17th Edition

ISBN: 9781323461471

Author: Horngren

Publisher: PEARSON C

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Textbook Question

Chapter 7, Problem P7.30CT

>Continuing Problem

P7-30 Using all journals

This problem continues the Daniels Consulting situation. Daniels Consulting performs systems consulting. Daniels has also begun selling accounting software and uses the perpetual inventory system to account for software inventory. During January 2017, Daniels completed the following transactions:

Jan. 2 Completed a consulting engagement and received cash of $5,700.

2 Prepaid three months office rent, $2,400.

7 Purchased 50 units software inventory on account from Miller Co., $1,050, plus freight in, $50.

18 Sold 40 software units on account to Jason Needle, $2,625 (cost, $880).

19 Consulted with a client, Louis Frank, for a fee of $2,500 on account. (Use general journal.)

20 Paid employee salaries, $1,885, which includes accrued salaries from December of $685. Paid Miller Co. on account, $1,100. There was no discount.

21 Purchased 185 units software inventory on account from Whitestone Co., $4,810. Received bill and paid utilities, $375.

22 Sold 135 units software for cash, $5,265 (cost, $3,470).

24 Recorded the following adjusting entries:

Accrued salaries expense, $775
Depreciation on Equipment, $60; Depreciation on Furniture, $50
Expiration of prepaid rent, $800
Physical count of software inventory, 50 units, $1,300

Daniels Consulting had the following

selected accounts with account numbers and normal balances:

Chapter 7, Problem P7.30CT, >Continuing Problem P7-30 Using all journals This problem continues the Daniels Consulting

Requirements

Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column), a cash receipts journal, a purchases journal, a cash payments journal (omit the Check No. column), and a general journal.
Total each column of the special journals. Show that total debits equal total credit in each special journal.
Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals.

Expert Solution & Answer

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Chapter 7, Problem P7.29BPGB

Chapter 7, Problem P7.31PS

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Chapter 7 Solutions

ACCOUNTING PRINCIPLES 122 5/16 >C<

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

Ch. 7 - Prob. 2RQ Ch. 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. 6RQ Ch. 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. 11RQ Ch. 7 - When is the general journal used in a manual...Ch. 7 - Explain the two components of a computerized...Ch. 7 - Prob. 14RQ Ch. 7 - What is an enterprise resource planning (ERP)...Ch. 7 - Prob. 16RQ Ch. 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. S7.1SE Ch. 7 - Defining components of an accounting information...Ch. 7 - Identifying special journals Learning Objective 2...Ch. 7 - Prob. S7.4SE Ch. 7 - Posting transactions from a sales journal to a...Ch. 7 - Prob. S7.6SE Ch. 7 - Prob. S7.7SE Ch. 7 - Prob. S7.8SE Ch. 7 - Posting transactions from a purchases journal to a...Ch. 7 - Prob. S7.10SE Ch. 7 - S7-6 Recording transactions in a cash receipts...Ch. 7 - Prob. S7.12SE Ch. 7 - Prob. S7.13SE Ch. 7 - Prob. E7.14E Ch. 7 - Prob. E7.15E Ch. 7 - Prob. E7.16E Ch. 7 - Prob. E7.17E Ch. 7 - Prob. E7.18E Ch. 7 - Prob. E7.19E Ch. 7 - Recording transactions-cash payments journal...Ch. 7 - Prob. E7.21E Ch. 7 - Identifying transactions in the accounts payable...Ch. 7 - Prob. E7.23E Ch. 7 - Using the sales, cash receipts, and general...Ch. 7 - Prob. P7.25APGA Ch. 7 - Using all journals, posting, and balancing the...Ch. 7 - Prob. P7.27BPGB Ch. 7 - Prob. P7.28BPGB Ch. 7 - Prob. P7.29BPGB Ch. 7 - >Continuing Problem P7-30 Using all journals This...Ch. 7 - >Practice Set P7-31 Using all journals This...Ch. 7 - Prob. 1CP Ch. 7 - Prob. 2CP Ch. 7 - Prob. 3CP Ch. 7 - Prob. 4CP Ch. 7 - Prob. 5CP Ch. 7 - Prob. 6CP Ch. 7 - Prob. 7CP Ch. 7 - Prob. 8CP Ch. 7 - Prob. 9CP 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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