Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

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Answer 1

Question

Chapter 9, Problem 10DQ

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

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Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's expenses, Gross margin, and Net income?

Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had been falling for the past few years (11% decrease in 2014, 8% in 2015, and just 3% in 2016.) One part of Abercrombie's new strategy has been to abandon its logo-adorned merchandise, replacing it with a subtler look. Abercrombie wrote down $20.6 million of inventory, including logo-adorned merchandise, during the year ending January 30, 2016. Some of this inventory dated back to late 2013. The write-down was net of the amount it would be able to recover selling the inventory at a discount. The write-down is significant; Abercrombie's reported net income after this write-down was $35.6 million. Interestingly, Abercrombie excluded the inventory write-down from its non-GAAP income measures presented to investors; GAAP earnings were also included in the same report. Question: What impact would the write-down of inventory have had on Abercrombie's assets, Liabilities, and Equity?

Answer 2

Question

Chapter 9, Problem 10DQ

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

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Answer 3

Question

Chapter 9, Problem 10DQ

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 9, Problem 10DQ

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

Expert Solution & Answer

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Answer 5

Chapter 9, Problem 10DQ

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

Answer 6

Chapter 9, Problem 10DQ

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

Answer 7

Chapter 9, Problem 10DQ

a.

To determine

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

Answer 8

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

Answer 9

b.

To determine

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QY Ch. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QY Ch. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

Solution Summary: The author explains the procedures of posting transactions from sales journal to accounts receivables ledger.

Explain the procedures of posting transactions from sales journal to accounts receivables ledger.

Explain the procedures of posting transactions from purchases journal to accounts payables ledger.

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