12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

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Textbook Question

Chapter 7, Problem 9CP

Comprehensive Problem for Chapter 7

Completing the Accounting Cycle for a Merchandising Entity—Using Special Journals

Amherst Networking Systems adjusts and closes its books and then prepares financial statements monthly Amherst uses the perpetual inventory system and all sales on credit ha terms of n/30. The company completed the following transactions during August

Aug. 1 Issued check no. 682 for August office rent of $1300.
2 Issued check no. 683 to pay the salaries payable of $1300 from July 31.
2 Issued invoice no. 503 for sale on account R.T. Loeb, $700. Amherst’s cost of this merchandise inventory was $210.
3 Purchased merchandise inventory on credit terms of 1/15, n/60 from Goldner, Inc.. $1,400.
4 Received cash on account from friend Company, $2400.
4 Sold merchandise inventory for cash, $370 (cost, $111).
5 Issued check no. 684 to purchase office supplies for cash, $730.
7 Issued invoice no. 504 for sale on account to K.D. Sanders, $2100 (cost,
$630).
8 Issued check no. 685 to pay Filter Company $2,500 of the amount owed at July 31. This payment occurred after the end of the discount period
11 Issued check no. 686 to pay Goldner, Inc. the net amount owed from August 3.
12 Received cash from R.T. Loeb in full settlement of her account receivable from August 2.
16 Issued check no.687 to pay salaries expense of $1,290.
19 Purchased merchandise inventory for cash, $850. issuing check no. 688.
22 Purchased furniture on credit terms of 3/15, n/60 from Bradford Corporation, $510.
23 Sold merchandise inventory on account to Friend Company, issuing invoice no. 505 for $9,000 (cost, $2,700).
24 Received half the July 31 amount receivable from K.D. Sanders.
26 Purchased office supplies on credit terms of 2/10, n/30 from Filter Company, $240.
30 Returned damaged merchandise inventory to the company from whom Amherst made the cash purchase on August 19, receiving cash of $850.
31 Purchased merchandise inventory on credit terms of 1/10, n/30 from Seacrest Supply, $8,000.
31 Issued check no. 689 to Lenny Moore, owner of the business, for personal withdrawal, $600.
9. Prepare a post-closing trial balance.

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Chapter 7, Problem 8CP

Chapter 7, Problem 7.1TIATC

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Question 1 Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of RO 8,200. In the cash disbursements journal, the Accounts Payable column has total debits of RO 6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of RO10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Question 2 Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of RO1,225 for merchandise purchased on June 4 for RO1,250, invoice number No.1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for RO2500. The company paid for invoice No.1027, dated June 1, in the amount of RO2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check No.12440) from the State…

Journalizing Sales Returns and Allowances Selected transactions are shown: June 1 John B. Abramowitz returned merchandise previously purchased on account (Sale No. 329), $76. 6 Marie L. Perez returned merchandise previously purchased on account (Sale No. 321), $41. 8 L. B. Gruder returned merchandise previously purchased on account (Sale No. 299), $28. Post the transactions to the appropriate general ledger and accounts receivable ledger accounts.

Chapter 7 Solutions

Horngren's Accounting (12th Edition)

Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QC Ch. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QC Ch. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QC Ch. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ

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