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 6TI
To determine
Identify the special journal in which the transaction should be recorded and the column used for recording the amount.
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Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction?
Debit
Credit
A.
Sales revenue
11,700
Accounts receivable
11,700
Cost of goods sold
7,900
Merchandise inventory
7,900
B.
Accounts receivable
11,700
Merchandise inventory
7,900
Sales revenue
3,800
C.
Accounts receivable
3,800
Sales revenue
3,800
D.
Accounts receivable
11,700
Sales revenue
11,700
Cost of goods sold
7,900
Merchandise inventory
7,900
Group of answer choices
A.
B.
C.
D.
Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500. The cost of goods was $3,000. Hider refunded the cash to the customer. The journal entries to record the return, using the perpetual inventory system and assuming an adjusting entry was recorded for estimated sales returns would be:
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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- a. Sampson Co. sold merchandise to Batson Co. on account, $24,30o, terms 2/15, net 45. b. The cost of the merchandise sold is $18,225. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. b. C. Prepare the entries that Batson Co. would record for the information above. a. and b. C.arrow_forwardJournalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $12,100 with terms 2/10, net 30. The cost of the goods sold was $7,865. If an amount box does not require an entry, leave it blank.arrow_forwardAn item of merchandise was sold for RO 800 cash by a Merchandise business. The cost of goods sold was RO 600. Which of the following journal entry is correct for Cost of goods sold assuming that the business used perpetual inventory system? a. debit Sales RO 800 credit Merchandise Inventory for 800 b. debit Cost of Goods Sold RO 600 credit Merchandise Inventory RO 600 c. debit Cash RO 800 credit Sales for RO 800 d. debit Merchandise Inventory RO 600 credit Cost of Goods Sold RO 600arrow_forward
- Advanced Computer Parts uses the perpetual inventory system and the net method of recording sales revenue. On May 5, Advanced sold merchandise with a cost of $1,500 for $5,000 to a customer on account with terms of 4/10, n/30. Which of the following journal entries correctly records the payment received from the customer on May 30? OA. Cash Accounts Receivable OB. Cash Accounts Receivable OC. Cash OD. Cash Accounts Receivable Sales Discounts Forfeited Sales Discounts Forfeited Accounts Receivable 4,800 5,000 5,000 4,800 200 4,800 5,000 4,800 200 5,000arrow_forwardRecord the following transactions for a perpetual inventory system in general journal form. Round your answers to the nearest cent. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, $1811.29. The cost of merchandise was $1,337. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, $629. The cost of the merchandise was $485. Bought merchandise on account from Michal's Inc., invoice no. 1685, $860; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, $66.00 (total $926). Received credit memorandum no. 219 from Michal’s Inc. for merchandise returned, $220. GENERAL JOURNAL PAGE _____ DATE DESCRIPTION POST.REF. DEBIT CREDIT 1 1 2 a. 2 3 3 4 Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910. 4 5 5 6 6 7 7 8 Cost of merchandise sold to…arrow_forwardTravis Company purchased merchandise on account from a supplier for $6,800, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a.arrow_forward
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