College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 9, Problem 4PB
The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado.
Nov. 3 Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, $2,482.51. The cost of the merchandise was $1,961.18.
5 Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, $287.45. The cost of the merchandise was $227.09.
7 Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, $3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, $135 (total $3,989.16).
9 Bought merchandise on account from Lozano, Inc., invoice no. 8755, $426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, $67 (total $493.65).
12 Received credit memo no. 542 to Lozano, Inc., for merchandise returned, $102.20.
17 Sold merchandise on account to Jack’s Golfing Shop, invoice no. 5421, $486.35. The cost of the merchandise was $432.85.
23 Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, $2,465.99. The cost of the merchandise was $1,972.79.
28 Bought merchandise on account from Fields, Inc., invoice no. 4599, $441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, $102 (total $543.29).
Required
Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.
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Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc.
Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,888.13; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $90.31 for shipping.
Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $149.93.
Required:
1. For Ford Education Outfitters. Round your answers to the nearest cent.
GENERAL JOURNAL
PAGE
DATE
DESCRIPTION
DOC. NO.
POST. REF.
DEBIT
CREDIT
(a)
Purchased merchandise from Romero Textbooks, Inc., invoice no. 10594, terms n/30.
(b)
Credit memo no. 513A for return of merchandise.
2. For Romero Textbooks, Inc. Round your answers to the nearest cent.…
Please help me
Pepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit
sales for the company are 2/10, n/30.)
Mar.
Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is
P12,200).
4
6
Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated
March 3, termsny30.
Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is
6
P8,100).
Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from
11
Defore Industries.
12
Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note
payable.
Received cash payment from Jennifer Nelson for the March 4 sale less the discount
(Invoice No. 954).
14
16
Received a P200 credit memorandum from Defore Industries for unsatisfactory
merchandise Pepper purchased on March 11 and later returned.
Received cash payment from Dennie Hoskins for the March 6 sale less the discount
16
(Invoice No. 955).
Purchased…
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
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. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 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...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...
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- Lowerys Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowerys Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows: Oct. 3Bought 12 Automatic Fish Feeders from Barrera Company, 959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, 79.45 (total 1,039.33). 4Bought two 18 x 18 Terrarium Stands from Hickman Company, 259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination. 7Bought four Chinchilla Bath Houses from Baldwin, Inc., 67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination. 10Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, 13.94. Oct. 14Bought 20 Zoo Slider Hoods from Douglas, Inc., 2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 140.50 (total 2,740.30). 15Bought four Hanging Bird Baths from Krause, Inc., 71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination. 24Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, 2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination. 27Received credit memo no. 452 from Villa Manufacturing for merchandise returned, 346.78. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., 46.57; Barrera Company, 743.15; Douglas, Inc., 615.20; Hickman Company; Krause, Inc., 23.45; Villa Manufacturing, 725.64. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. 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Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. 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Compare the totals of the schedules with the balances of the controlling accounts.arrow_forward
- Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.arrow_forwardMays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.arrow_forwardPrepare journal entries. 1. A customer charges a $1,000 purchase on a Visa credit card. Visa charges a 4 percent discount on sales. 2. Oct. 3. AJD Ltd received merchandise purchased on credit from NSD Company, terms n/10, FOB shipping point, $4,890.3. AJD Ltd received bill from Transfer Freight Company for transportation costs on October 3 shipment, terms n/10, $1604. AJD Ltd returned merchandise received from NSD Company on October 3 for credit, $4805. AJD Ltd paid in full the amount due to NSD Company for the purchase of October 3, part of which was returned on October 66. Ivanka sold merchandise on credit to Gonzales Distributors, terms n/30, FOB destination, $1,200; the cost of the merchandise was $7207. McGucken’s Software sold $1,354,000 of merchandise for cash and had credit sales totaling $2,658,000. It collected cash from customers in the amount of $3,396,000. McGucken’s received merchandise from suppliers invoiced at $1,100,000 and paid suppliers $900,000.arrow_forward
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