ACCOUNTING PRINCIPLES V1 6/17 >C<
3rd Edition
ISBN: 9781323761434
Author: Horngren
Publisher: PEARSON C
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Chapter 7, Problem E7.16E
Using the sales and cash receipts journals
Learning Objective 2
The sales and cash receipts journals of Caverly Office Products include the following entries:
| Sales Journal | |||||
| Date | Invoice No. | Customer Account Debited | Post, Ref. | Cost Of Goods Sold DR Merchandise Inventory CR | |
| 2018 | |||||
| May 7 | 601 | L. Ebert | ( | 110 | 63 |
| 10 | 602 | T. Ross | ( | 65 | 33 |
| 10 | 603 | E. Loop | ( | 95 | 37 |
| 12 | 604 | B. Goebel | ( | 120 | 76 |
| May 31 | Total | 390 | 209 | ||
| Cash Receipts Journal | ||||||||
| Date | Account Credited | Post, Ref. | Cash DR | Account Receivable CR | Sales Revenue CR | Sales Discount For Forfeited CR | Other accounts CR | Cost Of Goods Sold DR Merchandise Inventory CR |
| 2018 | ||||||||
| May 16 | L. Ebert | ( | ||||||
| 19 | E. Loop | ( | ||||||
| 24 | 320 | 320 | 250 | |||||
| 30 | T. Ross | ( | ||||||
| May 31 | Total | |||||||
Identify the missing information in the cash receipts journal for those transaction listed. All credit sales are terms n/30. Assume all the accounts are paid in full. Also, total the columns in the cash receipts journal and show that total debits equal total credits.
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Chapter 7 Solutions
ACCOUNTING PRINCIPLES V1 6/17 >C<
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 - Posting transactions from a cash receipts journal...Ch. 7 - Recording transactions in a purchases journal...Ch. 7 - Posting transactions from a purchases journal to a...Ch. 7 - Prob. S7.10SECh. 7 - Prob. S7.11SECh. 7 - Prob. S7.12SECh. 7 - Prob. S7.13SECh. 7 - Prob. E7.14ECh. 7 - Prob. E7.15ECh. 7 - Using the sales and cash receipts journals...Ch. 7 - Prob. E7.17ECh. 7 - Prob. E7.18ECh. 7 - Prob. E7.19ECh. 7 - Recording transactions-cash payments journal...Ch. 7 - Posting from the purchases journal; balancing the...Ch. 7 - Identifying transactions in the accounts payable...Ch. 7 - Prob. E7.23ECh. 7 - Prob. P7.24APGACh. 7 - Prob. P7.25APGACh. 7 - Prob. P7.26APGACh. 7 - Prob. P7.27BPGBCh. 7 - Using the purchases, cash payments, and general...Ch. 7 - Using all Journals, posting, and balancing the...Ch. 7 - Continuing Problem P7-3D Using aft journals This...Ch. 7 - Using all journals 2 This problem continues the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Tying It All Together Case Before you begin this...Ch. 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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