FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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Question
Chapter 7, Problem 1PSB
Summary Introduction
Introduction:
To prepare: The general journal entries for the following transaction.
Expert Solution & Answer
Answer to Problem 1PSB
Journal entries are shown below.
Explanation of Solution
Journal entries of A co. for the month of August are shown below.
| Date | Particular | PR | Dr.$ | Cr.$ |
| Aug 4 | Account receivable −M.C. | 3700 | ||
| Sales | 3700 | |||
| (to record the sales on credit) | ||||
| Cost of goods sold | 2000 | |||
| Merchandise Inventory | 2000 | |||
| (To record cost of sales) | ||||
| Aug 10 | Cash | 5044 | ||
| credit card expense( ) | 156 | |||
| Sales | 5200 | |||
| (To record credit card sales less fee) | ||||
| Cost of goods sold | 2800 | |||
| Merchandise inventory | 2800 | |||
| (To record cost of sales) | ||||
| Aug 11 | Cash | 1,225 | ||
| Credit card expense ( ) | 25 | |||
| Sales | 1250 | |||
| (To record credit card sales less fee) | ||||
| Cost of goods sold | 900 | |||
| Merchandise | 900 | |||
| (To record cost of sales) | ||||
| Aug 14 | Cash | 3,700 | ||
| Account Receivable M.C | 3,700 | |||
| (To record cash received in payment of account) | ||||
| Aug 15 | Cash | 3185 | ||
| Credit card expense | 65 | |||
| Sales | 3250 | |||
| (To record credit card sales less fee) | ||||
| Cost of goods sold | 1758 | |||
| Merchandise inventory | 1758 | |||
| (to record cost of sales) | ||||
| Aug 22 | Allowance for doubtful account | 498 | ||
| Account receivable C Co | 498 | |||
| (to write off account due) | ||||
| Aug 25 | Cash | 1225 | ||
| Account Receivable G.C | 1225 | |||
| (To record cash received in payment of account) | ||||
| Cash | 3185 | |||
| Account Receivable G.C | 3185 | |||
| (To record cash received in payment of account) | ||||
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Chapter 7 Solutions
FINANCIAL ACCT-CONNECT
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 1QSCh. 7 - Solstice Company determines on October 1 that it...Ch. 7 - Solstice Company determines on October 1 that it...Ch. 7 - The following list describes aspects of either the...Ch. 7 - Gomez Corp. uses the allowance method to account...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Accounts receivable subsidiary ledger; schedule of...Ch. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Percent of accounts receivable method P2 At each...Ch. 7 - Aging of receivables method P2 Daley Company...Ch. 7 - Percent of receivables method P2 Refer to the...Ch. 7 - Writing off receivables P2 Refer to the...Ch. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Notes receivable transactions P3 Refer to the...Ch. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 14ECh. 7 - Prob. 15ECh. 7 - Prob. 16ECh. 7 - Sales on account and credit card sales C1 Mayfair...Ch. 7 - Estimating and reporting bad debts P2 At December...Ch. 7 - Aging accounts receivable and accounting for bad...Ch. 7 - Prob. 4PSACh. 7 - Prob. 5PSACh. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Prob. 4PSBCh. 7 - Prob. 5PSBCh. 7 - Santana Rey, owner of Business Solutions, realizes...Ch. 7 - Comparative figures for Apple and Google follow....Ch. 7 - Anton Blair is the manager of a medium-size...Ch. 7 - As the accountant for Pure-Air Distributing, you...Ch. 7 - Access eBays February 6, 2015, filing of its 10-K...Ch. 7 - Prob. 7BTNCh. 7 - Prob. 9BTN
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