Horngren's Accounting
11th Edition
ISBN: 9780133851151
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda., Matsumura, Ella Mae, Horngren, Charles T.
Publisher: Pearson,
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Textbook Question
Chapter 7, Problem 4QC
Mountain Day Spa sold merchandise inventory on credit, terms n/30, to Marvin Smith, $400. Cost of goods sold was $250. When using a manual
Learning Objective 2
a. Sales journal;
b. Cash receipts journal; Cash DR, Sales Revenue CR
c. Sales journal; Cost of Goods Sold DR, Merchandise Inventory CR
d. Cash receipts journal; Cash DR, Accounts Receivable CR
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Chapter 7 Solutions
Horngren's Accounting
Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QCCh. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QCCh. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QCCh. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ
Ch. 7 - Prob. 2RQCh. 7 - Explain the three basic components of an...Ch. 7 - What is a special journal?Ch. 7 - What is the purpose of a subsidiary ledger?Ch. 7 - Prob. 6RQCh. 7 - List the four special journals often used in a...Ch. 7 - Explain the posting process of the sales journal.Ch. 7 - Provide some examples of transactions that would...Ch. 7 - What are the columns that are typically used in...Ch. 7 - Prob. 11RQCh. 7 - When is the general journal used in a manual...Ch. 7 - Explain the two components of a computerized...Ch. 7 - Prob. 14RQCh. 7 - What is an enterprise resource planning (ERP)...Ch. 7 - Prob. 16RQCh. 7 - How would a business record a sale of services on...Ch. 7 - How would a business record a bill received in...Ch. 7 - Prob. S7.1SECh. 7 - Defining components of an accounting information...Ch. 7 - Identifying special journals Learning Objective 2...Ch. 7 - Prob. S7.4SECh. 7 - Posting transactions from a sales journal to a...Ch. 7 - Prob. S7.6SECh. 7 - Prob. S7.7SECh. 7 - Prob. S7.8SECh. 7 - Posting transactions from a purchases journal to a...Ch. 7 - Prob. S7.10SECh. 7 -
S7-6 Recording transactions in a cash receipts...Ch. 7 - Prob. S7.12SECh. 7 - Prob. S7.13SECh. 7 - Prob. E7.14ECh. 7 - Prob. E7.15ECh. 7 - Prob. E7.16ECh. 7 - Prob. E7.17ECh. 7 - Prob. E7.18ECh. 7 - Prob. E7.19ECh. 7 - Recording transactions-cash payments journal...Ch. 7 - Prob. E7.21ECh. 7 - Identifying transactions in the accounts payable...Ch. 7 - Prob. E7.23ECh. 7 - Using the sales, cash receipts, and general...Ch. 7 - Prob. P7.25APGACh. 7 - Using all journals, posting, and balancing the...Ch. 7 - Prob. P7.27BPGBCh. 7 - Prob. P7.28BPGBCh. 7 - Prob. P7.29BPGBCh. 7 - >Continuing Problem P7-30 Using all journals This...Ch. 7 - >Practice Set P7-31 Using all journals This...Ch. 7 - Prob. 1CPCh. 7 - Prob. 2CPCh. 7 - Prob. 3CPCh. 7 - Prob. 4CPCh. 7 - Prob. 5CPCh. 7 - Prob. 6CPCh. 7 - Prob. 7CPCh. 7 - Prob. 8CPCh. 7 - Prob. 9CPCh. 7 - Decision Case 7-1 A fire destroyed certain...Ch. 7 - Fraud Case 7-1 Didrikson Rubin, the auditor of Red...
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- (Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and salesdiscounts) Antique Interiors reported the following transactions in October:Oct 210111519Sold merchandise on account to Tim Hinkel, $1,200, terms 1/10, n/30.Sold merchandise on account to Ben Homan, $2,600, terms 2/10, n/30.Collected payment from Hinkel for the October 2 sale.Homan returned $2,000 of the merchandise purchased on October 10.Collected payment from Homan for the balance of the October 10 sale.Requirements1. Record the foregoing transactions in the journal of Antique Interiors using the grossmethod. (You do not need to make the cost of sales journal entries; assume that these entrieswill be made by the company when it makes its other adjusting entries at period end.)2. Calculate the amount of gross sales minus sales discounts for the month of October.arrow_forward(Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and salesdiscounts) Pastel Interiors reported the following transactions in June:June 210111519Sold merchandise on account to Elisa Birch, $700, terms 1/10, n/30.Sold merchandise on account to Melissa Movens, $2,400, terms 1/10, n/30.Collected payment from Elisa Birch for June 2 sale.Movens returned $1,400 of the merchandise purchased on June 10.Collected payment from Movens for the balance of the June 10 sale.Requirements1. Record the foregoing transactions in the journal of Pastel Interiors using the gross method.(You do not need to make the cost of sales journal entries; assume that these entries will bemade by the company when it makes its other adjusting entries at period end.)2. Calculate the amount of gross sales minus sales discounts for the month of Junearrow_forwardMerchandising Business using Periodic Inventory System Instruction: Prepare journal entries for the following transactions using the general journal format given in class discussion. KIKAY HARDWARE CHART OF ACCOUNTS ASSETS INCOME 100 Cash and Cash Equivalents 400 Sales 101 Accounts Receivable 401 Sales Returns and Allowances 102 Merchandise Inventory 402 Sales Discount 103 Supplies 104 Equipment EXPENSES 500 Purchases LIABILITIES 501 Purchase returns and Allowances 200 Accounts Payable 502 Purchase Discounts 201 Bonds Payable 503 Freight In EQUITY 504 Advertising 300 Mark Reyes, Capital 505 Freight Out 301 Mark Reyes, Drawings 506 Salaries 507 Utilities 508 Income Summary Kikay HARDWARE STORE completed the following merchandising transactions in the month of May. At the beginning…arrow_forward
- A customer just charged $150 of merchandise using MasterCard. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardA customer just charged $150 of merchandise on the companys own charge card. Which special journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardYou returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forward
- LEARNING OBJECTIVE: Determine benefits of using subsidiary ledgers for sales and purchases. Sally owns a clothing company and found that she was selling more items, and a greater variety of items, to repeat customers. Sally's CPA advised her to create a set of accounts to separately track what each of her customers bought from her. To track her customers' purchases, Sally should set up and use a(n). (4 a.) sales subsidiary ledger b.) merchandising account c.) purchases subsidiary ledger d.) inventory account SUBMIT MY ANSWER esc tab 口 Q @2 2 W 25 # 3 1 E 4 : M Carrow_forward. MULTIPLE CHOICEarrow_forwardWhich of the following journal entries is recording merchandise inventory leaving the warehouse on a truck to be delivered to the customer? Question 4 options: debit Merchandise Inventory; credit Cash debit Cash; credit Sales debit Cost of Goods Sold; credit Merchandise Inventory debit Accounts Receivables; credit Salesarrow_forward
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