Horngren's Financial & Managerial Accounting (5th Edition)
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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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 account receivable. There was no discount.
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. 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. 2. Total each column of the sales journal.
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E-trax, Inc. has provided the following financial information for the year: Finished Goods Inventory: Units produced Beginning balance, in units 640 2,800 2,900 540 Units sold Ending balance, in units Production costs: Variable manufacturing costs per unit $65 Total fixed manufacturing costs $56,000 What is the unit product cost for the year using absorption costing?
What is the amount of allocated manufacturing overhead cost for August? Accounting
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Chapter C Solutions

Horngren's Financial & Managerial Accounting (5th Edition)

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