College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 10, Problem 2PB
C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year:
May 2 Received $411.60 cash from N. Rojas in payment of April 23 invoice of $420, less cash discount.
5 Received $2,085 cash in payment of $2,000 note receivable and interest of $85.
8 Sold merchandise on account to G. Soto, invoice no. 862, $830.
9 Received $11,838.40 cash from D. Maddox in payment of April 30 invoice of $12,080, less cash discount.
15 Received cash from G. Soto in payment of invoice no. 862, less cash discount.
16 Cash sales for first half of May, $3,259.
19 Received $296 cash from R. O. Higgins in payment of April 14 invoice, no discount.
22 Sold merchandise on account to N. T. Jennings, invoice no. 863, $753.
25 Received $239 cash refund for return of defective equipment bought in April for cash.
28 Sold merchandise on account to M. E. Mueller, invoice no. 864, $964.
31 Cash sales for second half of May, $4,728.
Required
- 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used.
- 2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.
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Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year:
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Martinez’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of May, Martinez’s inventory consisted of books purchased for $1,600. During June, the following merchandising transactions occurred.
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Purchased books on account for $1,300 from Kline Publishers, FOB destination, terms 1/10, n/30. The appropriate party also made a cash payment of $40 for the freight on this date.
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Sold books on account to Reading Rainbow for $2,900. The cost of the books sold was $940.
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Paid Kline Publishers in full, less discount.
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Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year:
May 1. Received $2,156 cash from L. Reilly in payment of April 22 invoice of $2,200, less cash discount.
May 4. Received $1,096 cash in payment of $1,000 note receivable and interest of $96.
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May 16. Cash sales for first half of May, $2,265.
May 17. Received cash from D. Padilla in payment of invoice no. 272, less cash discount.
May 20. Received $325 cash from L.N. Salas in payment of April 16 invoice, no discount.
May 21. Sold merchandise on account to R.O. Wilcox, invoice no. 273, $935.
May 24. Received $220 cash refund for return of defective equipment that was…
Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Prob. 8ECh. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - The following transactions were completed by...Ch. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
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