College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter D, Problem 6P
Prepare entries in general journal form to record the following:
June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.
July 12 Received $740 in cash from K. Perrot and a 60-day, 7 percent note for $1,000, dated July 12.
Aug. 17 Discounted the note at the bank at 7.5 percent.
Check Figure
8/17 Cash, $1006.61
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Record the transactions. (Journal Entries)
December
1
Issued check for $200 for December rent
Took out a short term loan from the bank in the amount of $1,600. Note is due in 60 days at 6% interest.
3
Issue credit memo for $20 to Ritter for merchandise returned
4
Received check for $392 (after discount) from Dunn in payment on account
Issued check for $891 (net of discount) to Service Toy
7
Received check for $343 (after discount) from Ritter in payment on account
8
Harris issues credit memo to us for $18 (inventory)
Sold equipment for $60. Orginal cost was $500. Accumulated depreciation at the time of sale was $450
9
Purchase merchandise on account from Larkin $1,000
11
Sold merchandise on account to Thayer $200
Issue check to purchase new equipment for $400
12
Purchase merchandise on account from Clark $ 1,300
14
Issue check for $24 for phone bill
Sold merchandise on account to Gage $350
15
Cash sales from December 1 to 15 were $ 2,030…
May 13: Paid the invoice of April 14.
Date
Description
Debit
Credit
May 13
May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.
Date
Description
Debit
Credit
May 17
June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account.
Date
Description
Debit
Credit
June 2
Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date.
Date
Description
Debit
Credit
Aug. 1
Record the following transactions in the cash receipts journal.
Jun. 12 Your company received payment in full from Jolie Inc. in the amount of
$1,225 for merchandise purchased on June 4 for $1,250, invoice number #1032.
Jolie Inc. was offered terms of 2/10, n/30. Record the payment.
Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice
#1027, dated June 1, in the amount of $2,500, terms offered 3/10, n/30.
Jun. 17 Your company received a refund check (its check #12440) from the State
Power Company because you overpaid your electric bill. The check was in the
amount of $72. The Utility Expense account number is #450. Record receipt of the
refund.
Chapter D Solutions
College Accounting (Book Only): A Career Approach
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