Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)
Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134491509
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
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Chapter 7, Problem P7.30CT

Continuing Problem
P7-3D Using aft journals
This problem continues the Canyon Canoe Company situation. At the beginning oF the new year, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them Canyon Canoe Company uses the perpetual Inventory system to account for the Inventory During January 2019. Canyon Canoe Company completed the blowing merchandising transactions.

Jan. 1 Purchased 10 T-shirts at $4 each and paid cash.
2 Sold 6 T-shirts for $10 each, total? cost of $24. Received cash.
3 Purchased 50 T-shirts on account at SS each. Terms 2/10, &30.
7 Paid the supplier for the T-Shirts purchased on January 3, less discount.

8 Realized 4 T-shirts from the January 1 order were printed wrong and returned them
for a cash refund.

10 Sold 40 T-shirts on account for $10 each, total cost of $200. Terms 3/15, n/45.
12 Received payment for the T-shirts sold on account on January 10, less discount.

14 Purchased 100 T-shirts on account at $4 each. Terms 4/15, n/30.
18 Canyon Company called the supplier from the January 14 purchase and told them
that some of the T-shirts were the wrong color, The supplier offered a $50 purchase
allowance.

20 Paid the supplier for the T-shirts purchased on January 14. less the allowance and
discount.

21 Sold 60 T-shirts on account for $10 each, total cost of $220. Terms 2120, n130.
23 Received a payment on account for the T-shirts sold on January 21. less discount.
25 Purchased 320 T-shirts on account at 55 each. Terms 2/10. n/30. FOB shipping point.
27 Paid freight associated with the January 25 purchase, $48.

29 Paid for the January 25 purchase, less discount.

30 Sold 275 T-shirts on account for $10 each, total cost of $1,300. Terms 2/10, n/30.
31 Received payment for the T-shirts sold on January 30, less discount.

Requirements
1 Enter the transactionin a sales journal (page 2), a cash receipts journal (page 5, omit Sales Discounts Forfeited column), a purchases journal (page 7), a cash payments journal (page 6), and a general journal (page 4), as appropriate.

2 Total each column of the special journals Show that total đeb4s equal total credits ri each special journal.

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Chapter 7 Solutions

Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)

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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