Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter C, Problem C.14E
Recording transactions-sales journal
| Feb. 1 | Sold merchandise inventory on account to Crisp Co., $1,325. Cost of goods, $870. Invoice no. 401. |
| 6 | Sold merchandise inventory for cash, $920 (cost, $660). |
| 12 | Collected interest revenue of $140. |
| 15 | Received cash from Crisp Co. in full settlement of its |
| 20 | Sold merchandise inventory on account to Drummer Co., issuing invoice no. 402 for $500 (cost, $425). |
| 22 | Sold merchandise inventory for cash, $570 (cost $450). |
| 26 | Sold office supplies to an employee for cash of $1 80. |
| 28 | Received $480 from Drummer Co. in full settlement of its account receivable. |
Drummer earned a discount by paying early. Terms are 4/10, n/15.
Requirements
- 1. Prepare headings for a sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to a whole dollar.) Assume the company uses the perpetual inventory system.
- 2. Total each column of the sales journal.
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Students have asked these similar questions
Feb.
1
Sold merchandise inventory on account, terms n/30, to Cool Co.,
$1,225. Cost of goods, $840. Invoice no. 401.
6
Sold merchandise inventory for cash, $920 (cost, $730).
12 Collected interest revenue of $140.
15 Received cash from Cool Co. in full settlement of its account
receivable.
20 Sold merchandise inventory on account, terms n/30, to Dill Co.,
issuing invoice no. 402 for $400 (cost, $330).
22 Sold merchandise inventory for cash, $580 (cost $450).
26 Sold office supplies to an employee for cash of $170.
28
Received $400 from Dill Co. in full settlement of its account
receivable.
Transactions for Buyer and Seller
Grayson Co. sold merchandise to Chang Co. on account, $9,250, terms 2/15, n/30. The cost of merchandise sold is $5,550. Assume all discounts are taken.
Journalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due.
(a)
Accounts Receivable-Chang Co.
fill in the blank 7561bb04b07ffb2_2
Sales
fill in the blank 7561bb04b07ffb2_4
Cost of Merchandise Sold
fill in the blank 7561bb04b07ffb2_6
Merchandise Inventory
fill in the blank 7561bb04b07ffb2_8
(b)
Cash
fill in the blank 7561bb04b07ffb2_10
Accounts Receivable-Chang Co.
fill in the blank 7561bb04b07ffb2_12
Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.
(a)
Merchandise Inventory
fill in the blank 7379b107704bfa1_2
Accounts Payable-Grayson Co.
fill in the blank 7379b107704bfa1_4
(b)
Accounts Payable-Grayson Co.
fill in the…
Sales-related transactions
Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $59,000.
a. Journalize Sayers’ entries to record the sale.
Accounts Receivable
x
Sales
x
Cost of Goods Sold
x
Inventory
x
b. Journalize the receipt of payment within the discount period.
Cash
x
Accounts Receivable
x
c. Journalize the entry to record the receipt of payment beyond the discount period of ten days.
Cash
x
Accounts Receivable
x
Sales
x
Chapter C Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
Ch. C - Prob. 1QCCh. C - Prob. 2QCCh. C - Prob. 3QCCh. C - Prob. 4QCCh. C - Prob. 5QCCh. C - Centex Sound Systems purchased merchandise...Ch. C - Every transaction recorded in the cash payments...Ch. C - Prob. 8QCCh. C - Prob. 9QCCh. C - What is an accounting information system (AIS)?
Ch. C - Prob. 2RQCh. C - Explain the three basic components of an...Ch. C - Prob. 4RQCh. C - What is the purpose of a subsidiary ledger?Ch. C - Prob. 6RQCh. C - List the four special journals often used in a...Ch. C - Explain the posting process of the sales journal.Ch. C - Provide some examples of transactions that would...Ch. C - Explain the posting process of the cash payments...Ch. C - When is the general journal used in a manual...Ch. C - Prob. 14RQCh. C - Prob. 15RQCh. C - Prob. 16RQCh. C - How would a business record a sale of services on...Ch. C - Prob. 18RQCh. C - Evaluating features of an effective accounting...Ch. C - Prob. C.2SECh. C - Identifying special journals Use the following...Ch. C - Prob. C.4SECh. C - Prob. C.6SECh. C - Prob. C.8SECh. C - Prob. C.9SECh. C - Prob. C.10SECh. C - Posting transactions from a cash payments journal...Ch. C - Prob. C.12SECh. C - Prob. C.13SECh. C - Recording transactions-sales journal Feb. 1 Sold...Ch. C - Prob. C.15ECh. C - Prob. C.16ECh. C - Prob. C.17ECh. C - Prob. C.18ECh. C - Prob. C.19ECh. C - Prob. C.20ECh. C - Prob. C.21ECh. C - Prob. C.22ECh. C - Prob. C.23ECh. C - Prob. C.24APCh. C - Using the purchases, cash payments, and general...Ch. C - Prob. C.26APCh. C - Prob. C.27BPCh. C - Prob. C.28BPCh. C - Prob. C.29BPCh. C - Prob. C.30CPCh. C - Prob. C.31PSCh. C - Prob. 1COPCh. C - Prob. C.1CTDCCh. C - Didrikson Rubin, the auditor of Red Barn Farm...Ch. C - Communication Activity C-1 In 150 words or fewer,...
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