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 5.2SE
Journalizing purchase transactions
Consider the following transactions for Partytime Toys:
| Oct. 8 | Partytime Toys buys $141,800 worth of MegoBlock toys on account with credit terms of 2/1 0, n/30. |
| 11 | Partytime Toys returns $14,100 of the merchandise to MegoBiock due to damage during shipment. |
| 15 | Partytime Toys paid the amount due, less the return and discount. |
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Partytime Toys?
Expert Solution & Answer
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Students have asked these similar questions
Consider the following transactions for
BigGuy Toys:
Apr. 7
BigGuy Toys purchased $198,800 worth of MegoBlock toys on account with credit terms of 2/10, n/60.
Apr. 13
BigGuy Toys returned $19,800 of the merchandise to MegoBlock due to damage during shipment.
Apr. 15
BigGuy Toys paid the amount due, less the return and discount.
Requirements
1.
Journalize the purchase transactions. Explanations are not required.
2.
In the final analysis, how much did the inventory cost
BigGuy Toys?
Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.)
Apr.
7:
BigGuy Toys
purchased
$198,800
worth of
MegoBlock
toys on account with credit terms of 2/10, n/60.
Date
Accounts
Debit
Credit
Apr. 7…
Consider the following transactions for Funtime Gadgets:
May 6 Funtime Gadgets buys $137,200 worth of merchandise from Gadget Warehouse on account
with credit terms of 2/10, n/30.
May 12 Funtime Gadgets returns $13,200 of the merchandise to Gadget Warehouse due to damage
during shipment.
May 17 Funtime Gadgets paid the amount due, less the return and discount.
Journalize the purchase transactions.
Date
May 6
May 12
May 17
$
Description
Tou
Debit
Credit
Finally, how much did the inventory cost Funtime Gadgets?
S5-2 Journalizing purchase transactions
Consider the following transactions for Toys and More:
May 8 Toys and More buys $113,300 worth of MegoBlock toys on account with
credit terms of 2/10, n/60.
Toys and More returns $11,250 of the merchandise to MegoBlock due to
damage during shipment.
12
15 Toys and More paid the amount due, less the return and discount.
Requirements
1. Journalize the purchase transactions. Explanations are not required.
2. In the final analysis, how much did the inventory cost Toys and More?
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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