Horngren's Accounting, The Financial Chapters, Student Value Edition (11th Edition)
11th Edition
ISBN: 9780133876352
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 7, Problem P7.31PS
>Practice Set
P7-31 Using all journals
This problem continues the Crystal Clear Cleaning problem. Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2017, Crystal Clear completed the following transactions:
Dec. 2 Purchased 475 units of inventory for $2,850 on account from Sparkle, Co. on terms 3/10, n/20.
5 Purchased 600 units of inventory from Borax on account with terms 2/10, n/30. The total invoice was for $4,500, which included a $150 freight charge.
7 Returned 75 units of inventory to Sparkle from the December 2 purchase (cost, $450).
9 Paid Borax.
11 Sold 285 units of goods to Happy Maids for $3,990 on account on terms 3/10, n/30. Crystal dear's cost of the goods was $1,710.
12 Paid Sparkle.
15 Received 22 units with a retail price of $308 of goods back from customer Happy Maids. The goods cost Crystal Clear $132.
21 Received payment from Happy Maids, settling the amount due in full.
28 Sold 265 units of goods to Bridget, Inc. for cash of $3,975 (cost, $1,691).
29 Received bill and paid cash for utilities of $415.
30 Paid cash for Sales Commission Expense of $550.
31 Recorded the following
a. Physical count of inventory on December 31 showed 428 units of goods on hand, $3,148
b.
c. Accrued salaries expense of $725
d. Prepared all other adjustments necessary for December. (Hint: You will need to review the adjustment information in Chapter 3 to determine the remaining adjustments.) Assume cleaning supplies at December 31 are $30.
Crystal Clear Cleaning had the following selected accounts with account numbers and normal balances:
Requirements
1. 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.
2. Total each column of the special journals. Show that total debits equal total credits in each special journal.
3. Show how postings would be made from the journals by writing the account Numbers and check marks in the appropriate places in the journals.
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Current Attempt in Progress
Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred.
May
13
May
16
May
23
Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, n/30. The motors cost Charlie $26
each.
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One defective motor was returned to Charlie.
Journalize the May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system. (Credit accou
titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the
problem. Round answers to O decimal places, e.g. 5,275.)
Received payment in full from Scruffy Brothers.
Date
Account Titles and Explanation
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Credit
Mrs. Clean Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Mrs. Clean uses the perpetual inventory system. During December 2018, Mrs. Clean completed the transactions found in the second picture. Complete the journal entries found in the first picture using the transaction information in the second picture.
Chapter 7 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition (11th Edition)
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 - Prob. S7.7SECh. 7 - Prob. S7.8SECh. 7 - Posting transactions from a purchases journal to a...Ch. 7 - Prob. S7.10SECh. 7 -
S7-6 Recording transactions in a cash receipts...Ch. 7 - Prob. S7.12SECh. 7 - Prob. S7.13SECh. 7 - Prob. E7.14ECh. 7 - Prob. E7.15ECh. 7 - Prob. E7.16ECh. 7 - Prob. E7.17ECh. 7 - Prob. E7.18ECh. 7 - Prob. E7.19ECh. 7 - Recording transactions-cash payments journal...Ch. 7 - Prob. E7.21ECh. 7 - Identifying transactions in the accounts payable...Ch. 7 - Prob. E7.23ECh. 7 - Using the sales, cash receipts, and general...Ch. 7 - Prob. P7.25APGACh. 7 - Using all journals, posting, and balancing the...Ch. 7 - Prob. P7.27BPGBCh. 7 - Prob. P7.28BPGBCh. 7 - Prob. P7.29BPGBCh. 7 - >Continuing Problem P7-30 Using all journals This...Ch. 7 - >Practice Set P7-31 Using all journals This...Ch. 7 - Prob. 1CPCh. 7 - Prob. 2CPCh. 7 - Prob. 3CPCh. 7 - Prob. 4CPCh. 7 - Prob. 5CPCh. 7 - Prob. 6CPCh. 7 - Prob. 7CPCh. 7 - Prob. 8CPCh. 7 - Prob. 9CPCh. 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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