Principles of Accounting: Chapters 1-13
Principles of Accounting: Chapters 1-13
12th Edition
ISBN: 9781133593102
Author: Belverd E., Jr, Ph.d. Needles, Marian, Ph.D. Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 6S, Problem 1P

1 and 2.

To determine

Record the given transactions in the cash receipts and cash payments journals and foot and crossfoot the journals.

1 and 2.

Expert Solution
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Explanation of Solution

Record the given transactions in the cash receipts and cash payments journals.

Principles of Accounting: Chapters 1-13, Chapter 6S, Problem 1P , additional homework tip  1

Principles of Accounting: Chapters 1-13, Chapter 6S, Problem 1P , additional homework tip  2

3.

To determine

Indicate the journals from which the manager finds the total sales for the accounting period.

3.

Expert Solution
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Explanation of Solution

The transaction related to Sales should be recorded in sales journal, cash receipts journal, and sales general ledger. The manager can find the total sales by adding the total sales column of sales journal and total sales column of cash receipt journal. Manager can also find the total sales by referring the sales account in the general ledger.

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Sam prepared a draft statement of profit or loss for the business as follows:  $ $ Sales 256,800 Cost of sales Opening inventory 13,400 Purchases 145,000 Closing inventory (14,200)  ––––––– (144,200)  –––––––– Gross profit 112,600 Expenses (76,000)  –––––––– Net profit 36,600  –––––––– Sam has not yet recorded the following items: • Carriage in of $2,300 • Discounts received of $3,900 • Carriage out of $1,950 After these amounts are recorded, what are the revised values for gross and net profit of Sam’s business?
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Chapter 6S Solutions

Principles of Accounting: Chapters 1-13

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