12th Edition

ISBN: 9780134486444

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

Publisher: PEARSON

Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities

Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…

Final Accounts

Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.

Ledger Posting

A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…

Trial Balance and Final Accounts

In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…

Adjustment Entries

At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…

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Textbook Question

Chapter 7, Problem S7.3SE

Identifying special journals

Learning Objective 2

Use the following abbreviations to indicate the journal in which you would record transactions a through n.

J = General journal
S = Sales journal
CR = Cash receipts journal
P = Purchases journal
CP = Cash payments journal

Transactions:

_____ a. Cash purchase of merchandise inventory
_____ b. Collection of dividend revenue earned on an investment
_____ c. Prepayment of insurance
_____ d. Borrowing money on a long-term note payable
_____ e. Purchase of equipment on account
_____ f. Cost of goods sold along with a credit sale
_____ g. Cash sale of merchandise inventory
_____ h. Payment of rent
_____ i. Depreciation of computer equipment
_____ j. Purchase of merchandise inventory on account
_____ k. Collection of accounts receivable
_____ i. Expiration of prepaid insurance
_____ m. Sale on account
_____ n. Payment on account

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Chapter 7, Problem S7.2SE

Chapter 7, Problem S7.4SE

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E-F:8-14 Defining common receivables terms (Learning Objective 1) Match the terms with their correct definition. Terms 1. Accounts receivable 2. Other receivables 3. Debtor 4. Notes receivable 5. Maturity date 6. Creditor Definitions a. The party to a credit transaction who takes on an obligation/payable. b. The party who receives a receivable and will collect cash in the future.. c. A written promise to pay a specified amount of money at a particular future date. d. The date when the note receivable is due. e. A miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. The right to receive cash in the future from customers for goods sold or for services performed.

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MULTIPLE CHOICE 1. The entries in a purchases journal are posted to which of the following subsidiary ledger? A. Accounts Receivable B. Sales C. Purchases D. Accounts payable 2. The accounts payable ledger has posting from which of the following sets of journal? A. Purchases, cash payments and general B. Purchases, cash receipts and general C. Purchases and sales D. Cash payments and sales

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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