Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter B, Problem 12SE
To determine
Record the transactions in a general journal.
To determine
Identify the transactions that should be recorded in the special journal.
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Students have asked these similar questions
How to journalize entries from accounting for sales with frieght transaction
What journal entry is required to record goods taken from inventory by the owner of a
business for personal use?
A
Dr Drawings
Cr Purchases
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Dr Sales
Cr Drawings
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Dr Drawings
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Dr Inventory
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Required information
[The following information applies to the questions displayed below.]
Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following
transactions during the month:
Sold 9 shovels on account at a selling price of $10 per unit.
January 2
January 16 Sold 12 shovels on account at a selling price of $10 per unit.
January 18 Bought 4 shovels on account at a cost of $5 per unit.
January 19 Sold 12 shovels on account at a selling price of $10 per unit.
January 24 Bought 12 shovels on account at a cost of $5 per unit.
January 31 Counted inventory and determined that 15 units were on hand.
Chapter B Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. B - Match the benefit of an effective accounting...Ch. B - Prob. 2TICh. B - Prob. 3TICh. B - Prob. 4TICh. B - Prob. 5TICh. B - Prob. 6TICh. B - Prob. 7TICh. B - Prob. 8TICh. B - Prob. 1QCCh. B - Prob. 2QC
Ch. B - Prob. 3QCCh. B - Prob. 4QCCh. B - Prob. 5QCCh. B - Prob. 6QCCh. B - Prob. 7QCCh. B - When using a manual accounting information system,...Ch. B - Prob. 9QCCh. B - Prob. 1RQCh. B - Prob. 2RQCh. B - Prob. 3RQCh. B - Prob. 4RQCh. B - What is the purpose of a subsidiary ledger?Ch. B - Prob. 6RQCh. B - List the four special journals often used in a...Ch. B - Explain the posting process of the sales journal.Ch. B - Prob. 9RQCh. B - What are the columns that are typically used in...Ch. B - Explain the posting process of the cash payments...Ch. B - When is the general journal used in a manual...Ch. B - Prob. 13RQCh. B - Prob. 14RQCh. B - Prob. 15RQCh. B - How is QuickBooks organized?Ch. B - How would a business record a sale of services on...Ch. B - How would a business record a bill received in...Ch. B - Prob. 1SECh. B - Prob. 2SECh. B - Identifying special journals Use the following...Ch. B - Prob. 4SECh. B - Prob. 5SECh. B - Prob. 6SECh. B - Prob. 7SECh. B - Prob. 8SECh. B - Prob. 9SECh. B - Prob. 10SECh. B - Prob. 11SECh. B - Prob. 12SECh. B - Prob. 13SECh. B - Prob. 14ECh. B - Prob. 15ECh. B - Prob. 16ECh. B - Prob. 17ECh. B - Identifying transactions in the accounts...Ch. B - Prob. 19ECh. B - Prob. 20ECh. B - Prob. 21ECh. B - Prob. 22ECh. B - Prob. 23ECh. B - Prob. 24APCh. B - Prob. 25APCh. B - Using all journals, posting, and balancing the...Ch. B - Prob. 27BPCh. B - Using the purchases, cash payments, and general...Ch. B - Using all journals, posting, and balancing the...Ch. B - Prob. 30PCh. B - Prob. 31PCh. B - Prob. 1COMPCh. B - Prob. 1TIATCCh. B - Prob. 1DCCh. B - Prob. 1FCCh. B - Prob. 1CA
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- Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.arrow_forwardUsing the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required:arrow_forwardRecord the following transactions in general journal form using the periodic inventory system:arrow_forward
- Record the following transactions in the purchases journal:arrow_forwardWhich of the following describes features of a perpetual inventory system? A. Technology is normally used to record inventory changes. B. Merchandise bought is recorded as purchases. C. An adjusting journal entry is required at year end, to match physical counts to the asset account. D. Inventory is updated at the end of the period.arrow_forwardFrom the general journal, record to the accounts payable subsidiary ledger and post to general ledger accounts as appropriate. Assume the perpetual inventory system. (For purposes of this problem, we will ignore posting references in the general journal.) General journal information attached in image and also the t accounts.arrow_forward
- Which of the following entries would be made to record the purchase of inventory on account, if a company uses the perpetual inventory system? A. a debit to Purchases and a credit to Accounts Payable B. a debit to Accounts Payable and a credit to Merchandise Inventory C. a debit to Merchandise Inventory and a credit to Accounts Payable D. a debit to Accounts Payable and a credit to Purchasesarrow_forwardA retailer acquires new computers for use in the business operations. When recording this transaction, and assuming a perpertual inventory system is used, the journal entry will include a account. O credit to Equipment O debit to Merchandise Inventory credit to Merchandise Inventory O debit to Equipmentarrow_forwardIdentify Postings from Purchases Journal Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required: PURCHASES JOURNAL Page 49 Date Account Credited Post.Ref. AccountsPayableCr. StoreSuppliesDr. OfficeSuppliesDr. OtherAccountsDr. Post.Ref. Amount 20Y9 Jan. 4 Coastal Equipment Co. (a) 5,325 Warehouse Equipment (g) 5,325 Jan. 6 Arrow Supply Co. (b) 4,000 4,000 Jan. 9 Valley Products (c) 1,875 1,600 275 Jan. 14 Office Warehouse (d) 2,200 Office Equipment (h) 2,200 Jan. 20 Office Warehouse (e) 6,000 Store Equipment (i) 6,000 Jan. 25 Metro Supply Co. (f) 2,740 2,740 Jan. 30 22,140 4,340 4,275 13,525 (j) (k) (l) (m) Post reference represents: a. b. c.…arrow_forward
- When purchases of merchandise are made on account with a perpetual inventory system, the transaction is journalized with which entry? a.debit Merchandise Inventory; credit Purchases b.debit Merchandise Inventory; credit Cash Discounts c.debit Merchandise Inventory; credit Accounts Payable d.debit Accounts Payable; credit Merchandise Inventoryarrow_forward5. Inventory structures for inventory receipt process Refer to figure 2-30 in the text and the discussion about updating master files from transaction files. The discussion pertains to the record structures for a sales transaction. Prepare a diagram (similar to figure 2-30) that presents the record structure for the receipt of inventory items that had been ordered previously. Assume that a purchase order file exists and will be updated through information collected via a receiving report, ehich is the transaction record. Further, assume that a purchase was made on account, and the vendor AP record needs to be updated. Do not show the general ledger records in your diagram. Explain each step in the update process.arrow_forward
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Accounting for Merchandising Operations Recording Purchases of Merchandise; Author: Socrat Ghadban;https://www.youtube.com/watch?v=iQp5UoYpG20;License: Standard Youtube License