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.30CP
1.
To determine
Special Journal: It is a book where only specific type of monetary transactions such as cash receipts, cash payments, credit sales, and credit purchases are recorded.
Sales Journal: It is a special book where only sales transactions that are sold to customer on credit are recorded.
Purchase Journal: It is a special book where only purchase transactions that are purchased from suppliers on credit are recorded.
Cash Receipts Journal: It is a special book where only cash receipts transactions that are received from customers or other sources are recorded.
Cash Payments Journal: It is a special book where only cash payments transactions that are paid to the supplier or other sources are recorded.
General Journal: It is a book where all the monetary transactions are recorded in the form of
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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Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows:
July 1
Chee Yong Chaw invested $ 30,240 cash and $ 17,640 office equipment into the business.
July 2
Purchased inventory from L Cao on account for $ 7,560 plus GST; terms 2/15, n/30. Paid July rental of $ 3,020 plus GST; by interbank transfer to Prime Properties Ltd.
July 3
Purchased inventory from Difabio Ltd on account for $ 6,130 plus GST; terms n/30.
July 6
Sold inventory to J Ellis on account for $ 1,680 plus GST; terms 2/15, n/30.
July 7
Received July rental of $ 760 plus GST for space sublet to Perth Services.
July 8
Purchased stationery supplies for $ 1,680 plus GST; cheque no. 124.
July 10
Purchased inventory for cash $ 1,660 plus GST.
July 13
Sold inventory to Giola Ltd on account for $ 3,780 plus GST; terms 2/10, n/30.
July 14
Purchased…
Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows:
July 1
Chee Yong Chaw invested $ 30,240 cash and $ 17,640 office equipment into the business.
July 2
Purchased inventory from L Cao on account for $ 7,560 plus GST; terms 2/15, n/30. Paid July rental of $ 3,020 plus GST; by interbank transfer to Prime Properties Ltd.
July 3
Purchased inventory from Difabio Ltd on account for $ 6,130 plus GST; terms n/30.
July 6
Sold inventory to J Ellis on account for $ 1,680 plus GST; terms 2/15, n/30.
July 7
Received July rental of $ 760 plus GST for space sublet to Perth Services.
July 8
Purchased stationery supplies for $ 1,680 plus GST; cheque no. 124.
July 10
Purchased inventory for cash $ 1,660 plus GST.
July 13
Sold inventory to Giola Ltd on account for $ 3,780 plus GST; terms 2/10, n/30.
July 14
Purchased…
please solve all with all work
(Round your "Gross Profit Percentage" answers to 2 decimal places.)
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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