Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 7, Problem 2PA
Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal.
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Chapter 7 Solutions
Principles of Accounting Volume 1
Ch. 7 - So far, computer systems cannot yet ________. A....Ch. 7 - Any device used to provide the results of...Ch. 7 - Source documents ________. A. are input devices B....Ch. 7 - All of the following can provide source data...Ch. 7 - A document that asks you to return an identifying...Ch. 7 - Which of the following is false about accounting...Ch. 7 - An unhappy customer just returned $50 of the items...Ch. 7 - A customer just charged $150 of merchandise on the...Ch. 7 - A customer just charged $150 of merchandise using...Ch. 7 - The company just took a physical count of...
Ch. 7 - Your company paid rent of $1,000 for the month...Ch. 7 - On January 1, Incredible Infants sold goods to...Ch. 7 - Received a check for $72 from a customer, Mr....Ch. 7 - You returned damaged goods you had previously...Ch. 7 - Sold goods for $650 cash. Which journal would the...Ch. 7 - Sandren Co. purchased inventory on credit from...Ch. 7 - Sold goods for $650, credit terms net 30 days....Ch. 7 - You returned damaged goods to C.C. Rogers Inc. and...Ch. 7 - The sum of all the accounts in the accounts...Ch. 7 - AB Inc. purchased inventory on account from YZ...Ch. 7 - You just posted a debit to ABC Co. in the accounts...Ch. 7 - You just posted a credit to Stars Inc. in the...Ch. 7 - You just posted a debit to Cash in the general...Ch. 7 - You just posted a credit to Accounts Receivable....Ch. 7 - You just posted a credit to Sales and a debit to...Ch. 7 - An enterprise resource planning (ERP) system...Ch. 7 - Which of the following is not a way to prevent...Ch. 7 - Big data is mined ________. A. to find business...Ch. 7 - Artificial intelligence refers to ________. A....Ch. 7 - Blockchain is a technology that ________. A. is in...Ch. 7 - Which of the following is not true about...Ch. 7 - Why does a student need to understand how to use a...Ch. 7 - Provide an example of how paper-based accounting...Ch. 7 - Why are scanners better than keyboards?Ch. 7 - Why are there so many different accounting...Ch. 7 - Which area of accounting needs a computerized...Ch. 7 - The American Institute of Certified Public...Ch. 7 - Which special journals also require an entry to a...Ch. 7 - What is a schedule of accounts receivable?Ch. 7 - How often do we post the cash column in the cash...Ch. 7 - The schedule of accounts payable should equal...Ch. 7 - Which amounts do we post daily and which do we...Ch. 7 - Why are special journals used?Ch. 7 - Name the four main special journals.Ch. 7 - A journal entry that requires a debit to Accounts...Ch. 7 - The purchase of equipment for cash would be...Ch. 7 - Can a sales journal be used to record sales on...Ch. 7 - When should entries from the sales journal be...Ch. 7 - We record a sale on account that involves sales...Ch. 7 - We record purchases of inventory for cash in which...Ch. 7 - Should the purchases journal have a column that is...Ch. 7 - Forensic means suitable for use in a court of law....Ch. 7 - For each of the following, indicate if the...Ch. 7 - All of the following information pertains to...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the transactions, state which special...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the sales...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Maddie Inc. has the following transactions for its...Ch. 7 - For each of the following, indicate if the...Ch. 7 - The following information pertains to Crossroads...Ch. 7 - Match the special journal you would use to record...Ch. 7 - For each of the following transactions, state...Ch. 7 - Catherines Cookies has a beginning balance in the...Ch. 7 - Record the following transactions in the purchases...Ch. 7 - Record the following transactions in the cash...Ch. 7 - Piedmont Inc. has the following transactions for...Ch. 7 - On June 30, Oscar Inc.s bookkeeper is preparing to...Ch. 7 - Evie Inc. has the following transactions during...Ch. 7 - Use the journals and ledgers that follow. Total...Ch. 7 - Brown Inc. records purchases in a purchases...Ch. 7 - On June 30, Isner Inc.s bookkeeper is preparing to...Ch. 7 - Use the journals and ledgers that follows. Total...Ch. 7 - Why must the Accounts Receivable account in the...Ch. 7 - Why would a company use a subsidiary ledger for...Ch. 7 - If a customer owed your company $100 on the first...
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- Maddie Inc. has the following transactions for its first month of business. A. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger? B. What is the balance in the accounts receivable general ledger (control) account?arrow_forwardGuardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?arrow_forwardSage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forward
- business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entryarrow_forwardIt is a document received by your business when you purchase goods from supplier and asking 60 days credit: a. Credit note b. Debit note c. Purchase invoice d. Sales invoicearrow_forwardWarton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack . . . . . . . . . . . . . . . . $ 8,600 8 Eric Horner . . . . . . . . . . . . . . . . 11,100 10 Troy Wilson . . . . . . . . . . . . . . . . 13,400 14 Hong Jiang . . . . . . . . . . . . . . . . 20,500 20 Troy Wilson . . . . . . . . . . . . . . . . 11,200 29 Mary Mack . . . . . . . . . . . . . . . . 7,300 Total credit sales . . . . . . . . . . . . $72,100 1. Open an accounts receivable subsidiary ledger with a T-account for each customer. Post the amounts to the subsidiary ledger. 2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total to these accounts. 3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.arrow_forward
- The three-column purchases journal handles the purchase of merchandise on account and freight charges that are prepaid by the seller and included in the invoice total. Amounts in the Accounts Payable credit column are posted daily to the accounts payable ledger. At the end of the month, the totals are posted to the general ledger as a debit to Purchases, a debit to Freight In, and a credit to Accounts Payable. Record the following purchases of merchandise on account on page 65 of the purchases journal and then post to the general ledger. (The company uses the same account numbers as Whitewater Raft Supply.) • Feb. 5 Bought merchandise on account from Nancy Corporation, invoice no. A552, $752; terms net 30 days; dated January 3; FOB destination. • Feb. 21 Bought merchandise on account from Allen Company, invoice no. 8545, $1,524.41; n/30; dated February 19; FOB shipping point, freight prepaid and added to the invoice, $150 (total $1,674.41). If required, round your answers to the…arrow_forwardGuardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…arrow_forwardYou are to enter up the sale, purchases, return inwards and returns outwards day book" from the following details. then to post the items to the relevant accounts in the sales and purchases ledgern, The total of the day books are then to be transferred to the account in the general Ledger. 2009 in drawing May 1 Credit sales: T 0mpson Tshs 56,000; L Rodriguez Tshs 148,000; K Barton Tshs 145.000. 3 Credit purchase: P Potter 144.000'. H Harris Tshs 25000 Spencer Tshs 76.000. 7 credit sales K Kelly 89.000; N Mendes Toho 78.000; N lee Tshs 237,000. 9 Credit purchases: B Perkins 24,000; H Haris Tshs 58000 H miles Tshs 123000 11 Good return by to: p Potter Tshs 12000 B. Spencer Tshs22.000. 14 Goods returned to by: T. Thompson Tshs 5.000; K Barton Tshs 11,000; K Kelly Tshs 14000. 17 Credit purchases: H Harris Tshs 54,000; B Perkins Tshs 65000L Nixon Tshs 75.000. 20 Goods returned by us to B Spences Tshs 14000 24 credit sales: K Muhammed Tshs 57000 , K Kelly Tshs 65000, O . Green Tshs 112000 28…arrow_forward
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