Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 5, Problem 3PEB
To determine
Record transactions in the purchase journal.
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Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system:
Prepare journal entries to record the following merchandising transactions of Chang Company, which applies the perpetual inventory system. (Use a separate account for each receivable and payable; for example, record the purchase on May 2 in Accounts Payable Smith Company ).
Instructions
In this assignment you will record eight transactions related to the sale and purchase of merchandise.
You will record each transaction according to the procedures of a periodic inventory system.
You will record each transaction according to the procedures of a perpetual inventory system.
Include the date for each transaction.
Include a brief explanation for each entry similar to the sample entry example.
Please skip a line between each transaction entry.
You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them.
Transactions to Record
Sample
Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace.
Mar 1
Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
Chapter 5 Solutions
Financial Accounting
Ch. 5 - Why would a company maintain separate accounts...Ch. 5 - What are the major advantages of the use of...Ch. 5 - In recording 400 fees earned on account during a...Ch. 5 - How many postings to Fees Earned for the month...Ch. 5 - During the current month, the following errors...Ch. 5 - Assuming the use of a two-column general journal,...Ch. 5 - What is an electronic form, and how is it used in...Ch. 5 - Prob. 8DQCh. 5 - What happens to the special journal in a...Ch. 5 - Prob. 10DQ
Ch. 5 - The following revenue transactions occurred during...Ch. 5 - Prob. 1PEBCh. 5 - The debits and credits from two transactions are...Ch. 5 - The debits and credits from two transactions are...Ch. 5 - The following purchase transactions occurred...Ch. 5 - Prob. 3PEBCh. 5 - The debits and credits from two transactions are...Ch. 5 - Prob. 4PEBCh. 5 - McHale Company does business in two customer...Ch. 5 - Prob. 5PEBCh. 5 - Using the following revenue journal for Zeta...Ch. 5 - Based on the data presented in Exercise 5-1,...Ch. 5 - Assuming the use of a two-column (all-purpose)...Ch. 5 - Assuming the use of a two-column (all-purpose)...Ch. 5 - Prob. 5ECh. 5 - Global Services Company had the following...Ch. 5 - The revenue journal for Sapling Consulting Inc....Ch. 5 - The revenue and cash receipts journals for Mirage...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Lasting Summer Inc. has 2,510 in the October 1...Ch. 5 - Prob. 11ECh. 5 - Using the following cash payments journal,...Ch. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - The purchases journal for Newmark Exterior...Ch. 5 - Prob. 16ECh. 5 - Prob. 17ECh. 5 - Prob. 18ECh. 5 - After Bunker Hill Assay Services Inc. had...Ch. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Most computerized accounting systems use...Ch. 5 - Prob. 23ECh. 5 - For each of the following companies, determine...Ch. 5 - Starbucks Corporation reported the following...Ch. 5 - Prob. 26ECh. 5 - Prob. 27ECh. 5 - Sage Learning Centers was established on July 20,...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Sterling Forest Landscaping designs and installs...Ch. 5 - AquaFresh Water Testing Service was established on...Ch. 5 - The transactions completed by Revere Courier...Ch. 5 - Guardian Security Services was established on...Ch. 5 - Transactions related to revenue and cash receipts...Ch. 5 - Prob. 3PBCh. 5 - Prob. 4PBCh. 5 - The transactions completed by AM Express Company...Ch. 5 - Ethics in Action Netbooks Inc. provides accounting...Ch. 5 - The following conversation took place between...Ch. 5 - A subsidiary ledger is used for accounts...Ch. 5 - For the past few years, your client, Omni Care,...Ch. 5 - Prob. 5CP
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- Review the following sales transactions for April Anglers and record any required journal entries.arrow_forwardPurchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co. during March of the current year: Instructions Journalize the entries to record the transactions of Niles Co. for March.arrow_forwardGuardian 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_forward
- Purchase-related transactions using periodic inventory system Selected transactions for Niles Co. during March of the current year are listed in Problem 5-1B. Instructions Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system.arrow_forwardThe following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.arrow_forwardKelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).arrow_forward
- Journal Entries Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Required: Record the preceding transactions in a general journal.arrow_forwardSales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Essex Company during July of the current year: Instructions Journalize the transactions.arrow_forwardThe following purchase transactions occurred during March for Celebration Catering Service: Record these transactions in the following purchases journal format:arrow_forward
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