Connect Access Card For Fundamental Accounting Principles
24th Edition
ISBN: 9781260158526
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 7, Problem 6E
Exercise 7-6 Purchases journal P3
Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal prepare a purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal.
July 1 Purchased $14,500 or merchandise on credit from Hector co., terms n/15.
4 Sold merchandise costing $320 to c. Paul for $430 cash.
8 Purchased $420 of office supplies from Zhang Co. on credit, terms n/30.
15 paid Hector $14,500 cash for the merchandise purchased on July 1.
21 Purchased $885 of store supplies on credit from Staples, terms n/30.
22 Sold merchandise costing $2,000 to MicroTran for $2,500 on credit, terms n/30.
23 Purchased office supplies from Depot for $305 cash.
25 Purchased $3,000 of merchandise on credit from Alfredo Co., terms n/30.
27 Paid employee salaries of $1,650 in cash.
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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.
Journalizing Purchases Transactions
Enter the following transactions in a purchases journal.
May 3
Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30.
9
Purchased merchandise from Misho, $3,100. Invoice No. 614, dated May 8, terms 2/10, n/30.
18
Purchased merchandise from Alelu Distributors, $4,700. Invoice No. 180, dated May 15, terms 1/15, n/30.
23
Purchased merchandise from Saltex, $5,900. Invoice No. 913, dated May 22, terms 1/10, n/30.
Chapter 12 Homework
еBook
Show Me How
Print Item
Journalizing Purchases Transactions
Enter the following transactions in a purchases journal.
Jan.
Purchased merchandise from Feng, $5,500. Invoice No. 416, dated January 1, terms
3 2/10, n/30.
Purchased merchandise from Schneider, $9,100. Invoice No. 624, dated January 10,
12
terms n/30.
Purchased merchandise from J. B. Barba, $5,800. Invoice No. 190, dated January 18,
19
terms 1/10, n/30.
Purchased merchandise from Ramirez, $3,800. Invoice No. 923, dated January 25,
26
terms 1/15, n/30.
Page: 1
PURCHASES DEBIT
INVOICE
NO.
POST.
REF.
FROM WHOM PURCHASED
ACCTS. PAY.
CREDIT
DATE
М.d
1
1
М.d
2
2
М. d
3
М. d
4
4
3.
Chapter 7 Solutions
Connect Access Card For Fundamental Accounting Principles
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - What purpose is served by the output devices of an...Ch. 7 - When special journals are used, they are usually...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Credits to customer accounts and credits to Other...Ch. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Identifying general and subsidiary ledgers C2 For...Ch. 7 - QS 7-4 Controlling accounts and subsidiary ledgers...Ch. 7 - QS7-3
Identifying the special journal of...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - QS 7-9 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 1ECh. 7 - Exercise 7-2 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 3ECh. 7 - Exercise 7-4 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 5ECh. 7 - Exercise 7-6 Purchases journal P3 Gomez Company...Ch. 7 - Prob. 7ECh. 7 - Exercise 7-8 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 9ECh. 7 - Exercise 7-10 Purchases journal and error...Ch. 7 - Prob. 11ECh. 7 - Exercise 7-10
Posting to subsidiary ledger...Ch. 7 - Exercise 7-13 Days 'payable outstanding A1
The...Ch. 7 - Prob. 1APSACh. 7 - Prob. 2APSACh. 7 - Problem 7-3A Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1BPSBCh. 7 - Prob. 2BPSBCh. 7 - Prob. 3BPSBCh. 7 - Assume that Santana Rey expands Business...Ch. 7 - Prob. 1CPCh. 7 - Prob. 2CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTNCh. 7 - Prob. 5BTN
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- JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger and accounts payable ledger accounts, journalize and post the following transactions: July 7Returned merchandise to Starcraft Industries, 700. 15Returned merchandise to XYZ, Inc., 450. 27Returned merchandise to Datamagic, 900.arrow_forwardJOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5Returned merchandise to Tower Industries, 500. 11Returned merchandise to A D Arms, 625. 23Returned merchandise to Mighty Mansion, 275.arrow_forwardJournalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.arrow_forward
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