FUND ACCOUNTING PRINCIPLES CONNECT
25th Edition
ISBN: 9781265342395
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 9, Problem 16E
Exercise 9-16 Selling and pledging
On November 30, Petrov Co. has S12S=700 of accounts receivable and uses the perpetual inventory system. (1) Prepare
27 Borrowed $10,000 cash from Main Bank, pledging S12.50O of accounts receivable as security for the loan.
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Obj. 2
PR 5-2A Sales-related transactions using perpetual inventory system
The following selected transactions were completed by Amsterdam Supply Co., which sells office
supplies primarily to other businesses and occasionally to retail customers:
Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the
goods sold was $13,300.
3.
Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was
$7,000.
4.
Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the
goods sold was $33,200.
5.
Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the
goods sold was $19,400.
12. Received check for amount due from Equinox Co. for sale on March 2.
23.2A You are required to prepare a purchases ledger control account from the following infor-
mation for the month of April. The balance of the account is to be taken as the amount of accounts
as on 30 April.
payable
April
1
30
Purchases ledger balances
Totals for April:
Purchases day book
Returns outwards day book
Cheques paid to suppliers
Discounts received from suppliers
Purchases ledger balances
23,700
14,200
950
16,695
845
Exercise 7-12 (Algo) Posting to subsidiary
ledger accounts; preparing a schedule of
accounts receivable LO P1
At the end of May, the sales journal of
Mountain View appears as follows. Assume
beginning inventory balance for May to be
$7,398.
Date:
May 6
May 10
May 17
May 25
May 31
Account Debited
Aaron Reckers
Sara Reed
Anna Page.
Sara Reed
Totals
Date
May 20
Sales Journal
Invoice
Number PR
190
191
192
193
Accounts
Receivable Debit
Sales Credit
2,470
1,530
681
272
4,953
General Journal
Sales Returns and Allowances
Accounts Receivable-Anna Page
Record allowance to customer.
Page 2
Cost of Goods
Sold Debit
Inventory Credit
1,877
1,262
Mountain View also recorded an allowance
(price reduction) given to Anna Page with the
following entry.
400
160
3,699
Debit
200
Credit
200
Required:
1. Post to the customer accounts the entries in
the sales journal and any portion of the
general journal entry that affects a customer's
account.
2. Post the sales journal and any portion of the
general journal…
Chapter 9 Solutions
FUND ACCOUNTING PRINCIPLES CONNECT
Ch. 9 - Credit card sales Prepare journal entries for the...Ch. 9 - Direct write-off method P1 Solstice Company...Ch. 9 - Recovering a bad debt P1 Solstice Company...Ch. 9 - Distinguishing between allowance method and direct...Ch. 9 - Prob. 5QSCh. 9 - Allowance method for bad debts P2 Gomez Corp. uses...Ch. 9 - Reporting allowance for doubtful accounts P2 On...Ch. 9 - Prob. 8QSCh. 9 - Prob. 9QSCh. 9 - Aging of receivables method P3 ^ Net Zero...
Ch. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - Prob. 13QSCh. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Prob. 18QSCh. 9 - Prob. 19QSCh. 9 - Prob. 20QSCh. 9 - Prob. 21QSCh. 9 - Exercise 9-1
Accounts receivable subsidiary...Ch. 9 - Prob. 2ECh. 9 - Exercise 9-3
Sales on store credit card
C1
Z-Mart...Ch. 9 - Exercise 9-4
Direct write-off method
Dexter...Ch. 9 - Exercise 9-5 Writing off receivables P2
On January...Ch. 9 - Exercise 9-6 Percent of sales method; write-off...Ch. 9 - Exercise 9-7 Percent of accounts receivable...Ch. 9 - Exercise 9-8 Aging of receivables method P3
Daley...Ch. 9 - Exercise 9-9 Percent of receivables method...Ch. 9 - Exercise 9-10 Aging of receivables schedule...Ch. 9 - Exercise 9-10
Estimating bad debts
P3
At December...Ch. 9 - Exercise 9-11
Notes receivable...Ch. 9 - Exercise 9-12
Notes receivable transactions...Ch. 9 - Exercise 9-14 Honoring a note P4
Prepare journal...Ch. 9 - Exercise 9-15 Dishonoring a note P4
Prepare...Ch. 9 - Exercise 9-16 Selling and pledging accounts...Ch. 9 - Exercise 9-17 Accounts receivable turnover A1 Q...Ch. 9 - Prob. 18ECh. 9 - Prob. 19ECh. 9 - Prob. 20ECh. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 23ECh. 9 - Problem 9-1A Sales on account and credit card...Ch. 9 - Problem 9-2A Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3A Aging accounts receivable and...Ch. 9 - Problem 9-4A Accounts receivable transactions and...Ch. 9 - Problem 9-5A Analyzing and journalizing notes...Ch. 9 - Problem 9-1B Sales on account and credit card...Ch. 9 - Problem 9-2B Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3B Aging accounts receivable and...Ch. 9 - Problem 9-4B Accounts receivable transactions and...Ch. 9 - Prob. 5PSBCh. 9 - SP 9 Santana Rey: owner of Business Solutions,...Ch. 9 - Prob. 1GLPCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - Prob. 1DQCh. 9 - Why does the direct write-off method of accounting...Ch. 9 - Prob. 3DQCh. 9 - Why might a business prefer a note receivable to...Ch. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Anton Blair is the manager of a medium-size...Ch. 9 - Prob. 2BTNCh. 9 - Prob. 3BTNCh. 9 - Prob. 4BTNCh. 9 - Prob. 5BTN
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.arrow_forward( Appendix 5A) Sales Discounts Ramsden Inc. provided consulting services with a gross price of $25,000 and terms of 2/10, n/30. Required: 1. Prepare the necessary journal entries to record the sale under the gross method. 2. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays within 10 days. 3. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays after 10 days.arrow_forwardsevenarrow_forward
- 15 please helparrow_forward6arrow_forwardChapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.arrow_forward
- Exercise 7-2 (Static) Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4 fee. April 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer's Continental Card. Continental- charges a 2.5t fee. Prepare journal entries to record the above credit card transactions of Levine Company. View transaction list View journal entry worksheet No Date General Journal 1 April 08 Credit card expense 2 April 08 Cost of goods sold Merchandise inventory 3 April 12 Cash Credit card expense Sales Debit Credit 336 6,000 6,000 140 4 April 12 Cost of goods sold 3,500 Merchandise inventory 3,500arrow_forward16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.arrow_forwardThearrow_forward
- 18/Sunlife mart sold goods on 6th August, 2018 of RO 88,000 on credit to a customer under the payment terms 2/10, n/30. The customer also returned goods of RO 1,400 and paid cash on 13th August, 2018. Record this payment in the books of seller under periodic inventory system? a. Sales discount RO 1,732 Dr / Cash 84,868 Dr / Account receivable RO 86,600 Cr b. Account receivable RO 86,600 Dr / Sales discount RO 1,732 Cr / Cash RO 84,868 Cr c. Account receivable RO 88,000 Dr / Cash RO 88,000 Cr d. Cash RO 88,000 Dr / Account receivable RO 88,000 Crarrow_forward#39arrow_forward11arrow_forward
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