College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 9, Problem 4PB
The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado.
Nov. 3 Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, $2,482.51. The cost of the merchandise was $1,961.18.
5 Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, $287.45. The cost of the merchandise was $227.09.
7 Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, $3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, $135 (total $3,989.16).
9 Bought merchandise on account from Lozano, Inc., invoice no. 8755, $426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, $67 (total $493.65).
12 Received credit memo no. 542 to Lozano, Inc., for merchandise returned, $102.20.
17 Sold merchandise on account to Jack’s Golfing Shop, invoice no. 5421, $486.35. The cost of the merchandise was $432.85.
23 Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, $2,465.99. The cost of the merchandise was $1,972.79.
28 Bought merchandise on account from Fields, Inc., invoice no. 4599, $441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, $102 (total $543.29).
Required
Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.
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Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
April 2
Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60.
April 3 (a)
Sold merchandise on credit to Page Alistair, Invoice Number 760, for $7,000 (cost is $6,000).
April 3 (b)
Purchased $1,470 of office supplies on credit from Custer, Incorporated, terms n/30.
April 4
Issued Check Number 587 to World View for advertising expense of $859.
April 5
Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $17,000 (cost is $15,500).
April 6
Returned $70 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount.
April 9
Purchased $12,025 of store equipment on credit from Hal’s Supply, terms n/30.
April 11
Sold merchandise on credit to Nic Nelson, Invoice Number 762, for…
Pepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit
sales for the company are 2/10, n/30.)
Mar.
Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is
P12,200).
4
6
Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated
March 3, termsny30.
Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is
6
P8,100).
Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from
11
Defore Industries.
12
Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note
payable.
Received cash payment from Jennifer Nelson for the March 4 sale less the discount
(Invoice No. 954).
14
16
Received a P200 credit memorandum from Defore Industries for unsatisfactory
merchandise Pepper purchased on March 11 and later returned.
Received cash payment from Dennie Hoskins for the March 6 sale less the discount
16
(Invoice No. 955).
Purchased…
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc.
Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,888.13; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $90.31 for shipping.
Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $149.93.
Required:
1. For Ford Education Outfitters. Round your answers to the nearest cent.
GENERAL JOURNAL
PAGE
DATE
DESCRIPTION
DOC. NO.
POST. REF.
DEBIT
CREDIT
(a)
Purchased merchandise from Romero Textbooks, Inc., invoice no. 10594, terms n/30.
(b)
Credit memo no. 513A for return of merchandise.
2. For Romero Textbooks, Inc. Round your answers to the nearest cent.…
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...
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- West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. 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If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., 355.23; Madden, Inc., 573.15; Whitney and Waters, 50.25. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 221.16; Accounts Payable 212 controlling account, 978.63; Sales Tax Payable 214, 128.45. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 25. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. 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