EBK ACCOUNTING, CHAPTERS 1-13
27th Edition
ISBN: 9781337514088
Author: WARREN
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Chapter 5, Problem 6DQ
To determine
Purchase journal:
Purchase journal refers to the journal that is used to record all purchases on account. In the purchase journal, all purchase transactions are recorded only when the business purchased the goods on account. For example, the business purchased cleaning supplies on account.
Cash payments journal:
Cash payments journal refers to the journal that is used to record the all transaction which is involve the cash payments. For example, the business paid cash to employees (salary paid to employees).
(a)
To indicate: The types of journal for the given transactions.
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provide correct answer of this General accounting question
Starlord's Music Shop's cash sales for Year 1 were $783,300, and $939,960 for Year 2. These figures included the 11.9%
galatic sales tax.
The store gives its customers coupons redeemable for a poster plus a Blue Swede CD. One coupon is issued for each
dollar of sales. On the surrender of 100 coupons and $6.00 cash, the poster and CD are given to the customer. It is
estimated that 80% of the coupons will be presented for redemption. Coupons redeemed in Year 1 totaled 420,000,
and coupons redeemed in Year 2 totaled 750,000.
Starlord's Music Shop bought 20,000 posters at $2.50/poster and 20,000 CDs at $7.50/CD.
1. Record the journal entry for sales and sales tax for Year 1 (assume all sales are in cash).
Points Value: 10
Redemption Schedule
Account
Use this schedule to complete the journal entries below.
Debit
Credit
Coupons
Coupon
Redeemed
Redemptions
Cash Received Inventory Costs
Expense
Total Y1 Potential Redemptions
560,000
5,600
33,600
56,000
22,400
Total Redeemed in Y1
420,000
4,200…
Account Question answer wanted.
Chapter 5 Solutions
EBK ACCOUNTING, CHAPTERS 1-13
Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - Prob. 3DQCh. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Prob. 6DQCh. 5 - What is an electronic form, and how is it used in...Ch. 5 - When are transactions posted in a computerized...Ch. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ
Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Revenue journal The following revenue transactions...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Accounts receivable subsidiary ledger The debits...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Purchases journal The following purchase...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Accounts payable subsidiary ledger The debits and...Ch. 5 - Segment analysis McHale Company does business in...Ch. 5 - Segment analysis Back Country Life, Inc., does...Ch. 5 - Identify postings from revenue journal Using the...Ch. 5 - Accounts receivable ledger Based on the data...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify journals Assuming the use of a two-column...Ch. 5 - Identify transactions in accounts receivable...Ch. 5 - Prepare journal entries in a revenue journal...Ch. 5 - Posting a revenue journal The revenue journal for...Ch. 5 - Accounts receivable subsidiary ledger The revenue...Ch. 5 - Revenue and cash receipts journals Transactions...Ch. 5 - Revenue and cash receipts journals Lasting Summer...Ch. 5 - Prob. 5.11EXCh. 5 - Prob. 5.12EXCh. 5 - Identify transactions in accounts payable...Ch. 5 - Prepare journal entries in a purchases journal...Ch. 5 - Posting a purchases journal The purchases journal...Ch. 5 - Accounts payable subsidiary ledger The cash...Ch. 5 - Purchases and cash payments journals Transactions...Ch. 5 - Purchases and cash payments journals Happy Tails...Ch. 5 - Error in accounts payable subsidiary ledger After...Ch. 5 - Prob. 5.20EXCh. 5 - Cash receipts journal The following cash receipts...Ch. 5 - Computerized accounting systems Most computerized...Ch. 5 - Prob. 5.23EXCh. 5 - Prob. 5.24EXCh. 5 - Segment revenue horizontal analysis Starbucks...Ch. 5 - Prob. 5.26EXCh. 5 - Segment revenue horizontal and vertical analyses...Ch. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable subsidiary account,...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Revenue journal; accounts receivable subsidiary...Ch. 5 - Revenue and cash receipts journals; accounts...Ch. 5 - Purchases, accounts payable account, and accounts...Ch. 5 - Purchases and cash payments journals; accounts...Ch. 5 - All journals and general ledger; trial balance The...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - Communication Internet-based accounting software...Ch. 5 - Manual vs. computerized accounting systems The...Ch. 5 - Accounts receivable and accounts payable A...Ch. 5 - Design of accounting systems For the past few...
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