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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Textbook Question
Chapter B, Problem 28BP
Using the purchases, cash payments, and general journals
The general ledger of Finnish Lake Golf Shop includes the following selected accounts, along with their account numbers:
Transactions in December that affected purchases and cash payments were as follows:
Requirements
- 1. Use the appropriate journal to record the preceding transactions in a purchases journal, a cash payments journal (omit the Check No. column), and a general journal. Finnish Lake Golf Shop records purchase returns in the general journal. The company uses the perpetual inventory system.
- 2. Total each column of the special journals. Show that total debits equal total credits in each special journal.
- 3. Show how postings would be made from the journals be writing the account numbers and check marks in the appropriate places in the journals.
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Using the sales, cash receipts, and general journals
Assume Peaceful Spring Company uses the perpetual inventory system. The general ledger of Peaceful Springs Company includes the Following selected accounts, along with their account numbers:
Sales and cash receipts transactions in November were as follows:
Requirements
Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts journal (omit the Sales Discounts Forfeited column).
Total each column of the sales journal and the cash receipts journal. Determine that total debits equal total credits.
Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals.
Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system:
Accounts Payable|
Merchandise Inventory
Sales
Accounts
Purchases
Sales Discounts
Receivable
Sales Returns and
Cash
Purchase Discounts
Allowances
Cost of Goods
Purchase Returns and
Sales Tax Payable
Sold
Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash.
DR
CR
Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5.
DR
CR
Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund.
DR
CR
Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 5…
Options are
General
Sales
Purchases
Cash receipts
Cash Disbursements
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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