FINANCIAL&MNGRL ACCT (LL)W//WILEYPLUS>C
3rd Edition
ISBN: 9781119491927
Author: Weygandt
Publisher: WILEY
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Chapter J, Problem 6P
(a) & (c)
To determine
Cash Receipts Journal
Cash receipts journal is used to record merchandise sales and service made in cash and collection of
Cash Payments Journal
Cash payments journal is used to record merchandise purchases made in cash and payments of accounts payable. It also records all other cash payments to various purposes. To include all these transactions, companies use multi-column cash payments journal.
Sales Journal
Sales journal records all the merchandise sales on credit. In a single column sales journal, debit aspect of accounts receivable and credit aspect of inventory are recorded, and then posted to individual subsidiary customer account.
Purchase Journal
Purchase journal records all the merchandise purchase on credit. In a single column purchase journal, debit aspect of inventory and credit aspect of accounts payable are recorded, and then posted to individual subsidiary supplier account.
General Journal
It is a book where all the monetary transactions are recorded in the form of
To prepare: general ledger and make individual entries and totals to general ledger.
(b) & (c)
To determine
To journalize: the transactions in a cash receipt journal, cash payment journal, sales journal, purchase journal and general journal.
(d)
To determine
To prepare:
(e)
To determine
To Prove: the agreement of control account and subsidiary account balances.
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Consolidation after Several Years
On January 1, 2016, Adams Corporation acquired all of the stock of Baker Company. The fair value of Adams’ shares used in the exchange was $37,500,000. At the time of acquisition, the book value of Baker’s shareholders’ equity was $5,000,000, and the book value of Baker’s building (25-year life) exceeded its fair value by $1,000,000. From the date of acquisition to December 31, 2021, Baker had cumulative net income of $1,300,000. For 2022, Baker reported net income of $300,000. Adams uses the complete equity method to account for its investment in Baker. There is no goodwill impairment loss for the period 2016 through 2021, but there is impairment loss of $100,000 in 2022. Baker declared no dividends during the period 2016–2022.
Required
Prepare the working paper eliminating entries necessary to consolidate the financial statements of Adams and Baker at December 31, 2022.
Enter numerical answers using all zeros (do not abbreviate in thousands or in…
Chapter J Solutions
FINANCIAL&MNGRL ACCT (LL)W//WILEYPLUS>C
Ch. J - Prob. 1QCh. J - Prob. 2QCh. J - Prob. 3QCh. J - Prob. 4QCh. J - Prob. 5QCh. J - Prob. 6QCh. J - Prob. 7QCh. J - Prob. 8QCh. J - Prob. 9QCh. J - Prob. 10Q
Ch. J - Prob. 11QCh. J - Prob. 12QCh. J - Prob. 13QCh. J - Prob. 1BECh. J - Prob. 2BECh. J - Prob. 3BECh. J - BEJ-4 Indicate whether each of the following...Ch. J - BEJ-5 Kiner Co. uses special journals and a...Ch. J - Prob. 6BECh. J - Prob. 7BECh. J - Prob. 1ECh. J - Prob. 2ECh. J - Prob. 3ECh. J - Prob. 4ECh. J - Prob. 5ECh. J - Prob. 6ECh. J - Prob. 7ECh. J - Prob. 8ECh. J - Prob. 9ECh. J - Prob. 10ECh. J - EJ-11 The general ledger of Raysom Company...Ch. J - Prob. 12ECh. J - Prob. 13ECh. J - EJ-14 Selected account balances for Ramano Company...Ch. J - Prob. 1PCh. J - Prob. 2PCh. J - Prob. 3PCh. J - Prob. 4PCh. J - Prob. 5PCh. J - Prob. 6P
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