Nov. 2
Nov. 6
Purchased $3,500 of merchandise inventory on account under terms 3/10, n/EOM
and FOB shipping point.
Returned $300 of defective merchandise purchased on November 2.
Nov. 8
Paid freight bill of $110 on November 2 purchase.
Nov. 10
Sold merchandise inventory on account for $6,700. Payment terms were 2/15, n/45.
Paid amount owed on credit purchase of November 2, less the return and the
discount.
Nov. 11
Received cash from November 10 customer in full settlement of their debt, less the
Nov. 22 discount.
Nov. 22: Received cash from November 10 customer in full settlement of their debt, less the discount.
Accounts
Debit
Print
6432
134
Done
Credit
6566
X
Chapter 5 Solutions
ACC 201/202 MYACCLAB E-TEXT ONLY >I<
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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