Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter C, Problem C.28BP
Requirement 1:
To determine
Purchase Journal: It is a special book where only purchase transactions that are purchased from suppliers on credit are recorded.
Cash payments journal: Cash payment journal is a form of special journal book, which records the cash payments transactions, which are being paid to suppliers or other sources.
General Journal: It is a book where all the monetary transactions are recorded in the form of
To Record: The transactions in a purchases journal, cash payment journal and in a general journal.
Requirement 2:
To determine
The totals of each column of the special journal.
Requirement 3:
To determine
To show: How posting would be made by writing the accounts numbers and check marks in the journals.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Hawk Company uses a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals.
Transactions
Oct. 5 Purchased merchandise on account for $19,000 from Harrelson Company. Terms: 2/10, n/30; FOB shipping point.
Oct. 6 Paid $6,600 to Ken’s Insurance Company for a two-year fire insurance policy.
Oct. 8 Purchased store supplies on account for $600 from Stone Pony Supply Company. Terms: 2/10, n/30.
Oct. 11 Purchased merchandise on account for $15,000 from Steve Corporation. Terms: 2/10, n/30; FOB shipping point.
Oct. 13 Granted a reduction of $3,000 from Steve Corporation for merchandise purchased on October 11 and returned because of damage.
Oct. 15 Paid Harrelson Company for merchandise purchased on October 5, less discount.
Oct. 16 Purchased merchandise for $9,000 cash from Williams…
On January 12th, Gates Gems returned merchandise they received on account from Gem Warehouse in the
amount of $800. What is the journal entry to record this transaction?
Debit Accounts Payable/Gem Warehouse, $800; credit Purchases Returns and Allowances,
$800
Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases, $800
Debit Purchases, $800; credit Accounts Payable/Gem Warehouse, $800
Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases Returns and Allowances
$800
1. Determine the total amount credited to cash account in cash payments journal.
2. Determine the balance of accounts payable - clifford company as of october 31
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,...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?arrow_forwardCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardPurchases and Cash Payments Journals Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: May 1. Issued Check No. 57 to Bio Safe Supplies Inc. in payment of account, $345. May 3. Purchased cleaning supplies on account from Brite N’ Shine Products Inc., $200. May 8. Issued Check No. 58 to purchase equipment from Carson Equipment Sales, $2,860. May 12. Purchased cleaning supplies on account from Porter Products Inc., $360. May 15. Issued Check No. 59 to Bowman Electrical Service in payment of account, $145. May 18. Purchased supplies on account from Bio Safe Supplies Inc., $240. May 20. Purchased electrical repair services from Bowman Electrical Service on account, $110. May 26. Issued Check No. 60 to Brite N’ Shine Products Inc. in payment of May 3 invoice. May 31. Issued Check No. 61 in payment of salaries, $5,600. Wisk Away Cleaning Services Inc. uses the…arrow_forward
- Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $10,200 cash to the company. 7 The company purchased $6,200 of merchandise on credit from Gomez, terms n/30. 9 The company sold merchandise costing $700 on credit to E. James for $800, terms n/10. 15 The company borrowed $4,000 cash by signing a note payable to the bank. 18 The company received $800 cash from E. James in payment of the May 9 purchase. 24 The company sold merchandise costing $450 to B. Cox for $500 cash. Date Account Credited Cash Dr. CASH RECEIPTS JOURNAL Sales Discount Dr. Accounts Receivable. Cr. Sales Cr. Other Accounts Cr. Cost of Goods Sold Dr. Inventory Cr.arrow_forwardGomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. July 1 Purchased $21,000 of merchandise on credit from Hector Co., terms n/15. 4 Sold merchandise costing $970 to C. Paul for $1,080 cash. 8 Purchased $680 of office supplies from Zhang Co. on credit, terms n/30. 15 Paid Hector $21,000 cash for the merchandise purchased on July 1. 21 Purchased $1,080 of store supplies on credit from Staples, terms n/30. 22 Sold merchandise costing $2,650 to MicroTran for $3,150 on credit, terms n/30. 23 Purchased office supplies from Depot for $370 cash. 25 Purchased $5,600 of merchandise on credit from Alfredo Co., terms n/30. 27 Paid employee salaries of $2,300 in cash. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Cr. Terms Inventory Dr. Office Supplies Dr. Other Accounts Dr.arrow_forwardEnter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.arrow_forward
- Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Purchased $48,400 of merchandise from Wright Co. on account, terms 2/10, n/30. 9 Paid the amount owed on the invoice within the discount period. 11 Discovered that $7,800 of the merchandise purchased on Mar. 1 was defective and returned items, receiving credit. 18 Purchased $6,000 of merchandise from Wright Co. on account, terms n/30. 20 Received a refund from Wright Co. for return on Mar. 11 less the purchase on Mar. 18. CHART OF ACCOUNTS Manville Heating & Air Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated…arrow_forwardAli Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a cash receipts journal like the one in Exhibit 7.7. Journalize the following transactions that should be recorded in the cash receipts journal. Nov. 3 The company purchased $3,200 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $840 to J. Than for $1,000 on credit, subject to a $20 sales discount if paid by the end of the month. 9 The company borrowed $3,750 cash by signing a note payable to the bank. 13 J. Ali, the owner, contributed $5,000 cash to the company. 18 The company sold merchandise costing $250 to B. Cox for $330 cash. 22 The company paid Hart Co. $3,200 cash for the merchandise purchased on November 3. 27 The company received $980 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,650 in cash.arrow_forwardLi Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $9,400 cash to the company. May 7 The company purchased $5,400 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $500 to E. James for $600 on credit, terms n/10.. May 15 The company borrowed $2,000 cash by signing a note payable to the bank. May 18 The company received $600 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $250 to B. Cox for $300 cash. CASH RECEIPTS JOURNAL Date Account Credited Cash Debit Sales Discount Debit Accounts Receivable Credit Other Accounts Sales Credit Credit Cost of Goods Sold Debit Inventory Credit 13arrow_forward
- Smith Auto uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize its transactions that should be recorded in the general journal. For those not recorded in the general journal, identify the special journal where each should be recorded. July 3 The company purchased $3,100 of merchandise on credit from Advanced Parts, terms n/60. 6 The company sold $600 of merchandise for cash (cost is $450) to O’Reily. 7 The owner, A. Smith, contributed equipment worth $5,000 to the company. 9 The company sold $750 of used equipment (noninventory) on credit to Junk Yard, terms n/30. 13 The company sold $3,200 of merchandise (cost is $2,800) on credit to J. Bell, terms n/30. 15 The company granted J. Bell an allowance (price reduction) of $500 for merchandise purchased on July 13. Smith Auto credited Accounts Receivable for that amount. 22 The company purchased a building for $20,000 by issuing a note payable. 26 The company paid salaries…arrow_forwardGomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. July 1 Purchased $22,000 of merchandise on credit from Hector Company, terms n/15. July 4 Sold merchandise costing $1,070 to C. Paul for $1,180 cash. July 8 Purchased $720 of office supplies from Zhang Company on credit, terms n/30. July 15 Paid Hector $22,000 cash for the merchandise purchased on July 1. July 21 Purchased $1,110 of store supplies on credit from Staples, terms n/30. July 22 Sold merchandise costing $2,750 to MicroTran for $3,250 on credit, terms n/30. July 23 Purchased office supplies from Depot for $380 cash. July 25 Purchased $6,000 of merchandise on credit from Alfredo Company, terms n/30. July 27 Paid employee salaries of $2,400 in cash. Date Account Date of Invoice PURCHASES JOURNAL Terms Accounts Payable Credit Inventory Debit Office Sup Debitarrow_forwardInstructions: Give its Journal Entry The company's Chart of accounts includes the following: Cash, Accounts Receivable, Merchandise Inventory, Supplies, Accounts payable; Wakang, capital; Sales; Sales Returns and Allowances; Sales Discounts; Purchases; Purchase returns and allowances; Purchase Discounts, Freight-In.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY