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.24AP
1.
To determine
Sales Journal: It is a special book where only sales transactions that are sold to customer on credit are recorded.
To record: The transactions in a sales journal.
2.
To determine
To calculate: Total each column of the sales journal.
3.
To determine
To show: How posting would be made by writing the accounts numbers and check marks in the journals.
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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 $5,000 to a customer
on account with terms of 4/10, n/30. Which of the following journal entries correctly records the payment received from the customer on May 30?
OA. Cash
Accounts Receivable
OB. Cash
Accounts Receivable
OC. Cash
OD. Cash
Accounts Receivable
Sales Discounts Forfeited
Sales Discounts Forfeited
Accounts Receivable
4,800
5,000
5,000
4,800
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4,800
5,000
4,800
200
5,000
Using the following accounts, record journal entries using the periodic inventory system for the following sales transactions of Julian Sundries.
Accounts Receivable
Cost of Goods Sold
Purchase Returns and Allowances
Accounts Payable
Merchandise Inventory
Sales
Cash
Purchases
Sales Returns and Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Sold 10 tables on credit for $870 per table. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per table to Julian is $560.
DR
CR
On 11/14, the customer returned 2 slightly damaged tables for a full refund from Julian.
DR
CR
On 11/21, the customer paid their account in full from the November 7 sale.
Using the following accounts, record journal entries using the periodic inventory system for the following
sales transactions of Julian Sundries.
Purchase Returns and
Accounts Receivable
Cost of Goods Sold
Allowances
Accounts Payable
Merchandise Inventory
Sales
Sales Returns and
Cash
Purchases
Allowances
PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will
be with "$" and commas as needed (i.e. $12,345).
Sold 10 tables on credit for $870 per table. Terms of the sale are 5/10, n/60, invoice dated November
7. The cost per table to Julian is $560.
DR
CR
• On 11/14, the customer returned 2 slightly damaged tables for a full refund from Julian.
DR
CR
On 11/21, the customer paid their account in full from the November 7 sale.
DR
CR
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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