Principles of Accounting Volume 119th EditionOpenStax Publisher: OpenStax CollegeISBN: 9781947172685
Principles of Accounting Volume 1
Solutions for Principles of Accounting Volume 1
Problem 1MC:
Which of the following is an example of a contra revenue account? A. sales B. merchandise inventory...Problem 2MC:
What accounts are used to recognize a retailers purchase from a manufacturer on credit? A. accounts...Problem 3MC:
Which of the following numbers represents the discount percentage applied if a customer pays within...Problem 4MC:
If a customer purchases merchandise on credit and returns the defective merchandise before payment,...Problem 5MC:
Which of the following is a disadvantage of the perpetual inventory system? A. Inventory information...Problem 6MC:
Which of the following is an advantage of the periodic inventory system? A. frequent physical...Problem 7MC:
Which of the following is not a reason for the physical inventory count to differ from what is...Problem 8MC:
Which of the following is not included when computing Net Purchases? A. purchase discounts B....Problem 9MC:
Which of the following accounts are used when recording a purchase? A. cash, merchandise inventory...Problem 10MC:
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays...Problem 11MC:
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What...Problem 12MC:
A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty...Problem 13MC:
Which of the following accounts are used when recording the sales entry of a sale on credit? A....Problem 14MC:
A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays...Problem 15MC:
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize...Problem 16MC:
A customer obtains a purchase allowance from the retailer in the amount of $220 for damaged...Problem 17MC:
Which of the following is not a characteristic of FOB Destination? A. The seller pays for shipping....Problem 18MC:
Which two accounts are used to recognize shipping charges for a buyer, assuming the buyer purchases...Problem 19MC:
Which of the following is not a characteristic of FOB Shipping Point? A. The buyer pays for...Problem 20MC:
A multi-step income statement ________. A. separates cost of goods sold from operating expenses B....Problem 21MC:
Which of the following accounts would be reported under operating expenses on a multi-step income...Problem 22MC:
A simple income statement ________. A. combines all revenues into one category B. does not combine...Problem 23MC:
Which of the following accounts would not be reported under revenue on a simple income statement? A....Problem 24MC:
Which of the following accounts are used when recording a purchase using a periodic inventory...Problem 25MC:
A retailer obtains a purchase allowance from the manufacturer in the amount of $600 for faulty...Problem 26MC:
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize...Problem 27MC:
A customer obtains an allowance from the retailer in the amount of $450 for damaged merchandise....Problem 4Q:
If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the...Problem 7Q:
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...Problem 8Q:
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to...Problem 9Q:
Name two situations where cash would be remitted to a retailer from a manufacturer after purchase.Problem 10Q:
If a retailer purchased inventory in the amount of $750, terms 2/10, n/60, returned $30 of the...Problem 11Q:
A retailer discovers that 50% of the total inventory items delivered from the manufacturer are...Problem 12Q:
Name two situations where cash would be remitted to a customer from a retailer after purchase.Problem 13Q:
If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the...Problem 14Q:
A customer discovers 60% of the total merchandise delivered from a retailer is damaged. The original...Problem 16Q:
A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms...Problem 17Q:
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....Problem 18Q:
Which statement and where on the statement is freight-out recorded? Why is it recorded there?Problem 19Q:
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...Problem 21Q:
How can an investor or lender use the Gross Profit Margin Ratio to make financial contribution...Problem 22Q:
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...Problem 23Q:
If a retailer purchased inventory in the amount of $680, terms 3/10, n/60, returned $120 of the...Problem 24Q:
A customer discovers 50% of the total merchandise delivered from the retailer is damaged. The...Problem 25Q:
What is the difference in reporting requirements for customer-returned merchandise in sellable...Problem 1EA:
On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of...Problem 2EA:
Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250...Problem 4EA:
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold...Problem 5EA:
On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each...Problem 8EA:
Record the journal entry for each of the following transactions. Glow Industries purchases 750...Problem 11EA:
Record the journal entry or entries for each of the following sales transactions. Glow Industries...Problem 12EA:
Review the following situations and record any necessary journal entries for Mequons Boutique.Problem 13EA:
