WORKING PAPERS F/ FUND ACCOUNTING
22nd Edition
ISBN: 9781308868394
Author: Wild
Publisher: MCG CUSTOM
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Chapter 5, Problem 6E
Exercise 5-6
Recording purchase returns and allowances PI
Refer to Exercise 5-5 and prepare the appropriate
Exercise 5-5
Recording sales returns and allowances P2
Check (1) Dr. Merchandise Inventory $400
Allied Parts was organized on May 1, 2015, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of S10 per unit. On May 5. Allied Parts sold 1.500 of the units for $14 per unit to Baker Co. Terms of the sale were 2/10, n/60. Prepare entries for Allied Parts to record the May 5 sale and each of the following separate transactions a through c using a perpetual inventory system.
- On May 7, Baker returns 200 units because they did not fit the customer’s needs. Allied Parts restores the units to its inventory.
- On May 8. Baker discovers that 300 units are damaged but are still of some use and. therefore, keeps the units. Allied Parts sends Baker a credit memorandum for $600 to compensate for the damage.
- On May 15, Baker discovers that 100 units are the wrong color. Baker keeps 60 of these units because Allied Parts sends a $120 credit memorandum to compensate. Baker returns the remaining 40 units to Allied Parts. Allied Parts restores the 40 returned units to its inventory.
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Chapter 12 Homework
еBook
Show Me How
Print Item
Purchases Journal
Instructions
Chart of Accounts
Supplier List
Purchase Journal
General Ledger
Instructions
Ann Benton, owner of Benton's Galleria, made the following purchases of merchandise on account during the month of October:
Oct.
2 Purchase Invoice No. 321, $1,950, from Boggs Distributors.
Purchase Invoice No. 152, $2,915, from Wolfs Wholesaler.
General Ledger
Uenerai Leuger insu uctionS
10
Purchase Invoice No. 634, $3,565, from Komuro & Co.
16
Purchase Invoice No. 349, $2,845, from Fritz & McCord, Inc.
24
Purchase Invoice No. 587, $3,370, from Boggs Distributors.
GENERAL LEDGER
(
• Account: Accounts Payable
• Account: Purchases
26
Purchase Invoice No. 764, $2,240, from Sanderson Company.
31
Purchase Invoice No. 672, $1,630, from Wolfs Wholesaler.
Required:
%3D
1. Record the transactions in the purchases journal. Total the journal.
2. Post from the purchases journal to the general ledger and accounts payable ledger accounts.…
Exercise 5-3
Prepare journal entries to record the following transactions for a retail store. The company uses a perpet-
ual inventory system and the gross method.
Recording purchases,
purchases retums, and
Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice
purchases allowances
dated April 2, and FOB shipping point.
3 Paid S300 cash for shipping charges on the April 2 purehase.
Returned to Lyon Company unacceptable merchandise that had an invoice price of S600.
Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned
merchandise.
P1
17
18 Purchased S8.500 of merchandise from Frisi Corp. with eredit terms of 1/10. n/30, invoice
dated April 18, and FOB destination.
After negotiations, received from Frist a S500 allowance toward the S8.500 owed on the
April 18 purchase.
Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
21
Check April28, C Cash,
$7.920
28
CS Scanned…
Chapter 11 Homework
eBook
Show Me How
Print Item
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger
Instructions
Chart of Accounts
General Journal
General Ledger Accounts Payable Ledger
Instructions
Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts.
March Transactions:
Mar.
Returned merchandise to Tower Industries, $500.
Returned merchandise to A &D Arms, $600.
Returned merchandise to Mighty Mansion, $325.
11
23
>
General Ledger
Account No.
Account
Balance Mar. 1, 20--
202
Accounts Payable
$7,950
501.1
Purchases Returns and Allowances
Accounts Payable Ledger
Name
Balance Mar. 1, 20-
A & D Arms
Mighty Mansion
$2,100
1,350
Tower Industries
4,500
Required:
Journalize and post the transactions.
Chapter 5 Solutions
WORKING PAPERS F/ FUND ACCOUNTING
Ch. 5 - Prob. 1DQCh. 5 - 2. In comparing the accounts of a merchandising...Ch. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - Prob. 13DQCh. 5 - Prob. 14DQCh. 5 - Prob. 15DQCh. 5 - Prob. 1QSCh. 5 - Prob. 2QSCh. 5 - Prob. 3QSCh. 5 - Prob. 4QSCh. 5 - Prob. 5QSCh. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Prob. 9QSCh. 5 - Prob. 10QSCh. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Prob. 13QSCh. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Exercise 5-6 Recording purchase returns and...Ch. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Exercise 5-17A Recording purchases and...Ch. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prepare journal entries to record the following...Ch. 5 - (
Problem 5-2A
Preparing journal entries for...Ch. 5 - Prob. 3APSACh. 5 - Prob. 4APSACh. 5 - Prob. 5APSACh. 5 - Prob. 6APSACh. 5 - Prob. 1BPSBCh. 5 - Prepare journal entries to record the following...Ch. 5 - Prob. 3BPSBCh. 5 - Prob. 4BPSBCh. 5 - Prob. 5BPSBCh. 5 - Problem 5-6BE Refer to the data and information in...Ch. 5 - Prob. 5SPCh. 5 - Prob. 1GLPCh. 5 - Prepare journal entries to record the following...Ch. 5 - Based on Problem 5-5A Problem 5-5A Preparing...Ch. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 4BTNCh. 5 - Prob. 5BTNCh. 5 - Prob. 6BTNCh. 5 - Prob. 7BTNCh. 5 - Prob. 8BTNCh. 5 - Prob. 9BTN
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