Review the following situations and record any necessary journal entries for Letter Depot.Problem 14EA:
Review the following situations and record any necessary journal entries for Nine Lives Inc.Problem 15EA:
The following select account data is taken from the records of Reese Industries for 2019. A. Use the...Problem 16EA:
Record journal entries for the following purchase transactions of Flower Company. A. On October 13,...Problem 19EA:
Record the journal entry or entries for each of the following sales transactions. Glow Industries...Problem 1EB:
On June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10...Problem 2EB:
Ariel Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a...Problem 3EB:
For each of the following statements, fill in the blanks with the correct account names. A. A...Problem 4EB:
The following is selected information from Orange Industries. Compute net purchases, and cost of...Problem 5EB:
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10,...Problem 6EB:
Blue Barns purchased 888 gallons of paint at $19 per gallon from a supplier on June 3. Terms of the...Problem 7EB:
Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4....Problem 9EB:
Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19...Problem 10EB:
Canary Lawnmowers sold 70 lawnmower parts at $5.00 per part to a customer on December 4 with a cost...Problem 12EB:
Review the following situations and record any necessary journal entries for Lumber Farm.Problem 13EB:
Review the following situations and record any necessary journal entries for Clubs Unlimited.Problem 14EB:
Review the following situations and record any necessary journal entries for Wall World.Problem 15EB:
The following select account data is taken from the records of Carnival Express for 2019. A. Use the...Problem 16EB:
Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4....Problem 18EB:
Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to...Problem 1PA:
Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15...Problem 2PA:
Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32...Problem 3PA:
Costume Warehouse sells costumes and accessories. Review the following transactions and prepare the...Problem 4PA:
Pharmaceutical Supplies sells medical supplies to customers. Review the following transactions and...Problem 5PA:
Review the following transactions for Birdy Birdhouses and record any required journal entries.Problem 6PA:
Review the following transactions for Dish Mart and record any required journal entries. Note that...Problem 7PA:
Review the following sales transactions for Birdy Birdhouses and record any required journal...Problem 8PA:
Review the following sales transactions for Dish Mart and record any required journal entries. Note...Problem 10PA:
The following is the adjusted trial balance data for Ninos Pizzeria as of December 31, 2019. A. Use...Problem 11PA:
The following is the adjusted trial balance data for Emmas Alterations as of December 31, 2019. A....Problem 12PA:
Review the following transactions for Birdy Birdhouses and record any required journal entries.Problem 13PA:
Review the following sales transactions for Dish Mart and record any required journal entries. Note...Problem 1PB:
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...Problem 2PB:
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50...Problem 3PB:
Costume Warehouse sells costumes and accessories and purchases their merchandise from a...Problem 4PB:
Pharmaceutical Supplies sells medical supplies and purchases their merchandise from a manufacturer....Problem 5PB:
Review the following transactions for April Anglers and record any required journal entries.Problem 6PB:
Review the following transactions for Dish Mart and record any required journal entries. Note that...Problem 7PB:
Review the following sales transactions for April Anglers and record any required journal entries.Problem 8PB:
Review the following sales transactions for Dish Mart and record any required journal entries. Note...Problem 12PB:
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use...Problem 13PB:
Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019. A....Problem 14PB:
Review the following transactions for April Anglers and record any required journal entries.Problem 15PB:
Review the following sales transactions for Dish Mart and record any required journal entries. Note...Problem 1TP:
Conduct research on a real-world retailers trade discounts and policies, and discuss the following...Problem 2TP:
You have decided to open up a small convenience store in your hometown. As part of the initial...Browse All Chapters of This Textbook
Chapter 1 - Role Of Accounting In SocietyChapter 2 - Introduction To Financial StatementsChapter 3 - Analyzing And Recording TransactionsChapter 4 - The Adjustment ProcessChapter 5 - Completing The Accounting CycleChapter 6 - Merchandising TransactionsChapter 7 - Accounting Information SystemsChapter 8 - Fraud, Internal Controls, And CashChapter 9 - Accounting For ReceivablesChapter 10 - Inventory
Sample Solutions for this Textbook
We offer sample solutions for Principles of Accounting Volume 1 homework problems. See examples below:
More Editions of This Book
Corresponding editions of this textbook are also available below:
CENGAGENOWV2 FOR OPENSTAX'S PRINCIPLES
1st Edition
ISBN: 9780357364796
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